Jumping into cryptocurrencies and hoping to get rich quick is a bad idea. If you want to get rich by investing in cryptocurrencies you need to be willing to learn as much about them as you can. As the exciting space of cryptocurrencies is constantly evolving, you need to be willing to learn something new about cryptocurrencies every single day. That's in short the road to success.
When you start learning more and more about cryptocurrencies, you realize at some point that the greatest teacher of all is cryptocurrency itself. Dealing with cryptocurrencies teaches you some valuable lessons, not only for the cryptocurrency space itself but for life. Cryptocurrencies can teach you some valuable life lessons.
For example, one important lesson that cryptocurrencies have thought me is that you never should get greedy. Why? Because when you get greedy you tend to make bad investment decisions without doing proper thinking. You are more likely to ape into pumps and dumps or more likely to fall for scams when you get greedy. Remember that the first ingredient for every successful scam is greed. That's definitely an important life lesson but I believe that the most important lesson that cryptocurrencies like Bitcoin have taught me is another one.
So here it is, the most important lesson that cryptocurrencies have taught me.
Money Is Relative.
The lesson "money is relative" doesn't seem so spectacular at first when you only read it. You have to think about it.
I always thought that 10 bucks are 10 bucks. I always thought that money is absolute but that's completely wrong. The truth is that the opposite is the case. Money is not fixed. Money is relative.
Look into your cryptocurrency portfolio. The volatility of cryptocurrencies is extremely high. Your portfolio is a liquid thing that is constantly moving. Not everybody can handle this high volatility. Of course, not everybody has the nerves and at the same time, it is also risky. The value of your portfolio is not constantly going up. Sometimes it can and will also go rapidly down. You need to be able to handle the dumps because, otherwise, you don't deserve the massive pumps that are happening on the other hand. The high volatility is the price that you have to pay if you want to become rich with cryptocurrency investing in the long and in the short term.
In your portfolio, you can see with your own eyes the relativeness. When you look at the physical dollar bills in your pockets then the relativeness of money is not visible anymore but it is still there.
So, let's say you got $10 in your pocket. If you are broke and you couldn't buy yourself any proper foods over the last few days then these $10 are a lot of money. On the other hand, if you already have millions of dollars in your bank account and you don't know where to spend your money on then these $10 are nothing more than a small fart. ??
Or imagine that you got your $10 in your pocket and you want to buy yourself something to drink. It is a big difference if you can buy it for 50 cents in your local supermarket around the corner or if you are forced to buy it for $5 because you are in Disneyland where you can only get something to drink
So money is relative to who you are, how much you already have, where and on what you want to spend it. The value of it is not fixed at all.
Of course, another thing you always have to keep in mind is inflation. The dollar bill in your pocket is constantly losing value. An invested dollar, on the other hand, can rise in its value.
My Final Words
I hope that you enjoyed reading my post and shared the lesson with me. Once you understood that money is relative and not absolute, you will change your attitude towards money. Once you start looking at money as a relative liquid thing, you'll be much more calmer and relaxed when it comes to making financial decisions. This is very important. When you are calm and relaxed in making financial decisions, you will listen more to your brain than your emotions.
Emotions are surely not the best adviser when it comes to making financial decisions but your brain is.
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