Yesterday, during the brief break I had in between my lectures, I got a hearty laugh courtesy of how ignorant many people proved to be. An acquaintance who is so eager to get a hang of the crypto world came up to me to inquire about an airdrop he saw me participating in.
As a fellow crypto rookie of some sort, I gave him the little information which I gathered from my reliable source and he just wanted more. Eventually, we breezed away from airdrops into crypto trading proper as yet another crypto enthusiast joined in the open conversation. It was at this point I realised how vulnerable many people can be when it comes to crypto, web3 and innovation as a whole. Although they were not glaring, I pin-pointed a few of the challenges a crypto newbie is prone to from the conversation we had.
Information Overload.
On a normal basis, basic information overload can be extremely overwhelming as the mind is struggling to take in and at the same time comprehend the truck load of new information. One can now imagine how an individual who is just dabbling on the crypto currency surface would feel when so much information is fed to them.
I was recently explaining the workings of Hive to a person and once I noticed she was finding it hard to comprehend so much new information, I gave it a break.
Most of the time, individuals keep nodding in assertion but once that are asked to explain what they are vehemently nodding to, they falter.
Misinformation And Scams.
This is no new information as the people who decide to embark on the crypto journey; especially those with little to no information or mentor, tend to fall prey to scammers. Every single day, scammers come up with different ways to extort people.
Talk about wallet hacks, phishing, you name it. A friend recently narrated how he almost fell prey to a scammer. Personally, I believe that people who are misinformed or outrightly ignorant are the ones who mostly fall prey to scammers. This doesn't mean that crypto gurus and over-informed persons do not stand a chance of falling prey.
Emotional Trading and Market Volatility
One of the forex traders I'm acquainted with usually advises people who want to embark on the forex journey to “have an extra heart”. To a normal person such advice seems irrelevant but people who know about how volatile the market can be see such advice as gold. I call it having thick skin.
It's no doubt that the crypto world comes with it loses and gains. I say this to mean that if the €500 you invested initially turns to €50 overnight, you should be able to accept your fate and move on.
This brings me to the emotional traders. Traders who just want to be greedy or those who trade out of sheer fear(FOMO). Sometimes they get lucky when their greed or fear pays off but other times it's such a melancholic situation.
The cryoto world is a really vast one and whenever I get the opportunity to learn, I do so. Although I'm very far from being a crypto veteran, my observant and sceptical nature has helped me avoid certain situations that would have been very unpleasant. As such, this post was written from the perspective of a rookie who is more informed than a majority of the other rookies.
Do you know of any other challenges crypto newbies face? I'd love to hear them.
Images are mine
In the same light, I powered up all of my liquid Leo tokens today as it's Leo power up day(LPUD). This moved my Leo power from 525 to a little over 600. Progress!
Liebe🤍
Posted Using InLeo Alpha
