For over a decade, blockchain technology has helped millions gain economic freedom and secure their financial futures. Crypto levels the playing field for all, no matter their race, ethnicity, or gender. Since blockchain technology is so inclusive, cryptocurrency really can be for everyone.
Anyone can benefit from crypto, but not everyone will. Some people are still so conditioned to the fiat currency paradigm that they just aren’t ready to adopt such a groundbreaking technology. If you share any of the following misconceptions, you will not succeed in the crypto world, not unless you change your perspective.
1) You Want to Be a Millionaire in a Month
Yes, crypto can be very profitable. And yes, many people around the world have become millionaires by investing in cryptocurrencies. But – let’s be clear – these people did not become rich overnight.
The people who have made a fortune with crypto all share one thing in common. They put in the time necessary to educate themselves instead of just jumping in. They researched to find the cryptocurrencies with the most potential, analyzed the market, and developed a deep understanding of the fundamentals.
True cryptocurrency believers don’t just Google “price predictions.” They make their own predictions based on precise, rational calculations.
Even after you have invested in a fantastic project with great potential, you still need one more thing: patience, and lots of it. It will take years for any crypto project, even the best one, to mature and reach its full potential. Unfortunately, most people are too impatient and cash out way too early. Just as soon as they make some profit.
You probably won’t become a crypto millionaire if your only goal is making some gains and selling your crypto for fiat as soon as possible. It just won’t work! Selling your assets too early is one of the most common reasons people never make it in crypto. If you’re not in for the long game, why bother?
But before you choose to devote your life to learning all there is to know about crypto, there is a caveat. While learning about crypto is necessary if you expect to take advantage of its capabilities, it’s by no means a guarantee that understanding automatically equals wealth. Sometimes getting rich on crypto is just the result of serendipity.
2) You’re Only Interested in Crypto for its Investment Potential
Talk about not seeing the forest for the trees…if your only interest in crypto is to make some money and get out without bothering to understand how anything works, you’re shortsighted. Blockchain underpins cryptocurrency. Its technological potential is game-changing. A forward-thinking person would take the time necessary to understand that potential.
Aside from the technological implications of crypto, people need to understand that if they really want to transform the world of currency. Buying and then sitting on your crypto is not the way to do that. Cryptocurrency has real benefits when used for everyday purchases. It’s shortsighted to just see the investment potential without understanding its inherent ability to replace fiat currency altogether.
Some people jump into crypto because they realize cryptocurrencies can be highly profitable, but they never learn why they are so profitable. They’re not interested in the technological potential of blockchain. The only thing they care about is that the numbers go up.
Just like all investing, crypto has its own risks. People who consider crypto as nothing more than speculation can often make a lot of money in the short term. Keep in mind, they can also quickly lose all their gains with one bad investment. It’s tough to make a long-term profit with crypto if you don’t understand the revolutionary potential of blockchain technology.
Blockchain-based cryptocurrencies are not just “virtual currencies.” They are a massive breakthrough in the history of money itself. Crypto allows people to transfer value between continents in a speedy, efficient, and secure way. More importantly, crypto enables doing it all in a completely decentralized manner, without relying on centralized intermediaries like banks. Get the power in your hands!
Crypto is set to change the world. The invention of blockchain will have as much impact on our society as the invention of the Internet. Cryptocurrencies will become as common as computers and smartphones – everyone will use them in the near future. Smart people will take the time to understand them first.
You don’t have to be an IT or blockchain expert to invest in crypto. But you do have to know why it is valuable and how it can be utilized. It’s effective as both a payment method and a store of value. Unless you understand that, it will be hard for you to become a successful crypto investor.
3) You Can’t Stop Comparing Crypto to Traditional Finance
Many people still think of crypto the same way they think of fiat currencies. It’s one of the most common misconceptions that people have.
Unfortunately, in my opinion, it’s also the hardest one to shake off. Even experienced blockchain investors are guilty of this.. If you manage to overcome it, it will significantly improve your understanding of blockchain technology and your ability to prosper in the crypto market.
It’s easy to think about cryptocurrency as something similar to payment processors like PayPal. It’s easy to consider DeFi platforms as just another type of bank. But crypto is completely different, kind of how a car is different from a horse and buggy.
Many people consider crypto as just another way to get more fiat currency. But the point of crypto is not to have more fiat. It’s to create a world in which nobody will have to use fiat currencies ever again because everyone will have access to a better form of currency that is not only more efficient but more equitable.
Crypto empowers people with an unprecedented way of gaining complete control over their personal finances. It’s a fantastic technology that makes banks and traditional payment processors obsolete. Blockchain adoption is inevitable. But to reap the potential benefits, people have to change their antiquated ways of thinking.