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HomeFinanceCryptocurrency isn't a get-rich-quick scheme. Build up your wealth through Coinsfera

Cryptocurrency isn’t a get-rich-quick scheme. Build up your wealth through Coinsfera

Making money necessitates taking chances, according to Morgan Housel, author of ‘Psychology of Money.’ “However, selling and buy bitcoin in Istanbul necessitates the inverse. It necessitates humility and the dread that everything you’ve created might be taken away just as quickly,” he adds.

Many people have gained money in the cryptocurrency markets in the last 18 months or so. Many early crypto investors have taken profits, while others have lost money. The markets are rather turbulent. The tipsters and commentators will gradually fade away or, worse, shift their story. As the phrase goes, we only find out who has no trousers on when the tide goes out.

A brief inventory of where we are

In India, ordinary investors already own approximately $6 billion of this growing asset class. By 2021, India has already surpassed the United States as the world’s second-largest cryptocurrency adopter. Millions of digitally savvy Indians have begun their crypto investment adventure, spurred by knowledge about the benefits of purchasing cryptocurrency in other nations and a desire to experiment. Indians are purchasing cryptocurrency at the same rate as the rest of the world.

The market’s confidence was fuelled by the United States’ quantitative easing program to bolster the economy. In other words, the Federal Reserve purchases assets, resulting in increased liquidity and lower interest rates.

The introduction of Blockchain technology has enabled the globe to communicate and produce value through the internet. Blockchains enable anybody to create and incentivise ownership on the Internet of Value and it’s easy to buy Bitcoin in Istanbul with cash with the help of well-known company Coinsfera. Blockchain technology eliminates the need for a single government actor to police global commerce and trade with a costly military.

Bitcoin is not a get-rich-quick plan

Bitcoin is not a get-rich-quick plan; rather, it is a get-rich-slowly method. Most individuals exchange their life energy and time for fiat currency, oblivious to the fact that these dollars are debased on a regular basis. Employees spend their working life attempting to retain their existing quality of living.

Time and life force are stored in the money with which we choose to denominate our lives. Governments issue and control the majority of money, and no alternative was easily available. Since becoming the world’s reserve currency in 1944, the US dollar has lost 1400 percent of its value. Inflation is a form of taxation without representation, and it is only becoming worse in a post-pandemic society.

As a result, investors may seek assets that provide larger returns than fixed-income assets. A significant amount of this allocation was allocated to stocks. A sizable sum was also invested in the cryptocurrency market.

In November 2021, the entire market capitalization of crypto assets reached an all-time high of $3 trillion. Bitcoin, the world’s most popular cryptocurrency, rose from $28,000 a coin in January 2021 to a high of $68,000 in just over 11 months. As a result, an increasing number of people became aware of this asset and started to buy bitcoin in Turkey and entered the market.

Bitcoin was the first digital currency to need Proof of Work (POW) in order to create new coins. The requirement to employ computers, which require maintenance and electricity, was one-of-a-kind owing to the actual expense of minting each coin. This shift transformed money, shifting it from being backed by trillions of dollars in national oil reserves to being secured by an electronic security bubble. Electricity is available to everyone and makes no distinctions based on age, gender, color, religious views, or political convictions.

Bitcoin is powered by a massive quantity of energy, and the network is a worldwide buyer of unused and wasteful energy both on and off the grid. Because of this energy use, the value of Bitcoin will continue to rise.

The markets have been falling in recent days, with the Fed now poised to hike interest rates and numerous early crypto investors taking gains. Crypto, like all other asset types, has put investors to the test. The cardinal rule of investing, “you should never try to time the market,” applies to crypto as well, and this asset class should not be viewed as a get-rich-quick scheme.

Falls of Bitcoin in the past

If you look at the price of Bitcoin as a bellwether, you’ll notice that it has had multiple falls in the past but has always rebounded strongly. Bitcoin’s price fell 86 percent to $200 in 2014. It achieved an all-time high of $19,700 in 2017. It dropped from $20,000 to $3000 in 2018. It lost half of its market value by 2020. It reached an all-time high of $64,800 in April 2021. This means that asset price volatility is a feature of life.

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Our argument is that your investment plan should not be based on the tide, tipsters, or tomatoes (and definitely not on this column). Your investing plan to buy bitcoin in Istanbul should consider your risk tolerance as well as some fundamentals such as the establishment of an emergency fund, medical and life insurance, a disciplined goal-based approach, and diversification.

When it comes to cryptocurrency, consider the long term. Examine the fundamentals of the crypto assets you intend to purchase and invest only if you believe in their prospects. Invest no more than you can afford to lose. Consider your risk tolerance. Always conduct your own research and avoid acting on random advice and FOMO (fear of missing out).


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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