Bansko, Bulgaria
Hi everyone,
You know how people sometimes get jealous of the "Bitcoin OG's" who bought their first coins in 2010 or 2011?
The truth is, very few people still have their bitcoin from back then. Because very few people are strong enough to last through the bear cycles. Very few people have that unshakeable belief in bitcoin.
You may be feeling it right now. You may be regretting some decisions. Whether you wish you had bought more or you wish you had taken profits when you had the chance.
Learn from your mistakes
If this is your first bull/bear cycle, do take the time to reflect.
- What do you wish you had done differently?
- What are some mistakes you made, that you don't want to repeat in the next cycle?
Manage your budget consciously
Bear markets are the time to accumulate more coins, however you shouldn't put any money in crypto that you need to live off for the foreseeable future. And with the current inflation your budget for your living expenses should be substantially higher than it was in previous years.
So even though this is a great time to buy in general, it may not be the best decision for you. Please be very conscious of what you're doing.
Coming to the conclusion that you do NOT want to invest any more money in crypto right now, even though prices are low, might be a very wise decision for you. It will be different for everyone.
I actually did make the choice not to invest any more fiat money right now, since I am in between projects and only have a tiny income at the moment. I'm very strict when it comes to my budget, and it simply doesn't allow any further investments right now. On the other hand, I'm pretty happy with the investments I already have, so this needs to be taken into consideration as well.
Look for ways to EARN bitcoin if you can't afford to buy any
If you do not have any spare fiat money to put in crypto, then look for ways to EARN it instead. Whether it is small amounts every day through some of the apps and tools I list on my Free Crypto page, or whether you decide to look for a job in crypto / Web3 and get paid in bitcoin or other tokens.
There is a lot of VC money in Web3, so many companies will still be hiring during a bear market. Just look at cryptojobslist.com to see how many open positions there are!
Become a Conscious Crypto Investor
Join Anja's Movers & Stakers Club on Patreon.
Join Anja's Movers & Stakers Club on Patreon.
Right now, I wish I had store up more of my HBD so I can get more Hive presently. I sincerely didn't understand the tokeneconomy though.
But I know even if I had more HBD I would have used everything for my pHBD-USDC liquidity pool. So, this regret doesn't count.
I also wish I had use my Hive when the price was higher to purchase HBD. Now, I would have been sitting on more liquid Hive.
Still, I have learned my lesson. I'll do better in the next bull season.
If it is managing my budget. I have tick that box. Being in a huge debt and paying them off as much as I can has taught me this one well.
Great lessons! I made mistakes in my first bull run and in this second one. The good thing is we're learning, and the mistakes become less and less, so we can do better next time around!
Mostly learn about credit and how to hedge it with Bitcoin. Taking profits and using it to build credit is a good medium term strategy to get you through the bear market. Having a saving account with a few thousand dollars collaterizing credit will give me a huge 2 or even 3 year line of credit, enough to last me for any bear market.
You mean credit in order to be able to borrow against it?
Yeah, like they say, rich people don't use their own money.