There is one thing that we all have in common. No matter how rich or poor you are. The decisions that you have made in the past have decided and put you in your current situation. We have all thought at least one point in our life, “If only I could go back in time and do things differently.” In the cryptocurrency market that is something we think about daily. If only I had gotten into Bitcoin or Ethereum earlier. If only I had maintained my conviction and didn’t sell out of my position. I could have been rich.
But what if we could go back in time and do things differently? Changing our past decisions and mistakes to change our lives forever. What would you do differently?
First, we will eliminate the most obvious idea of going back in time to be one of the first investors in Bitcoin or Ethereum. Instead, we will be focusing on what we did personally, and what we would change.
Indecisiveness
If I were going back in time with my crypto journey, the first thing I would change is my indecisiveness. When I was new to the market and hadn’t done my research, I was very impressionable. Believing that crypto influencers were genuine, and were just trying to spread knowledge about the market. It makes me embarrassed how naive I was back then.
Back then, I would buy coins, that I knew nothing about. Then after learning about them, I would quickly exchange them for something else. The process of never holding onto my positions for much time before swapping them continued for ages. The amount of fees that were wasted still bothers me. But most of all, many of those tokens trended to zero compared to BTC or ETH. I would have performed much better if I had just held onto those two cryptocurrencies instead.
Following the Trend
Over the years I have tried to remain focused on my beliefs, goals, and strategy. For the past several years that goal has been to accumulate as much Bitcoin and Ethereum as I possibly can. I’ve tried my best to ignore the latest trends and hype cycles in the market.
While I always recognized that there was money to be made with these opportunities. I also remembered that I have seen these types of opportunities blow up constantly in the crypto market. I’ve tried to remain strong, but in 2022, I had a moment of weakness.
The Bitcoin lending landscape was quickly disappearing and I was looking for other ways to continue making passive income in this market. The hottest trend was lending out the stablecoin UST for nearly 20% interest. Even though there was significant risk, it seemed like an easy way to generate great passive income. I had waited and watched for months, thinking that it would collapse, but it didn’t. And finally, after much resistance, I bought a decent amount of UST and began staking it on Anchor. Literally a month after doing that, UST/Luna became depegged. I was watching the market closely and was able to sell while it was valued at $0.80, but that still resulted in a large loss.
Going All-In
As crazy as it might sound, I regret being so conservative during my first few years investing in the crypto market. At the time I hadn’t done the research that I have now and didn’t have the conviction in the market that I currently do. I was very concerned about the risk of possibly seeing my investments go to zero and therefore invested small amounts in the beginning.
While I was still able to accumulate great positions due to being early in the market. It still pains me how much more I could have accumulated if only I had been willing to take on a little more risk. But it is important to remember that during those days the future of Bitcoin and the crypto market, in general, were much less certain than it is today. There was real doubt if this market was real if it would go to zero, or if it would be a criminal offense to even own it. Today we have much more confidence that this market will still be around ten years from now.
While there are many things I would change if I could go back in time. I’m still very satisfied with how things turned out. The crypto market has truly changed my life and I’m very excited about the future. If you made mistakes in the past, it is never too late to learn from them. The crypto market is full of opportunities, and you just need to keep your eyes open so that you can spot the next one.
How about you? If you could go back in time, what would you do differently in crypto?
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As always, thank you for reading!