5 Struggles Only Crypto Coiners Will Understand
I host a financial club of sorts in my hometown where people from different investing backgrounds get together to throw around ideas and share strategies for moving forward based upon what the market looks like or what news has come out recently about that particular investment.
It really is awesome learning from so many different people that have various perspectives and experience levels. Sometimes you get the blank looks or the old timers don’t want to play nice with the newbies to the investing space but it really is like one big happy family most of the time and I adore everyone there.
We have a couple of people from the real estate world, banking, stocks, insurance investments, etc. so learning about each is a real treat because these are local experts in their fields that are actively working in the trenches day-to-day.
1. “Wait… what is you do exactly?”
However, one thing that I will tell you is that cryptocurrency really is not well known here yet (surprising, I know!). So, explaining what I actually do for a living is always interesting and I get some funny looks sometimes.
I am not deterred ever by comments received about investing in something that you cannot actually hold or store in a safe at home and welcome the invitation that I get to start conversations about the crypto space and how it works. Thought leaders are those people that bring about real change in the world by starting conversations around topics that people don’t usually like to talk about. For many, finance is one conversation that most refuse to talk about. I am not one of those people. I am perfectly content to talk money and strategy all day everyday. Conversations are what reshape thinking and change the world. Seriously.
2. Getting Enough Sleep
I saw a meme on Facebook recently and I had to laugh because it really was very relatable. It was an animated person that was trying to choose between getting eight hours of sleep and checking on his Bitcoin. Sometimes if news is expected on a development in the crypto space I find myself not going to sleep until it happens or setting an alarm to wake up early to see what happened. That may or may not be normal… But there’s a meme so I must not be the only one that does that, right?
3. Moving Money Around
Sometimes moving money between accounts happens very quickly and with no incidents whatsoever. Other times it can hours or even days to get a transaction put through depending upon where you are moving money to. I own a business and was paid a commission check the other day so I wanted to move the money from my bank account to one of the exchanges so I could purchase some coins. Geez! You would have thought that what I wanted to do was illegal or something! The bank had me speak to three different managers to authorize the transaction and then they needed to call me back twice to have me verify my identity. And here is the thing, this is definitely not the first time that I have conducted transactions like this from that account. I have been buying Bitcoin since 2012 with mostly the same bank accounts the entire time.
Then you have to choose how you want to move the money based upon how long it will take and what fees you will have to pay in order to move the money that you want to move. Many banks require an extra layer of identity verification before they will process transactions over $5000, at least my banks all do. And I guess I am happy that they take their jobs so seriously. But, sometimes it takes hours of phone tag and countless questions to get done what I need to get done. The good thing is that I doubt I will ever have too much money stolen out of my bank account because I have that extra layer of security (or about ten extra layers of security).
So, if you are trying to add US dollars (or any fiat currency) into your exchange accounts you likely know the struggle it can be to conduct wire transfers, purchase with debit or credit cards, and/or transfer money into your account.
The beauty of moving money around when you already own crypto coins is that you can exchange them seamlessly and typically within seconds then shoot them over to another account just as quickly. Money is moved within a maximum of a couple of hours instead of waiting days or even weeks. This is truly the beauty of the crypto space and I feel that banks will be obsolete fairly soon if someone can figure out how to get fees down. And I am definitely not the only one that seems to think this!
“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things”
- Peter Diamandis
4. Checking Your Phone Regularly
This year has been absolutely crazy in the cryptoverse and I find myself constantly checking coin prices and news for new developments. We were out at a theme park for a Halloween event a couple of days before Halloween and I snuck away a few times to check my phone because the market was just crazy that day up and down, up and down. I daytrade so I was really trying to keep my pulse on what was going on. I did set buy/sell limits, but still.
5. Freaking Out Slightly During Upward or Downward Movements
Have you ever woken up and found that the coin you had your eye on did the exact opposite of what you thought it was going to do overnight? Or is that just me?
Seriously, though. You thought for sure that coin was going to the moon and you would make huge gains to sell for a nice profit but suddenly it crashed to even lower than what you bought it for. Hmm… that is definitely not good.
Or a coin that you really like has been dropping down and you are ready to buy if it just comes down a little bit more but then it takes a crazy upward swing right before you buy into it.
And, please, don’t get me started on the near heart attacks that people have if a coin breaks out and all of the experts are yelling to buy and buy now. Or some start saying that we must be entering a bear market for sure this time because Bitcoin loses $1000+ in value literally overnight. I can’t tell you how many reports I have read during my time in this market that has claimed that Bitcoin is dead this time for sure. But, I still find myself getting caught up slightly without realizing that I am doing it. Is this really it this time? Is Bitcoin dead? Are we heading into a huge downward spiral? Is the bubble bursting?
I did write this post in a satirical manner and please take it as such because I have had some pretty funny experiences lately and thought I would share some of them with you today. I would love your feedback or funny stories of your own about crypto or struggles that only crypto coiners will understand. If you found value in this post then please share with your friends!
Disclosure: This blog post is for educational and informational purposes only and is based upon my individual experience. Please do your own research and do not invest any money that you cannot afford to lose. Consult with attorneys and tax professionals for any legal or tax related questions that you may have. This should not be considered to be investing, legal, or tax advice.