Everyone reading this has had their own crypto journey. How they first heard about crypto and became interested in it. Then they finally decide to buy and which coins they want to invest in. Everyone has their own journey and I'm always interested to hear it. Some of us came for the technology and freedom that crypto can represent. While probably a larger percentage came for the monetary gains and the chance to risk their lives. But today I'm more interested in talking about our journeys in deciding which coins to buy and how that changed the longer we were in the crypto market. The amazing thing is that people change the longer they are in the market. Not all changes will be the same and you may go in different directions.
For example, today I will talk about my personal journey, but there are many people who have had similar stories or changes of equal value.
When I first got into crypto years ago, I knew nothing but the name; bitcoin. To me, crypto was bitcoin and bitcoin was crypto. Naturally, this is what I wanted to invest in. My original reason for wanting to invest in cryptocurrency was to turn my life around financially and hopefully get in on the "next big thing" early. And so I started investing in Bitcoin. Things were going well, and while the whole "dollar cost averaging" thing wasn't a popular idea in the crypto market at the time, that's exactly what I was doing. But as time went by my focus went wrong and I looked to the right, I looked to the left and I saw altcoins going up at a higher rate than Bitcoin. Although I can't believe I'm saying this now, especially where the price of Bitcoin has gone up. I felt that Bitcoin might be too expensive. While we would all like to see that price today, it wasn't what I was feeling at the moment. And so I entered the forest of altcoins. It was actually going really well. I was looking for the next up and coming hidden gems coins. Low cap coins that I thought had great potential. I was trading, flipping and making good profits. But then came my first bear market. It's nice to be in altcoins during a bull market, but one quickly learns the truth during a bear market. Some of the altcoins fell by 90%, some even fell by 99%. Of course, during the same time period, Bitcoin also fell. But it wasn't as bad as the altcoins. Since then, Bitcoin has more than tripled its previous all-time high of $20,000.
I entered the crypto market with only bitcoins and then entered the altcoin forest. But then I showed up and switched to Bitcoin only. There are two reasons why I decided to go into Bitcoin only after the bear market. During that time, I put in hundreds, maybe thousands, of hours of research. I have come to the conclusion that Bitcoin is "the coin". When all is said and done years from now, there is a good chance this will be the coin that survives and does. This is the coin that could become a global reserve asset. No matter what you think about other coins, they are the least risky to invest. The other reason I decided to go with Bitcoin was that I felt my BTC holdings were nowhere near where I wanted them to be. Especially if the price goes to the places that all the analysts predicted.
But I didn't just stay bitcoin forever. I'm very lucky that I've gotten to a point where I feel pretty happy with my bitcoins and I've decided to branch out. I no longer wanted to chase the hidden gems, I wanted to stay in the blue chips. I decided to get serious about Ethereum. I wanted to be invested in a smart contract platform and also a chain that would provide staking for permanent passive income. Since I was comfortable with my Ethereum allocation, I then went ahead and started building a position in another coin that I thought had a chance to become a blue chip coin. I will continue to do so while focusing on trying to build a strong passive income that will sustain me so that I can retire and move on to other things if I wish.
With that said, my philosophy hasn't changed since the end of the last bear market. Bitcoin is my favorite coin and my goal is always to accumulate more. Except for ethereum, which I plan to hold for a long time, my other mission for the coins is to increase in value and convert into more bitcoins. For me the name of the game is bitcoin and we should try to accumulate as much as possible.
Your journey may be very different from mine. If you are just entering the market or starting to invest with small amounts of money, you may feel that altcoins are the best way to make money in this market. Bitcoin has risen to an incredibly high price and this can scare a lot of people. Singular bias is a real thing. Many people would rather own 1,000,000 SHIBA than own 0.001 BTC.
What about you? How has your journey changed since you first entered the cryptocurrency market?