Updated: Apr 4, 2018
Being a part of this Bitcoin world may take a toll on your health and can seem really stressful at times; I constantly hear terms like “Oh my god” and “No f!”#$% way” coming from my boss´s office while he is looking at Crypto Charts, and I honestly don’t know if they are good or bad expressions. All I can say is that it seems that the constantly varying prices of Bitcoins and Altcoins cause people to be very expressive.
I can only imagine how it is for normal people who day trade for a living, where everyone "I’m sure" hopes for the best. I mean who wouldn’t expect the best when we hear of teenagers earning millions through Bitcoins? It would seem that we could all be that lucky. Nonetheless, I´m pretty sure that anyone deciding to dive into this new and fascinating digital world may still be somewhat skeptical or at least have started out that way; with Bitcoins being linked to the Dark Web, illegal activity, and not to mention all of the negative government commentaries. So, no pressure at all for those who are all ready in this market, or those who secretly want to join the adventure of cryptocurrency.
If that wasn’t enough, I’ve been reading about how stressful it may be for those who have bet all of their assets on this currency. I came across some very interesting and sad stories about people that have used digital currency in this manner. According to www.justcryptonews.com “Bitcoin has surged above $10,000 making early investors rich or even millionaires and billionaires like those twins. At the same time the astonishing trajectory of bitcoin price can make some people feel depressed for “missing out”; not buying in time to get rich too. And sometimes, tragedies emerge like this story of a man who committed suicide after losing thousands of BTC too early” apparently, this 29 year old man had lost 15.000 Bitcoins because of an unknown hack and I can just imagin thinking you just had enough to be a rich person and all lost in minutes.
Another story by https://zycrypto.com - “20 Year old Korean Student commits suicide after losing his money on Bitcoin Trading” This young man: “Earned 200 million Won (KRW), which is equivalent to approximately $250,000 (USD), an important profit that could represent a comfortable life for a good time for an average citizen. But after statements were revealed in which high Korean politicians talked about the possibility of closing crypto exchanges and banning crypto trading, all that amount of money he won was lost in a matter of days”.
Finally, I came across the story of Mark Frauenfelder in www.lifehaker.com, and I just think he was incredibly unlucky: first he started in year 2011 and thought it would be safe to keep his 400 Bitcoins worth over $300,000… but unfortunately Fraunfelder states: “I bought my bitcoin on the trading site Mt. Gox and left it there for three years, until the site shut down trading and claimed all its money had been stolen. Calculating that $300,000 just now was... not fun. It’s painful to realize that I lost a life-changing pile of money”. In January 2016, “he bought $3,000 in bitcoin, then locked it away in a specialized USB device called Trezor. He did this, so no one could hack his bitcoin by hacking his computer, or even by stealing the device. The device was locked by a string of 21 words and a seven-digit PIN. Frauenfelder wrote the words on a piece of paper, which his cleaning service threw out”, talk about the worst luck ever.
Just reading about all these turnouts make me understand why people are very sensitive when it comes to their money, so, if you are one of those crypto traders that are constantly watching the market waiting for that glorious moment when you will be able to sell your low purchased coin at a very high price, I completely understand your stress, especially in this new market, which is not an easy one - I might add- because it´s not very known, and you must be both on top of things and well informed.
Many say that the stress that people experience has a lot to do with the fact that market is so volatil;, http://medium.com assures that Bitcoin is more volatile than practically any other type of asset, including gold or the stock market. The unpredictability of this quick changing market is due to many reasons; according to www.investopedia.com some of the reasons the market changes so often is because of the bad press that cryptocurrency receives. Government statements and the coverage on the hacks on exchanges among other news in 2014 made many people panic, and Bitcoin value in fiat cash dropped.
I will leave you with a phrase I found that is repeated in many sites: “Do not invest more than you cant afford to lose”.
Hope you enjoyed it, feel free to comment.