How would you like to retire at 30, own an island, and spend the latter part of your life idling at the beach sunbathing and sipping from a coconut? I know I would, and many people could say the same. It is no surprise that people are scrambling to escape the standard so-called “9-to-5” system. But, the global economy seems to be against us. With inflation and stagflation, even world powers seem to be crumbling under the weight of trying to stay afloat.
It is quite clear that a sure way to exempt ourselves from the already sinking economic boat is to swap our existing system with a non-inflatable economy. Enter crypto: a decentralized system that is immune to the manipulations of the powers that be. While cryptocurrency seems to be the perfect option in the face of the current economic situation, crypto trading reveals that there are three types of people. Read on to find out the three types of people.
1. Crypto People: McGuys
These are the people who really want to get out of the economic rat race and will do anything to leave daily wages behind them. However, the world of crypto requires patience and risks, which they are not cut out for, and they soon give in to the pressures of the bigger sharks and sell their coins, as long as they are not facing losses and can recoup their original investments. Like fairweather friends, McGuys are plentiful in crypto and make up most of the traffic in purchases and sales when times are good and are nowhere to be found when things go downhill.
These people have insufficient information about crypto, do not have the patience to sift through the graphs of rising and falling coins, and do not take the time to understand the reasons behind the ups and downs. The McGuys buckle when there are no profits for longer than they expect; so, although they fantasize about the benefits of crypto, they do not survive in the field for long.
2. Crypto People: Day Traders
Have you ever been unwilling to take a risk, but you took it anyway? This describes day traders perfectly. They have mixed feelings about investing their money in crypto, have mini heart attacks every time there is a downturn in the crypto map, and sweat hard until they can break even. Day traders are really not interested in risk-taking and sit glued to their screens until they can break even without losing their initial costs.
Of course, a day trader is most likely an opportunist who wants to make a quick and easy buck while avoiding the down plunges of the crypto triangle. And although day traders are more consistent than the McGuys, we are sorry to say that no one ever gets the full potential of what crypto has to offer just by skimming off the edges.
3. Crypto People: HODLers
The HODLers are natural risk-takers who study each project, invest, and trust that the returns will be worth it. They invest for long-term benefits. Like loyal friends, crypto HODLers are harder to find but are the ones who are on top of the crypto game; they understand the intricacies of crypto and tend to hold for the long haul. They study the tides, sell at the highest point of the crypto triangle, and “buy the dip.” Anybody who wants to succeed in crypto should hop on this bandwagon, as it is the finest tier.
When done correctly, crypto trading could indeed be your ticket out of the uncertainty of global economic problems. However, that depends on the group of crypto people to which you belong.