Why Grit Is the Key to Successful Blockchain Investing
May 27, 2019
Angela Lee Duckworth once stated in her TED talk how her research of studying different age groups to identify what success factors were followed by students, it led her to discover that the key to the success of a student was not their IQ, instead it was grit.
A revelation like this does lead one to believe the truth in her statement as a gritty outlook on life will indeed allow a person to explore various field and apply this success factor to all aspects and that would even involve fields such as an Instant Cryptocurrency Exchange. Following in the lieu of the grit attitude, even crypto-concerned enthusiasts have coined their own term known as HODL. The HODL is much similar to the grit attitude and actually means "Hold on for dear life" - A phrase that is well-suited and extremely important to remember when you are dealing in crypto affairs.
Time and time again, the crypto market will not falter from launching catapults in your direction and even after that, in spite of many harsh failures, emotional breakdowns and tumultuous setbacks that come when one deals with Blockchain technology, only the crypto enthusiasts who have enough grit will survive and shine through.
Throughout these hardships, a lot of investors will always be ready to tell you that this is only a phase while leaving no stone unturned to provide you with the false assurance that it does get better after a while and all one has to do is pull through this tough phase. However, the same investors will never validate their statement and you will be left confused and instead, wish that you had never started out in the first place.
This does make one thing clear - The main idea behind HODL is actually grit and above anything else, it also demands you to be patient.
As the third richest person in the world and a master investor, Warren Buffet was caught as quoting, “The stock market is a device for transferring money from the impatient to the patient.”
When Bitcoin surged through the roof of FinTech in 2017, millions of retail investors brought out their calculators, whipped out their wallets and started banking in huge sums of money simply to buy Bitcoin and other currencies in the dreadful doom of FOMO. Post the fall of the crypto market and the supremely long recession period that followed soon after, investors who banked in on crypto assets during the boom have since then observed large shrinkage in the value of all digitally encrypted property.
However, not all is lost in the crypto sphere as such things tend to happen in such a mammoth controlled marketplace that is completely driven by regular people. Although, the volatile nature of the crypto market is just like traditionally regulated markets and is highly viable to those investors that seek high returns. On that note, big names in the investment industry rake in a lump sum of money by purchasing the dips once the market has bounced back - This can only be achieved by someone with grit.
Of course, there's no denying that grit does come easily to multimillionaire investors unlike regular people who may not have access to enough resources to trudge through a recession period but it is definitely not impossible for common investors to take a few pointers out of their books and employ these practices for personal investments.
The currently present crypto collapse indicates the same - All crypto projects running on basic ideas designed by impotent developers will give more way for high investment in greater projects.
Finally, apart from maintaining a gritty outlook, investors involved in Blockchain also need to be wise and cautious at the same time. The crypto market is not going anywhere; if anything, Cryptocurrency Exchange Platforms have mobilized millions of unsatisfied people to break away from traditional financial schemes and adopt a higher form of technology. Do remember that not all projects will serve any usage so do not shell extra money as you please and also keep a lookout for ICO news. In addition, mingle with active crypto communities that keep coming out with innovative projects and fresh ideas.
With a nod in Angela's direction, we do have to agree that a thriving industry such as the Blockchain is an endurance contest and simply, not just a mere cakewalk where only the people with strength and resilience will emerge as crypto victors.