Two first-time cryptocurrency traders shared their tales with The National on Wednesday, which illustrate that Bitcoin certainly isn’t the get-rich-quick scheme many individuals mistakenly consider.

‘ … What I Made, I Then Lost’
First up is a Pakistani investor named Mohammed, who first invested within the Bitcoin market in December 2017. Mohammed informed The National:
I invested $10,000, made 30 p.c and bought every week later. Then I put the entire $13,000 in once more just a few days later.
Mohammed then took out his cash when the steep correction started in January. By then, nevertheless, it was too late. He’d already misplaced the 30 p.c he initially made.
Not to be deterred, Mohammed took his possibilities on Bitcoin once more after Chicago’s CME Group launched its Bitcoin futures contract in December. The outcomes weren’t what he anticipated. Mohammed defined:
I knew that will give the foreign money respectability and there can be a flood of individuals shopping for for concern of lacking out. It was an opportunity to make some cash however what I made, I then misplaced. It was enjoyable however I’ll by no means go close to that stuff once more.

Mohammed’s story illustrates an vital level which is misplaced on many digital foreign money traders seeking to get wealthy fast — Bitcoin and different well-established cryptocurrencies like Ethereum, Litecoin, and Ripple received’t make you wealthy in a single day. Rather, they’re long-term investments whose use instances have but to be absolutely explored and utilized.
We’ve all heard tales of people that’ve mortgaged their home, guess huge on Bitcoin, after which made large beneficial properties. For every of these fortunate gamblers, nevertheless, there’s a sea of unfortunate traders who’ve discovered themselves left holding the bag after shopping for in at all-time highs or not doing their due diligence. Don’t be the latter.
‘It Was a Bit Scary… ‘
The second particular person who shared their story with The National is Fred, a British communications govt residing in Dubai, who really took the time to check up on Bitcoin. He purchased into the digital foreign money in November when it was $9,000 per coin, explaining:
I used to be very skeptical in regards to the hyperlinks with buying on the darkish internet and the shortage of safety with a central financial institution. But the extra I learn up on Bitcoin, blockchain and different cryptocurrencies, I spotted it was extra prone to have an effect in the way forward for enterprise and supplied a real and safe alternative for peer-to-peer lending with out the necessity for costly charges or foreign money switch charges.
Fred first invested $900, which he constructed as much as $4,000. He, like many others, misplaced most of that when the correction hit. Fred defined:
When it spiked to $20,000 briefly, I considered promoting. Then it began to crash so I bought some at $15,000, with the income paying for Christmas. It was a bit scary when it went as little as $5,000. There isn’t a lot historical past of cryptos to go on, however what there’s suggests January normally sees a crash/correction after which a restoration, which is what’s taking place now. I purchased some extra when it rose again […] so I’ve obtained a few third of a coin.

Still, Fred’s down total — however has the appropriate angle about it, telling The National:
Bitcoin is just not far off returning to a value that can give me a revenue once more. It isn’t for the faint-hearted however I’ve obtained a transparent figure in thoughts for its worth once I exit. It’s a enjoyable experience, however I’m conscious it might all disappear in a single day.
By doing all of your analysis, having a sound plan, and refraining from investing cash you’ll be able to’t afford to lose, you can also guarantee your Bitcoin investments are “a enjoyable experience.”
What do you consider these two UAE traders’ tales? Let us know within the feedback beneath!

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