Lado Okhotnikov on the risks of chasing quick wealth | Lado Okhotnikov
Lado Okhotnikov
06.09.2024

What if crypto was originally invented to take everything away from you? Imagine: you sell your apartment, car, take out a loan, and all this in order to fly into the world of digital money spending the whole bundle.

Then, you just sit and wait - well, any minute the Xs will be on the horizon. You already smell the future luxury.

And then, oops, you wake up in the morning, and you already got unloaded. "Unloaded" means one thing: you enthusiastically bought some shitcoins, hoping for growth, and at the moment large holders sold the shitcoin, fixing their profit. Thereby collapsing your portfolio, which consisted entirely of dubious coins.

Of course, someone will say, "Come on, right now I'm gonna go and buy myself a burger for bitcoin." It's good when savings are in a fundamental coin, behind which there is technology and this technology is used.

I'm not saying that cryptocurrency is bad. As with any financial instrument, the approach is important. Crypto is not a magic wand that will make you rich overnight. But if you understand the market, study trends, if you don't follow the hype and manage your assets wisely, it can be a very powerful tool.

On the other hand, you have a bank account, a credit card - and you also use them, don’t you? You don't mortgage your house to buy bank shares, right? The banking system is not perfect too: fees, account freezes, interest on loans - all this makes you an even bigger debtor. And you are living with it quite well.

So why is cryptocurrency so scary? The only difference is that with crypto you have more control, but also higher responsibility: you lost your seed phrase - say goodbye to your money; if you signed a dubious transaction - you gave money to scammers.

Bitcoin is not just a "made-up currency", but a technology with real value and potential. Yes, it is a high-risk asset. And the main thing here is not to panic and not take out loans in the hope of a quick profit. You need to use it wisely, like any investment.

It is the same with other cryptocurrencies. It is important to understand that this is not "all or nothing" - it is just another financial instrument.

And the instrument - be it a bank card or cryptocurrency - requires a reasonable approach.

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