Involve Your Loved Ones in Cryptocurrency
Think of this scenario: You’ve just discovered the latest trend that everyone is investing in. You get really excited. You’re going to invest, too! Plus, it’s Friday and you just got paid. That’s a double score right there. You invest a good amount of capital — let’s say one third of that new check — in the hopes that you’ll make a sizable return. And then…
It crashes. And you get nothing.
Think of a new scenario: You’ve just discovered the latest trend that everyone is investing in. You get really excited. You’re going to invest, too! Plus, it’s Friday and you just got paid. That’s a double score right there. But, before investing any new capital, you go home and talk to your spouse about it. “A loved one can be there to comfort you when all seems lost.”
Together you mull over the pros and cons of investing a large chunk of capital into something so new, and decide to go a safer route. Now when it crashes, you’re prepared and don’t lose as much money.
Does this at all found familiar?
Why Involve Family and Friends?
In the first example, you, the protagonist, invest a large sum of capital into an unknown and end up losing everything and then some. In the second example, your spouse convinces you to play it safe, and the fall isn’t as hard when the prices drop.
Maybe your loved will tell you not to use your credit card when investing in digital currency … and for good reasons, to reduce your fees, reduce your risk levels and most of all because they love you.
Involving third parties into any decision making process is beneficial simply because they’re not you. You, in this and every scenario, have your blinders on. You’ve either thought about all possible outcomes (i.e, that you can come up with) and formed a solution, or you simply don’t see any roadblocks at all. Either way, it’s slightly delusional. Having another pair of eyes and ears digesting the same information adds a whole new perspective that can make or break the decision in the long run.
Be Less Conservative!
Now, let’s address the reverse. Maybe you are the one who’s stepping around the edge, thinking that being cautious is more beneficial in case the market drops. After all, Cryptocurrency is rather new technology. There isn’t as much information available as there is for other markets.
However, that same conversation with your spouse can pull you in an entirely new direction and help you take the risk. In this scenario, you’re increasing your chances by listening to a third party. And what if Cryptocurrency suddenly takes off and makes millions?
Never underestimate the power of a third party. They can even add money to your investment, yielding a greater return for both of you. All because you decided to ask!
In this last scenario, let’s say that you already made up your mind. You’re investing $X today, at an exchange like https://cex.io/ and there’s no swaying you. However, the market still crashes and you end up losing all your capital. What happens now?
If anything, being consoled always helps in times of great stupidity and great loss, although not necessarily in that order. Instead of helping you make a decision or putting up capital, a loved one can be there to comfort you when all seems lost. They can also help you make your next move (and maybe a bit smarter this time around, too).
There’s no Good Reason not to
Unless you’re obnoxiously secretive, there’s no real reason not to include family, friends, and other loved ones in on such a risky idea as investment. This idea pertains to any kind of investment or idea, too, not just investment in Cryptocurrency. However, since the latter is a new and novel idea, extra support and words of wisdom can only do good, especially to a new investor.