With all the ups and downs of crypto prices, it’s enough for you to have sleepless nights. You already read everything about what to know about Bitcoin for its past, present, and future, but there’s one thing you haven’t laid eyes on yet. How can you remain stress-free with all these buzz surrounding the internet?
Here are some points I can share with you to prevent cryptos from getting on your nerves.
1. Invest what you can afford to lose
The golden rule of investing: don’t break the bank! The main mistake of most investors is putting a whole fortune in their BTC investment only to have heart attacks during a spiraling decline in value. If you want to be stress-free, invest only what you can afford to lose.
I already said this in past articles, but investing what you can imagine losing is the safest way. You can play with it without worrying that you’re going to be broke in one wrong decision.
2. Focus on positive Bitcoin news
There’s so much bad press for Bitcoin and if you haven’t been desensitized yet, you’ll have to take care of your onion skin. Focus on positive news and breakthroughs in the BTC world and don’t fret about the bad ones. You’re living in a real world, so expect ups and downs from time to time.
News platforms won’t be filtering this for you so you should know how to balance. Still, bad news will provide you information regarding what to know about Bitcoin, but give more regard to positive ones.
3. Get to know market openings with Bitcoin
New market openings with the Bitcoin crypto are signs that BTC is getting stronger as ever. This would be added confidence on your part. New markets will also give you more opportunities to speculate and invest aside from those you are in now.
Just this year, OKEx announced that it will be jumping into the field of Bitfinex to open the SegWit2x market. This is a landmark partnership and you should brace for more.
4. Have someone back you up
Nothing is more important than having an investing buddy backing you up. There are forums you can join and you should find someone that will serve as your unofficial adviser. It doesn’t have to be a famous trader. As long as that person is skilled to give you tips, you’re in good hands.
Having someone to guide you will reduce your stress. You’ll not feel as if you’re alone in your venture. Just be careful in trusting people since many dupers lurk in some forums.
5. What to know about Bitcoin? Don’t sulk on a dump!
Dumps and pumps are normal when you’re investing. As much as a $3,000 spike is encouraging, a $1,000 cut can already break your heart. I suggest that you avoid fretting too much about a decline in value (though I know that it’s hard to do) Just think that worrying won’t help you increase your BTC investment. Instead, find the good in every downfall. Low prices? What to know about Bitcoin? Maybe it’s good to buy some units!
Don’t sulk about it. After some time, prices will rise and fall again. The least you can do is calm down.
6. Focus on your day job
Even if you’re getting large sums of money in BTC, don’t quit your day job. Bitcoin lives in volatility and with nothing as your fall back, you’re going to be broke big time. Focus on your job and prosper on it. Bitcoin shouldn’t be your only world.
If you find it hard keeping it off your mind, I suggest that you allot time where you will check your assets. Don’t keep on sneaking on it during office hours. You’ll burn yourself out.
7. Pay your taxes
If there’s one what to know about Bitcoin fact, it’s tax. Bitcoins are taxable and failing to settle it will put you in a legal fight with the IRS. This will literally stress the hell out of your wits as tax evasion has serious punishment. Make sure to send a report to IRS for every transaction you’ll make with your BTC. This will make it less hassle on your end.
But if you’re using retirement funds as an investment, you’re likely off the hook from tax dues. I suggest that you research about IRS Notice 2014-21 to know all the terms of taxpaying.
8. Enjoy forums
You shouldn’t be freezing every time you’ll see a notification from one of your BTC forums. These groups are meant to be your guide so as much as possible, enjoy your stay. Ask for advice whenever you’re panicking over a dump or tips for better investing.
Some members also give this anti-stress tips. You can ask them further about how they manage to ride on the wagon without losing their minds. Almost all of them are actual investors that can be your mentor and investing buddy.
9. Indulge on Bitcoin memes
With all the news that’s racking everyone’s minds in the crypto world, you should know how to let loose. If you feel like stress is eating you up because of a news article, don’t hesitate to have a few chuckle in Bitcoin memes. Of all the what to know about Bitcoin points, this one’s fun.
As much as investing is serious, you’ll need to take a break regularly. This is to avoid burn out and too much stress. Like any other job, Bitcoin can also burn you out no matter how you love it. So let that laughter crack!
10. Don’t rely on it as your major source of income
Big firms have succeeded on this because, technically, they are big and they have another source of income. If you’re just a typical investor, you shouldn’t rely on BTC to bring you paychecks month after month. You should have other means to sustain your needs, be it during a dump or a pump.
Stay on your day job and do well on it. If your investments come to worse, you won’t be broke and starving. It will also be easier for you to cope with losses if you have other sources of income.
You should remember that these tips are included in the “what to know about Bitcoin” lessons. If you don’t know how to manage your investing and stress levels, you’ll be having sleepless nights and unproductive days.
BTC is now widespread and I know that you can find ways to divert your attention off the stressing nature of cryptos. Once you master how to keep it off your nerves, you’ll find out that you’d become a better investor.
What to know about Bitcoin? Do you know more? I’m sure you have something to tell in the comment section!