People Jumped on Blockchain Early and Quits Too Soon.
Together with the rise of the crypto and web3 is something that we’ll remember through the ages. COVID-19 locked every single person inside their houses in 2020 , basically taking away their liberty to make a living. People lost their jobs on the spot, markets and businesses crash within a matter of days. And with almost no hope at all, they turn to crypto.
In the Philippines, Cryptocurrencies are an automatic equivalent to a scam back in 2019. Most Filipinos see cryptocurrencies or anything that they couldn’t feel, see nor touch is something of a fraud. But out of clear desperation most of them jumped into the rising cryptocurrency craze, and sadly 8 out of 10 Filipinos who started trading their assets failed in a matter of 2 months. Here’s why.
Fake News
Fake News is a big problem in the Philippines. People are so inclined into the social media that most of them believed everything they see there, and with this being said, is an opportunity for other people to entice people to jump into something they don’t really understand in the first place. I have been in the blockchain space since 2017 and never have I ever seen an influx of people jumping into the blockchain and crypto trading space all at once just because they saw a post somewhere on facebook telling them that trading cryptocurrencies can easily give them around 300USD to 500USD a day. It can be true yes, and it’s possible but only IF YOU KNOW WHAT YOU’RE DOING.
In just 4 days I have seen people who suddenly turned into crypto experts, creating and building spaces here and there where they can share their “insights” and “trade analysis” that people would eventually follow, which is technically funny how these people or “crypto experts” tell their followers that “this is not a trade or financial advice” everytime they tell people to invest on ethereum at this time, on this day, and then exit or take profit on this rate. I mean, isn’t that already an advice?
Lack of Patience
One of my mentors once told me that money and time are basically sisters, and you won’t get one if you’re too impatient with the other. This is what happened to a lot of people who jumped into the crypto trading and blockchain space too early. First they observe, then they will become impatient and risk everything on one go, then they will complain. Most of the people I know whom I tried to educate on cryptocurrencies grew impatient as I explain them how these assets work and they started trading by themselves wherein they’ll all blame me for every loss they take because some of them took profit early or exited a day late. I am firm with my principle of trusting the process and patience is key wherein people should take the process of learning, understanding first and be patient on every step they take.
Fast forward to 2022, people are starting to quit on something they haven’t really grasped onto. The people who jumped on the crypto trading space too early, traded too early and even those who consider themselves as “crypto experts” wherein the only underlying knowledge that they have about this technology is very basic are the same people who are quitting on blockchain today. And as of this writing, NFTs are already popping here and there, we have a bear market, and while everything may seem crashing, as a blockchain developer, I really think that we’re just getting started. and I hope these people who are quitting on blockchain could spare time to redo their mistakes and learn from their past experiences and enter the space again because blockchain is really something that could reshape and refine our society.