True Story: Valuable Lessons from Investing in Cryptocurrencies

I am Nam, a person who was once very passionate about technology and the opportunities that cryptocurrency promised. Two years ago, I began investing in the cryptocurrency market with high expectations. However, this experience also brought a valuable lesson that I will never forget. Start With Hopes I started my investment journey by buying a small amount of Bitcoin and Ethereum, the two most popular cryptocurrencies in the market at that time. Their prices kept rising, and I felt like I was on track to becoming a successful investor. The belief in the continuous growth of the market led me to expand my investment portfolio, even borrowing money from friends and family to buy more different cryptocurrencies. Every day, I follow the price chart with excitement and expectation. The resounding success stories from other investors only reinforce the belief that this market is a life-changing opportunity. But I did not anticipate the risks that await ahead. Market Collapse Everything started to go downhill in the middle of 2022. The cryptocurrency market, which was expected to continue growing, unexpectedly plummeted. The price of Bitcoin dropped from a high of 60,000 USD to 30,000 USD, and then continued to slide. The smaller coins in my portfolio also suffered significant devaluation. Although the situation is very bad, I still believe that this is just a correction, and the market will recover soon. Instead of selling to cut my losses, I decided to stay the same and even buy more in the hope that the price would rise again. But in reality, it's the opposite. The value of my assets continues to decline as many virtual currency projects fail and major exchanges collapse. Not only did I lose all the money I invested, but I also fell into debt. Facing Reality The moment I had to sell the remaining coins was when I realized I had lost everything. My investment assets, which had once reached hundreds of millions of dong, now only have a negligible amount of money left. I have to face the disappointment of my family, questions from friends, and self-blame. Looking back, I realize that I have made many serious mistakes: Not researching deeply enough: I invest based on intuition and trends without a clear understanding of each project or potential risks.Being too greedy: Instead of taking profits when the price is high, I invest more because I think the price will keep rising.Using borrowed capital: Borrowing money to invest has made me lose control of my finances and the pressure to repay debts has become a burden.Lack of clear plan: I do not have a risk management strategy or an exit plan in case the market collapses. Lesson Learned This failure not only cost me money, but also taught me a profound lesson about investment: Research thoroughly before investing: Understanding the product, project, and market is crucial. Do not use borrowed money to invest: This helps minimize risks and avoid financial loss of control. Control emotions: Do not let greed or fear dominate decisions. Set specific goals and plans: Always have a clear and firm strategy with an initial plan. Continue Learning and Moving Forward Despite the loss, I didn't let this failure defeat me. I started learning more about personal finance, risk management, and other forms of investment. At the same time, I focused on improving my work skills, earning extra income to pay off debts and gradually rebuild my future. The investment market, whether it is cryptocurrency or any other field, is always full of opportunities but also contains many risks. I share my story to remind myself and those who are or will enter this market: Always be cautious, keep learning, and remember that investment is not a shortcut to get rich quickly, but a journey that requires patience and deep understanding.