Happy to see other family members have been investing in crypto but, they are limiting themselves by not moving onto a bigger exchange.
I am currently in Durban with the family taking a much needed break finding it hard to make time between family commitments and Hive. This is something that is new as I have had it easy over the last few years. Today we have been busy and tonight an extended family gathering for dinner. Tomorrow will most likely be more of the same.
The funny thing is there is no FOMO as these days I am comfortable with my stake and know this is only for a few days only. This is not like the game reserve where there is no internet or no phone reception and the only signal means you have to walk a few hundred meters outside the encampment. This took on a whole new meaning to how important phone calls were as there was risk involved.
A nightmare scenario would be stuck somewhere during a Bull market as then I would not go as that would be crazy. You work for 4 years to miss out and only people involved in crypto could understand that scenario. Not doing Hive for 7 days would not be a pleasant experience either.
Tonight the subject of crypto was raised over the dinner table and I at first kept quiet as not being funny they have no clue. The two who were discussing crypto use the local crypto exchange Luno and only have BTC, ETH and XRP. Better than nothing, but I asked them what about the alts with use cases and got blank faces. I was not trying to show them up, but was more about trying to understand their logic. Dumb I know as maybe I should have kept quiet as all I have done is dug myself a hole.
I rattled off a few coins and it was as though I was speaking another language and had lost them. I explained Luno helps you get involved, but lacks what you really need and need to use it as a stepping stone to another exchange. I touched Luno once when I originally bought Bitcoin back in 2018 and haven't used that service since. Tomorrow evening I am now giving lessons or more of a guide to give them a better understanding.
Two years ago this would not have been a topic and anyone mentioning crypto would have been considered a risk taker. 15 people at the dinner table and 3 of us in crypto is not a bad percentage and one I was not expecting. They both invest monthly putting a side a set amount which shows commitment. I think that impressed me more knowing the decision to invest was important enough to make it a monthly expense.
I think that is the biggest hurdle for many as not only do they want to invest but they also want instant profits. These two both agreed that what they are doing is for the future and could be 10 years or longer down the line. I didn't fill them in truthfully on what I am doing but said I will help them become more organised so they are not restricted.
The Luno exchange has 4 currencies being BTC, ETH, XRP and LTC which is great but doesn't allow you access to all the other goodies in the sweet shop. This makes no sense as BTC may do a 4 x from here compared to some alts that could do 10x or 50x in the next few months.
I do believe many people in South Africa are in exactly their same position having bought into the idea of investing but haven't taken the time to change into other alt coins on another exchange which is kind of disappointing. Baby steps as it ahs taken years for many just to invest so maybe it needs a coin that is not available to suddenly be worth thousands to wake them up. We know we are early and it is these types of situations that show exactly how early.
