I had 9440 USDT sitting in Binance from a very long time, and I missed the opportunity to buy in November, as there were some momentum after Trump came to power. And now because of the same reason, the market is very volatile. I started investing in some of these coins few days back and yesterday I thought was a good opportunity, and invested the remaining 5.9k USDT, but unfortunately, everything is red today. That saying about crypto sounds legit - Invest that much that you can afford to loose. Watching market trends and hitting at the right moment is certainly the most challenging task and for a novice like me, without any trading knowledge, investing in crypto seems a bad choice. Long time back, I bought USDT in WazirX, and thankfully, I transferred just a week before it was hacked, otherwise everything would have gone.
It certainly feels bad to loose this much money in just a single day, but life does not end here. What if, if everything was gone in that WazirX hack ? Certainly, its much better than that, so for now, having patience is the only way to move forward. One of my friend wanted to invest couple of lakhs INR in crypto, and handed me his Binance account to buy whatever I want and for him, I invested the major percentage in hive when it was trading at 0.21 - 0.23 range earlier, so I feel, that was not a bad choice, since that seems to be the bottom even today. Since I already have a big stake in hive, I thought, it would be good to invest in varieties of other coins, that has potential. And of course you see a little investments in few meme coins there - who knows, they at times surprise everyone.
When the market goes down after we have exhausted all our investments, it creates some sort of anxiety (that feeling of I should have waited for this day) which I have to deal with, but that's the best I can do. Hopefully we will see some good times soon. If hive becomes the star then I will probably convert majority of my stake to HBD and live out of the HBD interest (as its more stable which is necessary for dependency for a living) and become a full time hive promoter. And if any of these other investments sky rocket, then part of that would also be diverted to hive. Keeping record of all these is another challenging task - that will be needed, in case, we want to take some profits and take to bank account - centralization always has control on us. For now, I am just keeping record of these purchases in Binance, because all the investments in hive was before the law came into place. As per the govt, all rewards are taxable, but that will be applicable only when I convert to INR - is that a correct understanding ?
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