Some people will say that they are in the cryptocurrency market because of the technology, or how they believe it could change the world for the better. However, the reality is that most of us came here for one reason, and only one reason. Hoping to change our lives financially forever. 

If there is one thing that you can’t avoid in this market, it is the stories of how people have become rich overnight in previous bull markets. By essentially hitting the lottery and picking a cryptocurrency that exploded in value overnight. They were able to completely change their lives. 

That is where the biggest danger in this market comes into play. You’ve heard the predictions by experts how this market could potentially cause the largest transfer of wealth that the world has ever seen. You have also heard the stories of people making it big during previous cycles and now you want the same. All within a short timeframe. The FOMO that we begin to feel is intoxicating. And if you’re not careful, you can drown in it. 

Most people believe that bear markets are when people are at thier highest risk, but it is actually during bull markets. Greed infects our brains, causing us to make horrible decisions. 

The worst mistake you can make is trying to make generational wealth in crypto during one cycle. That is how people get REKT. 

With this mindset, people begin using high leverage, borrowing money to buy crypto, venturing too deep into the altcoin forest, and even more. 

There is a famous way of thinking in the crypto market for just how long it takes to become successful in this market. 

During your first full cycle, you can make great gains. During your second full cycle, you can become rich. Finally, during your third cycle, you can build generational wealth. 

People get carried away chasing the gains of coins that went up 100x and often overlook other safer options that will do a 10x. Forgetting that increasing your portfolio by 10x would be incredible in any other market. 

By sticking to blue chip cryptocurrencies such as Bitcoin or Ethereum they have a much higher chance of being around ten years from now and maintaining their value. You can build a much stronger foundation for your portfolio. 

Once you have built up that strong foundation, then you can take on a little more risk. 

This is all that is needed to become successful in this market. Build slowly, continuing to dollar-cost-average, and take advantage of large price dips. Doing this consistently on a long enough timeframe will be life-changing. 

The danger is that most of us are always “trying to keep up with the Joneses.” 

Being envious of what our friends, family, neighbors, or co-workers have; and trying to one-up them. Wanting to have a bigger house, or more expensive car, retire quickly, and the list goes on. These are all fast-track ways to lose everything. Once you have come to peace with the fact that we aren’t competing against anyone else, but instead are just trying to improve our own situation. That is when you will finally begin to find success in this market. While many try to build wealth as fast as possible in this market. I have no problem moving at a snail’s pace. 

As Erik Vorhees said above. Instead of trying to go from poor to rich overnight. Instead, try to go from poor to not poor. Then becoming comfortable, and then rich. Doing this over multiple cycles is the winning formula that will allow you to change your life in the crypto market. 

We are still very early in the lifecycle of Bitcoin, Ethereum, and the entire cryptocurrency market. There is plenty of time to make money in this market. Having patience, consistency, and being responsible is the key.