Cryptocurrency Trading: Passion Over Profit

Everyone has their reasons for investing in cryptocurrency. Here's Coin Pursuit's advice to prioritize personal passion over dreams of instant profit.

If there's a single underlying theme in the articles you find online about digital currency, it's profitability. You'll find countless discussions in the forums that trumpet how easy it is to hit a high profit margin by mining Bitcoins, for example. Some traders will offer tips on reading the market trends and cashing in on them. For as often as these claims are made, there must be a grain of truth to them, right? Well....Coin Pursuit believes a wise investor should enter the trading game with both eyes wide open—and with a realistic picture of what they may or may not accomplish there.

We're not here to rain on your investment strategy parade; actually, we're here to help new investors get the information they need to get started, and to enjoy the process as they move forward. In order to do that, a healthy dose of realism is in order. Yes, there is profit to be made in cryptocurrency investing. However, as with anything that sounds too good to be true, there is fine print; many stories tend to omit important details. Mining, for example, often involves a sizable commitment of hardware, time and resources before a single coin of profit is seen. Those instant, high-profit trades can be plain luck, or the coattail effects of a pump-and-dump scheme. We advise traders to watch patterns over time, and to aim for more reasonable profits over longer periods. You may not become an overnight millionaire, but profits are more likely to happen to those who take a look at the big picture and not that big “score.”

This point is so important to us, we've included it in our Top Ten Commandments of Cryptocurrency: number eight, “Love Thy Crypto.” We believe the attraction to digital currency should be a personal and passionate one; investors who relate strongly to the concepts behind the currencies themselves usually have the staying power to stick around for the long haul. In a nutshell, it's cool if the profitability of cryptocurrency investing is among your influential factors—but it shouldn't be the main reason you're a part of it.

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