by Shubhasish das
When I started writing this book in the mid of 2021, the cryptocurrency market was at three trillion US dollars, which is equivalent to the economy of India. And by the time the book is published, it has crash-dived to one trillion, losing almost 70%. Within ten months, I have seen my portfolio growing nine hundred percent and then tumbling back to erode the entire profit. Within my closest acquaintances, I have witnessed a bank manager losing his life savings in bitcoin, a B-School student gambling out his tuition fees in meme coins, and a panic-stricken cardiologist selling all his investments for peanuts. These may sound like extreme cases, but unfortunately, they are not uncommon. Hundreds of people I know through various forums have lost a substantial sum of money in this infamous market crash.
Trading is risky; trading without knowing the thing you are trading is fatal. Only the skilled may ride the cryptocurrency wave; else, horrible consequences may ensue. – Surfing the cryptocurrency wave
(Cryptocurrency market capitalization over the years)
Source: Crypto market cap 2010-2022 | Statista (retrieved July 2022)
If you study the life of crypto millionaires, one thing stands out; they all have invested a substantial amount of time and effort to grasp the mechanics of cryptos. They are not traders looking to benefit from the short-term fluctuations of the market. They are not interested in the game of greed and fear. Instead, they are stoic investors who understand what they are dealing. They have not only invested money but also invested with their faith in cryptos. And, this is not blind faith. Because blind faith is fragile. It cannot withstand the rigorous emotional ups and downs of the market. Their belief in cryptos is based on a strong understanding. Based on this understanding, they identify cryptocurrencies with strong fundamentals and hodl (Hold on for Dear Life) these currencies for the long term.
I want you to gain the same level of understanding before you want to put your life savings in cryptocurrencies. Therefore, in this book, we are not concerned with trading or technical analysis or how to get rich from cryptos overnight. We are not concerned with any investment strategy either. Rather we deep dive into the mechanics of cryptocurrencies. By the time you will finish this book, you will have a strong understanding of what are they, what is their purpose, and how they work. Once you have a firm grasp on these things, you are ready to devise your investment strategy. And, you don’t have to work hard for that. Because there is only one strategy, that is hodl until you reach your goal.
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