Dealing With the Concept of Bitcoin FOMO

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Dealing With the Concept of Bitcoin FOMO

Source – forbes.com

There are countless stories of how Bitcoin has managed to turn the lives of ordinary people overnight. Thanks to the fact that this cryptocurrency is so valuable, many of us have decided to invest in it and start trading with Bitcoin and thus, earn a profit.

At the moment, Bitcoin is valued at around $40,000 with experts believing that it can rise as high as $100,000 in the fourth quarter of 2021. But, trading with this cryptocurrency is not as black-and-white as many people would think. There are tons of treats that you need to master, with one of the biggest one being Fear of Missing Out or FOMO.

We wanted to take a closer look at this concept and explain what does FOMO represent and how can you deal with it. Let’s check all the details on this topic.

Explaining FOMO

As the term itself suggests, Fear of Missing Out is a state where you are presented with a golden opportunity that seems too good to pass. In Bitcoin’s case, that represents a time when its value is on the rise and you think that by investing in it now, you will be the first among many to purchase it at a reasonable price, then sell it much higher.

But, since Bitcoin has a high volatility rate, it often happens that shortly after a trend of surge appears, the value of this cryptocurrency drops down, and you actually lose money since you are forced to sell Bitcoins for a cheaper price than the one you bought it for. This is when more experienced traders step into the stage, purchase Bitcoin at a low price and keep the profit all to themselves. Bitcoin FOMO is something that novice traders are often faced with.

How Can You Deal With It?

This may sound surprising, but one of the ways to deal with Bitcoin FOMO is by using trading sites to your advantage. Reputable platforms such as  use advanced AI systems that are able to predict Bitcoin’s future fluctuations and thus, help you determine when to sell you Bitcoins and generate the highest possible profit. The fact that the profitability rate at this site is so huge speaks to how effective this AI system is.

There are plenty of other things that you can do to deal with FOMO and all of these are psychological aspects that will influence your mind in a positive way and help you come out on top. First of all, instead of focusing on what you don’t have, focus on the things that you already have and be grateful for them.

Next up, do not create alternate scenarios where you are imagining how rich you would be with Bitcoin trading. Keep a more realistic approach and accept the fact that you need to work hard to be successful. Additionally, you should be aware of the fact that you won’t always be profitable, so prepare for worst-case scenarios.

The last resort that you can do if these tips do not help you, is to set up appointments with therapists and discuss your problems. Everything can be solved through a conversation and you’d be surprised at how effective these therapists actually are.

Other Treats That You Need to Master

Of course, the world of Bitcoin trading does not involve just mastering FOMO. There are other psychological treats as well as certain skills that you need to master. Some of those that deserve a mention are patience, working under pressure, getting familiar with the processes that power this cryptocurrency, and educating yourself on the future potential of Bitcoin.

The more familiar you are with the network, the higher the chances of bringing rational and thus, profitable decisions will be.


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Author: Firdaus

I work as an IT consultant in the Toronto area and I love to write blogs about a variety of subjects. My passion for writing stems from the desire that everyone should have access to meaningful information. Whether it is a blog about society, culture, technology, or social media, I don’t want to miss the opportunity of sharing my thoughts with my friends and audience. Since I believe in mutual exchange of ideas, I am always on the lookout for a feedback on my writings.

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