Crypto: Embracing Responsible Practices for a Safer and Fairer Future
Crypto is a realm of unprecedented equality, transparency, and opportunity. It provides a level playing field where every wallet is treated equally, regardless of race, gender, or orientation. However, it also has its dark side, attracting opportunists looking to take advantage of the money involved. While it may be impossible to eliminate these opportunists entirely, the crypto industry can still strive to become safer, fairer, and more profitable for all participants in 2024.
Stop Promising the World
Hype plays a significant role in the crypto industry. Influencers and blockchains often focus on hyping up tokens and chains rather than emphasizing fundamental improvements and infrastructure. This constant focus on price and quick gains can be exhausting and detracts from the long-term potential of projects. To address this issue, it’s important to prioritize fundamental analysis and provide educational resources that help investors read between the lines of project roadmaps, whitepapers, and marketing materials.
Don’t Risk It All
Individuals need to take personal responsibility for their digital assets in the crypto space. This involves conducting thorough investment analysis, making informed decisions, and avoiding succumbing to FOMO (fear of missing out). By utilizing free tools and developing frameworks for decision-making, individuals can gain experiential knowledge and make better-informed investment choices. It’s crucial not to blindly follow influencers or copy trading strategies without understanding the underlying fundamentals.
Get Rich Slowly
Patience is key in the crypto industry. Instead of seeking overnight wealth, it’s important to adopt a long-term mindset and stay in the game for as long as possible. Building a robust portfolio takes time and requires avoiding excessive risk-taking. By adopting responsible trading practices, the entire industry can improve its reputation and build trust. Bitcoin whales, for example, achieved their success by conducting thorough research and exercising patience over many years. While there are opportunities that require quick action, most of the time, observing and waiting for market forces to unfold can lead to greater profitability.
Author bio:
Hao Yang is the Global head of derivatives and financial product at Bybit. He is responsible for building one of the most sophisticated options platforms in the industry, designed to provide users with a seamless trading experience. Today, he heads up a team of passionate builders working with the latest trading technologies, from AI bots and structured products, to enhancing Unified trading accounts, and new innovation on crypto-native derivatives. Hao is passionate about building a new, decentralized financial system.
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