How did I lose my 20,000 INR in Crypto Investment?
The FOMO made me crazy and l invested in two penny cryptocurrencies. This article narrates the story of an average investor who lost a pretty sum of money. I’m being open, telling you every detail so that you don’t end up in a mess.
Like everyone, I was shocked to see DOGE and SHIB turning people’s lives. Some of the investors became self-made millionaires in just one night. Who isn’t greedy? I wanted to give it a try. But, I bought DOGE and SHIB at their highest prices. I never knew the prices were going to tremble and hit the floor. This was my first mistake, and I learned that the crypto market works similarly to traditional stock markets. The people who begin the trend will make a huge profit, while the masses following them will be punished for their act of being late. So did I. The amount I invested in DOGE and SHIB almost dropped by 90%.
As this was an experiment, I did not put in more funds. So a loss of 2,000 INR was utterly affordable for me. Then for a few days, I did not think of looking into cryptocurrency prices. I wonder if you have ever had similar experiences. Whenever we lose, we would be hesitant to feel the pain again. But that hardly lasted for a few days. At that time, India had an announcement regarding the regulation of cryptocurrencies. They were about to incur a 30% tax on profits made from cryptocurrencies.
I was speechless. How did they even do this? The world was shifting to crypto assets as they allowed people to harness the power of decentralization and anonymity. Unfortunately, a developing nation’s government had announced a tax on such assets, making them meaningless. In a country like India, this will harm the mass adoption of cryptocurrencies. The use of cryptocurrencies in the local Indian markets still seems to be a far cry.
The tax will be applicable from April 1, 2023. It lured my greed to make something out of cryptocurrency investment before the tax comes into the picture. This was when I decided to invest in Synthetix Network Token (SNX) and Frontier (FRONT). I did not choose any leading cryptocurrencies with huge market capitalization and trade volume. I was blindfolded by the fact that some small coins like DOGE and SHIB would be helping me. So, without any proper background check and market analysis, I invested 20,000 INR split into two halves in SNX and FRONT. Your guess is right! I lost them forever. Not entirely, but a loss of nearly 75%. I still hold them with the belief that it will surge again :)
These are just my bad experiences. This is no advice to invest in any of the tokens mentioned above. Make sure you do proper ground research before investing in cryptocurrencies.
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