Is the bear market truly here?
We are not certain where we’re going next, but we are certain that times like these may provide a great opportunity for those that are capable of keeping up with crypto during less exciting and scary times.
For this purpose, we created a little list of stuff that you can do to make the coming bear market a bit more bearable. Pun intended.
We’ll start with the “boring” stuff and end on a high note with some exciting events and dates that are coming up.
Security
So you didn’t find the time to secure all your accounts and devices during the crypto highs and the NFT craze. Well, now is the time to take some time and review all your accounts, devices, passwords, keys and everything else.
You will find a detailed list of checks in our blog:
Here’s a short list of things you really need to do:
Harden the security of your device(s), browser(s) and email(s).
Use strong and unique passwords. A password manager can help.
Use 2FA wherever possible.
Store the most sensitive information in offline storage.
Stay skeptical of suspicious emails and links.
Learning
There is no better time to start learning than NOW. We are constantly updating our blog with relevant topics even for stuff that is not available on GateHub (yet). As crypto grows, we need as many informed participants as possible.
During the times when price action is not as exciting, we suggest learning more about blockchain in general, the companies and projects that you find interesting, the tokens and tokenomics of your (potential) investments. This will keep you in the loop of developments and may give you clues about the next big thing and the next bull cycle.
It’s important to keep an open mind, stay critical of every opinion and most of all synthesize nuggets of info you are able to get from many sources. This will help you make informed decisions when the time to do so comes.
We’ll leave it to you to pick your favorite channels and topics but here are some of our picks.
- Twitter, obviously, for condensed and real-time content by industry leaders, influencers and, inevitably, also trolls. Stay skeptical.
- Crypto news outlets for expanded views and background on breaking stories.
- Theses and papers by experts (i.e. Bitcoin whitepaper, Messari crypto reports etc.)
- Learn about investing, analysis and what your favorite services offer. You can do this over their blogs or knowledge bases and generally just googling what you would like to know.
- YouTube. Be careful though. Try to find channels that don’t push projects and coins down their subscribers throats but rather cover a wide range of topics and projects.
Investing
We strongly suggest you start by learning as we explain above first. After you feel comfortable with the terminology and get a feel of how crypto works, you can start learning about investing strategies and advanced trading options.
Money can be made on the way up and on the way down but great caution is advised here. Like we said before and we’ll say many more times.
Note
Crypto is an extremely risky investment so make sure you do your research and only invest money that you are willing to potentially lose.
The recent LUNA/UST incident is proof that even seemingly solid projects with loyal communities and strong developer bases can fail miserably. Be careful out there!
Just to get you started, here are a few stock trading strategies by Investopedia that can easily be applied to crypto. Just keep in mind that crypto is much more volatile and each strategy should be adapted to this fact at least a bit.
announcementThis is not investment advice. Everything in this blog is for informational purposes only.
See the future
We know it’s impossible to actually predict the future but when you are equipped with all the new knowledge you have gained so far it should be easier for you to identify weak projects & scams AND potentially also identify the next big thing. There are many winners in each crypto cycle so you should not be concerned about finding one gem.
While you are researching, you are boosting your chances to find awesome opportunities such as early ICOs in 2017 and BAYC in early 2021. You should also be able to see when the next cycle comes to its tops and inevitably breaks down all over again. Investing strategies are important but after that it’s even more important to know when to exit the market and make some money.
Staying calm
FUD (Fear, Uncertainty, Doubt) and FOMO (Fear of Missing Out) are great ways to lose out. If you come equipped with all the above, you are less likely to act on impulse and make the most out of your money. Keep in mind that crypto is an enormous opportunity on one hand, but realistically most investors end up losing out due to various reasons.
The best way to stay calm is to have an end goal and an exit strategy. These vary from investor to investor so we’ll leave it to you to make your own.
The fun stuff
Even if the markets are in a downtrend there’s still some stuff to look forward to. The most fruitful times for developers and innovators in the blockchain industry are in the bear markets. This is when actual utility and value for users is produced. This is when every idea is scrutinized and only quality projects get to survive. We want to point out three things that are - we really, really hope - just around the corner.
Flare has announced that they are aiming for a July 4 launch of their main net. We can’t tell you how excited we are to finally see it in action. Read all about the rollout process here.
The SEC vs. Ripple lawsuit is unfolding. Some time may still pass between now and the conclusion but Ripple remains confident and we could see a reaction in the markets when all things are said.
The XRPL is getting a new feature soon. It all depends on whether the majority of voters vote the new amendment in but we see no reason not to. The amendment introduces a new standard for the XRPL that will support NFTs natively. The proposed standard is called XLS-20 and offers a simplifed and universal flow for all participants compared to Ethereum and other implementations.
Bonus
The XRPL Grants wave 3 process is coming to an end in June and July. We are looking forward to seeing what the XRPL community is building. You can follow RippleX on Twitter for all the latest info.