Psychological Tips for "Saving" Crypto.
Technically, we may already know how to "save" through Crypto and Bitcoin, but it is also important to understand that psychological factors play a significant role. So, what psychological factors can be strengthened before saving crypto?
#1 Conviction is Key.
Without the belief in playing for the long term, we will tend to waver with short-term movements. That is why understanding what crypto and Bitcoin are in depth can be one of the factors to enhance conviction.
#2 Don’t Think About Results.
Know that when our mindset is to save, we must have belief and a long-term timeframe. Do not be tempted to move assets and make other plans because there are no significant results in the short term. Always maintain a long-term mindset.
#3 Focus and Be Consistent.
The hardest thing is to stay focused and consistent. Always remember that this is a long-term game and it requires high endurance. There are several crypto exchanges that have automatic DCA features that allow for automatic saving.
#4 Focus on Increasing Income, Don't Go All In.
The key factor in saving in any asset is to continue to have a substantial income. Understand that any crypto asset, even Bitcoin, also carries very high risks. Before saving crypto, always have an emergency fund for the next 6-12 months.