REDUCING MY SPENDING HABIT DURING THE BEAR SEASON
A lot of crypto traders who solely depend on #web3 (cryptocurrency in particular) as their source of income knows how tussling life would be during the bear season when things are not put in place.
The volatility of cryptocurrency is one of the interesting characteristics of crypto that traders need to be cautious of. I can recall months ago when #hive was approaching its bear season and how the second-layered followed the same; it was a whole hell for me but I survived it with a lesson to bear in mind.
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WHAT LESSONS DID I LEARN IN THE BEAR SEASON?
As often said, since "patience" is a major skill required from every crypto trader, then "proper spending" should be a skill too. No matter how demanding my needs may be during the bear season, I scale and select the ones that are highly demanding and solve them. By doing so, I was able to checkmate and keep a record of what comes in and goes out of my hands (in terms of money).
Certainly, the bear season can never last forever, unless another high-level financial tool or innovation is introduced to displace it which I don't think would be possible so soon - like the US government introducing a tax proposal that would kill DeFi which I believe won't be implemented effectively. So, our behavior during the bear season should be like an investor: grit, reduce your spending habits and learn more about the cryptoverse.
CONCLUSION
As a way to encourage the newbie in #crypto, this lesson I learnt from my experience was what I gladly shared above. Your spending habits can affect your psychological state especially when you run out of funds in a bear season thereby resulting in losses.
Do You Know?
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.