Sometimes, the word “extreme” can sound dramatic. Not flattering at all, something dangerous that can have serious consequences. But, just like investing in cryptocurrency, extreme sports can be a fun challenge, filled with emotional rollercoasters. So, if you decide to buy Bitcoin, you might as well try mountain biking, windsurfing, or sandboarding. Are extreme sports and investing really that similar? Definitely! Which is why people do extreme sports.
Risks and Rewards
The process of getting ready for an adventure of climbing in the Alps, or for a white week of skiing is similar to the process of developing an online payment app. There are details to consider during your research, things to buy, and you’ll need to weigh the risks against the rewards. The same goes for investing in cryptocurrencies like Bitcoin, Ethereum, and any other altcoin. Let’s take a look at two elements: research and the things you need.
Before starting any extreme sport, you need to do your research to find out which one suits you best. You might prefer winter sports like snowboarding or skiing, but you might prefer to be on the water, spending your days surfing or wakeboarding. If the earth is your element, the options go from two wheels like mountain biking to the adrenaline of motocross. For the Gemini, Libra, and Aquarius’ among you, you might prefer the air and want to experience extreme sports such as skydiving or paragliding. Not every sport fits every personality, so make sure you do your research, just like you would before buying Bitcoin or any other cryptocurrency. There are as many sports as there are crypto exchange platforms.
The list of must-haves
Equipment and gear: every sport has its must-haves, which is why extreme sports are good. The rules are clear. On the other hand, the rules aren’t as clear in investing. But the list of what you need to get started in cryptocurrency or bonds is clear. Once you are done with research, you will need to choose the right exchange for you, open an e-wallet, and follow the market. Both in extreme sports and investing, you need specific things to get started, to make sure you are as safe as possible.
In both, there are risks and rewards.
Safety on the Rollercoaster
Bungee jumping, tightrope walking, and climbing: they all provide rollercoasters of emotions, ups and downs of adrenaline, and skepticism. These are just some of the reasons why extreme sports are good and why people love them. They make them feel alive. Alive but not clueless. In fact, safety is an issue for surfers and climbers alike.
It’s also an issue for investors of cryptocurrency who decide to buy Bitcoin or other assets. Investing is a rollercoaster, albeit behind the safety of a smartphone or PC screen. The market is incredibly volatile, with ups and downs that can mean gaining money or losing it. While there is no gear, like a helmet to keep you safe, there are precautions you can take when investing. For example, avoid selling or buying based on emotions like FOMO or analyzing the market before making any decisions. There is no rush in crypto.
The bottom line is that you can be safe, both while scuba diving and while buying Bitcoin. But it’s up to you (and you alone) to take the proper measures to avoid unpleasant surprises.
Facing (and Overcoming) Fear
Most of the time, people who do extreme sports don’t just do it to win or to cross a finish line first. Often, they do it to face their fears and to challenge themselves. They move on to the next goal and to the next step in a race against their fears and not against everyone else. The same can be said for investing, even in cryptocurrency. The fear of losing your money is inevitable. What you can change is how you react to it. Instead of freezing in front of the obstacle, try to overcome it.
Just imagine someone freediving, and then, all of a sudden, they freeze as the depth increases. The risks for the athlete’s health and safety are high. And this fear puts everyone on the team at risk. Overcoming the fear can re-establish the balance. The same happens to investors, who might be afraid to sell or buy. But, with that mentality, you can’t climb any mountain or make an extra income out of cryptocurrency.
So, why do people do extreme sports? For the same reasons that people start investing, despite the market’s unpredictability. Because, often, the rewards outmatch the risks.