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Commitment to “dreaming” of digital money.

Commitment to "dreaming" of digital money.

Commitment to “dreaming” of digital money.

Quang Tuan joined at the right time when Bitcoin was at its peak and once dreamed of financial freedom but his account dwindled.

Quang Thuan, a 29-year-old Ho Chi Minh City resident, had known about Bitcoin since 2017 but was so unsure that he decided to exit the market. “I thought I was very lucky when the market crashed. However, the Crypto Series 2020-2021 has started and I regret not having attended sooner. You can lose money in 2017. – 2018, but gathering experience to prepare the market is active again, said Tuan.

Many new players jump into the cryptocurrency market with dreams of financial freedom.  Photo: The Guardian.

Many new players enter the cryptocurrency market with dreams of “financial freedom”. See: Guard

The more you play, the more you lose

Tuan has been investing in cryptocurrencies since the middle of last year when the market was bullish. Like most new players, he creates an account and buys “base coins” like Ethereum, Bitcoin… “These signals look good, but they are very volatile. Lots of new players like me like it. Whenever we look at the chart, we want to see how our money is moving. But those signs don’t make much sense,” he said.

Therefore, the low price on the exchange began to change into new tokens. According to the statistics itwebJuly 2022. There are over 12,000 digital currency options on the market. High Gold Bottom Brain allows players to choose between local and international projects.

The cryptocurrency market often goes wild up and down, making the psyche of new players feel like a roller coaster.

The cryptocurrency market goes up and down very often, which makes the psyche of new players like a roller coaster game.

Tuan said that his first joy in buying tokens for new projects is that he has a lot of coins, and if he’s lucky, his account can double in a day. As a result, more and more people are getting into “surfing” in a success-oriented manner.

“Newcomers like us are not interested in reading projects or analyzing risk factors. We spent little money, we didn’t have time to study and we didn’t have enough knowledge to evaluate it. I play, the actual activity, not an investment,” Tuan said.

But because of the FOMO (fear of missing out) mentality, new players often stand on top of that mountain and look up at that mountain. “They don’t have enough patience to follow the project’s development plan. When they hear that there is a new token, the price can go up, they are ready to participate in browsing. But the more you trade, the more you will lose. The first loss is the transaction fee, the other loss is the old token that cannot be valued and sold to buy new tokens. To make money surfing, reading charts, evaluating projects, paying attention to market fluctuations, says Hong Cam , head of a large mutual fund in Vietnam.

According to Mr. Cam, amateur players “often shake up and sell down”. They don’t have much information, they know about the project when many others know and the value of the tokens increases. Until the price falls, they cannot collect the losses and then sell them. The same thing happened in Tuan, so the amount of money in the account gradually increased.

Digital Education Fees

Learning about cryptocurrencies online for 25-year-old Yuen, an office worker in Ho Chi Minh City. “First I joined Facebook groups, then I was invited to a Telegram group, then to a private project group. I’ve been robbed many times, lost more than ten million dongs, and gained experience in self-defense,” Uyen said.

Yuen said that she often seeks “private sales” (pre-token sales) in hopes of multiplying her capital by 10x or even 100x. However, the multiplication of accounts is not seen, but raising poultry, raising capital and running projects with money, new people like Uyen often meet.

“There are projects that do not go and do not give up, they still release products, pay tokens on time, but the price drops significantly. I’m still holding the tokens of some projects because they can’t be liquid because they’re just sellers, no one is buying,” Uyen said.

There is currently no information on how many Vietnamese are losing money from poultry farming projects. However, acc itweb January 2021. Approximately 1,984 tokens appeared and disappeared in the market.

Another way new players lose money is by naively trusting the cryptocurrency market. Most people don’t search, they don’t invest, but they keep some money and think they can be profitable.

Vietnam was ranked #1 in Chainalysis' Global Cryptocurrency Adoption Index through 2021.  Source: chain analysis

Vietnam topped the rankings. chain analysis Global Cryptocurrency Adoption Index around 2021. Source: chain analysis

According to Mr. Hong Kam, the mutual fund financial participation model is not new, it comes from the traditional market and is popular all over the world. The main danger of this model, however, is that players do not have sufficient knowledge to assess the reliability of the fund, or they are blinded by “high profit” offers.

Even major mutual funds have said there are potential risks in the cryptocurrency market. “Longtime players often know how to balance investment sources, withdraw money early when they see changes, new players often jump in, so it’s easy for newcomers to leave empty-handed when problems arise,” Kam said.

The Washington Post Citing the U.S. Federal Trade Commission, the FTC says many people believe investing in cryptocurrency-related companies or platforms will make them millionaires. Many scammers use 2021. Start crypto craze to paint dream scenarios. Americans lost more than $1 billion to cryptocurrency fraud last year, up 60 times from 2018.

Despite losing funds, Quang Thuan and To Uyen confirmed that they are still exploring digital currency opportunities. According to the statistics chain analysis According to the Global 2021 Cryptocurrency Adoption Index, Vietnam ranks first, followed by the US at 6th and China at 13th.

“Many experts and analysts have told us that Vietnam tops the rankings because they are more tech-savvy and less adventurous,” said Kim Graer, research director at Chain Analysis. Both factors have boosted Vietnam’s cryptocurrency market. More active than anywhere else.”


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