*Foreword:*

*This is part 1 to a series of short articles on what I think cryptocurrencies should represent. Each article will be bite-sized (under 1,000 words).  This first article is about what cryptocurrencies should not represent as I think it is very important to not start off with the wrong footing when one invests in it.*

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From my daily interaction with people, I observed that there are many who believe that cryptocurrency is a get-rich-quick scheme. As such, most of the people who have invested are looking forward to rapid price appreciation in a short span of time. 

On the other hand, most of the those who do not invest believe cryptocurrencies are phonies, scams and/or a game of greater fools.  Naturally, with such belief, those people will certainly not want to touch these "rat poisons". 

![Cryptos are not get-rich-quick schemes!](https://cdn.steemitimages.com/DQmS4XZdF5nD22CEfPgT163R1WSWjBTiQqkr2JWJaC3BEGy/image.png)

[Adapted from voytek pavlik [CC0]](https://commons.wikimedia.org/wiki/File:Cryptocurrency_logos.jpg)

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### A Little Story on How I Started

What sparked my investment journey on cryptocurrencies in the autumn of 2017 was the [Bitcoin whitepaper](https://bitcoin.org/en/bitcoin-paper). I was fascinated by this idea of an open, decentralized and immutable global ledger the moment I read about Bitcoin. Then, I read the Ethereum whitepaper. A decentralized computing system with immutable contracts was equally, if not more, astonishing. Believing that these technologies are going to be the future, I put my first $500 in to Bitcoin and Ethereum.

Along the way, the ICO fever start to get in motion. Stories of 10x, 20x and even 100x returns started to emerge. Blinded by greed, I started to get into ICOs. Though I was being greedy, I still did my own due diligence by reading the whitepapers proposed by the various projects. Little did I know, all these ideas only looked good on paper (literally just on the whitepaper) and when the ICO craze came crashing down, I was caught right in the tsunami. 

My gains got wiped out and losses ate into my initial investments. At that point, I have sold all my Bitcoin and most of my Ethereum in an attempt to chase quick money. I was stuck with my bags of shitcoins. Though I have sold most of them, cut losses and shifted to projects that have delivered. Till date, I am still with 40% paper loss.

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### Not a Get-Rich-Quick Scheme

If you are one of those who just want to get rich quick through cryptocurrencies, then you might want to change your mindset a little. By viewing cryptocurrencies as get-rich-quick schemes, you are setting unrealistic expectations on the prices. As such, it is easy to get disappointed when price does not go in your favor for a sustained period of time. Disappointment leads to frustration which is overall not going to be good to your well-being.

In addition, viewing cryptocurrencies as a way to get rich quick encourages you to make risky moves. In my own story, when I was blinded by greed, I bought into projects that have not delivered anything. I bought into fluff and empty promises. As a result, I suffered massive losses because of excessive risk-taking and I hope you do not make the same mistakes. 

Finally, if you genuinely believe in cryptocurrencies then you probably want them to not be linked with negative images (e.g. get-rich-quick schemes and scams). If that is the case, it may be a good idea to begin the change with yourself. If you preach cryptocurrencies as a way to get rich fast, you are inevitably associating them to negative connotations. However, if you discuss the other virtues (which I will cover in subsequent posts) with your friends and family, it may eventually change their perspective.

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### Conclusion

To sum it up, it is important not to view cryptocurrencies as get-rich-quick schemes. This not only lead to excessive risk taking, it will also rake in the negative associations with cryptocurrencies. If we do not change public opinion of cryptocurrencies, they will not be able to reach their full potential.

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***10% of post rewards goes to @ph-fund and 5% goes to @leo.voter to support these amazing projects.***

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This article is created on the Steem blockchain. Check this series of posts to learn more about writing on an immutable and censorship-resistant content platform:
- [What is Steem? - My Interpretation](https://steempeak.com/steem/@culgin/what-is-steem-my-interpretation)
- [Steem Thoughts - Traditional Apps vs Steem Apps](https://steempeak.com/steem/@culgin/steem-thoughts---traditional-apps-vs-steem-apps)
- [Steem Thoughts - A Fat or Thin Protocol?](https://steempeak.com/@culgin/steem-thoughts---is-steem-a-fat-protocol-or-a-thin-protocol)
- [Steem Thoughts - There is Inequitable Value Between Users and Apps](https://steempeak.com/@culgin/steem-thoughts---inequitable-value-between-users-and-apps)
- [Make my votes count! Use Dustsweeper!](https://steempeak.com/@culgin/make-my-votes-count-use-dustsweeper)
- [What caused STEEM to get dumped? Why I think the worst might be over](https://steempeak.com/steem/@culgin/what-caused-steem-to-get-dumped-why-i-think-the-worst-might-be-over)
- [Steem 2020 is about having a "SMART U"](https://steempeak.com/@culgin/steem-2020-is-about-having-a-smart-u)

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