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Five Bitcoin Frustrations Traders Have

Frustrations

September 11, 2020 | 

1552 Views | 

JOHN K MWANIKI | 

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Frustrations are part of Bitcoin trading. It isn't a happy sailing all through. Some days you might feel nothing is working out. Most traders drain in such emotions as they seek a quick turnaround.  They even become self-doubtful. 

Traders make such decisions leading to more frustrations. They might end up quitting as things fail to work out. The best way to go about it, however, is to analyze the different sources of frustrations. You can then understand how to deal with the specific frustration. 

Here are the five frustrations Bitcoin traders have; 

1.    Volatility 

Volatility is the major frustration for most crypto traders. The coin has, since its inception, undergone several price changes. One is never sure of the exact value of their assets at any time. 

The coin is affected by the rules of demand and supply. The happenings in the traditional economy also impact it, even though it works inversely. A failing trading economy is a boost to the crypto. It becomes an alternative to trade. 

The volatility has seen most of the institutional investors keep away from the coin. Even though some predict stability, in the long run, it is still far from it.

The volatility has seen it introduce derivatives. They allow one to trade Bitcoin without the volatility frustrations.  

2.    Undefined Regulation 

The lack of a single entity regulation has been one of the currency selling points. It is also one of the most frustrating elements. On the one hand, it means the freedom to work on your wishes.

The lack of defined regulation, however, opens up the asset to several uncertainties. It allows for several criminal activities. Several entities have used Bitcoin as a conduit for money laundering and other financial crimes.

The lack of regulation also means you never know what to expect. The government relationship with the crypto world is always shifting. At one time, they are into it. The other time they are enacting laws to curtail it. 

Lack of proper regulation leads to less access. Most of the traditional exchanges only trade assets with compliance. 

3.    Low speeds of Transactions 

The low speeds of transactions are one of the longest-running Bitcoin frustrations. The system uses a proof of work validation that is time-consuming. Every transaction is a part of a block. The blocks can only hold particular transactions. 

The frustrations with the transaction speeds have already seen Bitcoin split before. One team felt the best way to increase rates is by increasing the block size. Others, however, felt no need to change any Bitcoin protocol. The stalemate led to the folk leading to Bitcoin Cash. 

The coin still has been looking for ways to improve speeds. Everyone gets frustrated when it takes longer to process the transactions. It has so far introduced segwit on the system. 

It helps separate the signatures from other transaction details. This allows for more space on the block hence more transactions faster

4.    Scams 

Scams in Bitcoin are almost as common as the coin itself. Whether you are looking for exchanges, purchases, or any other thing, crypto scams are rampant. Traders have lost their money on scams with devastating results.

One of the most common Bitcoin scams is the coin giveaway. Most scammers tend to use social media to entice unsuspecting traders. They offer to double coins sent to a specific address, only to never revert anything. Traders have lost millions in such schemes. The latest in the trend was the twitter scam.

The best way to avoid scams is by staying vigilant. Ensure due diligence before trading. Also, look for reviews and other interactions about the prospect.

5.    Security Concerns 

As a digital asset, Bitcoin comes with several security concerns. Even though Bitcoin is not anywhere physical, the access keys are privy to theft. One can store the keys, either online or offline. 

Online storage comes with the prospect of hackers and other security concerns. Traders have lost a massive amount of assets before. There is also no recovery means for lost keys. 

There are several crypto storage facilities to choose from. The critical factor to consider when settling on one is the high-security levels. 

How to Deal with Frustrations 

Trading frustrations are not enjoyable. It makes one question whether they have what it takes to trade. Others end up quitting. Still, you don't have to go the same route. Some of the ways to deal with the trading frustrations include; 

  • Do not blame yourself 

Most traders tend to take more blame than necessary in case of failure. What they fail to understand is that they are rarely to blame. They, for example, have no role to play in the regulations. They only have to comply.

Do not beat yourself too much over the issue. You are okay as long as you do your best to stick to your plans. 

  • Review the performances

Not blaming yourself does not mean you are powerless. You still have to look into your trading to understand what works best. The performance of the trade helps to establish the correct market state. 

With the knowledge, you understand where to concentrate on more. 

  • Keep the trading strategy

Any trader looks to make a profit when joining the Bitcoin venture. The possible solution to most when it doesn't work is to change the strategy. In most cases, it is never about the system.

Every trading strategy comes with concerns. Changing one set you up for a future of inconsistency. Keep your plan while ensuring the best possible input. Also, ensure the best security and proper analysis.

Bottom Line 

Frustrations in Bitcoin trading is part of the sector. As a growing asset, it is still changing to meet market demands. The issues can be so daunting even to the best of the traders. 

What matters, however, is to expect and understand the possible frustration causes. Afterwards, you can come up with the best solutions. 

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COMMENTS (1)

batholomew brown  batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.   1 year ago from Canada

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