Impacts Of Cryptocurrencies On Mental Health And Its Mitigation (Hive And Leofinance Perspective)

So I realised this a topic not many talk about very often but is in fact the reality and one of the most common issues in the cryptospace. There's a common notion that crypto isn't for the weak hearted or anyone whose mental wellness is beyond their control. I mean, so much happens in the crypto space that has led to so much depression, anxiety and even people losing their lives because of certain actions, some of which they took themselves and some which they had no control of like the LUNA and FTX crash.

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So how do we manage our mental health as a crypto investors?
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Only an individual can truly answer this as it fits them, but, I believe the first approach to this is by first knowing ourselves, our limits and breakpoints. Knowing what we can handle will definitely keep us in check and ensuring the risks we take are just in the level we can handle. For example investing in Bitcoin and Ethereum with long term plan isn't as risky as trading alt coins everyday in the futures market. Both are profitable but the level of risk involved in one is lesser than the other.

Also, I believe one of the best ways to manage or handle mental health as a crypto investor is by being an active member of a community or group of likeminds, in this case, crypto investors. This is a place where people would give emotional support, talk about matters in a civil manner, look out for each other and grow together as a community. For me, Hive and Leofinance so far have been a place that offer such support and balance I need especially in times like the bear market. Everyone gets to talk about matters and even rant if they want, and we all get paid for it. That's really cool and one sure way to groom our mental state and wellbeing.

Finally, investing with a long term plan has so far been a great way to manage my mental wellness. I don't check prices and my portfolio as much as I used to and I only invest in projects I trust nothing would go wrong with. This way its been easy for me to not worry or stress over matters with massive negative impacts.

Investing in cryptos can seem tough especially in times like this and may affect us if we aren't conscious of our actions, but like most things, our activities with cryptos can be easily managed and controlled in ways that it doesn't take a toll on our mental health.