Bitcoin, farce or fierce?

dbzfan4awhile (59) in crypto-journey • 7 years ago

So I’ve been dabbling some in crypto for about 4-5 months now with an increased interest in the markets. It’s not like I really take much time to read about it and I certainly don’t watch the news... I can make up better disasters than are glorified on TV. I just choose to be ignorant of reality for the most part as I have my own problems that have little to do with anything outside my little life.

Bitcoin in the News

That being said, obviously I was quite enthralled as Bitcoin soared last year and looked as though it were an unstoppable juggernaut. It’s enticing because we as modern-day people enjoy records being shattered; and that’s just what was happening then. Now, things have turned the Kharmic wheel counter to its previous direction.

I was horrified at the thought that I’ve lost much of my crypto; but that has nothing to do with the current crash/correction that we’ve seen. Mine was due to my Bittrex account being hacked. But that’s another story.

Ripples

I was, however, intrigued by this downturn in Bitcoin that has “Ripple”d (pun intended) to the other virtual currencies and tokens. Not many remained unscathed by this. It got me thinking and reading up a bit. So it sounds like governments are really hell-bent on trying to squash the power of Bitcoin. Can it be done? Will it happen? What are the Pros and Cons in these scenarios?

Honestly I don’t really know those answers, but I do know that Steemit and other cryptos have shown me a way to earn, diversify and grow my portfolio. So I’m going to keep adding on as I can and hold on for the ride.

Now, the only thing that’s newsworthy that I saw to make a dent in the power is this news story that led to the current crash. If you call it a crash, that is. I view it more as a reality check than a crash. Kind of like when a sports team has that one exceptional player that outperforms an stuns the competition. Rarely does that player continue with such greatness continuously and they end up “coming down to Earth.”

Down to Earth

What happened with the virtual currency markets is the same. People were surprised then stoked, then it grew and blew up, then it became scary for some and they figured ways to pull it “back to Earth.” The great sports players are those that can push back to the top of their game even after the other teams are able to counteract their skill-sets. Personally I believe that Bitcoin is a great player in the game of virtual currencies and will begin to grow again after this reality check.

What are your thoughts on the Korean and Chinese governmental efforts for regulation? Do you think this pull-back is good or bad for crypto? I think it is good because it will allow me to afford more crypto!! If I were a buying type with enough to spare, this is where I’d be pouring in more money.

crypto-journey bitcoin life steemit busy

7 years ago by dbzfan4awhile (59)

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dflo (55) · 7 years ago

I am still learning about all this so for me your post was a chance to learn more from you as well as from the other comments. I am not sure about the governmental regulations and their impact. It is a question I have as well. I am utterly lost when it comes to all the exchanges still so I have not even attempted to trade any of my steem. But I like this idea. One day I will get over my fears/be educated enough to trade. When I hear horror stories of coin being stolen on bittrex , it kinda scares me off till I have more knowledge of how to stay safe.

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dbzfan4awhile (59) · 7 years ago

If it doesn’t offer 2-Factor Authentication then look for other exchanges. That would be my best advice. And try to read up on some of the crypto currencies that are out there to see if they align with what you believe in. Honestly I just buy-in with dirt cheap coins/tokens so I’m probably not a very good role model for this lol.

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cecirod1218 (57) · 7 years ago

Hi friend! I loved your post very eloquent and interesting, I lost what little I had a couple days ago, time to look for icos real ones arrgghh

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dbzfan4awhile (59) · 7 years ago

It's always a journey, just like a microcosm of Life itself.

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sid9999 (52) · 7 years ago

Bitcoin below 10000 dollars is always a good choice to invest in. I really lost the goldern opportunity to buy at that level but still I have some of them at 13000 level so holding them tight....... Any suggestions @dbzfan4awhile??

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dbzfan4awhile (59) · 7 years ago

Keep on Steeming and do 50/50. That 50/50 will allow you to increase SP as well as earn SBDs simultaneously from your posts. What I have been trying to do is this:

Transfer SBD earnings to Bittrex.
Convert those extra SBDs minus a portion (eg. if you had 5 SBDs and earned 5, I might convert 3.5 SBDs and compound SBDs by 1.5 each round) to BTCs.
Convert the extra BTCs minus a portion (eg. if you had .03 BTC and earned .002, I might convert .0015 BTCs and compound BTCs by .0005 each round) to 1 or more different cryptos.
Keep stockpiling and diversifying.

This way, I can increase SBDs and BTCs, but also diversify my holdings (I usually choose dirt-cheap cryptos). If 1 or more of those cryptos skyrockets, that will be money-in-the bank.

As an example, I had 21K Units of RDD bought $.003 USD for a total of like a $75 price and it would now be at $.015 USD, which would be ~$315.00 USD... now think if that same amount went to $10.00 USD/Unit of RDD. At $10.00 USD/RDD, it would be nearly a Quarter of a Million Dollars. That's what I work towards, a belief that holding a diverse portfolio will be instrumental in my financially successful future.

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sid9999 (52) · 7 years ago

That is a great idea @dbzfan4awhile which exchange should I prefer because bittrex according to me as a small investor is out of my reach because for every trading you have to pay 0.05 btc which was ok till the value of Bitcoin was under 1000 but now after bitcoin has reached 12000 approx you have to pay 8$ approx for each transaction.
Bro can you suggest me any cheaper exchange where I can transfer my sbd and buy some other coins. My first choice is cardano and stellar please advice bro waiting eagerly for your reply :)

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dbzfan4awhile (59) · 7 years ago

I didn't have any Stellar but I did have Cardano. I liked it's movement. As for Exchanges, I'm not sure I just use Bittrex because it was accessible and fairly easy to use. There are many out there, but several have freezes on new customers as far as I've read. You'll just have to do some research on that and let us all know what you find.

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sid9999 (52) · 7 years ago

Bro bittrex is also not allowed new users to sign up for new account thats the main problem I'm facing now because cardando is available on bittrex only where both sbd and cardando are listed....poloniex is only having stellar and verge but it does not have cardando listed in poloniex.... Is there any other possible alternative??

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minnowsupport (70) · 7 years ago

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by dbzfan4awhile from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

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bangfadhil (46) · 7 years ago

interesting post ...
I got insight and knowledge..

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dbzfan4awhile (59) · 7 years ago

I’m glad you found value in it.

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hakanlama (56) · 7 years ago

Over the next 2 years, many countries will officially start using BTC . This inevitable end

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dbzfan4awhile (59) · 7 years ago

I think I agree with that, but how many governments will try to regulate or mitigate the influence of Bitcoin?

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hakanlama (56) · 7 years ago (edited)

I think USA and European countries. They will have to

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dbzfan4awhile (59) · 7 years ago

I've read on one of the articles I managed to look over and it sounded as if such regulation would be positive. I think regulation would show people that Bitcoin is truly mainstream once it happens. What would they be able to do to regulate it though?

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hakanlama (56) · 7 years ago (edited)

İt is very simple . Money system based on gold will be discontinued . block chain-based BTC and other coin activities will be launched . If you ask me, there is not much to think about

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dbzfan4awhile (59) · 7 years ago

As long as anything is in low supply and people want it (gold or whatnot) it will have value. Since fewer people are seeking gold, the demand becomes stable against the supply and the value stabilizes. BTC is only going to grow if ppl seek it... but I see no reason for it to slow or stop anytime soon. Pull-backs aside, that is.