This post is specifically for those of you, who recently bought into Bitcoin or another CryptoCurrency at higher price than it is now.
Important Disclaimer:
Before you read, please know, that I am not a financial adviser. Take this post with a healthy grain of salt and do not invest on the basis of this post. Doing your own research is important. This is my personal take on the topic.
Red numbers
Many numbers are looking red, compared to about a month ago. When Bitcoin goes down many alternative coins, go down as well.
It seems a main reason for this is the upcoming softfork of Bitcoin.
Super short version: Bitcoin will be “updated” with Segwit. Segwit will be able to handle more data at once, hopefully making each individual transaction go faster. At least that is the idea. Maybe Bitcoin will even “split up in two versions” during August. This will probably have many people selling scared.
For this reason, you will probably not see a huge rise in price this month, maybe not even during August. Perhaps it will even crash, if too many traders are panicking. However, that does not mean you should sell low now, if you bought higher. There is no reason to panic just because it looks like you are losing “money”. You are not. If you bought 1 Bitcoin now, you will still have 1 Bitcoin when the softfork happens, and I see no reason why it should not go up in value again, since CryptoCurrency is still gaining so many new investors all the time. (Feel free to argue otherwise in the comments).
Playing CryptoCurrency as a long-term game is usually the best and easiest strategy. Therefore, you should not look at Bitcoin falling from $3000 to $2500 and freak out. It in all likelihood go up again soon. The same goes for the popular AltCoins that have practical use cases. Many of them are dropping, a few may be climbing, but overall, you will most likely be fine, if you have invested in Crypto that have long-term prospects.
So don't sell in a state of panic. This almost always leads to losses or missed out opportunities. Clear your mind of fear, and look at the market rationally, when deciding whether to sell, buy or not do anything.
Image source: sarabbit on flickr
Thanks for reading. Remember to stay calm, and have a lovely day! If you like this sort of content give it a resteem or an upvote. I will see you in the comments!
Great post, and also get yer BTC off the exchanges for August incase of hardfork. So you get x2 coins not the exchange. Hell own the fear and put it in random ICO's =)
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Good insight and it's true I think until you panic and sell do you then later realise oh no why did I do that. It's human nature to and it's the fight or flight instinct. I did that a few months ago and really regretted it later on down the line. Everyone learns from their mistakes :)!
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Absolutely. Fear instincts are human. We react in the same kind of way to the market as we do a wild tiger, just to a lesser extreme. That is just how our brain works. Another thing is, we can't change the past, so there is no need to worry about it. I think the less you fear being regretful, the less you panic in the now, when you are looking at red numbers.
If you haven't already, I wrote a post about "Fear of the New" in regards to CryptoCurrency just two days ago. You might find it interesting. It is not quite the same, but it relates to fearing new ideas and concepts. You can find it here, if you like: How I Introduce People to CryptoCurrency - Your Brain and the Fear of the New.
Thanks a lot for reading! :)
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Yeah its always a sinking feeling when it keeps plummeting your heart jumps! I haven't checked it out yet but I will do :)! No worries and thanks for the great post.
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I love your posts.
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Thanks for the great post. Very good information. I buy/collect Bitcoin now with the belief that it will someday be north of $10k and everything is a bargain now. If I am wrong, the small amount that I am investing now would have most likely have been spent on cheap sodas, a beer or two at the bar, etc etc. Things that would be gone and forgotten quickly. I'll take the risk now and hope for greater long term gains. Thanks @rawbinhutt
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You are welcome, and thanks for reading! Yes, Crypto might turn those two beers into 200 or more, at least guaranteeing an epic weekend at some point!
And you hold really long-term, hopefully a great rest of your life too.
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I hope you like this post on similar lines:
https://steemit.com/cryptocurrency/@shrirang/where-are-cryptocurrencies-headed-in-rest-2017
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If you want to add value to Steemit, please consider not copy/pasting the same self-promotion on every post you find. Try to engage people instead, everything else is just spam.
Also, it looks like your post is stolen from https://www.investing.com/analysis/where-will-cryptocurrencies-go-in-the-second-half-of-2017-200199133
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Thanks for the advice. I am still new to Steemit and I guess I got into the wrong ways of promoting. Your inputs are much appreciated.
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I'm really bummed about discovering crypto this late. I'd probably have a sizeable amount of cash to buy more right now. But then again, it's a matter of knowing when to spot for a dip and a rise so there's hope for me yet to learn the ropes. I want to be here for the long haul of crypto.
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We all wish we just knew about it sooner. Luckily right now is still early for CryptoCurrency, so you can still get on the rocket before it goes to the moon! :D (I hope ;P )
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