Let's be honest, market do not follow any rules. There is no rule or law that says BTC should reach another ATH next cycle and next after. What if 69K was the maximum it could reach, and for the next years or decades it will be mostly fluctuating between 15k and let's say 40k.
Not gonna argue on this one but you do have a point. Moreover, let's point your argument between gold, gold was way have more supply compare to that of Bitcoin, at 21 million capped minus those who are lost in circulation, that's the advantage plus the mining difficulty and halving periods. I'm not saying it's not possible to be on this point but there are lot of more room for growth for Bitcoin. Correct, OP does have a point, there are no specific rules on cryptocurrencies, however, historical graphs have shown otherwise, thus, we expect that Bitcoin will eventually hit another ATH in a few years. We're not guaranteed that it'll happen, but it is possible. However, even if we suppose that doesn't happen, I'd be satisfied with a price ranging from $45,000 to $50,000, since that's almost double my DCA. My average price acquisition is at $28,000, thus, I'd still be at decent profit and I'm satisfied with that, but as I mentioned earlier, chances are that Bitcoin reaches a new ATH within the next few years. |
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I do care about decentralization when it comes to cryptocurrencies and dealing with money, in terms of exchanges or staking platforms such as Beefy. However, our personal details are out there, on social media platforms, in our emails, and on all services that deal with our information. On top of that, they can never truly be erased from the internet, no matter what; thus, our digital footprint remains forever, and there's nothing we can do about it.
As a result, to a large degree, I've stopped caring too much; however, at least I try to avoid sharing any unnecessary information or signing up for sketchy services.
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There isn't a foolproof answer to this question... Personally, i have never tried to convince anybody to invest in anything. Not my parents, not my brother, not my friends...
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers. I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin. From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine. You made the correct decision; pressuring him to purchase Bitcoin even with a small percentage of his life savings could have ended awfully badly. You'd be the one to blame in case anything happened. Your friend could freak out and sell at a lower price, and you'll always have on your mind that you introduced him and is likely to blame you for his misfortune. I tend to avoid cryptocurrency discussions with any friends or acquaintances for this exact reason, because the discussion always leads to financial and investment advice I cannot provide. I wish I had a secret formula to turn rich, but I don't. |
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Someone ask me a question after introducing bitcoin to him, if he can start up with $30 and grow with it but I told him bitcoin is wide and high in volume, price and market, that's means whatever you're starting with determine the outcome of the market like for example; if you start with $30 and eventually the market goes up to a little increase of $32 can not be compared with someone who started same time with you, at the rate $100.
If you are investing a small amount of $30 in Bitcoin your chances of gains profit might be limited as compared to someone who invests more $100. Also if the market goes down you lose more money with a smaller investment. The blockchain platforms may have minimum investment requirements so it could be challenging to make effective progress with a very small amount of money. It is important to understand the risks and limitations of investing in Bitcoin with a small amount of money. but overall you get an experience by investing in bitcoin. You don't make too much sense. If Bitcoin drops by 10%, you lose 10% of the value of your coins, so despite the amount you're holding, $100, you lose $10 in value. How does that alter when the amount is different? Same thing goes for when it rises in value. It's actually the opposite of what you said—you don't actually lose much on small amounts, but you can't gain much in profit either. There's no reason to have a minimum limit on blockchain purchases; nor is it possible; exchanges already have a minimum purchase. Starting small is fine, but you can't expect to achieve great results by acquiring $30 worth of bitcoin every month. |
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I understand your point, but I don't quite agree with you, nor do I get why you're so persistent with Bitcoin's fall, since this isn't your first post regarding this matter. I highly doubt that we'll see another major drop in price; it might drop back to $25,000, but it's not that big of a deal; it'll just create another opportunity to acquire more Bitcoin. The economy isn't at its greatest point, I agree, but cryptocurrencies won't be affected that much at this point unless something awful suddenly happens.
You're in a Bitcoin-related forum constantly talking about its fall; don't expect to not see a negative reaction from other users.
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Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.
Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it. I dont know if they would be still be able to get sufficient numbers of users after on what happened. You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again. Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause. |
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~Snipped~
Perfect, you understand my point. Some may disagree, but credit cards are a great tool if you know how to handle them and avoid getting carried away. Cashback rewards aren't that great in my case, but it's still a small bonus: 1% on all transactions, 3% on gasoline, and 6% at a few specific shops. In other countries, such as the USA, the benefits are great, and with some cards, you're able to collect miles that you can redeem for free or discounted plane tickets. If you're able to cover the yearly cost of the subscription and use it as a tool to take advantage of interest-free installments and earn some money from the cashbacks, you're doing great management. |
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i am studying in college, i was really excited to get my first credit card  . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash. though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly. at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off. before i knew it, my credit card balance had blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt. OP, NEVER USE YOUR CREDIT CARD FOR "SMALL PURCHASES", ESPECIALLY FOR UNIMPORTANT PURCHASES. For emergencies yes, and for IMPORTANT large purchases for items/things that you truly need, like a laptop to use to be more productive and earn money, or an item that you can use to start a small business = definitely yes. Not necessarily. I've been using a credit card since I was 20, in university, with a small credit limit though. I always paid the monthly bill on time and frequently used it for petrol, groceries, or even other purchases because I was receiving a small cashback each time. Now I have a proper credit card with a large limit that I used to buy my motorcycle in interest-free installments, on which I also received cashback. I'm using it almost everywhere to take advantage of it; it's not too much, but it's still better than nothing. The trick with credit cards is to pay them always on time and to not fall into the trap of installment payments, buying things you don't need or can't afford and going into debt for several years in order to repay them. Petrol and groceries are things you need, it's definitely OK. I'm talking about those small purchases like trendy clothes that you don't need, or something like sunglasses, just things that we want and don't truly need. Because if you can't afford to pay in cash, don't pay for that on credit. It would be a different situation if the person is rich. I understand your point, but I meant something different. I can also afford to buy expensive clothes or could have bought my motorcycle with my debit card, but instead, I prefer to use my credit card, firstly because of the cashback and, secondly, because I'm basically postponing the payment of the item or service I'm purchasing for a month. I know the latter sounds a little stupid, but it's purely psychological and makes no difference. We also don't have the credit rating that the USA has. The issue starts if you're overpurchasing things you don't actually need and start piling debt on your cards. An easy way to fall for this is with interest-free installments. |
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This could be just a rumor because imagine, its shady how they lose and recover that funds easily there’s a big trust issue already and better for them not to comeback but of course allowing the old users to get their funds back are more ok since I have funds with them as well.
Let’s just wait for their announcement if they really want to bring back that exchange and see what will be the reaction of investors to them, maybe they can have some or maybe many already learned their lesson with FTX.
FTX is yet to recover the full amount of the lost funds, which may derive from the liquidation of other assets, such as real estate. I believe that this update is true, but I doubt that the exchange is relaunching anytime soon. Supposedly, they have to refund their users, but that would require huge capital; it's a must if they're planning to restart operations since no one is going to trust them anymore for obvious reasons. The only positive outcome so far is FTT's small recovery, which shows promising results for its holders and investors. |
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I just recovered my Metamask wallet on my phone, connected it to Beefy through WalletConnect, and moved some of my funds over from Binance. At first, I'm going to test how it functions, and if everything turns out okay, I might go ahead and move the rest of my coins there. Beefy offers some exceptional vaults that involve the known stablecoins (USDC, USDT, BUSD, and a few others); thus, the risk of the coins unpegging and crashing is pretty minimal. I might report back after a few days to share my experience and how satisfied I am. One thing seems certain: earnings should significantly increase compared to Binance.
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I am often considered crazy by friends around me who invest in stocks, bonds and real estate, they always laugh at me when we discuss portfolios and investment opportunities. Maybe some of us (on this forum) also have the same fate as always being ridiculed when talking about investing in bitcoin.
Maybe they still lack knowledge about Bitcoin, and don't know how the pattern of cycles is, so they close themselves not to investing in Bitcoin, and on average they say that Bitcoin is an investment based on speculation so that fluctuations occur, but my logic rejects this because stocks and real estate can also be influenced by speculation.
The people who mocked you the most with Bitcoin will respect you again. Just need some time. In every environment there are some people who make negative comments without realizing anything. Many are violent. But keep growing your portfolio regardless of these factors. It doesn't take long time to change the equation with in moments. Take the ridicule behavior positively you get from your friends that would be your savings as well. The most valuable thing ever created on this planet is Bitcoin. We may not appreciate it yet, but there will be a time While possessing a Satoshi would not be possible for many because institutional investors will increase rapidly. The best way is to ignore those people, just remember that everyone has a different goal, and we invest or work hard for ourselves and our family, not for those friends. We don't need to waste time explaining to anyone, instead, show them what you have achieved by investing in bitcoin. The best way to tell them is to show them your results to see who will laugh at whom. That's how I talk to people who have laughed at me in the past. I got cringed when I read the OP because people are laughing him because of his decision on making investment on stocks, bonds, real estate and cryptocurrency insted he is the one should laugh because they do not understand how the world works. In my community, majority of the people see us not normal because of the mindset that we have because it is really different from the normal people. We actually go to college but instead of goaling to gradute and get diplomas, our main mission on going to school is for fun but we are researching a lot of high income skill when we are in school. So we are disregarding what the school and the curicculum wanted to teach us and we focus on what we should have to learn in order to be successful. The problem today is majority of the people are conforming, they do not have enough reason why they are doing a specific task and job. Try to make a survey and ask someone a simple question like "why are you going to your job?" the majority of the people will answer they don't know because of conformity. There is a misconception in our society where people thinks that they can become rich by having a job without knowing that it is impossible because people who are rich in terms of financially have assets that consistently giving them cashflows every single day. I'm talking about assets that you can earn money by without doing anything like holding a stocks and cryptocurrencies because you can earn money by price appreciation and dividends in stocks. By holding a piece of land because it gives you passive income whenever you have a client and if the price of the land appreciate. You are in a right way if you start making investment on this assets that I mentioned. It can be considered as a wrong path if you disregard or do not give any f*ck on investments. I believe that people who also invested in stocks and bonds a few decades ago were also mocked and made fun of. Certainly, there's no point in explaining why Bitcoin is an asset worth investing in. I also have a few acquaintances who completely snob the concept of cryptocurrencies, let alone them being an asset. Now that you're mentioning that it's a misconception that you can become rich by getting a decent job, in my opinion, the majority of people acknowledge it now and don't expect to become wealthy through a 9-to-5 job. Whether we like it or not, if you're not an entrepreneur and come up with something innovative, it's almost impossible to achieve higher goals. |
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In my opinion, the market’s condition is still complicated although Bitcoin broke $30K recently and there is a expectation that the price will rise in next period . In addition to that, everything is literally dependent on Whale’s strategy due to they own a huge amount of Bitcoin , it means they do have the ability to control the value, that’s why it is tough to predict Bitcoin’s price specifically in middle and long term. In fact, if the weak hands don’t sell, then the market will definitely increase significantly
Regarding your question, I highly doubt if Bitcoin will reach $50K during this year but everything is possible to happen. The more we purchase in this period, the more earnings we get in the near the future. It is certain that Bitcoin is worthwhile in case your investment tactic is long term. Let’s be patient and get prepared. By the way, the halving is coming soon.
The last few years have always been complicated: COVID-19, the war, rising inflation, etc. The market condition is far from stabilizing anytime soon and is not necessarily subject to the basics of supply and demand but is also affected by a variety of external factors; see the FTX crash, for instance. As a result, I find it unlikely for Bitcoin to recover that much; in my opinion, $50,000 is very optimistic speculation even for 2023. On the one hand, I doubt that we'll see any major crashes from now on, but on the other hand, I don't believe that Bitcoin will go through any major recovery anytime soon. Personally, I see it fluctuating between $25,000 and $35,000 for quite a while. |
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What a sudden jump in BTC price  ! This right here , changes everything about the summer circle and the fact that we broke 30k today it means a lot for long term but also , where are the bears ?  They couldn't stop the 30k mark and now , I think we are officially in a bull market ? We might be but let's see how current price will continue to act for the next couple of hours and days. I feel like bears finally gave up, they tried to make news about anything, bad news about FTX, bad news about Binance, bad news about CZ (interpol), they tried their best and eventually we knew that none of that mattered and we would be doing fine. Even just in 2023 we had periods when bad news happened, just look at trying to sell 10k bitcoins gotten from Ulbricth or whoever that dead pirate roberts dude, and postponed it after the price crashed, they just let the news out first to crash the market. We are done with all that and we are going to be doing fine. I hope that it does well soon enough and should be going even higher in price. Not a lot of people can say that about their future, but that is very important. Nothing lasts forever, the market cannot go down forever, nor can it go up forever. The market is always there, bitcoin is still there, and only the investor is ever changing. Bitcoin has crossed the $30k mark and congratulations to those who believe in bitcoin and have reaped the rewards. While there's no guarantee everything will go well once we cross the $30k mark, let's celebrate and enjoy after a year of fighting the big bears. But do not be too subjective, the bears have never completely disappeared, they can turn the situation at any time. Supposedly, some claim that there's little resistance for Bitcoin to reach $40,000, so I wouldn't be surprised if we see it happen in the upcoming months. However, the market could be compared to a cardiogram; it has its ups and downs and, in general, is unpredictable and also susceptible to a variety of external factors. I don't expect miracles to happen anytime soon; the current economic situation isn't helping investments at the moment, and thus, I wouldn't expect Bitcoin to thrive by surpassing the previous ATH anytime soon. |
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Is this just the usual news recycling or have I missed something in the meantime? The last time I read about "recovered assets" it was about $10 billion and it was the beginning of January of this year...
What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.
Considering who Bankman is, and how many companies are connected to FTX, it is in the interest of many to save what can be saved, without the main actors ending up in prison. All these stories about lost/found billions of $ seem really unbelievable, because it seems like it's about children's toys or something similar, and not about serious money and everyone who is harmed because of the dirty games of Bankman and his greedy company. I remember the incident you're referring to but it looks like it's a different one this time. https://protos.com/no-ftx-hasnt-recovered-all-funds-and-isnt-restarting-soon/While this sounds like good news, FTX is yet to recover all of the funds and has a long way ahead if it's planning to restart, and even if that happens, shattered glass can't be glued back together. I personally wouldn't even trust them with my registration. The only positive thing that may come out of this story is that their investors may at least recover a portion of their money, which was considered long gone. |
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While I understand your point, it doesn't necessarily have to happen that way. The latter, as the OP mentioned, requires you to actually sell at a lower price than the one you've purchased, which might simply be a temporary drop in value. However, I'm not saying that it's impossible for your profit to practically go to zero, but there are ways to lower the chances of it happening. You can simply redeem your profit and reinvest the rest. DCA is also a generally a great method to at least lower the imminent risk. Unfortunately, you cannot stop the inevitable; at some point, we all will suffer a loss.
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I haven't automated my savings; only some of my investment is on staking; however, I don't have any specific plan or automation to save money on a monthly basis. I generally try to keep costs down and save some money from my paycheck.
Not exactly a savings measure, but Binance is offering a service that automatically purchases a specific coin or creates a portfolio consisting of the most popular coins or those of your own choice on a daily basis or as rarely as you choose. I recently received a trial Index Linked subscription, which consisted of the top 10 equal-weighted cryptocurrency assets (BTC, BNB, ETH, LTC, and a few more). I know that I sound like a Binance representative now, but I found this automation fascinating, hassle-free, and noob-friendly for acquiring some of the most popular coins on the market.
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i am studying in college, i was really excited to get my first credit card . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash. though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly. at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off. before i knew it, my credit card balance had blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt. OP, NEVER USE YOUR CREDIT CARD FOR "SMALL PURCHASES", ESPECIALLY FOR UNIMPORTANT PURCHASES. For emergencies yes, and for IMPORTANT large purchases for items/things that you truly need, like a laptop to use to be more productive and earn money, or an item that you can use to start a small business = definitely yes. Not necessarily. I've been using a credit card since I was 20, in university, with a small credit limit though. I always paid the monthly bill on time and frequently used it for petrol, groceries, or even other purchases because I was receiving a small cashback each time. Now I have a proper credit card with a large limit that I used to buy my motorcycle in interest-free installments, on which I also received cashback. I'm using it almost everywhere to take advantage of it; it's not too much, but it's still better than nothing. The trick with credit cards is to pay them always on time and to not fall into the trap of installment payments, buying things you don't need or can't afford and going into debt for several years in order to repay them. |
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While I understand your point, inflation causes our daily expenses to skyrocket, so even if we suppose that Bitcoin's value rises due to the increasing inflation, it's actually quite pointless because the fiat money that you'd be exchanging your Bitcoin with has actually a smaller purchasing power. In the end, at some point, the majority of us will exchange our crypto for fiat, so it's not like we won't be affected at all.
I'd also find it immoral to praise an increase in inflation just to gain profit from cryptocurrencies when the average household is struggling to make ends meet, but that's a story for another day. It wouldn't be us to blame, but I bet you understand where I'm coming from.
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I'm sorry for your loss. Unfortunately, there are plenty of fake or Ponzi-style so-called investment platforms offering great results in a short time period. Shit happens, but you learned your lesson and you'll be more cautious next time. More or less, it has happened to all of us. It's completely understandable to blame yourself, but try not to stress about it too much; it'll drain you. I've also lost money on Luna, UST to be exact, through stablecoin staking, and I've also messed up multiple times when trading or selling Bitcoin too early. If I sum up all the mistakes and money that I could have made now, I'll go insane.
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There isn't a right or wrong move when it comes to investments. Long-term holding isn't for everyone; not everyone can rely on waiting long periods of time to generate profit. Some prefer to take action and actively trade despite the market situation. A few posts above, another user mentioned that he had bought at $18,000 and considered selling at $30,000, which was reached in the last few days. Honestly, that'd be a great profit in a quite short time period; thus, depending on the occasion, I wouldn't mind selling.
I'm all in for holding bitcoin; it provides me with peace of mind that trading cannot, but sometimes I'm getting tired and bored of waiting, to be honest.
If the uses the $18,000 to make the purchase then he's also making a profit for now. But the problem is whether he buys in large or small quantities because if he tries to make small purchases, the profit he gets is still low and in accordance with the capital spent. Deciding to actively trade is also great, as long as you are able to analyze the market carefully, but it can be quite risky for someone who doesn't understand the market and the easiest way is the long term. That's why I prefer to make purchases using the DCA pattern and hold bitcoins in the long term, because different people have different opportunities and capital also affects the course of investment. Basically it's not a problem to sell bitcoins in the current conditions, but it must be carefully considered so that you can profit with the capital calculation. It certainly depends on the amount he or she spent. Supposing that the said user bought a whole Bitcoin, that's $12,000 in profit that can be used as revenue or reinvested at a later date, when prices may be lower than today's. If it's a smaller amount, such as $500, then yes, I agree with you that selling wouldn't account for much profit; thus, it'd be best to use DCA to acquire a larger amount as an investment for the distant future. Bitcoin investments is long-term investment, If you want to enjoy bitcoin, you have to endure and hold it for a long period of time and not for a short-term. If you are a bitcoin investor and you not holding the bitcoins for long term and you are holding it just for short period then you are not yet fully ready for the investment. And the best time
of buying bitcoin is the time when the bear is still down so that when the price rises up to your satisfaction then you market it out and make your profit from it. If to you want to invest now is still good to invest, Bitcoin will still rise more than$31k-$35, if you bought bitcoin at $20k wow if you want to sell now you will make a huge profit.You can buy and hold, buy in lesser and hold it for long-term, it is better to hold until bull runs season.
Uh, not necessarily. I used to make 6%–10% on average trading Bitcoin on a weekly basis a few years ago. I didn't use a large amount of Bitcoin; thus, my earnings weren't of huge importance, but most of the time, I had earned a decent side income by the end of the month. |
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