Well, just take your experience as a learning process. At some point, we all have made one or two mistakes and the best we can do is to take the lessons from those mistake to be able to make better decisions. I remembered being scammed several times in my early days in Bitcoin. As bad as those experiences were, I never allowed them to break me, rather I comforted myself with the notion that nothing good come easily, so I regarded those losses as the school fees I had to pay to learn this amazing technology.

Nevertheless, I expect you will not to treat your Bitcoin investment with this mindset of gambling... trying to get rich quick with little effort. The lessons you learnt from your previous experience should guide you on the important of gradual growth rather than wanting it overnight. The DCA method is one sure way you can achieve this slow but steady growth in your Bitcoin accumulation.



He has been of so much help in the forum.Through him I have learnt the DCA method and other wonderful things including the power of small beginning. There is a saying that "if you following who know the road, you will never be lost"

I understand your point completely and yes, you are right. Nevertheless, what I gave was an assumption... from experience, those who buy low to sell high usually do not necessarily wait for the peak but do sell as soon as they see considerable profits. So, I doubt they could be so patient and organized to buy at $12k and sell at $60k. The chances of this happening is very slim because no one would be able to know for certain that Bitcoin will go as high as $60k before the present retracing.

Looking at historic data and considering that market have this way of testing our psychology, it is most likely that they bought and sold at prices we are not even capturing. To be specific, Bitcoin made a high of $19,891 in 2017 before retracing to around $3,200 in January 2019. It rallied to around $12k in April 2019, so anyone who bought low would have targeted the previous ATH of 2017. This means those that bought around $12k would have sold around December 2020 when Bitcoin smashed the high of 2017 to hit around $29k before 2020 ended. From this point onward, Bitcoin never experienced any huge dip and this means that those who buy low to sell high might have missed the bull run of 2021 and even if they managed to jump in after selling their previous stash for profits, they most likely bought above $29k.

The point I am making is that even though this patter appear attractive to some people, it might make someone miss wonderful opportunity such as buying around $3200 and riding the wave of 2021. This kinds of HODL is only possible for long term holders and not those with the mindset of buy low and sell high.... the high might not really be the true high.

I agree with you completely because being too fixated on earning merits really kill the fun of the forum and make discussion here sort of boring as people will tend to jettison their opinion in order to align with those of merit sources or those they feel will give them merits. I have seen few threads where everyone make comment just to align with the big people because they need the merits. If I'm not wrong, this should be one of the biggest Bitcoin community and considering the very essence of Bitcoin, people are supposed to feel free to express their views, criticize positively, disagree to agree and just have fun. The moment we make everything about the merit, then there will be serious problems.



I know a lot of people that are so committed to the forum that they read each and every comment in any thread they are following, giving merits to deserving comments irrespective of the page the comment. These are people I respect a lot as I have not see such level of commitment. They are always willing and help, guide and correct any misconception as it relates to Bitcoin and blockchain. Furthermore, since threads with with the latest comments comes to the top, most people usually go the latest comments and this shows that every comment gets the needed view and attention.

E come dey look like say you sabi our pidgin pass plenty people for Naija. I really dey feel your flow and if you ask me, e don reach when we go sama you one ogbonge chieftancy title because na person wey don chop Naija swallow fit vibrate in Niaja flow like this.

I don take time read this your story wey dem carry come our board, e really make sense die. As e be say Naija don really pick up for Bitcoin pass as e be before, I believe say this kind knowledge dey very important for people so them go know how to take follow their investment portfolio. This your update done already open my to see wetin dey sup with come crypto wey I been dey comot cap for! I believe say you go don hear say Naija no dey carry last... so as the next bull market dey come so, we mount gidigbam untop crypto and I dey sure say everywhere go soft next year onward. Once again, thank you for the kind contribution wey I don see as you dey do for the forum.

I agree with you on this... it is all about protecting their business. Even though this does not see ethical, it is the reasonable thing to do to ensure business continuity. 

However, what I would have suggested instead of outright ban is to place winning limits. In this case, the limits can stop one individual from draining the company.

Bitcoin have a way of humbling critics, that I know for certain. Before there was a mindset in my neighbourhood that Bitcoin was scam... those of us into Bitcoin then were seen as unwise. Funny enough, some of those critics are hodlers today. Indeed Bitcoin bring to reality the popular saying that "if you can't beat them, join them".

Peradventure the next bull run turns out massive with Bitcoin hitting over $100k, those of them still remaining, if any, will have no choice than to join.

I think the temptation to HODL when price is rising is far higher than when price is falling. I don't know if others experience that as well but personally, seeing my portfolio in profits of multiple of my investment could be so tempting to sell and take profits. It takes a great deal of courage and faith to hodl and not sell at this point.
On the other hand when is falling, people rarely sell except some panic sellers or big playings that will dump the price so they buy cheaper. There is even this popular saying that  "you only loose when you sell"

Indeed a great deal of mental preparedness is needed to HODL Bitcoin in both bull and bear market but in all, the level of faith and believe in Bitcoin is what will guide our decision. 

I'm still struggling to understand how Bitcoin ETF approval will lead to increase in price of Bitcoin considering that the ETF itself does not correspond to owning real Bitcoin. For instance, if retails buy Nasdaq in the forex brokers through their trading platform, this is so insignificant to cause a rise in price of the shares of the company as what is being traded in the market is like the features. I understand that Bitcoin respond so well to fundamental, perhaps the news of ETF approvals can cause some gains in the price of Bitcoin but if this rise can be sustain by this news is what I'm yet to understand.

So many people  are already predicting that approval of Bitcoin ETF next year followed by the halving is enough fundamental to push Bitcoin to an ATH. While this sounds nice and cogent, realization of such projection still leaves so much uncertainties. My best guess is that the ETF approval will create the hype while the halving will create the imbalance in the demand that is needed to propel the price.

Bitcoin is not in competition with the government so I feel we should not make it look as though there a battle between the government and Bitcoin. Without mincing words, so long aa Bitcoin is expected to be used by citizens of the various governments, there is no way government will not be involved. 
What we need is collaboration with the government to make Bitcoin legal tender in various jurisdiction...when this is achieved, things like taxation will be fixed and everyone will be happy. As it stands now, SEC, a government agency is still very much key to the approval of Bitcoin ETF that is projected to play key role for the future of Bitcoin.

It is possible that Hal Finney is Satoshi, and if he is not, then there is high chance Satoshi is another person and still very much alive. His real name might not even be Satoshi and there is high chances he is not Asian.

It will amount to a joke to think that someone inspired by the need for privacy, freedom and anonymity, to create Bitcoin, will divulge his identity easily.

As for his private keys being lost, the chances of that being true is also very slim unless perhaps, he intentionally decided to donate those Bitcoin to the community.  Besides, he would still be very rich in Bitcoin because he would have still be mining Bitcoin with different data.
 

This one no come to me as surprise at all... democracy don die for Nigeria after that sham them do for 2023. This one na even small; you know how many wey don burn their voters card? The political apathy don start already.

By 2027, they will be beating people coming to campaign self because na waste of time and energy. Make INEC kuku dey write results give who them want we no send them. NA MUMU DEY VOTE!

I agree with you that the banks uses these failed transaction to cheat customers because they know that not all customers have the time and patience to follow the rigorous process of resolving them. 

There was a time I went to buy bread at Jevinik and I decided to pay with my card through their POS, the transaction failed twice yet I was debited and was told the money will be reversed within 24 hours. I have waited till date the money was never reversed and when I consider the transportation and stress of going to resolve a problem of N4,000, I just decided to let it go. Imagine how many people that face these  kinds of issues on daily basis.


Bitcoin is for sure better because so long as there is no mistake in the address, there will be no issue of failed transaction.  Besides, the whole thing is open and can be verified easily in the public domain

For me the entrance of a Central Bank Digital Currency (CBDC) into the market will not be in favour of Bitcoin as the very essence of such initiative will be to weaken Bitcoin.  I know the governments will do all they can to provide something that will look like Bitcoin, something they can control because they know that digital money has come to stay. Unfortunately, they will fail at achieving a digital currency that will challenge Bitcoin.

My country launched E-Naira but it failed because people never paid them any attention as there was practically no need for it. I know many governements in the world are also working on something like that but I'm confident Bitcoin will prevail.

This post would have been better in Trading Discussion thread.  The reason for creating the various threads is to help with information retrieval; this particular information is not only useful for Beginners, it could be valuable to anyone. So posting it in trading group will enable others looking for ways to trade the market understand the various ways.

Some people really get bad habit as e take concern security of their information. Some people dey even save their ATM pin for their phone, I don see one or two of them and na this type of people wey dey loose their money carelessly and them no fit know how e take happen. The worst part be say se of them know say na bad habit but if you asked them, they go just tell you say their head don full so them no wan forget am
Abeg make we continue dey  teach people basic things wey them supposes know about their security, make we no tire because plenty people no dey take security seriously.

I think Australian government actually play active role in make policy that will interfere with the gambling of their citizens. They do this by placing restrictions on deposits, placing limits and sometimes outright ban of some gambling companies.

Unlike the Australian government, there is no restriction or interference whatsoever,  even though we have a government agency that supposedly regulates gambling. Their policies as well as the implementation are rarely felt.

Maybe it was a mistake on his part because gaming and gambling are entirely different things. People can play game for fun without comiiting money, unlike gambling, you must commit your funds unless you are given free bets.

If you are overwhelmed with as a result of your investment, it means you are over investing and this is wrong. Irrespective of how lucrative it may appear, I think being about to invest only what you are comfortable with is the best decision. For clarity, you can never be sure of anything in life and even in cryptocurrency,  there is no guarantees. 


I will suggest you take some courses on psychology so you will be able to overcome these fears. You can search Mark Douglas on YouTube,  he did some nice work about trading psychology. You cannot win in this market with this level of fear. Understanding that there risk involve and taking steps to mitigate these risks is what lead to success in investing.

The post is aimed at seeking ways Bitcoin can offer solution to the problem already identified. I think this should challenge us as believers in Bitcoin to manifest our creativity by proffering Bitcoin-based solution to the identified problems. I have once used Swipecoin which is pretty decent and cool to use. It was a wonderful Bitcoin payment system that was able to solve my problem then.

To foster mainstream adoption of Bitcoin, there should be innovations that places Bitcoin as a preferred alternative to other payment systems. If we think in this direction, we could better contribute to the success of this amazing technology such that governments and the institutions will be left with no other choice than to align.

I have learnt never to sell my Bitcoin with the hope of buying it back  when price supposedly reduces. There is a high chance you will never replenish the Bitcoin. So I feel this pattern of buying at the dip and selling at the peak will not work for everyone as not everyone have the discipline to do that. Besides, is there any way to completely determine what the dip and peak are?  

Assuming you bought Bitcoin around $8k and some around $15k, probably you bought lets say 5 BTC in total. If you sold this in 2021 around $60k, this represent a descent profits. fast forward to today, there are high chances you have not replenished your portfolio with 5 BTC and this means even if you might have more money in fiat, yu have depleted your Bitcoin portfolio and anything that makes Bitcoin create a new ATH, you might likely be depressed seeing that your overall decision was not the best. On the other hand, you have kept a large chunk of that money as fiat, there is the possibility you inflation would have eaten deep into the money.

The ultimate aim of every believer in Bitcoin will be to own Bitcoin. In other words, you can not be a true Bitcoiner when you are overly ready to deplete your portfolio at the sight of profit even though you have the intention of buying it again at some point as this have turned to a game of probability. It is not a good position to be in my opinion.

From your analysis, it is pretty obvious that October have always been a good month for Bitcoin. The least gain in October being 5.5% is a huge rise if you ask me and if we maintain that this year, it might signify that the bulls are getting involved earlier than anticipated in respect of the bull market that is expect to kickoff next year following the Bitcoin halving.

I will keep this post in mind and use it to monitor market developments as we enter the last quarter of this year. I think it is wise for those still expecting further dips to start thinking twice.