Yes you should trust your trading experience and don't let your panic ruined your decision ,
Sometimes you do some reckless things or decision because of it ,
I even did it when I was just new in trading when I see that the price are dropping down I panic and sell my coins then after a day or a week the coin would be pump up again,
It only made me lose some money.
Panicking when you are a newbie is natural in my opinion, there are very few newbies that have enough experience to keep holding their coins when the market begins to crash as what we saw in the past months, fortunately for me when I entered the market of bitcoin I did when the price was not moving that much but still I got nervous from time to time but as time passed things changed and I became a very strong holder and even with the recent crash the thought of selling my coins did not crossed my mind. |
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Number one most useful tip for beginners entering in the crypto world is obviously listening to the more experienced traders. I would kind of disagree with your take on staying away from media news though. There are a couple of people and news portals which know what they are talking about. I'd suggest staying away from Tai Lopez, as myself and many people see him as a joke and a basic salesman, he is not a crypto genius, enthusiast is probably the most of his interest into trading. Taking risks is okay, not huge stakes investments though, as you're still a beginner. Patience and not being afraid of failure is also a very important tip, reading a book or two certainly helps.
I disagree it is true there are some small amount of media channels that offer reliable information but as a newbie how are you going to distinguish which is which? The truth is you wont be able to tell the difference and since bogus sites outnumber good sites many times over the chances that newbies listen to bad sites is way higher so I think that recommending to newbies to not listen to the media is the right advice and it should be followed by those that are starting in this market. |
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@OP
Gold is volatile, Silver and co are too. The USD/EUR pair is volatile but it's used daily. Ok you can say it's not the same volatility volume but still.
And what about if people stop to use the dollar or a bank run movement?
What it happens is that people see the market of cryptocurrencies and see the volatility, but they do not take the time to look at the volatility of other markets, for example gold has a tendency to reevaluate itself very rapidly against fiat and this happens when the economy is in a terrible shape and it has passed many years since it did it, so it is possible we are going to see it soon and fiat can lose value very fast as well, you just need to look at some counties with difficulties to see rampant inflation. |
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It seems unlikely right now to see bitcoin all of a sudden overtake fiat in terms of daily usage. I think that there is a chance that this scenario will eventually happen, although currently we're definitely not close to that yet.
But you have to understand that bitcoin is a currency. If people feel like that they want to cash out their bitcoins in order to partake in some other venture, they are welcome to do so. People are already using bitcoin to invest in assets, so it's not like it's going to be any drastic changes here.
I don't really understand where your concern is coming from, honestly. There will always be demand for bitcoin, as a store of value. Not always will people want to invest in things or buy things, and even when they do, the bitcoin just ends up on another person's hands. If you're talking about the fact that once adoption hits its peak, there is no more room to grow, then that could be true to some extent. In that scenario, if it ever happens, I would definitely try to seek to invest in other things with more potential since bitcoin's potential by then would be mostly fulfilled, as in your scenario, fiat is already completely worthless. It's completely hypothetical, though.
At some point in the future the potential of bitcoin could be fulfilled but that does not necessarily mean that it will stop growing that will only be possible if bitcoin was the only currency and cryptocurrency used around the world and that is unlikely, but it will come to a point in which bitcoin will reach its maximum market penetration at that point if you are an investor mostly concerned about profits that will be the best moment to sell and do something else with the profits you accumulated over the years. |
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There are just a couple of people in my country who understand what crypto currency is, so I dont think the bitcoin or it's value affects our economy by any means.
I think you are severely mistaken, it may not seem like it and I understand that is difficult to find people that have similar ideas since cryptocurrencies are so new but believe me they are out there, I remember back in the old days I thought I was the only one that used Linux and I found some people that did and we shared some advice about how to configure our computers and several other tips like that and now even if windows is still very popular Linux has become a lot more common and the same is going to happen with bitcoin in the future. |
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We're actually kind of on a stale market right now. It sucks but we'd have to push through. Hopefully the market would gain enough momentum to change the trend. I like stability but when its too much the market just gets boring.
The market of cryptocurrencies has several stages and right now we are in the stage of stagnation where not much is going to happen, so you cannot make too much money by investing or trading, but there is still something you can do to obtain great profits in the future and that is to buy all the coins you can and hold them for the long term, do that and your profits in the next years will be great but I agree that a market like this is not as fun as a market that is moving like crazy. |
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Its still a slave cause we need to sell bitcoins for some fiat if we want to pay for something. Fiat have big roots, it will be hard to eradicate it from global structures and even harder from some peoples minds. As years passing I think we are going in a good direction, fiat will not be used in near of far future, we will be able to do everything with cryptocurrencies, and when that time comes it will be the end of fiat. If you are looking things in that way fiat already began to sink down, cryptocurrencies are spreading and taking more and more, eventually cryptocurrencies will take all.
This is a nice headline, bitcoin is still a slave, but who ever starts from slavery, bottom, and end up on top deserves respect, think about it.
True until the day comes where we can use our bitcoin independently from the fiat system we are tied to it, obviously there are always going to be people that would want to sell their bitcoin for fiat, but what many of want is to be able to buy whatever we want with bitcoin, this is not possible yet but I'm sure that is a lot closer than people think especially if the economies of the world keep getting weaker with each passing year, people will realize this and adopt bitcoin very quickly. |
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Fortunately for others like you, they don’t have to get a loan in order to survive. Some have no choice but to get a loan first. As much as possible, we must avoid having debts otherwise this will just be a burden or a bother. If you’re financially capable enough to live without having to borrow money, you’d be better off. Establishing a financial plan will help out in handling one’s debts.
There are some forms of debt that most people cannot really avoid like a mortgage, after all very few people have the cash the pay a house without taking any kind of credit but that is the type of credit with the lowest interest rates, the problem is that many people pay on credit everything they purchase, people buy even clothes on credit and most of the time they already have full wardrobes of stuff they do not even wear and yet they keep buying more unnecessary stuff on credit. |
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Great guides you are doing a good job, the only problem I see is that you do not really explain how to keep your computer clean of viruses and threats like that, in my opinion trying to keep your computer clean if you are using windows is a lost battle, use Linux instead I know that for some the transition is not easy but Linux has become a lot friendlier over the years and if we use your methods and a Linux distribution the chances you get hacked will drop considerably.
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I was reading the Speculation section from the Economics forum yesterday, and two guys from the BTC Foundation said that 2018 will be the last time that Bitcoin will be under $10,000. I believe that this statement was made to lessen the worry that comes about every time that BTC drops. I don't know how anyone could make that statement in full faith though, as the nature of altcoins is its very volatility. Since it is not tied to normal economic conditions as fiat currency is, I don't quite see where that prediction comes from. The fact that many economies are talking about some type of oversight does show that acceptance is gaining and perhaps is a harbinger of more stable, and higher, prices.
No one can talk with absolute certainty about what the price is going to be but if said now that 2017 was the last year where you could buy bitcoin below 1000 most people will agree with me, so I think that is where their prediction is coming from, they think this is the last year in which you are going to see bitcoin this cheap and if I am perfectly honest with you I think they are right, the current prices are not going to be here forever and if you do not take advantage of this you will regret it for the rest of your life. |
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sure it can be! just the government need to know how to use it properly and for being useful to the county economy!
No, bitcoin can useful for individual persons so they get a better life but a government will be unable to do this, they will want to impose the use of their own currency and many other laws to try to regulate the markets, we see all the time this happened in Argentina a few years ago and it will keep happening, bitcoin allows you to get around that system of laws and prohibitions and get a better life for yourself but be careful since governments may pass some laws to prosecute people like that. |
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Bitcoin collapsing the banking system is actually an impression that makes the government disapprove bitcoin. The idea of a cashless country, destroying their monetary unit is not what a country's government wants. The government will be at ease if the users are responsible enough and understanding enough to know the limits of a cryptocurrency in every country. From there, probably more countries will see potential and credit in bitcoin. Government is there to control and secure their citizens (especially from unstable currencies ...and probably scams and hacking) that's their job.
It is very unlikely that we are going to see bitcoin collapsing the banking system, banks will have a lot of time to do a lot of things, they could try to pass laws against bitcoin and the governments may agree on that on the grounds that bitcoin is a threat to the current economic system and the well being of their citizens or they may choose to adapt to this new circumstances and keep doing business as usual, after all banks do not have any ideology they only care about the money. |
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today, the state of bitcoin is not clear. either it will continue to fall, or it will start to rise in price.
Get used to it, in any market most of the time it is very unclear what it is going to be the direction a market is going to take, this is why trading is very difficult so if you do not want to deal with the uncertainty you can invest when there are incredible clear signs that we are in the middle of a bull market or when we are in the middle of a bear market if you do that the possibilities of losing money are lower but the amount of money you will earn will not as big as if you just held. |
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While the chances of that happening are very low, that is only bad news if you invested all your money in bitcoin and that was money you could not afford to lose, for everyone else that will be good news since we will be able to buy bitcoin for cheap once again and it will be possible that we will get massive profits once again once the price skyrockets, right now it seems the time of great profits seems to be behind us because even if bitcoin reached its previous all time high you will only come close to triple your money.
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It Will affect Bitcoin market value negatively only if the speculation talk about negative effect on Bitcoin which will definitely create panic selling and that will lead to low price of Bitcoin and probably other altcoins.
All the markets are easily influenced by the news what it happens with this market is that since it is relatively new the bad news can move the market very easily and this gets amplified by some other actors like the whales that take advantage of this and begin to sell some of their coins to try to create panic and force people to sell, this does not always works but when it does the whales then stop selling and then they wait for the price to reach the bottom and they now can buy bitcoin for a very low price. |
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in trading there should be no word of panic, because it will only damage our concentration, when concentration is lost therein the loss will be seen in plain sight.
That's very easy to say but it is completely wrong, panic is an uncontrollably fear, so it does not matter how experimented you are or your knowledge once you get to that state it is over, so what we need to do is to find techniques to avoid entering in that state and one of the things you can avoid to enter in that state is to only invest in projects in which you have complete confidence and that you have researched in a deep way, if you do that then the possibilities of entering in panic are very low. |
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You are right, we are just sinking in the sea of trash coins and I believe in future it will appear many new crypto currencies, coz this process is totally unregulated for now. There is no doubt that produce of new coins should be limited, but what should be done to achieve it?
This is a free market and it is impossible to try to limit the number of coins that appear in the market so the only thing we can do is to stop investing in all of those useless projects, many people do not even make the smallest effort to try to understand if the project has a future they just invest in whatever project and that is why we have the problem of so many coins in the market but this always happens and it is part of any market because if you take a look back to the past you will notice the same happened with the dot com bubble. |
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Imagine that economy that we know it today is not needed anymore, personal profit stimuli is just a page of a history and social and political life is just different from it's today version.
How then needs of people are solved, and on what would you spend your time and energy in that case? Did you see the crypto there, and if yes in what role?)
P.S. I know the Ideas of Karl Marks about post-komunism and not a fan of it)
I do not think that what you are proposing can happen, the economy as we know can change somewhat especially if in the distant future cryptocurrencies are adopted or at least if gold is once again used as a currency, but capitalism is the only system that works, if people cannot benefit from their actions then people are not going to work hard and while production can be more or less replaced by machines creativity cannot be replaced right now so new inventions will stop appearing, this is why communist USSR was never an economic superpower. |
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Perhaps if the cryptocurrency is used ubiquitously and Bitcoin will have and use everything, then it will cease to be tied to the dollar and no one will evaluate its price in dollars. After all, it does not matter how the price of Bitcoin has changed in an hour, if a cup of coffee now costs 1000 satoshi and in an hour the same cup of coffee costs the same 1000 satoshi.
We still need something more than adoption for that to happen bitcoin will have to destroy fiat currencies for something like what you are describing to happen, after all you want bitcoin to be the point of reference when it comes to pricing things but we know that is not what it is happening now when the point of reference is the US dollar, after all everything is priced in dollars and until that changes bitcoin will continue to being valued in dollars as well. |
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What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day. So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k. Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down. So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon? Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant? Just a thought i had today and i thought it was interesting and that i'd share with you guys. P.S. is there anywhere i can change my user? lol  It is very unlikely we are going to reach that point, even if the sovereign currencies of all the countries were in a state of crisis governments are not going to give their right to print their own currencies and accept bitcoin, they will lose power if that happened however we do not need recognition of the government if bitcoin becomes the most widely used currency around the world then there is no doubt that bitcoin would have achieved its goal to become a currency you can use without any third party interference. |
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