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"Money you can use on a phone" Even little kids are always on mobile devices now lol.
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I agree, technically everything is an investment with risks. I think some investments offer such minimal risks that people are tempted to not call it an investment.
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There's no reason to stop believing in Bitcoin and crypto! Price drops are just as normal as prices rising. If we look at Bitcoin in the long run and not just these past few months it's on an upward trend.
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It's a little too much once we start having forks of the forks and it just keeps continuing. I'd say the vast majority of the forks fail and the ones that stick around never pass Bitcoin because Bitcoin is the image of crypto.
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I don't think anyone truly wants Bitcoin to die. A lot of posts I've seen come off as trying to put fear into holders so they sell and drive the price down even more. This will then be the perfect time for the person posting "bitcoin is dead" to buy back in.
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This is what everyone has said after every crash every time. Why are we to believe this time will be any different than the past? It's still a win for Bitcoin being worth thousands either way.
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If the plan is to save it for many years I don't think the short term rises or crashes really matter. If holding for many years I think it would be a good investment.
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Crypto market all the way  |
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I'd say it's impossible to fully say what caused the first crash when Bitcoin was around $6,500. The price of Bitcoin always has a strong domino effect so when it starts going up everyone starts buying it making the price shoot up, but when there's even just a small crash everyone starts to panic sell. It's very possible when there's a small normal crash people's fear turn it into something a lot bigger.
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I agree to hold. You never lose money until you click sell.
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I'd say the biggest weakness is the fluctuation in price. A lot of new people are afraid to buy or use Bitcoin when they see the price drastically changing in fear of losing money.
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Primedice, the #1 dicing site for over half a decade.
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When it comes to crypto news, involving the price direction at least, I've found most news providers tend to see a price change and then write about all these reasons why they knew it was going to happen. The end result is they provide news that is "never wrong" because no matter what happens there's always something to point to on why it happened. I've seen crypto news sites post contradicting articles in the same day explaining why BTC has to rise (while it's rising) and then once it falls an article comes out about how it only makes sense to be falling.
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Even with the current price of Bitcoin sitting between 6-7k that's still a huge win for crypto. Sure it's a long way from its peak at about 20k, but considering it went from under 1k to about 20k in roughly 1 year and is holding strong above 5k I'd say Bitcoin is doing great overall. It reminds me of when Bitcoin rose to over 1k for the first time only to crash back to around $100. We've had huge rises and crashes but in the end Bitcoin has only been climbing up over time.
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The benefit of holding is you can never miss big rises in the future. The benefit of trading is you can accumulate more crypto before rises, but you run the risk of completely missing out on gains by not having your money in crypto when big rises comes. There have been times where I was trading and made profit only to later find out I would have made more had I just held my original investment. There have also been times I was trading and it caused me to not be holding during a crash. I would say hold to be safe and trade to take the risk of lower or higher profits. Maybe even hold a percentage of your crypto that you never trade and do your trading with the remaining amount.
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Even before the 10 year mark it was hard to see Bitcoin failing, but now that we've passed this great milestone for cryptocurrencies it's only more confirmation Bitcoin is here to stay.
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I think the only way PayPal would ever consider using Bitcoin is if became a direction which would lead to higher profits, or prevent lower profits. It's impossible to say if or when that will happen but I'd like to see it as an option in the future.
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As long as you plan to hold long term history shows there's never been a bad time to buy Bitcoin.
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