Bitcoin price is increasing so fast such that some people wish they borrowed and bought bitcoin at 29k some weeks ago
I want to know if it's much risk to borrow and purchase bitcoin like it is to trade bitcoin. However, the market is pumping, and it may seem like a good move if the loan is not for lunch, rent, and family bills which account for our daily needs (That is, my daily needs have been taken care of). Thus, timing is another criterion to discuss. How can someone know the perfect time to pick such a desperate gamble? We win or lose in trading or holding bitcoin but, I presume with the help of experts in this forum who have gone through thick and thins in this market, good guides or rules can be shared for users and newbies in the forum to have a grip on the market and know if borrowing is appropriate. It does sound thoughtless but, borrowing is part of the business. And we must prepare for the best as well.
Thanks, I'm ready to learn.
I feel that people take investing as a serious thing and not buying now you will miss out on everything, you don't need a fortune to invest in bitcoin and get some good profit from it so if you don't have money now you don't need to borrow or risk you life savings in order to invest, bitcoin is here to stay and for the next years the price is going to keep on increasing. |
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It is popular opinion sometimes that a trading strategy might no longer be effective if one begins to loose money while trading instead of gaining.
An important question i ask myself whenever i hear about people complaining or simply discussing a series of consecutive looses they have made while trading using a certain strategy is;
HOW MANY CONSECUTIVE LOOSES IN TRADING CAN YOU HANDLE BEFORE YOU ACCEPT THAT YOUR CURRENT TRADING STRATEGY IS BECOMING LESS EFFECTIVE?
I personally test a strategy many time on a demo account across multiple days in order to determine that it is worth trying out with real money or not, and one the win outweigh the losses i go in, but in terms of consecutive losses i would do 2 in a row and than come back another day, if see that i am still losing than i would go back to the planning board adjust test and repeat. |
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There tends to be these - what I call - SIKE! rebounds.
What that means is that there will be a steep dip, you think it's bottoming out so you buy, and sure enough, it starts to go up nicely, and then suddenly, usually a couple of days later...BAM! It dips way past the dip you bought at...and stays there for a long time. I don't know if there is a term for this.
Any strategies out there to help you determine that it's the end of the dip for this period?
Usually when a price dips hard there is a reason behind it, meaning if you are seeing the price go down than you should immediately see the news if it is something that you think would affect the prices heavily than you should just wait until the dip is stable which can be detected easily using simple indicators like MA, at least that is what i use and for the most part it works pretty well. |
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I think that the problem with new traders is that try so hard to deviate from the simple ways and try to trade some low dead currencies where they should be putting their money and their time into well known and profitable ones, and this comes from the lack of information and lack of judgment and this because they are impatient and just want to get into the action where they should be taking more time into researching the right things.
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Going all in on something and putting all your money on it is always a bad idea even if it s a good investment, if you are investing all of your money and gimbaling on the fact that the prices are going to go up in the short term than you might lose it all, but if you are going for long term investment which means that you are not investing all your life's worth than you will defiantly find yourself at a profit, the crypto market is unpredictable and you should always invest what you can afford to lose.
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Right now, Government of my country is in a process of trying to track players/account holders of a one crypto game to ask for tax because of fast and good earning rate, and I think it's not possible. So in my conclusion if they can't tracked players, is there a possibility of a country to ban this NFT game? I want to know everyone's opinion.
Well if they are really dedicated to combating tax evasion and there are an overwhelming number of people who are using crypto to not pay taxes, that they definitely can a simple solution is they ip ban the website and any user that visits it regularly probably owns crypto and thus they do an audit and some investigation on it, but for the most part none of the governments thus far have that as a main problem they they allocate the resources to it, but i believe with the popularity of crypto rising up and its price reaching high values in the future we might see them do so. |
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i Wouldn't say finicial stability but having enough to sustain your day to day things, so for me i started getting into bitcoin when i was a student i had to work part time to pay for my rent and food while also studying, what i used to do is i try to save up some money every end of the month by for example buying cheap food or not going out on some weekends and i would put back that saved money into bitcoin, because i believed that bitcoin is a good investment that would only get bigger with the years.
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The increase in the sue of online payments and the need for a more secure faster and reliable way to do transaction has made it clear that crypto is the answer, and that is shown with how many people are interested in investing and the increasing demand because of the high profit that bitcoin provides, in a day you could go about earning thousands of dollars passively without even doing much, and this only going to get bigger by the time as more and more people invest.
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Amid decreasing Foreign Direct Investment (FDI) floes, Pakistan's economy is expected to shrnik further, flowing Afghanistan's current situation.
According to Dawn (Pakistan's official news pepar), the consistent decline in flows into Pakistan in recent years should worry the country's economic managers.
The net flows fell by just under 39% year-on-year in July in continuation of the trend witnessed last fiscal when,
Long-term, non-debt-creating investments plummeted by 29% to 1.85 billion dollars from the previous year, the Dawn reported.
Is this right?
Well obviously the situation is that bad, for years now the constant struggle to combat Taliban by the old government has exhausted all their resources even though with the support of the US, and with everything collapsing and the non existence of a government and Taliban taking over which is a terrorist group and no country will accept them as representation of the Afghanis , the economy is the least of their problems and it would likely keep going down hill. |
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I am thinking that if the bitcoin continue to go up to $100,000 and above. it will be expensive for the poor people to invest. It will be for only rich people. It will be better for bitcoin will not go so much high so that it will be affordable to everybody to invest and have profit.
I will like to read and learn for everyone here.
The thing about bitcoin is that you don't need a fortune to invest in it or buy it, sure that investing thousands will net you some good profit whenever the prices go up, but investing some small amounts ever so often is a good way to go about it, for example you could start saving money that you would spend on entertainment stuff and put it back to bitcoin instead. |
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As you know, each Bitcoin transaction usually takes a few seconds, and confirmation of the same transaction starts ten minutes after that. During this time, interaction is permitted and may also be reversible. Deceptive users try to cheat. If you can't wait for approval, request a small transaction fee or use the Unsafe Interactions Detection System, which can enhance security. For higher amounts, e.g. US$1,000, it makes sense to wait for 6 confirmations or more. Any confirmation can reduce the risk of reverse transactions exponentially.
I think that is one of the biggest problems that we re are facing with bitcoin, lets say you are a shop owner who is trying to make bitcoin a payment system, how do you go about accepting transactions, for goods do you wait for confirmations before giving the goods, do you demand you customers to pay higher transaction fees in order to speed up the transaction, or do you personally cover it, i feel like there is more work need to make paying for day to day things more efficient. |
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This is a simple question but it really bothers me,
the question is, if the world's governments collaborate to create a blockchain network that is the same as Bitcoin and functions like Ethereum, then will cryptocurrency can still survive? because currently I hold 0.5 Bitcoin and 5 Ethereum for the long term, therefore I want to know what will happen if my question comes true, although maybe for the near future it will not happen, but we can take the worst case scenario from now.
The whole point of cryptocurrency is to eliminate the need for governments and banks and to move away from centralization, and even if as you say all the countries collaborate into creating a universal blockchain there will still be restrictions and limitation and not to mention centralization and it won't get the same attention and popularity as bitcoin and Ethereum, so it is safe to say that both of them are here to stay for a long time. |
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So not only is btc a good store of value u can earn interest on your bitcoin holdings. I'm holding btc and eth and gaining daily interest 3.8% apr on the exchange. Hotbit.io I am also doing defi farming on these holdings. So Additional gains about 9% apr.
Let's say I'm holding 500k usd of btc n eth I will earn about 17k$ interest a year.
There is risk involve at how exchanges can exit scam or hack exchanges.
But it is truly amazing to be gaining interest nowadays. When I first started 3 yrs ago there was none of this interest or defi farming.
I can start early gaining small income earnings rather then buying a house for 1 mil in cali and renting it out for 36k a yr minus property taxes to about 24k a yr.
I'm sure this crypto asset will be a golden age. Instead of finding money by holding land. U can find money by holding btc n eth through interest. Just my opinion.
It is true that crypto is and will become the number one investment that can gain you a lot of profit, but of course this does not come at ease, the prices are not always up so if you are saying that you made 17k this year next year the prices might go down and you might find yourself at a loss, the point is the income is not consistent unlike property investment, now that does not mean that crypto investment is not good but it should be a secondary thing that you invest in it for long term and not to fully put you life savings on. |
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I don't think that this is the reason why the price moved that way, the news about Walmart and crypto is not new and i really doubt that they will be going to make bitcoin as a payment method, instead they probably will make their own digital currency, the price change that happened was random and not related to any news .
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Was having a discussion with someone getting who is getting into BTC the other day about the 'living on crypto' movement.
Mostly about the people who want to get paid in BTC / crypto and only spend BTC / crypto staying away from banks.
We went around and around for a while as to where his line was vs. mine. And it does bring up some interesting points. If you are getting paid in BTC and send it to BitPay / Conbase and convert it to their debit card and spend from there are you 'living on crypto'? How about Bitrefill and other places you can get gift cards from BTC / crypto?
Was an interesting discussion as to where we stood. And was just wondering how everyone else thinks.
Gift cards? Debit cards? Get paid in BTC and convert to USD (or whatever) and put into your bank?
-Dave
See that is the problem with the whole concept of living on crypto, you have to go through several process and lose a bunch of fees in order to make it work, because right now we still can't fully pay for groceries and food and pay the bills with crypto, you need to convert it to fiat in order to sustain living, i know that in some places you could do so but it would still be inconvenient for you to go 10km to buy some food with crypto, rather than to go to a nearby shop and pay with fiat. |
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my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
I wouldn't say that you need Technical skills rather than basic knowledge and some composure, the information is probably most essential and you finding this forum is a great way to start on that because you can take a lot from other people's opinions and experiences on how the market is behaving and what to do and what not to do as well, and you need to have composure because panicking when you see the price falls and making wrong decisions is not what you want. |
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I’m sure everybody loves paying taxes, but I am no expert but say with this current drop In price if I moved bitcoin outside of the US and to an El Salvador wallet, would that be saving on the future sale of bitcoin or what would that look like for capital gains?
I’m asking for a friend, I already lost all my bitcoin in a boating accident.
Wallets are not banks they are not tied to a certain location, the wallet that you think you created in the US is probably somewhere in a data center random in the world depending on the nature of the wallet, so the idea that you have to avoid paying taxes is not gonna work, as long as you physically live in the US you are going to be a subject to it. |
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I feel at the start when i heard about them making bitcoin a legal trend i didn't except much other than a few shops accepting it, but it seems that the president is actually doing some hard work to make it a part of the country's culture, and i feel like with the possibility to chose between fiat bitcoin and their own crypto makes it even better, besides installing these ATMs will make it even more accessible.
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The life is full of opportunities and whether you take them or leave them is up to you and whether it turns out good or not that depends on your judgment, bitcoin is no difference and i think the main reason that many people missed the opportunity to invest in it in the early years of its exitance is due to the fact that there were no laws and no guidelines to what really is and the fact that it was not created by a company or a known individuals didn't give insurance to whether it will live on and grow as big as it is now, but in the current state and nature of it now and how big it is there is no excuse for anyone to not actually have bitcoin for whatever reason whether investment or payment, because the history has shown us and still showing us how many people were wrong about it.
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I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas
i really applaud your enthusiasm and hope that everyone who owns a business starts considering to use crypto as a payment and to promote the use of it as a currency and not as just an investment, but my question is what type of business are you or what type of goods to you sell, are they everyday things like food that does not cost a lot, if so that how do people handle the fees and the transaction time, do you wait for full conformation or just trust that the funds will arrive. |
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