I have a friend who are keep on asking me if taking loans just to buy Bitcoin is ideal thing to do so?
I understand the market is very cheap right now, and because of this I just want to share some tips especially to those newbies who are also considering the same thing.
Taking a loan for investing on something that is very volatile will not always be a good decision. How will he pay that loan? Is he thinking that he will just wait for bitcoin to pump then pay it? What if the market takes longer to recover than the deadline of his loan? What if it's just breakeven when you sold it, then you just wasted your time buying and holding that bitcoin. For me, take a loan only if you have other source of income to pay it. Bitcoin is a good investment for long term but is very volatile so don't be in debt just because of its increasing value that you see. |
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Newbies, NFTs should be the first thing you fear the most in crypto space, look at bitcoin, its usefulness and scarcity makes it valuable, Look at real Gold it's very rare to see and this makes it valuable, imagine if everyone on this earth has Gold in their backyard will Gold retain its value? It will be plagued with devaluation right? This is exactly what NFTs are today, everyone can create theirs.
There are many types of NFTs like video game nft, pfp, collectibles like nba topshot, etc. Not all of those are scam, I think you're just referring to the NFT that is very popular these days which is avatar or PFPs. I Think the hype started with the BAYC or boredape yacht club last year. The initial minting price for that nft was only 0.08 eth and it reached 50 eth last year. After that there are many PFPs being created and introduced on social media that are scam. Their PFPs have only good artwork but no utility or even a roadmap. They just hype it to attract many investors. |
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I know we are greatly influenced by the environment we are born into and sometimes become gamblers because of where we find ourselves, i also considered the possibility of gambling being hereditary and found out that it is also possible, that is gambling can be hereditary , Gambling is linked to a gene that is passed on through generations and a new study claims that it is passed on to both sons and daughters alike.
Gambling for me is not just something you can only do in casino. It is a part of our daily life. Don't we gamble when making difficult choices? As long as we risk something, I consider that as gambling. My grandfather and father often gamble in a real casino, I don't understand how those games work like blackjack or baccarat. But when it comes to me, I do like risk taking in real life. Like what I did last 2020 on my job that time. I can't handle the workload anymore so I gambled to resign from it without any plans after that. Few months after, I got a job again that have a healthy environment and doesn't compromise my health. There are also many things I can't remember that I did and considered them as a gamble. |
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What are your current opinions on the cryptocurrency market?
This dump is not the bottom yet for me. Many people that I know who are knowledgeable in trading is really bearish until the end of the year. They're saying that this dump will continue until end of the year considering the global conflict and crisis some countries are experiencing now. Market will start recovering again before halving in 2024. Cryptos like BTC, ETH, and BNB are a good buy now at their current price but I would not recommend going all in because the market isn't stable yet. |
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I think it would be 2025 after the next halving by 2024. Based on the previous market cycle, bitcoin breaks its ATH a year after its halving. 2020 was the last halving and it went to $69k in November last year, it reached $20k in 2017 which is also an ATH after the halving on 2016. So this is the perfect opportunity to buy and hold it until 2025, I'm pretty sure many millionaires will be born on that year if they start accumulating now.
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I believe it's possible to hit that price if we are going to look at the ATH last 2017 where it is $20k then dumped at $3k in 2018. It made 85% correction that time and if history repeats itself, it's likely to reach $13k from its previous high $69k. I also see that price to be the bottom of this market correction. There is a lot of crisis going on now on the global market so I expect that we will dump more from here until the end of the year.
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That is how literally our life works not just about investing on cryptocurrencies, stocks, etc. Mistake can't be a mistake if you learned something from it. You experience those in order to grow. I've been in this crypto space since 2016 and my experiences already taught me a lot how to endure during this bear season. I don't care anymore about the fuds going lately and not panicking if cryptos dumps again, this is just normal if you've been here for some years now.
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This is a good news if the atm accepts payment from non-custodial wallet like metamask or trust wallet. But if it only accepts a centralized bitcoin wallet that is owned by a company then I would avoid using it. Using centralized wallets requires KYC and their company is regulated by the central bank of that country. So if you use that atm, the government would know that you own some crypto assets which I think is not good because it destroys the purpose of bitcoin itself.
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After all i share some vpn friendly casino as far i know they user friendly. Fortune Jack,Stake.com,BetNow,BetOnline.ag etc.
I contacted Stake.com customer support and they don't support vpn anymore.  Here's a site https://fastestvpn.com/blog/top-casinos-allowing-vpn-gambling/ that shows some casino that allows vpn on their platform. It's already outdated and Stake.com is also on the list so it's much better to contact first the customer support of the website before using vpn to make sure you won't encounter any issues. There may be similar answers here that is on the list of that article but they are not allowing vpn anymore on their platform. |
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CONCLUSION
In conclusion, there is no short cut to success in crypto investment, that’s why I will advise anybody who wishes to invest in crypto to first achieve the very basic knowledge, so that you don’t regret with the loss of your funds.
They should also learn how to control properly their emotion in different market situations. One of the mistake of some traders/investors is they let their emotion control them resulting for some impulsive decision that should not be made. If there is a fud that shakes the market, they quickly sell their crypto out of fear. If market is going parabolic, they get greedy and set unrealistic targets until that crypto dumps and they miss the chance to gain profit. |
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You can avoid most of such scam attempts by simply keeping your wallet's private key and seed phrase to yourself.
Seed phrase is like pin of your atm card. The moment you give your seed phrase to someone, you don't own that wallet anymore and transfer all the assets on different wallet before the hacker steals it. There are others that will say you win this huge amount from a particular giveaway then ask you to input your wallet's seed phrase on the website that they will give to claim your prize. I don't see why some people still fall for this type of scam. They don't even bother researching first if the website is even legit. |
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I don't use any password managers as I have a good enough memory to keep them safe in my mind however I do use a similar password for multiple websites.
That might be an issue but cracking it at first is the big deal. I am not sure If Password Managers are a good option or not, my iPhone's Facecam does a really great job though.
Same for me, I haven't considered using password manager since I started to learn about crypto 6yrs ago. I just wrote them on a piece of paper, make multiple copies of it then store it on a safe place that I only know. So far, none of my accounts have been lost or hacked yet. I'm also very careful in visiting malicious links or opening files that can spread malware on my device. Password Manager are only a good option if you have some private account or huge assets that you really want to protect but if they have nothing to steal from you then it's not necessary to use it. |
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Take for example if you bought Bitcoin when the price dropped to 19k by now you will be making 30% profits so here is my strategy i hold alot of ustd>buy during the dip sell buy buy and buy again since am holding large ustd.
What if after you bought at $19k, it went lower? Your strategy is just simply buying low then sell high and anyone can do that but very hard to execute in reality especially if you're not that knowledgeable in trading and also crypto market is very volatile. Trading during this unstable market condition is very risky. It's much better to just hold your crypto rather than trying to gain some profit during this season. |
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Now that Michael Saylor and El Salvador have purchased BTC at $19,000, we can be certain that the bottom is nowhere near
They've been buying since bitcoin dumped from $50k and we still keep falling after that so how can you say we are near the bottom of this dump? Don't treat them as the signal of reversal. Bitcoin can still dump given the current global market situation. They are just DCA-ing like what others are currently doing because no one knows how low this correction can go. Some people says that it would hit $13k making 85% correction from its ATH based from its historical correction when it reached its ATH way back 2017. |
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How do you see the risk of cryptocurrency right now? Are you confident that cryptocurrency will recover, and when do you think that will happen?
I've been in the crypto space since 2016 and I've learned a lot from the market cycles I experienced. Compared to stock market, it's normal here that a crypto could pump 10x then go down 80% of its ATH. Cryptocurrencies are very volatile and these dumps are to be expected after pump. Market will not always go up and also down. It will surely recover but it's difficult to say when it will be because there are real-world issues that also affects these dump. |
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Hindi nakakapagtaka na 2nd tayo kasi since 2018 siguro marami na din nag kicrypto sa Pilipinas pero tahimik lang. At mas lalong dumami ito ngayon dahil na din sa mga p2e games tulad ng sikat ng axie na talagang nagboom. Andaming na involve sa crypto gawa ng din ng inooffer nitong scholarship. At isang tulong din dito yung pandemic, kasi mas naghanap ng pagkakakitaan ang mga kababayan natin online at ito ang natagpuan nila. At I think dagdag din dito yung pagiging isa natin sa may pinakamataas na bilang na gumagamit ng social sites like facebook, youtube etc. at ito ang mas naka impluwensya sa iba. At marami pa ding p2e games ang kinababaliwan ng iba, tulad ng mir4, thetan etc. at kahit na ganito ang kasalukuyang sitwasyon ng market, sa napapansin ko, patuloy pa rin sila sa paglalaro at paghahanap ng mga bagong p2e games.
Sa totoo lang, mas lalong namulat ang mga Pilipino sa cryptocurrency noong kasagsagan ng pandemya. Maraming nawalan ng trabaho kasabay naman ng pagpasok ng NFT sa ating bansa. Marami ang nakita ang potensyal ng crypto para makapagsalba ng marami sa atin sa kahirapan. Isa na ring dahilan ang paghahype ng mga pinoy na kung saan marami ang bumibili ng crypto dahil sa chance na makakuha ng malaking profit. Marami ring big time investors dito sa atin na sumasabay sa hype lalo na ang mga malalaking personalidad. Sa kabilang banda, marami pa din ang nalulugi dahil sa kakulangan ng kaalaman sa crypto investment. Mali kasi ang mindset ng iba na madali kang yayaman sa crypto. Nataon pa na bull cycle last year kaya sobra ang naging hype ng crypto sa mga pinoy lalo na sa baguhan. Akala nila ay patuloy ito na tataas kaya di sila nagdalawang isip na mag-invest ng malaking halaga sa crypto at mga nft games. Marami tuloy akong nakikita sa social media ngayon na halos iinvest na ang kanilang savings makapag-invest lang sa crypto noong nakaraang taon at ngayon ay balik sila sa umpisa dahil sa malaking talo. Hindi lang dapat sa pagiging top ownership ng crypto ang i-achieve natin para sa ating bansa kundi dapat magkaroon din ng sapat na kaalaman ang mga kababayan natin dito. |
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Bukod sa economic crisis na nararanasan ng maraming bansa ngayon, alam naman natin na malaki ang itinaas ng mga crypto last year. Karamihan sa kanila ay gumawa ng bagong ATH kaya para sakin normal lang ang ganitong correction ngayon. Narito na ako sa mundo ng crypto since 2016 at wala pa ko naranasan na bull cycle na mahigit isang taon. Eto ang pinaka-magandang pagkakataon sa isang newbie na pasukin ang crypto dahil napakamura ng mga magagandang coins ngayon.
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What is your opinion on Fake money gambling apps, do you recognize the potential I think they have to assist in reducing the number of gamblers who loose real money?
It only reduces the people who are a casual gambler and not into profit . My father and cousins like gambling but they only do it when they have free time and bet the lowest possible amount so they can play longer. But with fake money gambling apps, it helped them to gamble without worrying where to get the money or how much they can lose. But for me, these apps won't greatly help in reducing the people that lose in gambling because the number of people that gambles for profit has always been greater than the one who only does it for entertainment. |
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They don't trust the casino as the casino might misuse the kyc documents or the gamblers want to gamble without telling anyone that they are the gamblers, gambling is illegal in their region or religion and they want to hide their identity or there could be any other solid reason?
I don't see any other reason why gamblers avoid KYC other than the things you've mentioned. I know that all of us are afraid that someone might use our identity for illegal activities so I think that's the main reason why we always hesitate in complying with the KYC rule. Being afraid that someone like your relative or religion know that you're gambling isn't that scary for me, if it's illegal in your country then use vpn. There are some gambling casino that allows the use of vpn. While if someone used your identity, you could go to prison for many years or pay huge fines even though you did not do it. |
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I've never considered using Ethereum on gambling websites. Even though the transactions are much faster compared to bitcoin, its high fees are not worth to use it on gambling. If a gambling website is a dapp platform where you just need to connect your wallet with funds, I would still not play there if they only support erc-20 network. There are many alternatives now that has low fees like polygon or bsc network to gamble. |
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