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It is a live issue. I meet a lot of people that don’t know nothing about crypto apart from bitcoin, Bitcoin paizza day and that there were a lot of people who lost their money in this market. These people judge just from bad news, but usually people themselves are to blame for their losses. Some forget seed phrases, some give their seed phrases to unauthorized people. Personally I am trying to tell such people about how to work in this market safely, but actually, it is so difficult to convince someone.
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You are right that we shouldn't judge projects just based on their names. We had better investigate the idea, docs and development team before investing, also it will be good if you can read smart-contracts as only it is a provider of truth.
As we saw many clones of Dogecoin, like Lady Doge, Baby Doge and many other dogs, but some of them were even scums, and none of them became as successful as Dogecoin.
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Doesn't need long complicated answers - just a simple question:
Do you invest
1. mainly on price/the market trends
2. mainly on the underlying usefulness of the token/NFT
3. pretty even split of the two.
Mostly I invest in mainstream currencies, and a small part of my capital I can afford to spend on something trendy but risky. Now I invest in NFT-games, I buy tokens of such projects and some of them significantly grow in price. Also I invest in NFT-projects that are multifunctional. They provide bridges, exchanges, marketplaces and even messagers on blockchain. |
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When you have 100$ and invest them in something risky you are not so scared and nervous, but when you invest 1000$ you want to save them, as a result you choose something more reliable. I don’t think that it is wise to focus only on Bitcoin or Ethereum as they are good in the long-term, but if you have some time to investigate projects, you had better pay some attention to new projects and invest a small part of your capital in these projects as well.
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As for deflation, I know that Ethereum is unlimited, so it can’t reach the maximum supply, but coins have deflation usually when they reach max supply. On the other hand I think that we can see a similar situation when during one day there is more burned Ethereum than there is mined. I am not sure, but when Ethereum 2.0 launches, maybe there will not be any new Ethereum generated.
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And how do you see this year?
This year is especially significant for me as only in 2021 I started working with crypto. Before it, I had just followed this market, I checked the price of Bitcoin, but I didn’t invest as I considered this market to be too risky and I was scared to start. Also I wasn’t completely aware of how to buy crypto and where to store it. but this year I tried yield farming and staking firs,t and this way I started my work with crypto. |
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Emotions do play an important role in trading and investing. Fluctuating prices affect psychology and I think if we don't have a good trading and investment plan, we can panic and sell our tokens at low prices.
But if we have a good trading plan and invest for the long term, I think we will get profit as long as we hold the tokens.
I absolutely agree with you that trading psychology, good strategy and skills are the main part of successful trading. We should calm emotions and just follow the strategy. If we give up our strategy we are more likely to regret then. But if you follow your strategy and all the same you get losses, it is a signal that you just need to change something in your strategy. |
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Personally I strongly believe in Bitcoin, so I think that this currency is quite capable of hitting 100 000$. Moreover, I came across one post that December is a magic month for Bitcoin, so we can expect even 100 000$.
According to some experienced traders, a very strong resistance is 50K$, so they predict that if we hit this level, we can see a big new growth.
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Actually all altcoins are connected with Bitcoin, as Bitcoin is like an indicator of the crypto market. When people want to know what trend is in crypto, they usually check Bitcoin`s chart first.
On the other hand, sometimes we can see different abnormal phenomena like the growth of shit or meme coins when other currencies are not on good levels. The main reason for this can be different news. If some coins catch the wave of hype they can easily increase by many times.
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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. Personally I wouldn't want to live on crypto because of a very simple reason, the extreme price volatility. So today if the bitcoin price is very high and it is my salary date, I will be receiving less unit of bitcoins. And tomorrow, if the bitcoin price drops by 15%, I will be spending more units of bitcoin to buy my regular supplies. To be honest, bitcoin has not reached that point where it can be considered as a regular currency. Things might be different for El-Salvador people, but for the rest of the world, it is still an investment with extremely hugh growth potential. 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?
For the use as a currency, it's always better to have the reference of USD so that we can ensure that we aren't spending more than the retail price of a product. 1 bitcoin = 1 bitcoin formula doesn't apply here! The price swing still doesn't make bitcoin a spendable currency. If bitcoin price stabilizes, then possibly more people will be interested in using bitcoin as a currency system. But as of now, I personally would want to save every bit of my bitcoins rather than spending it. That’s right, now it is impossible to use only crypto everywhere. First of all, it is not accepted mostly. Secondly, it is still very volatile. But what if it will replace fiat money completely? We wouldn’t know its equivalent in dollars, we would just see the prices of goods and make our conclusions, but marchants would set prices based on the level when people agree to buy, so Bitcoin wouldn't be so volatile anymore. |
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Personally I strongly believe in digital money, as I feel more comfortable trusting technology than people and banks. It is attractive for me that nobody can ban my transactions and I can send as much money as I want without reports about where I got the money from. Unfortunately, crypto is quite rare in my country, but I know that in some countries you can pay in crypto, so I hope that it will sweep the globe one day.
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Transaction fees are increasing when the activity is growing. The more people want to trade, the more you have to pay, so that your transaction is included in the block as soon as possible. Fortunately, BSC works on Proof-Of-Stake, so fees are still smaller than 1$ and even when daily trading volume on BSC is much higher than on Ethereum, Binance Smart Chain is still cheaper.
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Surely all of you heard about the famous hack that happened for the poly network (600m$) and first i thought that its the polygon network
But what happened exactly is that 3 transaction from 3 deference blokchains was made by the hacker so can someone explain to me what is the poly network exactly?
I have investigated this hack, so I will explain to you. In simple words, polynetwork is like a big bridge for different blockchain. It connects BTC, Ethereum, BSC, Heco, Neo, Ontology etc. This hacker called a special method in the smart-contract’s bridge that added his wallet to the owner of storage, he made himself an relayer, so he got access to all assets. |
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What's going with gas fees? After the London fork, the gas fees only went up. They raised gas limit, and the blocks are half empty, even 5% - 15% filled, but gas fees are through the roof! It's not about limited capacity right now, yet it's very expensive. What is reason for that?
And what is minimum gasused multiplier?
Transaction fees completely depend on users' activity, so I can say that on some days, for example, on Fridays, fees are usually the lowest. I strongly believe that when Ethereum switches to Proof-Of-Stake, fees will not be so huge as validators will not have such big commissions like miners now. To track current transaction fees you can go on the web-site etherscan. Now the minimum gas is 80 gwei which is about 5,2$. |
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- Affordable development and transaction costs.
If you look for affordable transaction fees you should pay attention to layer 2 and different side-chains. The cheapest and the most popular sidechain today is Polygon, so you can try this platform.
- Its price must not change very fast, stable as much as possible.
As for the native token of platform, I haven’t heard about stable currencies for blockchain, so now there is no solution for this kind of problem I think, as Ethereum, BNB, Matic, DOT-all of them are not stable. |
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I am not sure if authorities might put up with Bitcoin to become a legal currency. They are used to controlling all spheres of people lifes, including finances. But in case with Bitcoin they can’t ban transactions, they will not know why you send such amounts of money. If you use some platforms for privacy they are unlikely to know who you are, so I am not sure if it is possible for Bitcoin to replace fiat in the nearest future.
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I am glad to hear that working businesses are starting to accept Bitcoin as payment. There are only two problems that prevent Bitcoin from sweeping the globe. First of all, its volatility, so you can’t set the fixed price, as bitcoin’s price is constantly changing. Secondly,the speed of transactions. If you are an online shop, it is not a big problem, but in case of payment offline, bitcoin can’t be used because of its slowness.
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Bitcoin is “back in bull market territory”but traders warn that a retest of underlying support levels is bound to occur soon. There was widespread celebration across the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) back above $50,000 triggered a resurgence of calls for the top cryptocurrency to reach $100,000 before the end of 2021. Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullish momentum that lifted the price of BTC to an intraday high at $50,514 began to wane as the day progressed at currently the price trades slightly above $49,0. https://cointelegraph.com/news/here-s-what-traders-expect-now-that-bitcoin-price-rallied-back-to-50k?utm_source=thecryptoappInterestingly, I come across some post on having invested long time ago prior to this stage Bitcoin has become, I made a comment that it's never too late to do so even now, the more Bitcoin progresses the further some go in it, while considering the most important factor of taking the risk, the entire Bitcoin community is on a smiling face both investors and traders, but for new investors it is advisable to pause and study, as it approaches $50,000 Base on my own predictable analysis, if it reaches anything above 50, then the tendency to reach 60 to 100 within a short or long run is visible. Investing is a game of prediction, if it turn high you gain and if low you loose, but those that venture into it carefully understand the strategy behind it to increase. You are right that for those who are willing to wait for several years, even 60 000$ is not a limit. According to some analytics, the fundamental value of Bitcoin is 200 000$, so I am going to hold it for at least 5 or 10 years. What comes to 50 000$, this price is possible even in the nearest days. Another question is if people will sell off their Bitcoin on this level or not, but anyway, I am going to continue holding |
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You are absolutely right, not all altcoins are reliable and can survive the fall. It is a common thing that when Bitcoin is growing, almost all altcoins are growing as well, they are likely to grow even more, but some altcoins that are not popular anymore because of weak marketing campaign or uselessness, will die out and you will be left with the pile of useless coins, so be careful when investing in alternatives for the long term.
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I hope sooner or later there will be a growth in market ,keep on patience because in crypto we can expect good possibilities to earn profit. This will be a good momentum of crypto so just keep involving here.
Nowadays almost everyone has returned to cryptocurrency and is involved in it, because a good opportunity is never born twice if everyone does not take advantage of the opportunity that is in front of his eyes at this time. You are right that many people who gave up the crypto market after the bull run in 2017, came back in 2021. Especially concerning that there are so many new things on this market today. You can not only buy and sell crypto currencies. You can also invest in defi-projects, play NFT-games, buy digital art, trade on futures, etc. Also there are many newbies who also want to be involved in this industry. |
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