It's not doubt that Bitcoin is best for retirement but I won't gamble my future with just Bitcoin only, that's too risky, Bitcoin is no doubt the best digital currency but when we are talking about retirement plans it should not be the only plan you have, we don't know what the future of Bitcoin will look like and I am not ready to gamble on that, instead you have to be prepared for any possibility, nothing in this world is guaranteed and just because Bitcoin is the best doesn't make the risks gone forever.
You have a point there. After all, bitcoin is a very new asset and still not widely accepted, so there is still a lot of risk, and it would be a bad idea to bet our future entirely on bitcoin. I bet people are blind to bitcoin profits, and people always assume that bitcoin is the best, and they forget that everything is risky, bitcoin is no exception. I will diversify my assets to secure my future, I don't want to be a homeless old man when I put all my faith in bitcoin. |
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Bitcoin may become significantly less volatile in the future when its price rises well. This does not mean that its price will no longer rise, it will continue to rise, but this will happen without big fluctuations, there will not be a strong increase and a strong fall.
If, at the same time, bitcoin is not interesting for investors for speculation, then it may become interesting as a means of payment, and I will be very happy about this. But I think that many investors will still buy bitcoin because it will be a stable asset that will grow and save money from inflation.
But why will it become stable in the future? People won't just stop trading it. More people will invest in it, more people will short it etc. And I don't see that this trend will change any time soon. That's why I don't see bitcoin as a payment method in the future. The cryptocurrency market will become uninteresting for investors if it is relatively stable in its price. But this cannot happen, because due to its decentralized nature and the unregulated nature of this market, prices will always change almost every second and no one will be able to stop this process. Bitcoin and other cryptocurrencies will always have high price volatility and this is what sets the crypto market apart from other markets. Stability here means that as bitcoin gets bigger and the market is regulated, it will be stable and less volatile, like the stock market. One more thing that I see many people are still confused about is that the crypto industry is not decentralized, only bitcoin is the only decentralized currency. All altcoins are centralized and are not too difficult for the government to manage. Many governments have drafted regulations for cryptocurrencies, I believe that in the near future, we will face many difficulties that governments cause. |
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A friend of mine once told me that I can become very by investing in bitcoin and cryptocurrency.
According to him,he said some crypto analyst and experts have long predicted that bitcoin has the largest transfer of wealth and affluent
The world has ever seen and that most of them that are investing in it will be the ones to be rewarded.
I'm certainly not convinced about this information that he gave to me...I want better ideas and enlightenment on why I should buy bitcoin.I need help please!
I advise you, you do not to invest in bitcoin because you already know about it, but you have not taken the time to do your own research and expect others to convince you. You better not invest in it, and it's not for you either. Given your personality, I bet if your investment loses, you will immediately blame the person who introduced you to bitcoin, and you will call bitcoin a scam. So, for your sake, don't invest in bitcoin, and that's my advice to you. |
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If we're talking about anonymity and decentralization and being used as a currency then yes, those ideas are really dying.
KYC and centralized platform not to mention that cryptocurrency are only being seen and used as an investment tool are the main factor why those ideas are dying, but we couldn't really blame them, people would use centralized platform and do the KYC to secure their money and with the price being volatile people would use that opportunity to earn.
Let's say the idea of making bitcoin into currency is dead, but you and the OP need to agree with me when bitcoin became an investment, it brought wealth to many, changed their lives, and many other benefits to us. That shows that even if bitcoin is not used as initially intended, but it has succeeded in helping us a lot. I believe that when it becomes an investment, it will bring more benefits as a currency. |
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In my own opinion I feel nobody wants to be poor or remain poor, cause they're many opportunities out there to get wealthy it's either they refuse to take those opportunities or they're too lazy to work or are comfortable with the way they're.
There's no excuse for being poor, cause like I said, they're many opportunities but taking them is the thing, laziness is one of the key factors to poverty.
Laziness is one of the reasons many people remain poor, but it's not the only reason. And those living in a country ravaged by war, corrupt government, and devalued currency...For those people, no matter how hard they try, they can never get out of poverty. I mean, the living environment will also determine most of your life, there is nothing you can do if you are living in countries with such a bad government. Poverty is really terrible, and no one wants to be poor, but many people have no choice. |
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I live in a province so the COVID-19 was not that bad here. The food is not a problem, since we have a garden that has fruits and veggies, we even have chickens. The very important lesson I learned way back covid-19 was to save money as much as possible just in case of emergency. Eat healthy foods, exercise, and have a healthy lifestyle.
It's been a long journey but we all successfully passed that problem, thanks to God. Let's just hope there's no pandemic coming next anymore.
My family and neighbors are just like you, we don't have food problems because we are self-sufficient, we just have financial difficulties because our work and business are completely closed. We are much better than in densely populated urban areas where I heard they don't even have instant noodles to eat. Thinking back on what happened is really bad and heartbreaking, but it's all over, and that's a lesson for us because there's no guarantee that there won't be another pandemic in the future. Always prepare everything carefully, don't be too subjective. This is true, in rural areas with low population density and mainly farmers, the spread of disease is not as severe as in densely populated cities, and food self-sufficiency in the countryside has a long tradition, so they will have less difficulties during the epidemic season. I am a person who has to go to the city to work and earn a living, and during the pandemic, I needed the help of my family in the countryside to send food and living needs. |
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~snip~
But in truth, every effort we make is not as easy as what we say. which in essence, before we got involved in a side business. at least, first identify what we are going to do. learn, before actually getting involved in it. because if one step is not only our side business that fails, but it can have an impact on our main job. it is no different when we are going to invest in crypto or other investments. before plunging and getting involved in it, what we need to do beforehand is get to know it first by studying it.
That is normal because no one is born intelligent and talented without learning. If you want to do many things and want to make a lot of money, you need to take the time to plan, learn the relevant knowledge and mentally prepare for the difficulties you face. You can't think of it as just a side job, and you won't need to learn or take any risks and still make money. Money is hard to come by these days, and we need to trade time and effort to get it. |
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I think the biggest factor that makes it difficult for money to come at this time is the world's sluggish economic conditions, when economic conditions are sluggish it will disrupt the circulation of money, many people hold back money so that it makes business or work difficult, this is what makes us have to look for alternative source of income.
Yeah since inflation is really high recently many people withdraw their money from banks and end up buying gold for saving their money value. Also, many businesses go down too since they can't pay worker salary and not generating enough capital to buy other raw materials to keep production go on. I agree if we should looking alternative source of income since there are lots of oppourtinity in the internet. For me, money has never been easy to earn, and even harder in this inflationary period. If we want money, we need to work, and when inflation is higher, we have to work harder. It is only then that we will be able to sustain ourselves and our families. We can't expect the government or someone to bring us money, and we don't have to do anything. If we know money is hard to come by, instead of whining, let's find another way to make money. |
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Is it possible to have a bull run for the next couple of years? I mean more people and companies start using bitcoin often and knowing there's a limited supply of it, the demand for the crypto will go up eventually. Do you think it's possible considering inflation and our global economy today? I know its a very volatile asset but what do you think?
of course there is. not only me, many people believe that in 2024 when the bitcoin halving will be a bull run momentum and it is predicted that at that time the price of Bitcoin could pass its ATH. you don't need to worry that there won't be a bull run in the next few years, because it will definitely happen. The point is you are sure and keep holding your bitcoins and if you can continue to increase the number of your holdings, your investment will surely bear sweet fruit. If what the OP and everyone are discussing is just a regular bull run, I think it's almost inevitable. Many people will tell me nothing is certain in this market, but that is my optimism as I rely on what bitcoin has shown us historically. But what about predicting a super cycle, an unprecedented bull run? I also believe it will happen if the world economy enters a new growth phase after the inflationary period. |
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Other altcoins are created for the purpose of getting the attention of bitcoin holders and they created some coins that are way too good than bitcoins in terms of their advancement, from the fast transaction to even lower payment for transaction fees, but there is only one thing that they cannot beat bitcoin, its decentralization. they failed to do so and they cannot do such a thing because if they sat unanimously, the mass won't gonna recognize their project and they will end up getting bankrupt because no one wanted to invest in them. that's why they choose their coins to be centralized even though they cannot beat bitcoins, they are getting some investors somehow.
Apart from decentralization is bitcoin's biggest advantage that no other altcoin can beat it. I think the altcoin market is not really a technology focused market they are focused on selling tokens and making money. So when they make enough money, they will find a way to give it up, and knock it down to rebuild newer games. We can easily see the mass collapse of altcoins every time bear season comes. While bitcoin was created, focusing entirely on technology to create a solution that frees us from dependence on Fiat. That's a huge difference between the two. |
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When I was a newbie, I also spent a lot of time looking for groups of supposed whales because I thought that if I could rely on them, I can easily make money without having to do anything. But after losing my money and realizing that I not only got scammed but also wasted a lot of my time. I don't know if any of these groups are whale signals but from my experience. I dare say, there is no such group on the market, full of scams and scams, nothing more and nothing less.
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Without a doubt I want to buy more and will continue in doing so. I actually do a monthly DCA on bitcoin and some altcoins and I already bought some for this month but it is indeed tempting to buy more for this month due to its current price which is still down and haven't recovered back to $30k. I think bitcoin is coming back to $30k next month.
By the way OP, you are in a trading board just in case you meant to hold long term. Anyways, if you are trader it's also good to buy especially bitcoin and then maybe sell it in the next upward swing, say $30k.
I also like DCA but not monthly like you, I buy whenever I have money to invest. But I'm not too bothered about the bitcoin price in the short term, especially during the bear season. I mean as long as its price stays below ATH, I will still buy without thinking. As you said, what will you do if the bitcoin price crosses $30k next month? Will you stop buying? Because I think $30k is still a low price and profitable if your target is next bull season, or it will be $100k, as many are waiting. |
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Even though the current price looks difficult to increase but I'm optimistic that in 2023 the price can reach at least $ 40k, we'll see if this week it can reach another $ 30k then it's likely that $ 40k will occur in June, then decrease again, and this is a great motivation good for us to keep buying.
I also believe bitcoin can hit $40k this year, that's not too hard for bitcoin. But I'm more interested in when bitcoin hits $40k, will it keep going up until the halving happens, or will it correct deeper and maybe go back to $20k? When I looked at the 2018 cycle chart, bitcoin also had a period of recovery after bottoming out at 3k, but then it also dropped back down to 5k before the halving. If history repeats itself, chances are we still have another significant decline. |
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Well, there nothing wrong showing your friend what you're into, but you know bitcoin investment is highly risky, I have made the same mistake of telling my friend to invest and when he loss his money, it seem to him as if am responsible for his loss or am indirectly aware how his money went to loss. So my kindy advise when telling people about bitcoin tell them to take enough time to learn first, when they learn and be satisfied to invest, at that point you're no longer responsible because the person knows what is fully involved.
I fully support you. Instead of giving someone advice or forcing them to make a hasty investment, we recommend they take the time to learn everything before making a final decision. With that, not only do we no longer have to bear the responsibility and worry for them, but they are also more secure with their choices because once they have knowledge, their beliefs are very solid. And as we all know, trust is very important when investing in bitcoin, a relatively new and volatile asset. Most of the people who lose when investing in bitcoin lack knowledge and don't have enough faith in bitcoin. |
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The question goes...
What happens when there are no volatility and the currency no longer serves as an asset but solely as a currency. Would there be more of a dependability at that point?
Would all that interests us of the currency die down or we would become as enthusiast as always.
I can't say!
Good question. I Guess, and I hope that volatility of Bitcoin will be here for many years. Market is still very small to be stable and therefore any larger movement will be reflected in the price. You don't have to get your hopes up about bitcoin, I'm pretty sure that as long as bitcoin is around, its volatility will never go away. But that volatility is diminishing. Years ago, we could see bitcoins could yield thousands of percent returns, but today bitcoin capitalization is getting bigger, and profits are shrinking. So we should take advantage of this moment to get maximum profit. |
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History shows us that after the halving happens, a bull market will come, and bitcoin will create a new ATH. But that is history, and there is no guarantee that it will repeat in the future. It's all speculation, no one can be sure about it. If things were going too easy, many people would be willing to sell all their assets to invest in bitcoin, not just take out a small loan to invest.
Borrowing money to invest is not impossible, but you should calculate carefully and consider the worst-case scenario in which the investment fails. In that case, if you can still complete your loan with other sources of income then you can borrow.
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It's normal if we invest and profit then we will look like addiction, many people think that investing is like gambling, but actually gambling and investing are different things, if we gamble then there is a chance of losing and losing all the money, but when we invest and the price is down but we can be patient to hold then there is still a chance to profit again.
But there is also no 100% guarantee that when you invest in a bear market and hold, you will make a profit. Everything is risky, just more or less, and you don't have a crystal ball to know about the future, so don't be sure of anything. If talking about addiction, once addicted, it can never be called good. Addiction is a disease that harms us, so whether it's investment addiction, work addiction, study addiction...In general, once the limit is exceeded and affects health and society, it is not good. |
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What we have to face is reality or real life that has been determined by God. Indeed, sometimes we want a mate or marry a rich person, and in any form of wealth. But the reality is not as expected because God knows what is best for us and there is also a process that must be passed to become rich, and only stupid and lazy people hope to marry a fiat or crypto rich person.
marry a partner who is willing to accept us as we are under any circumstances because wealth or wealth can be sought after that, and most importantly have the determination to try, work hard and be patient in living it. And if there is talk, nowadays no one wants to marry a rich woman or man, that is very stupid and pessimistic. Because these words will keep people looking, and when they do you will feel slighted and that doesn't guarantee your happiness.
So, marrying the right person and God's choice is the best and it doesn't matter whether he is rich or poor, the most important thing is happiness. And wealth can be sought. In fact, marriage is a field of fortune and most importantly have the enthusiasm to pick it up with effort and hard work.
If talking about God's arrangement, there is no dispute here because God has arranged each person, and we do not have the right to choose. But if you ask someone, modern women, I believe 99% of people would rather marry a rich man than a poor man. You want to use the iPhone, have a house, want a car… all other people have the same needs and desires as you. But like you said, God has already arranged it, we can't change anything. |
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What is your advice?
I think investing in cryptocurrencies should not take a loan at all. Because cryptocurrency markets fluctuate widely and it can result in profit or loss if invested at any given time. And if there is a risk of losing money later if you invest by borrowing, then you will end up with a lot of debt towards life in the future. So my idea is to invest without taking a loan and save a small amount from your earnings to invest later. Such investment should be done only then one can expect good things in future. I don't think at all to invest using borrowed money, because the risk that will be taken will be 2 times bigger. I'd rather be late to save money first than have to rush using borrowed money. We have to return the money we borrowed, and at the same time we have to control our emotions when investing. Obviously investing requires patience, and if we are impatient it will frustrate us. Don't be too hasty when we are going to invest, we have to really consider all aspects, especially when it comes to money, we know money is a sensitive thing. What about people with stable incomes? Can they borrow money to invest? I mean, let's say we are in a bear season, and that is considered the best time to invest because the risk is also lower and the profit potential is higher. But for some reason, they couldn't have enough money to invest at that time and decided to borrow money in this case was a mistake? For someone who has a stable job, a stable income, and can pay off debt with his salary, I think borrowing money to invest is possible. |
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A million dollars is no small amount, and this is a superfluous question. Even if you ask financial experts, and financial advisors, will they choose 1 million or continue pursuing their financial career? I bet all would choose money over anything. You should remember that what is our ultimate goal. We go to school, work, invest...Do we want to make much money? So why not choose money and then you will have all you want because money can buy everything in today's world.
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