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Altcoins are always trash even though it's where real money can be made at times, if you are smart you can make money from alts but know that they are all high risks investment, I won't advice against diversification, because I myself I am investing in alts and I am up x10 on few projects already, that's more than what I make from my Bitcoin portfolio.
For a beginner it's better to just invest on Bitcoin to avoid some stories that are not so good, because it takes extra efforts to know how to invest in other alternative digital currencies, you can still do pretty well in Bitcoin only.
The truth is having Bitcoin only is more than enough, you don't have to diversify in anything, I believe that only altcoin investors should take diversification very seriously, because you can't buy one alt and rely on it like Bitcoin, you need more than one, but with Bitcoin, you are good.
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The may have a impact but that's really not the reason why the market collapse, the thing that many don't know is either good or bad news, after every bull market there will always be a bear market, Volatility will always do it's thing, you could have say some about FTX, because I believe that's why we see low price at first, but like I always believe, all these things are meant to always happen.
The patience part is a good one, a necessity for every investor who want to be successful on the long run, but it's a shame that life isn't always fair for everyone, many won't be able to have patience because of the condition they are in right now.
Bitcoin investment on the long term base is only sweat if you have a good source of income, for someone who come from a bad economic country, even if they manage to spare a certain amount, their mind will always be on the investment, simply because they can't afford to lose the money they are risking.
It's really no good to start investing without having money or good source of income to watch everyday goes by with easy on the mind, the more money you make the better of an investor you will be.
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For everyone that compares the last halving cycle with the next can be wrong this time, I am not betting on this though but it's really something, last halving cycle we don't have ETF approval knocking this hard on the door, also the supply of Bitcoin is far more lower now compare to back then, things might not work out in the same way as 2020 this time.
For me, Bitcoin value don't always rise before the halving is complete and even after it's completed it doesn't surge right away, it takes some months after before price starts appreciating, but this time things can be different, Bitcoin can keep pushing even when the halving is close and also after the halving is completed.
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So I have heard a lot of people say this. Such that they are going to withdraw all of their money from the bank and buy BTC. And things like will sell their car and house and possessions and all that to buy btc. Many say they will do this and be all in with BTC so to speak.
First off, this doesn't make any sense. You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc. So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things? Like they still have at least 2k usd or 5k usd or 10k usd in the bank? Or for people with lot of money, well still at least 500k usd in the bank right etc?
Now say someone has 50k in the bank. Say their house is worth 500k and they sell that. Well if they do, let say they have around 525k in the bank after taxes for selling their house. That person owns nothing else. Well you going to have to rent an apartment since you need a place to stay. So how can this person even be all in with BTC then? I mean they surely will still have at least 50k in the bank still like previously right? But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc? So this person's net worth now in terms of btc to their cash would literally be like almost 90%. Isn't this very risky for someone who converts cash to crypto in terms of risk?
My money is all in BTC since 2022, leave feed and needs as there are ways to go about that, remember that not everyone has the same condition, some people have businesses that brings income every day and they use that to take good of their home, if I have not put all my money into BTC since last year and I let them sit in the bank account the value would have greatly reduced, but instead I am up more than a 100% of my money, the choice is yours and no one should say that it's a wrong choice. I choose BTC to escape massive inflation affecting my local currency and I believe that I did very well, yea some sold their cars and properties, the question you should be asking now is if it's favouring them, those who bought BTC even if it's their cars money @17k can afford more than one car today, everyone has their own level of risks, if they can risk their properties it doesn't mean that they can't afford to lose it, this is something that only concern you, asking yourself if you can afford to take such risks, if it's a no then it's good, but others can be able to afford it. |
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I hope buying $1000+ BTC isn't the end? Because price volatility is going to happen which can bring better buying opportunity, that's why DCA is better than going all in on Bitcoin.
Do not stop here, wait for some price correction, and DCA with small money from here and out, like $100 or $200, if you buy this BTC at $33,000 it's better than buying at $44,000 but it's better to have some Bitcoin right now than not having any at all.
Congrats on your first purchase and keep going hard on Bitcoin for long term, you are welcome to the HODL club.
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If you can afford it then it's good, some people can't even DCA that much into Bitcoin every month, the different is can you easily afford the money? There is no point killing yourself softly because you want to gather some Bitcoin, that's why having your own source of income is very important.
There was a time where all I can afford to invest in Bitcoin is $100 and this isn't every month, it's once in a while, maybe every three month, things was very tough at the time and I have no source of income which is why it was very hard.
I would prefer to invest money in Bitcoin than keeping it in the bank and that's why people like JP Morgan is not happy right now, saying that Bitcoin is used for funding terrorism while he was caught with many drugs and he was fine for it, just keep buying Bitcoin that you can afford, you will earn big for doing this.
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I am not surprised, if you have been around for years you should know that Binance and Kucoin exchange always delists coins and tokens from their platform and I believe that's because they lack enough trading volume, which shows that many investors are not buying them or trading them, this has nothing to do with CZ stepping down as the exchange CEO.
This have been going on for a long time and almost every crypto exchanges do it, either big or small, they delist less performing coins from their exchanges, some projects don't ever come back after a while, that's the problem with alternative cryptocurrencies, they can stop to active anytime, this is why they are high risk investments.
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Thanks for sharing, it's why I don't feel bad about the Bitcoin transaction fee anymore, I was at a point in time because I believe we keep having new adopters in the space and this can just turn them off.
But if Miners are happy then it's worth it, after all Bitcoin existence is not only about payment solution, it's also a good store of value, it can be treated as your digital gold and sooner or later Bitcoin will beat Gold.
It's a matter of choice, which one will you prefer to go for? Miners getting well paid and encourage to keep running their miners to make transaction on Bitcoin Network ongoing or cheaper transaction fee with miners not making profits? I choose to go with the first.
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Coming some a company that have broken the law too many times in the past and this company is one of the most law breaking company that I know, bravo, they nailed that very effectively.
Bitcoin is now looking like it will eradicate the banking sector but I don't see how banks wont still be needed anyway, they should just stop the hate already.
I am more bullish than ever for this coming from JP Morgan, maybe he is confused by the crazy queen Elizabeth who knows? You guys should be expecting more as Bitcoin value grows higher, I guess people like them don't expect the Bitcoin to make it this far, and their business is also threaten by the existence of Bitcoin, its so obvious.
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The only people that can stop this thing is the miners themselves, but I didn't see that happening because miners are in support as they are making money off the transactions, to them it's like a dream come true, because making more money is what makes miners to keep mining.
They will have to find a solution if they want, but right now I don't see any thing solving this, too much money already move into Ordinals and many will make a lot through it in the next bull market, it has the hype already and with the affection of value by price increase from Bitcoin, this is surely going to be the next thing people will invest their money into after Bitcoin.
I still don't like that I have to pay big to move my Bitcoin around but at this point what can I do about it? I choose Bitcoin as a good store of value, and I am fine with keeping my money in Bitcoin, for now, I also don't see this changing anytime in future, I guess we have to get used to the ups and down in the transaction fee just like the volatility in value as well.
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I can say that CZ leaving that position is a very bad news for me because I am so much of a fan, but honestly it doesn't shake anything at all, Bitcoin was right where it was when the new broke out, we all thought things will go bad for a while but it doesn't, so I can say with confidence that this whole Binance news isn't a bad one.
But yes it's true that Bad news in crypto space always get followed by good one and I am used to using every bad news to my own advantage, it's a shame that the Binance supposed bad news never affected the market, I was down with some USDT at the time to buy some more Bitcoin.
If you are smart in this space, you should always know that bad news is your entering point to buy more Bitcoin, unless it has no impact on the value of Bitcoin just like how the Binance own played out.
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There was a time where I do believe that having a computer gets you closer to Bitcoin, you have run a miner on that thing and also a Bitcoin wallet, today it's not possible anymore, only running a Bitcoin wallet is possible, but I don't joke with information online, very important if you are new to crypto.
See, the thing is if you don't have any use for that computer you are free to sell it for Bitcoin, but if you have some skills you can end up using that computer to make money and start buying Bitcoin with your computer still yours.
If I am just starting out, I will prefer to use that computer to learn a lot of ways to make money in crypto space, running a airdrop platform is far more easier on a computer than on PC, or creating a content, that computer have some good use but the choice is yours in the end.
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I don't have much to say to people asking me if they can start DCA right now, I think it's a sign that people are only interested in Bitcoin when the price is going up, like what have you been doing since 15,000+? There was enough time to have accumulate Bitcoin, but now I don't even know what to say.
Few friends of my friends are now calling me, asking if they can start buying now, I just told them the same, I don't know, buying now is far more complicated than buying at 15k or 17k, just do you, make your own decision, anyone who buys from this price will still make profit when Bitcoin hit a new all time high.
But I think it's better to wait for some correction, 48k have some strong resistance, and I believe Bitcoin will have to go down from there and start going side ways from 48k to 37k before a break out.
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I do hope that Bitcoin can go back down to 30k range because I am not done accumulating my target yet, and now that the transaction fee is even higher, I have to take up to every two weeks before I buy some more Bitcoin, but reading online that the Black Rock and others are pressing harder on SEC to approve the ETFs just seem like something that's finally happening.
I do hope that by early next year there will be a major pull back before the Bitcoin halving is over, I don't have any reason to feel any FOMO right now because the exact BullRun won't happen until few weeks or months after the Halving event, hopeful the price will keep going side ways for a while, it's too soon to see a new all time high from now into 2024.
If you feel like FOMo into Bitcoin you must be new to this space, unless something entirely new will happen this time around, I might be right or wrong, but I am hoping for the extra time to accumulate as many Bitcoin as I can get before the time runs out.
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Anything is possible in crypto, we can't say that 17k will be the final bottom, not until September of 2024, after the Bitcoin halving, another bottom can still happen and might not be like 17k again, but you will still be able to buy at better price compare to this present value.
I hate following what everyone is doing and right now it seems everyone has turned bullish, and that's the danger right there, most times the unexpected always turn up and it will caught people by surprise, I am happy that I bought some good amount of Bitcoin at 17k but that doesn't mean the bear market is over.
Timing the bottom is the most stupid thing you can do in crypto space, you will never know what is coming, that's why its smarter to be prepared for any possibility, I am not bearish and I am not bullish either, I am staying right in between, to take advantage of any opportunities that present itself.
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The crazy part is Bitcoin OGs still gets their bitcoin wallet compromised, there are many ways that something can go wrong and sometimes you can't turn around a mistake that's already written to happen to you, mind you we learn from it.
There have been few times that my crypto wallet got hacked or compromised and I can't help but wonder why, because I don't like free things online and I am not a fan of strangers sending PM to me on Telegram and social media, if you think you got everything covered and you can't make some stupid mistake well think again, anything can happen.
Still it's better to be cautious than to be careless, and that's why I decide to lower the chances of making my wallet get compromised again, and that's why I decide to go for a hardware wallet, something I should have done for many years back, just be careful with decisions you make.
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I am not here to discourage you, just take this as an advice, the biggest winners in crypto space are those who have better income stream or multiple income stream, they are able to DCA with very effective amount, every damn week and mind you, once Bitcoin hits a 100k these people will be the biggest ROI earners.
My advice is you should increase the amount you are using as it's too small to bring you any significant ROI when a new all time high is finally achieved, the problem that many investors have is enough amount for dollar cost averaging into Bitcoin.
Someone who can afford $5 per week into Bitcoin will not make what someone who can afford $50 per week onto Bitcoin, the higher the amount you DCA the better your ROI will be when the bull market is in a full adrenaline mode.
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Frankly speaking OP  its better you go back to Electrum wallet ASAP and create a new wallet and move all your assets from that Samsung wallet into the Electrum wallet, you have made a stupid decision already and I hope it's not too late. Either it's Samsung store or Iphone very own store, scammers do have quit good numbers of make believe Bitcoin and crypto wallets on there, waiting for someone who is careless to download and import their recovery seed, I just hope it's not too late already. There is no crypto wallet that's from Samsung mobile company, not a single one, the only one available was made for hardware wallet with galaxy block chain, it's like using OKX wallet or Metamask with your hardware wallet, but it doesn't require you to import your keys.  |
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Good advice but many won't take this so serious, for their own foolish reasons, some people will still argue with you that because crypto exchanges have proof of reserves it makes them reliable, they will willingly give up their Bitcoin for them because of this reason.
For anyone that practice this, you simply don't own any Bitcoin, I know someone who lost 70+ BTC to voyager, although we aren't very close, not friends but till today he is finding it very hard to get his life together still, if he trusted his bitcoin wallet maybe things would have been different.
Some lost their Bitcoin to Celsius too, and then FTX came around, the latest one on the list, still some people believe that third parties have the best in mind for their assets? Your Bitcoin that you purchased with your hard earned money isn't yours if you left them on any crypto exchange, period.
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I am not going to wait for 173k before I will start taking profits and I have my reasons for this plan, unless if ETFs approval really become a thing, if it doesn't then do no expect that price target or you will miss out big time when the market decide to go back down.
I am expecting some corrections from now on into the coming year but I still believe that 15k and 17k from the last dips will be the best buying time for Bitcoin in this cycle, those who failed to take actions already missed out.
If any bad news comes before the halving, which is possible because anything is possible in crypto space, then it will be welcomed by me, those who will panic will panic but it can never be me, I have been around bulls and bear markets, I refuse to be someone who doesn't know what a big opportunity looks like.
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