New entrepreneurs have very little knowledge about business and lack of a proper business plan is one of the reasons why small businesses fail. If you don't know who or who will be the customers of your business whether the location of the business is right how the competitors are doing business etc you have to face losses. Also an entrepreneur cannot succeed without a specific goal objective or direction. An entrepreneur must have a strategic vision there are many strategies to consider in business. He has to move forward with his specific goals by understanding the surrounding business environment. A businessman can be successful in life if he proceeds with the right experience.
Well to be fair, there's still a lot of people who have planned a lot of things even the back up capital things, location and target audience things still they haven't managed to success. Point is not all things are going according to the plan so it's either you have plan A and plan B, if its still doesn't work for sure it's either not in demand business where customer doesn't buy it. As you said businessman can be successful if he proceeds with the right experience, so those failures can be either work as a lesson or just experience for your business journey. If you take those failures as a lesson to growth for your business for sure you would point out the things that hinder your success. And I agree that if a businessman doesn't even have a goal and have a just go with the flow mindset will be having a hard time to succeed as they don't look at the brighter side and the potential of their business. |
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Of course star players has a big impact to the outcome and the result of the game. Even them existing in the game would greatly affects anyone's gameplay in the field in any other sports game. I just remembered the game of FIBA in the Philippines where Jordan Clarkson is being part of the team, it boosts the team knowing the fact that they have JC as part of their lineup. It's just having also a bad coach and how they handle the situation of the game is really poor so I still guess that even having a good players but if they handle the rotation poorly it will have a negative impact. Cause when JC got fouled out the team falls for the last quarter drastically it's like losing the core of the team. Star players could be consider as a threat by their opponent by just existing or their team mates as a core.
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Bitcoin might be a reliable currency for us users but if it's for the country or the government, they would see it as a threat due to it might surpass the fiat currencies that might affect the economy. And if they welcome Bitcoin for sure they would have a hard time to handle it since its "decentralized" they don't the power to control it and manipulate it unlike some currencies. I think being centralized by the bank its still a must for them to have trace and information for people especially to the one who's doing illegal sht. Cause if we were gonna use a decentralized system in the economy, for sure it would cause chaos as they don't have any rules and law that peoples follow.
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Precisely same thing happened here in India few years ago with the Reserve Bank Of India's (RBI) banking ban. Symptoms and effects were similar to what you mentioned however adoption was thwarted a lot — trading volumes dropped heavily, some exchanges closed the doors, individuals migrated overseas to crypto-friendly jurisdictions like UAE. Later ban was lifted but with heavy tax imposed.
During the duration of ban, we saw rise in P2P exchanges but it also caused increase in scams, having no proper regulation in place it was hard to fight against scammers.
In one type of P2P scam in which I was victim of, you create a sell transaction, scammer sends you money, you confirm that you received the money— only to have the scammer initiate a chargeback. Now, If you were to report this transaction as crypto-related to your bank, they would hold you responsible for the incident since it was crypto-related and they are not supposed to deal with crypto-people as ordered by central bank and will happily opt to close your bank account instead of doing something about scammer.
It wasn't a blessing at all here.
Scammers would literally anything to take advantage of the people in any situation. They are actually smart for that knowing the fact that banks can't do anything about the money losses involved in crypto since it's decentralized. It's like in my case where I tried to open another bank account and they asked me what's my source of income with a huge amount of money to be save in the bank, and I told them crypto which they didn't accept. This ban is literally not a blessing as it gives more people hassle to explore and find alternative just like the P2P. Even if we say that we could do like VPN thing but some connections are not compatible in other signals. Government literally see it as a threat so they are not welcoming crypto industry. |
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I mean if your really interested on investing on Bitcoin just do it and start your journey already, what you can do is dollar cost average to lower your risk and at the same time you could just invest the money that you want weekly or monthly.
Well, with such reflections only in a positive direction, nothing will work. There are an incredible number of variables to consider in this equation. For example, a total ban on all transactions with cryptocurrencies in the country. How then to act, so as not to end up behind bars? Do you have an answer to this question? It would be so easy, but no. In addition, in my state, a tax is levied on the possession of such assets, but it cannot be used as a means of payment. Well, why do I care? Some country really banned crypto due to mining that has an impact to the economy and to the environment as well. But if the case that wouldn't reach that far like going to jail then it's worth a try. I have read here that in the China crypto were banned like the IP address but still most of them are still usign crypto as source of income via what? Of course the VPN thing. Only problem is when they tried to cash out a huge amount from crypto for sure they would be asked where it came from and they would asked them for a proof like a salary income which I have experienced in the bank. But I wouldn't risk myself using crypto in a country that prohibited it depends on the case like behind the bars sht. |
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We can learn a lot from an environment of various people to gain new experiences that will be useful for us. From there, we can also learn to continue to increase strong self-control so that we will not be affected by the temptations of gambling. We can also avoid using a lot of money, preventing us from becoming gambling addicts like the people in our environment. But maybe the point of gambling is that the government can get more tax money to support the country's economy, especially if the casino is in a certain city. But perhaps people feel that gambling does not benefit them because it only adds to problems, especially making many people addicted to gambling.
Gambling is one of the tax generators of a country among all the other businesses that pay taxes as well. It contributes to the economy of a country specifically those places that have a couple good casino establishments that are also being used as tourist spot and must-go-to places of the travelers. One good example is Las Vegas in Nevada that caters so many gambling spots for the tourists and even the locals. Regarding learning from other people's environment, yes, I agree that that is one of the good ways to understand something without deeply exploring on your own. That way, you can save yourself from the troubles that others have gone through because you knew it from their experience first-hand. Exactly. My thought about gambling casino is mostly their target customer are the elite ones or the rich to play so the money could circulate back into the economy. Due to most casinos here in my place are mostly placed in a pricey places. Of course anyone's free to play and also gambling has already helped a lot of people from winning if they loss they could take it as a lesson which is a win-win situation. Also from my experience, it could also gives you connection to other people as well, having fun and good game with other people causes you to interact with them and having a conversation. Now I know someone in the higher up that can assist me whenever I'll try to take care of important papers. |
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For people like us who still struggles to invest money on Bitcoin I want to know if one day, 1 sat can ever cost as much as 1 cent? Is this possible? Sorry I can't afford to dollar cost into Bitcoin like everyone else, it's very hard for me, all I need is hope.
I can only afford to invest into Bitcoin once in two month and that's not every with big money, you should understand my situation, I am too shamed to call a number.
Is there any hope for small Bitcoin buyers like myself? Can 1Sat ever be 1 Cent one day?
If that might happen then for sure it would take a long of time before it reached that value since it might impossible right now. But as you said, you could do invest in Bitcoin every 2 months which is actually good because there's no late and you don't have to rush your money into investment since we all have priorities that we need to sustain like our essential needs. No need to be ashamed if you're just starting in investment just take your time. Don't lose hope and I hope you're being positive with an action as well like having a budget plan, having a side hustle or job so you can have extra payment and by that you could invest more in BTC. |
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Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now? Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?
It is our main hope that Bitcoin can be accepted as a means of payment everywhere. but this will not be easy to do. Maybe one day everything will change and Bitcoin will be accepted, but I don't know when. Because after all, it is still struggling right now, Bitcoin is still struggling to be accepted in all places and everyone in the world, even if only as an investment tool or trading activity. However, Bitcoin still has a long way to go and still stretches wide. It's a matter of time. Maybe it won't be easy, but it's not impossible. Maybe not 100%, but at least a large part of it. I agree it will take a long time for bitcoin to be used as a means of payment. The use of bitcoin is more popular in the online world and because of its decentralization nobody controls it so bitcoin is illegal in many countries around the world and many people do not know how to use it as a means of payment. Better to invest in bitcoin as technology and financial systems change, the use of cryptocurrencies will continue to grow and evolve. Individuals should carefully consider the risks and benefits of investing in cryptocurrencies. It's volatility is also one of the factor that causes Bitcoin to be used as mode of payment. Due to its value changes from time to time, people tend to take advantage of that situation making Bitcoin much suitable for investment but we all know that Bitcoin were made to become an alternate currency. It's decentralized feature is not the only reason why most of the country banned it, since it's also consider as a threat to their currency that might cause chaos to the current economic status. Of course in a country if they having a hard time to manipulate something they wouldn't allowed it. With that reason, no involve government is equals to no tax involve to any transactions that why people also loves crypto. |
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Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.
Most of the people who started in trading most likely also experienced that kind of thing, for me it wasn't really permanently changed or cured when you feel FOMO. Cause you will always feel that when people around you are hyping on other coins which you really don't have any idea and knowledge about it. You will just control and resist the feeling which in the long run you'll get used to it like it's part of your life in trading cause FOMO is always around in the crypto industry. You can't just take any hyped coins just focus on one where you have accumulate knowledge so when you do trade you'll feel much safer than a hyped one. It's like the heart vs the brain because your heart will say that people are gaining on that one coin but you will use your brain to handle the situation. |
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What is the one behaviour you noticed in a gambler and you dislike it? You don't need to have a reason for disliking it but you just do.
As for me I dislike when gamblers complain of their losses, meanwhile you hear them complain when they are getting winnings.
What about you, what do you dislike ?
This is the most thing I hated when people are gambling, when they have loss a lot of money then they will put the burden and be angry to anyone in their surroundings which is really bothering and uncomfortable. I have experienced this to my grandmother and to other people as well. When I just got home from school and tried to talk to her then she suddenly gave me an attitude which is really confusing for me as a kid, then later on my mother told me that she lost a lot in bingo. And from others scenario is when I went with my grandma to play bingo which she teaches me for fun (she's in the mood cause she won). Then suddenly the other grandma scolded her grandkids trying to slap them cause she's irritated? I mean if you can't handle losses in gamblign just don't play it. I understand that older people this is their way of their fun but when they are trying to be violent and verbal which I think is really unreasonable even for some people like throwing tantrums like dang. |
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The dip is the right time to invest in Bitcoin. We should always buy when there is a bear market. Bear market is the best time to buy Bitcoin. Because after a bear market, a bull market actually increases in value much more than before. However, Bitcoin is currently in a bear market, as its price has been around 30k for a long time and is slowly falling. Its price is down -5.5% in 24 hours and down -0.5% in last 1 week. And when this bear market ends, the bull market that will come will price it around 40k to 50k. So now is the best time to invest in Bitcoin.
Sure, bear market is the right time to buy Bitcoin as many as possible. During the bear market, the price of Bitcoin will be cheap enough, it will be quite far from its ATH. We can imagine if Bitcoin reaches again the ATH or make a new ATH, we will have a chance to gain big profits. However, we mustn't invest all our capital to Bitcoin, we must diversify assets. Bitcoin is always a high risk investment, we don't rely on the Bitcoin only. Although Bitcoin is very possible to return to $30k or $40k or even $60k+, there is no exact time when it will happen. We must use secure money for Bitcoin investment because it is a long time holding and no exact time for taking profits. You can divide your investment into 50/25/25 or 50/10/10/10/10 where 50% of your investment would go to Bitcoin of course since it's the most known decentralized coins that really have a huge potential in the future and the rest could go straight to the alternative coins. Some would say it would be a waste of time to put some investment into other coins, but it's much better to not rely on a single coin. Profit is still a profit if your alt coins profited then that's good. If you want to assure your funds just take the capital investment then the rest of the profit just hodl it or take the profit and invest it again in Bitcoin simple as that. Still it would be better for people to have options and plan whenever the outcome didn't results as they expected. |
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For me, I would rather save my funds into fiat USD since it's one of the known currency in the world and for my own reason, my mother in law is working at a money changer so whenever she wants to save money, she converts it to USD and save it. Sadly there's a few banks that are open to foreign currency as investment so the funds could work and still running. If it's on digital, I still save my money into USDT so whenever I want to buy it would be easier to buy whenever I want to invest in Bitcoin. I just don't trust my funds into centralized altcoins maybe Bitcoin would do but the high volatility of those coins could just cause your funds to be more on loss rather than to save. Just invest it in Bitcoin or any other investment such as gold, but if its about the two choices? USD all the way it has been proven for a many years.
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I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO
Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.
Bitcoin price is not really a constraint on global bitcoin adoption. But the problem of bitcoin being too high is an obstacle for many new investors. They have the misconception that the price of bitcoin has risen too high and investing in it is no longer profitable. So, they turned to investing in shitcoin and suffered unnecessary losses. But this happens not only to new investors but even old investors, I know a lot of people who are investing in shitcoins hoping to get high returns but don't dare to admit it here. Knowing the price of Bitcoin by new investor trying to enter the market are the reason for them to be scared. Which is not actually since there's no late comers in Bitcoin as long as you hodl it and you can start slowly by investing at low investment first to test it out. Plus it's volatility is one of the factor, for sure if you are not yet fully experienced in this industry and not yet knowledgeable you would panicked with constantly changing value. But for now it's stabilizing since more people are starting to have diamond hands as few people selling their coin cause Bitcoin rely on supply and demand. Shtcoins, memecoins or altcoins could be actually a good investment for a quick-flip due to high volatility of the coins. There's nothing wrong in exploring and trying out new coins but don't expect too much on it cause it's not like BTC. |
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I don't remember exactly but 2017 itself was sideways for the early part in most alts before the ATH, and then 2018 also in between.
It's definitely true that volatility index is lower year by year though on BTC alone. Heck, bottom to ATH distance is smaller and smaller.
The volatility might differ based on the current trend and as we can see right now, its very volatile because we are on a downtrend. The market is getting more volatile actually and becoming more unpredictable, anything can happen and if you are not doing anything to address such volatility then you might lose the opportunity to make profit. This is beyond our control, what we can do is to make a strategy that can work with the volatile market. Exactly, that's the point of it's volatility we can't actually predict it since it's too random which already happened in the past. If you were trading for a long time for sure you would be aware of this kind of situation of the market. All we can do about it is to have a way to take advantage of it's current volatility cause it might be manipulated by some groups or institution that causes the huge changes in the market but for now they might be doing the same. As Bitcoin's known for it's potential for sure a lot of people are already holding their BTC which causes the market to stabilized for a long run because all of people might be doing all the same, waiting for the hype, trend or news that can change the current market. There's nothing we could do about it, situation really changes as time goes by. |
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I think the biggest reason why start up or small business fail is because the competition that very tight. even some big investors invest to a company and let the company spend their capital only for advertisement, promotion, discount and etc. even the company is not making any profit every single year but the company value or price in the stock market is rise. those investors gain profit from it. it create huge entry barrier for start up business that prevent them to get market share. fortunately expert said that this method is not work anymore. at least it is what happen in my country.
Competition surely plays a big role in business failure, especially when small-scale entrepreneurs face big companies that have more resources and already have a well-established name and status in the business industry. Moreover, these big companies are backed up by good investors which only adds to the challenge. Apart from that, capital is one of the obstacles where they are difficult to compete, when experiencing losses small entrepreneurs will find it difficult to rebuild because of the limited capital they have, it can also actually happen to large companies, but the difference is that they have enough capital to back up the losses they have and it affects the company in the future. If we pay attention, many small business people have to go out of business because they cannot bear all the losses. I believe that something that is built must also have preparations such as backup capital or something else, and what happens to small entrepreneurs is that they build a business without preparing it, or even they build a business with a lack of capital. That's actually a good point, if you attend some seminars on how to start in business I think they also include in the plan the backup capital in case there's a need in the business such as materials, wages for the staffs and rent. That's why it's important to invest with knowledge first before starting even a small business, you could do online webinars or seminars and there's already a lot of videos online that could help you to start a business. So once they've gain losses they will be having a hard time to recover due to they don't have a back up money. And also the thing even the fact you have the capital, but if you don't know how to handle it like just impulsively by materials to overpriced stores for sure that would be a big waste if your business did not gain attention to customer. Remember you could do your own trademark like some DIY things for your business because people loves to try new things. For sure once you've succeed there will be other people will copy your trademark and competition is on which can make your business boom! |
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Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret. You've got a good point, however, trends, candlesticks, and anything that indicates a possible price direction can somehow help you to decide or give you an idea when to buy and when to sell your bitcoin. Of course, the price always depend on the demand. Well, I agree about the guy you've quoted were obviously BS, because I can seldom hear someone even those who have been here for quite some time already that they have doubled or tripled their money "easily". Many people who started a long time ago in this industry are still learning everyday, cause even if you have gain knowledge and study it for months or years, if you don't know how to implement it there's no way that knowledge would be useful. And those charts, trends, candlestick thing literally have something to do it's price its like a manipulation. It's a fact that Bitcoin were based on supply and demand but some group and institution are using a huge capital to manipulate the market where people could take advantage from it. Some of them have a telegram group (which is not advisable since there's a lot of scammers roaming in TG) so they would give people a heads up that they would do something that can affect the current market. But yeah BS cause for how many years in this industry, doubling and tripling your money is not easy as it they say. |
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Even though its fantastic that Bitcoin worked out for you, your situation is not typical. Im glad your friend introduced you to Bitcoin and you saw exponential growth in your investments. However, implying that Bitcoin can transform everyone's life and linking it to material advantages is misleading.
First, the fact that it was a windfall for you in 2017 does not guarantee that it will be the same for an investor in 2022. The value of cryptocurrencies fluctuates frequently. Not everyone will have a rags-to-riches story like you. Second, measuring life's achievements in terms of vehicles, houses, and money is a dangerous precedent. What about spiritual development? Psychological well-being? Life is not only about material possessions.
Its wonderful that Bitcoin has provided you with a sense of purpose and a source of income. However, for every success story like yours, there are innumerable others who did not fare as well.
The statistics doesn't add up because when he started at 2017, he seems like still a beginner yet he manage to be financially in this year. It's good to be true but if OP's telling the truth then good for him cause a lot of people doesn't take the suggestion of their friends even telling them the benefits. And I really agree with you that anyone's achievement measured by material things is not a good thing. Cause it would reach to the point that you would look at other people achievements by their properties to material things. I have experienced the great benefit of Bitcoin as it gives me a source of money and it provided my essential needs for a long run. Sharing our experiences in the forum with Bitcoin is actually good as long as it's not from a made up story cause it will just FOMO more newbies. |
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Since August in my country, the price of food, especially food staples such as wheat, rice and others, has experienced a very high price increase. This was apparently caused by the ongoing drought. Which makes several areas of plantations and rice fields fail to harvest due to lack of availability of water to water the plants. And this makes food stocks in the market start to run low from time to time. And yes, the price hike ensued. Rice prices here have even increased by around 9-10 percent in the last month in my area. And I'm afraid the increase will continue. Because many residents are starting to talk that if the drought continues longer then it is feared that the increase will occur higher and faster. For farmers, it can be said that currently they are getting big profits because they can sell agricultural products at high prices. but for ordinary citizens who do not have agricultural land, the current food prices really make them tight.
The residents' economic sector has actually begun to recover and improve in the past few months. But because at this time there was another spike in prices again, it made the people around me start to complain again about the current economy.
But I was wondering if this only happened in my country or in your country too?
Here in the PH, even there's no drought season as long as there's a problem in the agriculture that affects the plants or even the farmer, government thinks increasing the prices of products will cover the problems. Which is not the solution, if they only provide the agriculture sector more materials, funds and technology that could help them to harvest easily. I'm not pointing this kind of issue but I just remember the running President that he would lessen the prices of the rice to $4 per kilo. Well seems like the prices doubled up now. This is the problem here, they can't add the salaries income for average workers but they could easily increase the prices of goods. Let's say not in the salary but the support like sack of rice to every people. They don't have the funds? Of course its on their wallet what do you expect to an corrupt governance. |
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I just thought of this, and I want you to view it from your own perspective. As everyone hopes that more people get to believe and use bitcoins, I think bitcoins can gain more new users on a large scale if anyone (whales ) can place their advert through a popular football club just as some companies do sponsor football league. I think this will send a strong message to billions of people across the world who do know but does not embrace Bitcoin usage.
Let me site another example, let's take for instance, a club announces that they will pay their players in BTC. This news can also help people adopt BTC.
Of course it would be a great idea for people to embrace Bitcoin as many more people would acquire it, the more demand it will it give to the market. Your idea is actually great but for sure in how many years Bitcoin's existence, for sure your idea were already have been made. Some also already implemented it like giving it as a prize to some public games for people to be aware to it. But let me tell you something, as a business man if you were to promote something without a return to you, would you advertise it? I mean if you were gonna promote something for sure they will give you something in return like cash or any benefits. Some of them doesn't even care about BTC despite it's potential since it's a decentralized system, they can't control it most of the people above love to be involved in something that could be manipulated or control. |
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Everyone wields different powers when it comes to business. Some say that cryptocurrency prices can be manipulated by wealthy individuals. Despite being decentralized, it seems that price movements can be controlled by specific entities.
So, in your opinion, can everything related to money in this world be manipulated? For instance, do you believe that the value of the USD or the largest stock market in the US can be manipulated by a few individuals?
What kind of people are capable of market manipulation?
A single person couldn't have a huge impact to the market if he tried to manipulate it even he put a large amount it wouldn't even a big changes in the market. Most of them are in groups, institute like the government and the elite people that can have a lot of capital to invest or dump in the market, most likely it would affect the market that's why people follow them in their social media accounts or having a telegram for them to take advantage whenever they started to call a dump or invest. Just like Elon trying to hype meme coins and people were also taking advantage by just investing on them. In my opinion, everything that related to the money can be manipulated but not all of them can be control just like Bitcoin since its decentralized that's why it's good thing to invest at it. |
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