If you are a altcoin investor, do not keep all your eggs in one basket, if you believe in an altcoin, make sure it's not the only one, in fact, the more coins you have in your portfolio the lesser the risk, because not all the coins will go bad or get hacked, if one out of 5 or 10 become successful, 6x to , 10x or more, you've made back your ROI and still have some gains.
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Another lesson if you hold altcoins especially new altcoins or hyped altcoins is always take profit or set a goal of what price is your target. Don't marry your altcoins because the market is not always bull or up only, there are already a lot of market cycles from the past, cryptocurrency or non-cryptocurrency market, it's already given, it's not "up only" always. |
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What are the current challenges faced by the cryptocurrency industry, and how are they affecting the growth and adoption of Bitcoin?
(...) 1) Scams : A lot of people are doing scams related to bitcoin and crypto which has reduced the trust of people in crypto. Some people are still scared to use crypto because of fear of these scams. And this challenge made a huge effect on the cryptocurrency market. Like governments are being tough or strict with the cryptocurrency market. Because of this a lot of criminal activities use cryptocurrency. This is really tough for the cryptocurrency market because a lot of platforms are being affected especially centralized exchanges and some decentralized platforms. |
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I still have a lot of USDT in my wallet, I already have ROSE, NFTb, TRX, AXS. My question is any other altcoins that I have missed or should check out?
I am curious why you have don't any high market-cap altcoins in your bag. Just like Ethereum. I highly suggested that even if you have some mid to small-market cap altcoins, it's always better to hold high-market cap altcoins too just like Ethereum. Beside of that, I highly suggested too to track the price actions of your altcoins and have a target price in the future. |
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Many time i noticed when i sell bitcoin or altcoin sell since then price grow up and up. And when I buy bitcoin or altcoin then price low day by day. specialy, altcoin hold, sell and trade big loss. 4 years ago few coins i hold for future. now this coin price few value or most of coin value is zero. Few coin trade, there too big loss. past year in the case of 1 coin invest $1000, this coin price today zero.
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I can relate to this before. And this is the most lesson I am very amazed and adapted. It's simple, don't marry your altcoins, if you can notice most of the altcoins in the past are just temporary, and in most of the cycles there are new altcoins that are on the top or popping and after that, during a bear market, most of these altcoins vanished. Only a few are left on the top or in the game. I will rather be in Ethereum and Bitcoin than in other altcoins that are only here for hype. |
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Is there an actual, reliable way to exchange bitcoin for cash in hand? My best guess would be a P2P transaction in person, but that's quite unlikely.
There are a lot of exchanges right now that offer Peer-to-Peer (P2P) transactions but most of these exchanges require a KYC process. Since Localbitcoins is shutting down, there are few peer-to-peer (p2p) platforms now. You can also achieve P2P transactions from your local cryptocurrencies/Bitcoin community if there are some willing to do the transactions just be careful and verify the buyer/seller because for sure you will transact physicall here. |
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Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?
There are also some people are thinking that because there are already a lot of altcoins, they just invest in Bitcoin. And the reason is also that most of the altcoins are just following Bitcoin, and Bitcoin is the safer bet to all cryptocurrencies right now. I believe that there are only some people who are investing in some altcoins because they are thinking about huge ROI and believing their altcoins could multiply in just a short period of time which is somehow possible in some cases. |
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I can't consider that we are already in the bull run since December 2022. For me, there's no confirmation at all. What we experienced could be a pullback only from what happened last year about issues on different centralized exchanges like FTX Exchange and Luna collapse.
I am not against of bull market, but on what we are right now, I am still not convinced that we are already in a bull market because I have my own indicator based on the previous price history of Bitcoin.
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For OP, if you are on Youtube, you need to find a good youtube channel that will help you focus on trading. Avoid channels that shill some random altcoins, do find teaching lessons channels. Here are the Youtube channels I can suggest to you: TechnicalRoundup CryptoCredThese channels are somehow connected but there lessons are different, most are on technical analysis, and it is very newbie friendly, there are a lot of videos for different topics on trading and sometimes they are doing live videos on the channel and or you can replay their live video later on. |
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The market has had swings during February, but I believe this is not bad sign for bitcoin as basically the price is just looking for new support before going high. I think correction is needed as that would only provide good opportunities to buy some, and now is the real time to take advantage. I'm trying to get some optimism about the February move, but some FUD have affected the interest of traders and investors I think. Investing now or later is the same, but of course it's a good opportunity to buy because the price is still low. If anyone wants to invest long-term, then I think this is the time. For what happened this February, I believe this is just a pullback or correction for what happened last month (January 2023) the gains we did was unexpected and I believe it is too much for just a month and that's why recently we started to experienced some dumps and I believe it will continue or we go sideways this month but not again too much pump just like last month. |
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Let me go to the point trading has to do with either physical market or online marketing also know as digital marketing. On digital marketing trader are likely to use cryptocurrency which can be .
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Just always take note that when you do trading, your capital to use is afford you lose, you don't trade capital that is from someone or you just borrowed or loan with interest because trading is the most risky job in the world, it involves money and once you lose it, difficult to get it back anymore. Risk management is a must, don't be greedy. |
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(....) Yes, we expect gains from BTC but plz let be realistically. We have already gained a lot in January, so a phase to cool down a bit is very vital in the long-term.  Agree. I rather have a healthy price movement than have crazy pumps without correction. With these testing supports, it will just help the Bitcoin market to be healthy. Healthy pumps and dumps are good to the market. It will not always pump, we must also have a correction along the way. These dumps or corrections are also a good opportunity for people who are waiting for a buying opportunities. |
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Are you sure investors will experience $80 this year?
I'm not expecting $80k for this year, but this year could be the start of the run to that $80k. Because I am hoping at the last quarter of the year that few months before the Bitcoin Block Halving in 2024, it could be the start of another bull market cycle for cryptocurrency. The $80k level is easy once we break the all-time-high around $69,000. |
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I think Bitcoin as an alternative currency will not lead the world currency market. Where do you see an alternative leading the market? Unless all governments in the world accept Bitcoin as legal tender then by all means, it will beat even the USD or Euro in terms of currency ranking.
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As always. Bitcoin was created also to solve the current issues in our financial system. If you take a look and appreciate Bitcoin, you will see how Bitcoin can help us and become financial freedom compare to traditional banks or the financial systems we have right now. For me, even though Bitcoin will not lead the world currency, Bitcoin is still the best digital currency, Bitcoin is here to stay. |
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and also I want to know what caused the bitcoin price to drop drastically?
For me, price correction will now test the support area which is from level $20,000. I am not really worried about this dump. Because if we will hold the $20,000 level, I believe it will become a strong support until next bull market cycle. The reason also could be the issue of Kraken shutting down their crypto staking to their exchange due to The Securities and Exchange Commission(SEC) charges settlement. You can read more here: Bitcoin Drops Below $22K as Kraken Agreement to Close Crypto Staking Operations Spooks Investors |
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How long do you think you can hold?
For me, it depends on my goal because there are some people who invest a lot of money and some people also invest money that they don't care about. Some people also bought Bitcoin, not for investment. For me, if I decided to buy and hold Bitcoin and my plan is to sell that when the time comes or the target price is achieved or in the future I need some money, then that's the time I can sell some of my Bitcoin that hodl for some period of time. |
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There are some people who are telling with the high inflation rate we are experiencing now or past few years it is much better to spend than to save because the value of your money is depreciating or losing its real value, but I disagree with this because it's still better to save because it will help you on your difficult times or like in an emergency, if you don't want to lose the value of your money there are some platform that offers interest which even it's very low interest, it's still helping not to lose the value of your money.
Overall, SAVING is good for me, no matter what.
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Bitcoin will also help children to value money I believe. Because of what I experienced before when I started to learn about Bitcoin, I started to become responsible for my money just like how to value your money, how you track your expenses, investment and deep more into the financial system we have now, trying to understand and connecting the dots because if you want to learn Bitcoin, you will somehow encounter some of these.
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I rather hold my Bitcoin to a cold wallet like a hardware wallet just to stake it on a centralized platform with a very small amount of APY/APR.
Why? Because I don't trust centralized things especially when Bitcoin is involved, even centralized exchanges that offering interest just to stake your Bitcoin to them is already a red flag for me.
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Don't worry OP, I believe this is just temporary. Because there are already a lot of countries that already changing their minds about legalizing using of Bitcoin or other cryptocurrencies.
And there are also some governments that are not clear with their own regulation, so much better also to verify everything first before concluding.
I'm glad to see that there are small-medium businesses that accept Bitcoin as payment.
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I was surprised about this topic because it seems they are treating trading is gambling and I'm sad to find out that their cryptocurrency trading is involved here.
I am curious about how they become addicted or what are the things or basis you can admit that a person is on trading addiction, it's only when you are in huge losses and you still trading. Or you are in huge debt because of your losses on trading?
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