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I don't think they can ever destroy Bitcoin, They have been trying to but no success up to now, they have been doing a black propaganda via the mass media to make Bitcoin look like it is bad, an instrument of evil and all the other bad stuff. Even after all those efforts Bitcoin remains to be successful since it has a lot of good things to offer the people plus more and more countries are now appreciative and open to using Bitcoin.
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We are all hoping for this increase to continue, there are still a lot of people patiently holding their coins due to the fact that they got it during the time that the price was $19K so I hope and pray that this is what we are all waiting for, this is the start of the good upward trend of Bitcoin this year since we had a rough start, I always believe that Bitcoin can recover I just hope and pray that it is now the start of that recovery journey.
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I still believe that yes, banks still play an important role in Bitcoin era still. Banks still have important functions in the financial industry regardless if there is already the digital currency, it can never erase banks in our lives, they still have the facilities and the authority to help people with saving, depositing, withdrawing, they also still have the responsibility of managing and safekeeping of the countries money. Bitcoin and the entire crypto currency industry is here to improve the financial process for the better and not to get rid off the banks, these financial entities should be working hand in hand in order to help each other thus help the world to have a better financial system and economy.
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Personally, it still depends on what is your strategy and action plans, Hold is still very much used and still a great strategy for some people specially investors and even for traders especially in times like this when the market and prices are not that high, holding is still something that gives them opportunity to gain profits no matter how big or small it is. For long term investors, holding the the main action plan since it takes a few years before they can the status of their investments and take actions from there, whether to cash it out or to hold on for some more time.
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I think the best course of action during times like this that the market is red is to buy as much as you can and HOLD on to them. Be patient and continue in believing in Bitcoin, it will recover and will be able to bounce back, once it does, that's the time when you can sell your coins for better profit gains. In cases like this, you can still do trading and investing you just need to be more strategic and smart about your actions.
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1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
Among all these things, I personally believe that number 3 has the most impact. I mean, that's the most important thing for me. Keeping myself updated with the latest trends the cryptocurrency world helps me in making investment decisions and whether to hold or sell (yes, I'm talking to you #4 on the list). Also, it enables me to help others who are just starting out here or would simply like to expand their own knowledge. For numbers 1 and 2, they're also important because they ensure the security of our e-wallets/accounts and earnings. Thanks for sharing your list. |
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Yes, I think that the people who keeps on complaining about the downtrend of Bitcoin's price are the same people who sells their coins and contributes to the dump. They don't understand the consequences of the actions they are taking because of fear, panic and impatience would actually put them in a more bad situation meaning, the price would go lower because of the dump.
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Personally my startegy is to earn and save my coins from my participation on bounties and signature campaigns, I don't cash out any, I just save them, technicallly holding my coins and just save them, planning to do this for a year and see how it will turn out. I have high hopes that keeping and holding my Bitcoins from the campaigns I completed for a year would be worth it.
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I don't think that Bitcoin will ever replace the banks, it is here to be another option, to help us improve our financial systems, payment and banking systems among others. It is a decentralized digital currency so it works differently with the fiat money we currently use, but then I believe that Bitcoin is not created to replace the fiat money or the banks, its main purpose it to make an improved way for our financial systems so I think if we will be open and adaptive to this technological innovation, banks, governments and Bitcoin can work hand in hand for everyone to have a better financial system, thus better world economy.
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As of the moment my stand on this is, no alt coin is close enough to be the next Bitcoin. They still need a lot of things to prove, more time to prove their worth, sustainability and profitability. A lot of coins are popping out every single day but none came close, although I am seeing some that that very good potential but it is too early to tell, hopefully, it can be another success story like Bitcoin, it is Ethereum.
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I usually hold out and check market trends and exchanges. In this kind of investment, there will always be risks and selling or holding out would most likely have their own pros and cons. If I strike gold, all the better. If not, I'd probably minimize potential loss and see how that pans out. I check out our community here for updates most often as there are a lot of helpful people here who'd gladly share their experiences and tips.
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There are people out there who would be willing to trade cars for BTC's. You posted this question so I assume you probably have enough BTC's to buy you a fancy car. Just be wary of location. You have to be sure whoever you're going to trade to is well within your area so that it lessens the probability of you getting scammed. Moreover, you can simply cash out and go to a nearest dealer of your choice. Maybe, you can read more a bit and see if there are car dealers in your area who would accept BTC (maybe).
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Wow! If this holds to be true, then the potential to gain investors or exchanges will have positive effects on the economy. However, it will not be void of challenges during its first few months (or probably years) of implementation. For one, regulation or centralization. It would probably mean that transactions will be monitored which somehow opens up trader information and such. At any rate, I personally think that this is one good step towards a potentially bright future for investors and exchange companies. Let's how this unfolds.
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Big corporations accept Bitcoin as a mode of payment because they know and they can see the potential in it to be bigger in the future. Let's face it these big corporations are being run by great businessmen who has eyes for great potential to give them more income and revenue, they are not the heads and executives of those big companies nothing.
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But of course, I firmly believe that Bitcoin and some other coins will be able to recover and get through all these struggles, especially Bitcoin, for almost ten years it always does. We just need to be patient and do not add to the factors that bring Bitcoin down like FUDs, panic selling and stuff. It will not going to help anyone.
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Personally, I really don't know or haven't read any book about Bitcoin so far, everything that I know about it was from my research on the internet, videos, articles, reviews, features, etc. There are a lot of good websites where in you can learn a lot of stuff about Bitcoin plus this forum, this is the best learning resource that I can recommend to all newbies and fellow Bitcoin users why? It has a lot of very useful articles and information as well it is interactive, most of the advises are not just by the book, those are practical advises, best practices from their own stories and lessons from their own experience.
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I love Bitcoin and it is awesome but as a payment system, I believe that it is not the best, that is the area wherein Bitcoin needs to improve at. The very long transaction turn around time and the very high transations fees are just not cool, I hope this gets resolve soon. It is not perfect but I know that it doesn't stop there, these disavantages should not be the reason for us to just forget the good things it can and it is still giving us. Let it develop and evolve, I am sure that once it resolves these issues, it will be the best payment system that we are all looking for.
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I think the thing that can destroy Bitcoin is its users, enthusiasts, traders, miners, investors. If they stop believing and trusting Bitcoin then it will die. It is the same way that these people are the main source of strength and resistance of Bitcoin throughout those years of negative publicity, false news, etc. As long as there are people who trust and believes in Bitcoin it will continue to live and change lives for the better.
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