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It's for investment purpose. I believe that the major form of future payment transaction is digital and that cryptocurrency is a proof of that. I also believe it's in his early formation stage and has capacity to grow which is why I invested in some good projects for probable future returns.
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Mine was inadequate risk management. I literally entered trade blindly focusing on the profit only forgetting the fact that it could go either ways. Hence, I blew a significant part of my portfolio. Risk management is crucial, no trader should ignore it.
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At some point, I was depressed too but it won't change a thing. I believe the market will recover but when, no one knows. I'll only admonish you to take position on some coins you believe because this space can improve your financial status if you can wait. I think it's a circle and the process would repeat itself again just wait for it and keep being an enthusiast like myself.
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Thanks for the encouragement, I think myself and several others need this at this time especially considering the lengthy bear market suffered in 2018. Having said that, Bitcoin is only a decade old and definitely would still grow bigger than this. I foresee a prosperous future for early adopters, let's keep our head high.
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Virtual currency is definitely here to stay. I have two views about its immediate future. Firstly, I thnk it will become another multi trillion dollar market just like the stock exchange where certain commodities are traded- we already have this in exchanges and it'll keep growing. Secondly, it'll compliment fiat as many companies will roll out top-notch technology based on blockchain to make payments and transactions generally easier. The future looks promising, we're just starting.
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The best way to solve economic problems is not only in creating job opportunities but also in creating avenue for skills acquisition. Skills acquisition in requisite for improve economic conditions because such individuals who are empowered can't either take up job opportunities or even create one themselves.
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It's expedient for every sector that you to remain relevant not to overlook the immense benefits of blockchain technology. For instance, analogy companies that fail to embrace the internet revolution on time are nowhere to be found today and lastly, every industries requires some sort of payment and therefore should embrace this technology. My opinion though.
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The key word is acceptance. Money could be anything until recent coins were still use in some part of the world, that's to show that money itself can take any form-paper inclusive as long as it's accepted and legally recognized in a country.
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I love to be optimistic so I'll taking the positive aspects. Investors with small capital only realise little profit on their investments. Consider a trade that yield 20% increase in initial capital while a $100 portfolio gained additional $20, a $1000 counterparts is taking $200. The lower the capital, the lower the return.
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In my opinion, I think the bear is as a result of numerous novice who brought significant sum into the sector. Many never understood the idea behind blockchain, they are only concern about returns it would yield them and consequently pulled out when their expectations weren't met. Furthermore, proliferation in the number of ICOs with no tangible usecase also dealt a big blow to investors confidence in cryptocurrency in general.
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There will be more adoption of cryptocurrency in the future no doubt but it won't totally replace fiat. Government is saddle with the responsibility of formulating both the fiscal and monetary policies in a country. With cryptocurrency, that responsibility and by extension power is becoming decentralised. As beautiful as it sounds, government will always be around and would never support losing its authority.
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I think government are genuinely scared of the possibility of losing their relevance. One of the economic tool at government disposal is monetary control with a globally secured and anonymous cryptocurrency, government influence would not only diminish but even vanish completely.
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