Bought my first BTC @ $4600, slightly worried

[Chachacoin17]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Wow, that's a lot! For me, don't sell it yet just hold it for now and wait for the price to go up. I am still certain that next year and for the coming years, bitcoin will still continue to rise. It will recover soon. Don't worry, everything will be alright. Just keep updated with the price and the updates though.

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[pnx17]

Hold on to it and if the price keeps dropping buy some more if you can afford it. I bought my first at €800 and then the price dropped to around €300. Bummer, but I bought some more and when the price went back up to €500 I would have been able to make a small profit by selling them. I haven't sold any BTC yet. I thought I was late to the party in 2013.

In the mean time, make sure your 1 BTC is secure in a desktop wallet, read the manual of your wallet, know how to backup and restore your wallet. Seeing the price drop is bad, losing your BTC because of a computer crash or virus or because the exchange gets hacked is the worst.

[SvenBomvolen]

That's my advice to you and to everybody who became in the same situation and feel a little bit of panic. All this news around China are actually not proved and no one exchanger has not announced yet about it's closing, everything keep working. When this period will pass bitcoin will continue it's raising. It's not the babble yet  

[RayvenPierre]

Most people who would be worried about this news and price dip are those who are still new to bitcoin. But you got nothing to worry about, just keep and hold the bitcoin that you have. Be patient and wait because you are sure to recover your loss and gain some profit when bitcoin increases in price again. Just think positive and don't bite the bait.

[sammrheza]

I bought some at 4200 and little worrying too for now  , but we got strong support at 3900 recently

[vintages]

OP, my advice to you is for you not to have a shaking or doubting mind, the price now is $3900, yes but don't just rush in and sell.
In BTC business or investment, you should learn one thing which is 'Patient'.
You leave and highly secure your bitcoin for a month or two. You will recover and have your gain by then.

[joseafonso123az]

Well, if you didn't buy that BTC with money you can't lose, than I suggest you wait, because I think bitcoin's price will rise again, and pass thos $4600 with which you both the BTC.  It's better you stay a holder if you have not much to lose.

[hilariousetc]

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

If you believe in bitcoin then all you can do is ride it out. Many of us have been here when people were saying the same thing about buying bitcoin when it was $100/500/1000 and panicking when it fell. You could just try trading with that bitcoin by buying and selling at the lows and highs but I personally would just regard it as a long term investment but as with any investment nothing is guaranteed.

[TheGodson]

I'm a bit worried myself. On some strange level a part of me is excited. I think that part of me enjoys the thrill of the ups and downs of Bitcoin. If it collapsed, I would be devastated. You must feel pretty awful buying at $4,600. I can understand that. I bought at $2,200-$2,500ish so it doesn't feel as big of a deal since I'm still technically up. I think in the long run Bitcoin will be successful. Hang in there and you should be fine.

[moredels]

that is why it is recommended that you should split and buy, like if you want to buy one BTC then start buying 1st only 0.2BTC and when there is more price decrees you can go for another 20%. so like this your buying price will get averaged. and you will be getting opportunity to buy in low, this is the best option to invest in crypto currency  

[aioc]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

You have been lurking in the forum for a couple of months? that's not enough go further and check bitcoin history, so many fake news fuds trying to take down Bitcoin, consider what your holding as a long term investment so far there's a lot of winner investing in Bitcoin and a lot more sorry stories for not holding and trusting bitcoin enough.

[Zadicar]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

You should not worry at all and as you said you are not the only one who do have this kind of emotions or even regrets on purchasing bitcoins price on a high point.Even those experienced people do also commits these mistakes but eventually they dont easily panic since most of them do know that price will eventually recover up later on which we can really tell ourselves not to worry but if those funds if yours are your savings or fund being used for priorities for sure you would really worried too much.

[audaciousbeing]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

I must be sincere that it will be a little difficult to tell you to hold on because even me, I was surprised when I saw the thread that I had to go check the current price but was surprised to see the amount of hit that the price has gotten even after showing some form of recovery in the past days to have gone below $4000.

At the same time, the reason for the crash will be unconnected to the skepticism surrounding the situation of things. News from China, authorities in the field of finance expressing their views on the negative, among others. But I will only enjoin to no join in the band wagon and just hold tight and deny yourself the stress of checking prices now and then because the recovery might not happen any time soon.
At

[crysttn]

Remember, you only lose money the moment you press the "sell" button. Also, look at each investment choice as your vote that you believe that business/technology is going to succeed in the long run. Do your research and make informed decisions.

[FrueGreads]

Well, I think you must decide what you really want to do with your coins, and how you see them. Do you want to trade them, and try to explore the volatile crypto market, or you bought them as an investment, and are thinking what the price will be 3-5 years from now. I see myself as a holder, so I really don't care about all these fluctuations. Yes it would be better if you bought them bellow $4k, since they keep going there, every time China opens their mouth, and everyone starts to panic sell.

My words of encouragement to you are: put that BTC in a safe wallet from which you own your private keys, and hold it. There will be a halve in 2020, so the price will probably double by them or more. Also, it's expected for the wall street guys to start moving into bitcoin during 2018, so you will probably see a big rise in the price as well. Also don't forget that BTC has a coin cap, that will take a while to reach of course, but this means that for that reason alone, the price should rise, if they remain popular. I all wished we bought our coins when they were worth pennies, but we didn't, but this is still recent, so I think you still got them for a good price, so don't worry.

[Xenrise]

Do not get worried in buying bitcoins. You are just preparing yourself for your future. I think that you should be happyrather than being sad. Because bitcoin will journey to the moon and you will surely love it/

[musicman90]

I feel you! I bought a similar amount over the past month at an average of $4,200. I was doing okay but then bought some just before last weeks crash and then again before this one. The ICO ban effect I was fine about, it was always going to happen and the price recovered quickly. This one however I am much more concerned about. I am quite deep in the red overall and I cannot understand why the recovery has been so slow compared to what happened last week. There doesn't seem to be much upwards action or positive news coming out at the moment. Even the most positive people are waiting and riding out the storm this time whereas last week they were buying the dips and bringing about a speedy recovery.

I know this has happened before but there is just a sense amongst a lot of people I have spoken to that this is going to be a big test and that more bad news is around the corner... Now obviously no one can predict what will happen. We may see a recovery in the next few days. However if everyone is waiting for more news and HODLing then it means few are being defiant and buying which will inevitably lead to further reductions in price.

Rumours, if anything are worse than solid news. If China just banned exchanges we'd probably be at $3,000 but recovering by now however the because of the rumours we're holding out at $4,000 and barely moving from there. A negative announcement therefore will have significant effect as the starting price will be lower.

Overall I am positive in the long run. I cannot see how BTC and other cryptos can be killed off or be knocked back too much more however their strength is certainly being tested right now and there desperately needs to be some kind of widespread positive news to rev up the engines once again.

My overall prediction is that the rest of the year will see a continued decline overall, a trap that BTC has so far avoided apart from in the early days. However after that there will be slow and steady recovery... Maybe lows of $2,500 rising back up to $5,000 through 2018. I'm holding regardless and will continue to use the portfolio I currently have to look for opportunities to soften the blow and bring about some nice gains in the future once it all calms down.

[bryant.coleman]

I bought some at 4200 and little worrying too for now  , but we got strong support at 3900 recently

You don't need to worry about these short-term dips. Just forget about your holdings for the next 2-3 years. Anyway November 2017 is not very far away. Once the 2MB block size is implemented successfully, the prices will move past the $5,000 mark. The FUD about the exchange ban in China, and the statement from the JP Morgan CEO won't be able to push down the exchange rates for very long. They will be forgotten after a few weeks. But please store your coins safely and securely.

[Fishbones78]

Well. The price is plummeting right now, and I think it will continue to gently decrease over the next few months until the next piece of big positive news arrives.

Just hold. I did kinda what you are thinkig about and sold out at $400 per BTC. Now at these prices (~$3900) I'm only just back to where I was (BTC balance wise) after months of playing with the forum and a few lucky breaks. Bear in mind I still only have 0.07-0.1 BTC.

This forum can make you Bitcoin. I left for a while. I came back with $20 worth and now I have around $300 for a bit of my spare time over the past few months. I genuinely beleive I will make myself 1 BTC within the next year at the rate things are going (which in fiat, is a terrible wage where I live) - and I wont be selling it.

Dont sell. Trust what people tell you.

[DonFacundo]

don't worry just hold your bitcoin I'm sure it will increase $5000 in next month or maybe in next year if you set your goal in $6000+ just don't panic sell.