Bought my first BTC @ $4600, slightly worried

[Master Carnegie]

I'm also a newbie, more interesting in all this, is the proportion that Bitcoin is reaching, (from the big media to the personal reality of each one)

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[allthingsluxury]

I would be worried buying BTC that high as well. Nothing ever goes up in a straight line, we have seen this time and time again in history. A slow climb higher is way more healthy for a long term market.

[PMmesexycoins]

It was barely 1k even early this year. It trends upwards over time, and quickly at that, but it's hardly a straight line.

[sommii]

I'ts time for 3k$ crash.

[fitriyanti]

I think buying at that price is very risky though it is likely that bitcoin prices will go up. but why not wait for the price to go down at the lowest price

[EGOR EXACT]

You know, I also bought bitcoin for that price. Don`t worry, it`s just beginnig

[Slow death]

Any words of encouragement?

I would start by asking you the following question:

Do you know when low is low and when high is high?

you do not know.

what can you do?

To be a day trader, you need to know technical analysis.

being a long-term trader you will need faith since bitcoin is used in real life and there are not many countries that accept bitcoin as a form of payments so you just need to think like this:

what will happen when all the countries of the European Union, Africa and America accept bitcoin as a means of payment to pay for electricity, water, telephone, to buy goods and services. the price will be much more than $4600

[tyuner4]

Not to worry, Bitcoin will survive just like always.

If you look at the Bitcoin chart, the price go up and down.

[gunhell16]

just trust BTC that will pump and not only you but so many of us are believing on this ... dont worry it will rise again and will reach the 10k USD at the first month of 2018.. but theres one thing i think you did .. you hit buy on the 4600 so fatsts .. it was the highest value by that time .. and when BITCOIN reached that 4600 as i remember it went dump to 3600.. am ii correct ? if you are on investment/savings you should wait and dont worry but if you are just trading wow dude you lost a lot

[btcconnoisseur]

Chill, man. $3,775

[emuLOAD]

Lots of nice words, some silly ones too, in this thread.

Reality is just a little simpler yet more complicated.

You bought "high", as in you bought during a bullish moment of growth. That's only a mistake in some very specific cases, so unless you used your rent/food money to buy those coins, and unless bitcoin died tomorrow (hint, that won't happen), you did fine. Not brilliant, but fine.

Now how to deal with the current collapse (other hint, you've not been in a crypto crash until you lose 60-80% of your potential value)?
This answer is where the simple yet complicated decisions come, and it's up to you.

Did you use money you needed in order to live to invest in bitcoin? Sell, now, at a loss, and don't come back until you've got money you can afford to light a cigar with.
You will rot your blood if you play with money you need to live off.

Did you buy these coins with a large fraction of your "superfluous" wealth? Then hold tight onto them, chances are very high that eventually price will increase above and beyond your entry point. Is it guaranteed? nope. Do we have a timeframe? Sure. Something between a day and a decade.

Do you have a considerable amount of superfluous funds you are interested in using to invest? One possible strategy is to lower your break-even point by purchasing additional BTC at price-points lower than you did when entering. Word of warning, this increases your exposure and potential loss, and needs to be done with care. a possible strategy is to set yourself budgets. Say... I will purchase 0.1 BTC if it hits 3900, then another 0.10 if it hits 3800. then 0.2 at 3500. maybe finish with 0.3 at 2500 and 0.2 at 2000 as placed orders in case of a full correction or flash crash.

These are just some of the options you've got. Just keep in mind that if the value of bitcoin worries you, you're playing the game wrong.

We all need to be here with the knowledge one day our crypto networth might become irrelevant, valued at 0. This resignation is what lets you act rationally and clinically when investing. Also, and learn this quick, never keep all your eggs in one basket. you win some, you lose some. be sure to always have something else.

[Restmand]

   
Just look at it this way: Did people that buy at $1300 back in 2013 feel really bad for a long time? yes they did.

Do people nowadays dream to buy bitcoin at $1300? yes they do.

In Bitcoin you never lose money if you are patient. Sooner or later the price will go higher than where you bought at, you just need patience, and most people simply aren't cut to hold long term on the red. Don't be the guy that sells at a loss.

21 million bitcoin. 7.5 billion people. Do the math.

oh i think it is not good to buy it at that price, i think now is the good choice to buy it. because we need to buy bitcoin in small value then will sell it at high value in that case it will be good enough that we will wait until bitcoin slightly drops its price, in that case it is suitable for us, we can buy that in small price, it is good to buy bitcoin in small price, so that we can sell it and have a profit on it when it increases.

[HODLwearz]

HODL.... if you bought in order to flip it for fiat gains, then you're in the wrong place and misunderstand what cryptocurrency is about.

You wanna make fiat? Go to the stock market...

[richardsNY]

It's always the same -- when the price continues to increase rapidly, people are extremely bullish and throw with $10,000 predictions, but as soon as the market is heading down, these bullish thoughts are gone. People get distracted far too easily, and that directly shows that they landed in the wrong place. Situations where people buy at near peak levels are quite common, but the most important thing is to stick to what you did -- panic selling is never a good idea. Instead, use the lower rate to buy more coins and get your initial purchasing price to decrease this way.

[Tyrantt]

I must say I was surprised when I saw the price today of ~$3800 (preev.com) but you have absolutely nothing to worry about, price will be back up soon. We've had corrections, bubbles, price dropping by a significant amount afterall. Hold what you have and wait, the price will go over $4600 for sure.

[Voice-Of-Reason]

I feel you man, I invested some more fiat after this first dip, but the dip kept dipping, I'll just hold for now, it was extra funds made from other trades so no harm done...

[aplistir]

It is interesting to read these comments.

Sounds to me, that most writers are super duper  optimistic about the value of bitcoin, which is good.

You should remember that a few months ago bitcoin had NEVER been over 4000$. We have just had an all time high for bitcoin.

I think it is perfectly natural, if bitcoin would go back to 2500$ level for a while. It wouldn't even be a "crash" if you can look with a little longer time-frame.

But in the long run, if the bitcoin scaling and transfer fee problems will be solved and if governments wont start attacking bitcoin, the price will go back to over 5000$ levels.

[Juggy777]

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?

OMG, first lesson I always give all, never buy entire Bitcoin at one go, we'll what's happened you can't change it, but you should be strong, currently it's down to China but it's shall bounce back very soon and strong, what I can say is buy small dips of Bitcoin so over a time you shall have a average. Time is difficult but I am sure Bitcoin will rise, it has to rise, I am very positive on this, just be strong and don't give up.

[Pamadar]

wiser person will not allowed to sell a their loss its better to hold it and never to think to panic while the crash is still on going, I might suggest to think
about your position about this investment if you are a long term holder just keep it inside your wallet and stop looking inside exchange do your routine
and stay calm.

[supercops]

See it at $3944 now so it is going back up as I think I saw someone say it dipped back to $3800 earlier last night.
It is amist all the fud from china exchanges going down by governments there according to Pboc announcements and also the news from J.P Morgan Ceo saying that bitcoin is a fraud. lol