Cryptocurrency and it's Ups and Downs
The cryptocurrency market can not stop exciting a lot of young investors around the world today with the increasing numbers of new people continuing to join the market. Buying low and selling high is gradually proving how profitable it can get as the market is recovering from the long dip. This is attracting more people that have no experience in investing to give it a shot.
Without mention, no one can deny the magnitude of the influence Bitcoin had on the globe when the prices reached their greatest peak in December last year. Almost everyone that didn't know about bitcoin, got to know about it instantly after witnessing the more than 100% rise in a matter of weeks. Cryptocurrency is now getting driven more into the public as the perception of the market is getting away from the illegal and illicit way of transferring money to support dirty work to a get-rich-quick investment opportunity.
These price swings are fueling more and more young investors into joining the market with each of them expecting the prices to swing in their favor. But we can't deny it becomes trouble getting cash back when the prices fall. The market is highly volatile that it is easy going into panic mode after noticing you've bought high. And this is where I've noticed many people going wrong when they decide to sell over fears of further dropping of prices. This to some extent shows they don't think of the side of prices dropping before investing but are blinded by the bandwagon effect of the huge number of people joining the market.
There will always be ups and downs during this early period of cryptocurrency. It's never easy at the early stages of any project which is deemed to become a success just like we've seen with the early times of internet and youtube among a whole long list of other successful companies. All these had a tough time in their early years and we have got to admit we are still in the teenage years of the lifecycle of cryptocurrency. A lot of external factors like regulations from different governments, price manipulations by different exchanges and so on are playing a part in the changing prices. The world is in a transition of currency and these negative influences are polishing up the market for the future of a cashless society. And so we should accept whatever is coming with the adoption of a decentralised form of currency.
Let's change the ideology of making quick gains from cryptocurrency. A careful study of the market will reduce the risks of buying at an inappropriate time. And if the prices continue falling after buying, hold what you have. The prices will always rise, lets not forget the prices are going to be a lot more higher than this when cryptocurrency and blockchain technology are in every aspect of life in the near future. However long it takes to see the profit margin, wait until the most opportune time comes when you will be reaping from what you sowed.
The future holds a lot for cryptocurrency and blockchain technology. And we shall have ourselves to blame if in a few years from now we are not a lot wealthier than we are currently. Buying more dips will keep us accumulating wealth in form of coins which are going to be highly needed when the world goes crypto. Let's not get depressed by the dips that come after buying coins at a higher price but instead invest more until we realise a good profit and sell or hold longer for the future.
Trade the volatility while it lasts. Traditional markets offer no way near the current excitement cryptocurrency offers.
Yeah more volatility attracts people who expect large gains (which in some cases has been true). Unfortunatly when there are large dips and down periods such as we have been seeing until recently people get scared and sell off, usually at the worst time.
Hope you are enjoying the bull run my friend. I certainly have been haha.
Have too agree with you. This is the time to make good gains before the funds and institutions get in with their algorithms
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When trading in cryptocurrency you need steady hands and a firm heart as you can't bail at the first signs of trouble.
You need to HODL and only consider it a loss if you sell. As long as you have it, it is just a paper loss and there is still a chance for it to rebound.
I agree with that. Selling only pulls you out of the market so early and it only brings regret in the future when you realise you quit the market ignorantly.
Unfortunatley so many people got into crypto at the worst possible time (around November 2017) when prices were at their all time highs, because of FOMO. Alot of these people werent educated on crypto and the swings to expect and left calling crypto a scam or bubble.
Unfortunalty this has had a negative impact on crypto. The tech behind the bigger projects is solid, but there are alot of scam ICOs and pump and dump types to watch out for.
The ban on advertising crypti I believe is a good thing it makes it much harder for scammers to target people who are vulnerable and have no idea, and makes people more likely to do their own research.
had never thought of this before, how banning clearly saved a lot of people from being scammed.
Im not sure if thats the reason for the bans or not but yeah I think it is saving alot of people.
I dont really use Facebook much but in the past I remember seeing alsorts of crazy crypto ads. I think that in general if people are going to invest they should do a fair ammount of research, Unfortunatly this isnt true for alot of people.
Kinda sad for the legitamite ICOs and coins out there who are now faced with trying to figure out how to market their coins
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