Scrambling to get my fiat ready to buy BTC hoping for a dip
Hi guys, hope are you are well. I don't know whether you believe there will be a correction of Bitcoin soon or not, but many people are saying that there will be. This would be a healthy correction, not a catastrophe. As we all know, Bitcoin is unstoppable. But when something goes up so high so fast and with so many institutional investors including venture capitalists and Wall St. bankers desperate to get into Bitcoin cheaper, there is a lot of downward pressure on the price. I know we are all buying it and pushing it back up, but at some point there may be another dip. And I hope when I say I hope there will be no Bitcoin longs will take offense. I am not wishing any longterm harm to Bitcoin and unless you need to cash out and spend your Bitcoin in less than two weeks it won't harm your holdings at all. I just want to get on the other side of the divide to where you are now, with a full holding of BTC and not just the little amounts I've managed to get.
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To that end I've liquidated a lot of stock holdings, raided my savings account, and collected on all manner of payments that are owed to me for this that and the other. I can't actually dip into my IRAs or 401ks so that's out. But I am moving any spare cash from anywhere I can think of into the exchanges to be ready. 
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I don't know how much time I'll have till there's a correction. And of course everyone could be completely wrong and we will just rocket on up past 5,000 and 10,000 and beyond and I'll feel stupid for waiting. But just in case this buying opportunity is coming I am looking around for things to sell on eBay and getting ready to sell more stock. A couple of stocks in my dwindling portfolio are on an uptrend and are expecting news, so I am giving them a few more days to take off or not.
What I'm not doing is borrowing against my rental condos. I'm too much a child of the Depression (haha not really, but that's my parents' influence) to take that risk. I'm also not borrowing money from family (I would feel ashamed of borrowing money for anything unless I were practically out on the streets) and I'm not recommending Bitcoin to anyone else. I already got my Dad and brother into one bad investment back in 2000 and I still feel guilt about that. No, this one is all on me.
I work in advertising sales and unfortunately our commission is paid out quarterly, and even then it takes a month to six weeks after the quarter ends to get paid. That will be long after Bitcoin does whatever it's going to do.
So I will assemble as many dollars as I possibly can before The Event and have it all ready to trade in what feels like the most important buying opportunity of my lifetime.
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I wish everyone luck, both the HODLers who don't want a dip and the FOMOs like me who are praying for one. I think we will all be happy in the end!
Yap... You must be lucky and end up happy.
Very nice post my friend....
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I think we'll get two corrections, but I think they will come and go VERY quickly! I have USD on the sideline waiting. :)
Yep that makes sense. Someone else was telling me maybe I should hold Litecoin so I can trade it fast for Bitcoin.
Well, what's interesting about Litecoin lately is that it has hovered between $42 and $47 during this latest Bitcoin run. So it would seem that, if you foresee a pullback in Bitcoin, you would retain USD value by putting Bitcoin in Litecoin.
But yes, that someone has a good point. If you want to be able to trade quickly, having USD in something relatively stable like Litecoin could allow you to jump in on a Bitcoin pullback, if it happens.
Personally, I'm holding my Litecoin hoping it will get somewhere of a 50% gain, but who knows. :D
Oh I am sure that it will eventually. It is one of the short list of coins with real technology and usefulness. But right now most of the trading crowd finds these boring and they only want to ride the high flying ICOs that may not have any substance. But as the market matures I think Litecoin and other "boring" coins will come into their own. So yeah I might buy some Litecoin as a sort of base which I can trade if I need to but otherwise can hold for the long term.
I would be very nervous sending that kind of money through the Internet. It might make sense to buy a couple hundred dollars at a time so that if one of the transactions gets hacked or something you won't lose all your money. I've been trying to meet somebody here in Denver in person to purchase bitcoin in cash.
But I've also noticed the prices on LocalBitcoin were way higher than the exchanges, so I'm reluctant to do that as well. We also have several Bitcoin ATMs within a few blocks of my apartment here in New York, but those prices were even more inflated.
Wow, thank you! I know it's all a little scary. It will be hard to get money transferred in lots of little batches especially if the dip doesn't last long. But you have a point.
a well-organized article, I always enjoy reading your articles.
Thank you! That is my first "always" - makes me feel like I'm building up a collection.
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nice post...
Dont worry about dips. It is expected that BTC will hit the $10,000 valuation. We do not know when but we know it will.
True. Just have a real psychological block about buying something that ran up that high and fast. I've been burned so many times. And yes I know it will recover.
I'm not certain how you plan on buying. I tend to use coinbase and it is ultra-slow. Takes around 7 days to be able to move or sell bitcoin once purchased. You may want to consider buying Litecoin now hoping that if there are any problems with the segwit code that people may move their money back to litecoin. When litecoin goes up you can quickly sell litecoin and get bitcoin.
It is tough to know what levels to buy at. Every level I bought at I felt like I was buying near the top. I bought at the 600s feeling there was limited upside and that we would never see 1100 again. The money was dead money for a year and then this year it has been a rocket ship.
If your goal is to buy some I would buy a very small sliver now and then if it goes down you get more when you have the funds and if it goes up you only benefit.
I wish you all the best.
Tip: Go ahead and make offline wallets so once you buy you can remove from the exchanges.
Thanks very much! I have both desktop and mobile wallets and I have ordered a Ledger Nano.
That's a good idea about Litecoin. I was thinking I'd buy Tether but Litecoin sounds better or maybe another currency that is down against Bitcoin.
I already close to 1 Bitcoin so in that way at least I am participating in the uptrend.
I have accounts set up with Bittrex, Coinbase, Gemini, HitBTC, Liqui. Binance, Livecoin and Yobit. Most are empty!