Most people won't read this post because it's a bit long, and not about the latest celebrity, athlete, Grammy, Oscar, Emmy or their favorite tv show, or any of the other mindless unimportant events that people are focusing on these days.Everyone I know is running scared of the digital currency crash. True, cryptos have dropped more than 60%, which hurts like hell if you got in late and the natural inclination is to run for the exit.
First of all, let me state unequivocally, I'm not giving investment advice, just my opinion based on a lot of studies, the experience of buying a bit of Cryptocurrencies, networking with successful Bitcoin millionaires here in the silicon valley, which is one of the epicenters of digital currencies and technology in general. People forget that the stock market has crashed many times too yet people continue to invest in stocks, so why should crypto be any different. Here's what I suggest, don't ever invest in something you don't understand, at least get a basic education first, and there are plenty of courses out there even if it's just something as simple as Udemy. Also join meetups in your local town, if one doesn't exist in your town, start one yourself. I'm sure there are people in your area who are investing in this asset class. Don't buy cryptos on a credit card, use cash and like any other high-risk investment, only invest with money you can afford to lose, and probably not more than 5% of your portfolio. Use a reputable exchange to purchase bitcoin, like Coinbase, here's my link to open a Coinbase account here: https://www.coinbase.com/join/58f9f3e07c0e104fcf04b826 Full disclosure and honesty here: I do receive a few points for new account referrals. If you have a problem with that, then don't use my link....just go directly to coinbase.com and set up your own free account. By the way, Coinbase opened more accounts than Charles Schwab last year and booked over a $billion dollars in revenue. Also at this writing, Bitcoin is priced at $8,316 ( https://coinmarketcap.com), but you don't have to invest $8K, you could buy $100 worth or $500 or a $1000 worth. Now, back to the current market: What happened to people who got crushed is that they had a FOMO (Fear Of Missing Out) moment. They read the financial headlines and saw 18-year-olds becoming millionaires and the run up from bitcoin increasing from less than 1 cent to $20,000 per unit and jumped in without any education. Now, most people won't invest, but they should invest now and I know this view is counter-intuitive. The old axiom still holds true "Buy when there is blood in the streets" and right now we are there. remember when the tech bubble happened in 2000 Nasdaq declined 70 percent by the end of 2002, had you invested in companies, like Amazon and Google and etc, at the market bottom you could have probably retired by now. Bitcoin may still drop below $6000, but will still bounce up at some point. It is foolish to think that Digital Currency will die because of the hundreds of billions of dollars are already invested and its underlying blockchain technology that many major global companies are now investing in it, companies such as Citigroup, Bank of America, IBM, Chase, Visa, UBS, Facebook, Amazon, major hedge funds and venture capitalist and many, many others. The milk has been spilled and you can't put it back into the carton because it has already been soaked into global financial markets. Just think people easily drop $300 to $1000 on stuff like iPhones, Air Jordans, outfits, nails, weaves(just keeping it 100, LOL) stuff that depreciates in value before they walk out of the retail store, which is why you get a hassle when you try to return products. Everyone should put a few hundred dollars in cryptocurrency soon for the long term, if not you'll be kicking yourself years from now.
I like your post, however, maybe some paragraphs would help with the readability. The current price is a steal for bitcoin in my opinion as it's still the market leader in being used to purchase good and send money. The question/problem is how long it takes to transfer bitcoin and can this be improved or will another coin rise above while bitcoin burns.
If anybody wants to earn some spare cash for crypto see here:
https://steemit.com/money/@dogisking/want-to-earn-gbp100-tonight-risk-free-welcome-to-cashback-uk
Point well taken, I will use more paragraphs going forward. BitcoinCash, has more utility than Bitcoin classic. Digital currency speed and efficiencies will improve over time
Hi! Sounds like some good advice! I am still in the early stages of learning about crypto and honestly right now much more interested in how they could change society, than in investing.
The change will come from freedom from banks and institutions that charge fees for accounts and charge for basic services, for instance, if you want to send money to a family member or friend you should be able to with little to no fees. It's your money which you've earned and already paid taxes on, you should be able to send it to whomever you want without paying some one else to do it. the more the middle entity is removed the more freedom we all will have