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RE: Cryptocurrency Crash - Your valuable advice is highly appreciated.

in #bitcoin7 years ago

Bitcoin is a rollercoaster! And you've hopped on at the very top! I can only tell you what I am doing:

First, don't panic! Look at the fundamentals. BTC is of limited supply, and many people in places of severe economic distress depend upon it (ex. Venezuela, India). Also, Japan is going the way of BTC, and new uses are being made for it everyday. BTC has "crashed" & been pronounced dead many times. Yet like a popular soap opera character, she always rises back up. It is valuable. The action you are seeing now is 90% fear over the scaling debate, and fear of a coin split specifically.

Etherium survived it's coin split, yet it took about a year for it's value to return.

Second, I am moving my BTC off of the exchange where I normally buy. I am putting it on a Trezor. This is because my exchange (Coinbase) hasn't made any guarantees about what it will do if the coin "splits" into two coins. If it does split, no doubt both coins will have some value determined by the market (and I would guess their overall value will be a little less than a single BTC right now) You probably don't own a "cold" wallet like a Trezor if you are new, and your investment is still relatively small. At some point, though, if I were you, and you are in it for the long haul, I would buy something like a Trezor, which gives you more control over your coin.

I'm from FL, and to me doing this is much like evacuating a hurricane zone: it's temporary, and in most cases when it's all over your house is still there, maybe with a few roof tiles damaged or missing. The Trezor is "hurricane insurance" and there's plenty of YouTubers out there willing to teach you how to use one.

Third, and this is if you are brave, you can see this time as a "bargain sale". No one knows what will happen, and anyone who says different isn't being honest. But the rules of supply and demand haven't disappeared, and even a little gain is better than a lost opportunity. The people buying now are like the people who take their hands off the safety bar on a roller coaster as it plummets and swirls upside down, so to speak. I'm no financial advisor, but you have to decide. Seek the best advice you can.

Finally, and everyone smart will tell you this: DON'T invest any amount more than you are willing to LOSE! That is true for any investment, but especially for a volatile one, going through an especially turbulent time.

I know this comment is long, but it should be helpful. I feel for new people coming into BTC at this time. Comment back, etc. if this helped!

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Yes sir, thank you very much for such a good comment. I think better will be to switch over to other digital currencies such as litecoin, EOS or steemit etc.