The sudden drop in bitcoin:
The recent drop in bitcoins price, which dropped over 30% i just 2 days, saw a lot of people questioning whether to cash out or not. I feel like these people are either really paranoid or simply noobs when it comes to bitcoin.
Why didn't I cash out?
Simply put, bitcoin and cryptocurrency is the future. This means that, to me at least, I have belief and I'm confident that bitcoin will continue to grow past $3000 in the future and beyond.
It happens!
Furthermore, stuff like this happens all the time! Stocks rise and fall, sometimes by drastic amounts, of course it's risky. However, bitcoin has done it before also. For example, it hit $1000 back in 2014 and then went sort it f "Dortmund" but suddenly burst back up to $3000 in a few months!
The future?
My advice would be to buy, and a lot during these periods, as most likely bitcoin will rise again. I bought £500 worth when it was at $2180 and in a matter of a day or two, bitcoin has risen back up to $2473. Which is a decent return. Furthermore, if you could afford to buy more ( like 5 btc) you would have made $1450 dollars in a day! So yes, buy bitcoin when it's low, dont cash out. However, its up to you as I may be incorrect as bitcoin is so volatile and unpredictable but undoubtedly the future of currency.
The current problem:
One problem that is frustrating me about bitcoin though is the current transaction fees. These are pushing away businesses from using it and so the price is falling. I Do think this is temporary but it's simply a nuisance. Further, the whole promotion of bitcoin being cheap to send has been thrown out the window, should you want the transaction to be successful and/or quick.
Cheers for reading!
Updates: Sorry for the lack of posts; I've been working on other projects.
oh and bitgrow.biz is now offline, which was going to happen, but they were paying and I made a 0.01 btc profit from a 0.002 deposit.
Love Macka,
Don't sell your BTC to institutional investors!
its time to buy!... even a little investment could have a great ROI in the future...
I have just written a blog post on the sudden increase in price if you want to check it out! But mainly to summarize it's because India had just legalized cryptocurrency exchanges!
i think its good advice and its going to only go up if you can hold out longer term, many people are new holders and dont even really know how to sell it so there is some stability in that spacity of many small holders