I am not an expert by any means. I have been following Bitcoin since the price of one coin was around $400. I remember back then I thought that was expensive. If I knew then what I know now things would be different, I would have bought some. I started collecting my little bit of bitcoin by watching ads on my phone. And for every ad I watched I got a few satoshi's. I remember my roommate at the time thinking I was crazy. I didn't really care. I was just looking for some way to be able to earn some free money.
I stopped paying attention to Bitcoin for a while. The end of last year and beginning of this year I started paying attention again. I was drawn back cause I had noticed that Coinbase had added another coin, Litecoin. I started investing money into it a few dollars here and there. What ever I could afford. Mind you at the time it was not much cause my roommate had left me high and dry and I had to find a way to be able to pay the bills. During that time I learned a lot about Bitcoin and this crypto world. I lost some investments but I also gained some as well.
These are three things I have learned while playing this new market.
When the market goes low do not freak out and pull your money out. Practice patience! It will just cost you more in the long run. Back in June when ETH was rising, and it got to be around $380. I kept dumping money into it, sometimes buying it when it was around $320. Then the bubble popped and the prices dropped just as fast as them went up. Once when it got to a point around $250 USD. I started taking my money out fearing that it was going to go lower. Which it did. But if was patient and waited like month or two the value went back up. If it wasn't for the fear of losing some of my money I would have been all fine.
Don't be greedy. With these recent trend in forks happening, Bitcoin Cash Bitcoin Gold and the segwit2x, it is easy to get caught up with in the idea of transferring all your money into one coin just so you can get a copy of the new coin that is splitting off. Even though free money is great. I bet the time you go ahead and try to get some of the alt coins back that you originally had, you probably wont end up with the same amount. I tried doing this with my FCNs. I switched them all to BTC, just to wait to see if I could get some extra when the bitcoin gold forked. What I found was the exchange fees is where I ended up losing most of my money that I had originally or the market was not what it was before. I bet a lot of people had experienced with this recent cancellation of the Segwit2x fork. I am glad I had learned my lesson prior and had left my money just where it was.
What I kind of see happening is that the people who are just coming on board with the crypto world, tried to take advantage of this last fork that was suppose to happen. That is why you saw bitcoin jump almost like $1500 in just a few days. It was really funny to see how much BCC and USDT gained an increase of usage after the announcement of the cancellation.
- Don't under estimate the underdog. Back in March ETH and LTC both were around the $3.50 range. And the prices now are much higher, $315 for ETH and$ 63 for LTC. In July I started investing in ALT coins cause I sat down one day and did the math. This was back when BTC was about $4000, I had 50 dollars was wanting to invest. I figured out that would be around 1% of bitcoin. I already had .75 of a LTC (around $30). So with my investment of $50 I decided to put it towards LTC instead of BTC. That brought my LTC up to 2 coins. I made this choice cause for every $1 that LTC went up I would gain $2. Unlike if I got BTC with that same amount. The market would have to go up $200 just to make the same mount. I saw the same same kind of results when I put money into FCN. Bought about 500 coins when the market was at $.08 per coin. Sold it when it jumped up to $.13. I gained about 25 dollars. Like I said I am not a big investor at this point. I hoping to have my rags to riches story soon lol.
Where do I see the crypto currency world going.
I feel with people loosing faith with the current monetary system that we have now. They are going to start looking for other means to be able to manage there money. I feel the system that our governments and financial intuitions have in place only allow the rich and wealthy to be able to play the game. I think this world of crypto currency is going to help level the playing field. I truly think the higher ups are worried about this, cause it disrupts the foundation that they have built. Don't be surprise if you start seeing more stories put out by the media that is trying to discourage people from jumping on board. Yes it is a volatile market right now. But just think of it as a child who is taking his or hers first steps. That is what is happening right now. We are all moving but not sure which direction and learning how it works. As people around who start put make new applications and make it easier for people to use it on a every day basis. We the community is starting to gain and understand our surroundings. Just as a child learns where they can move around in the environment they are in.
When I talk to my friends and family about what is going on in this world. They kind of look at me blankly. So once when I feel it starts to become common knowledge, you will see more and more people jumping on board. So right now I feel it is a good time to start investing. I saw this advertisement the other day about a debit card that uses crypto currency. It just made me excited cause that means it is becoming more tangible for users to be able to use it in other places that do not normally take it as a form of payment. Thus widening the ability for the consumer to be able to spend what they have earned. With company's like Coinbase who make it easy for people to buy and sell, you are going to see more and more of the average Joe starting to get involved.
I feel as more investors and programmers emerge and bring their talents to the world, you will see an increase in stability. I feel a year or two down the road it will be common practice to pay with your EOS or your LTC for transitions and services. I am excited to see where this goes and happy to be apart of it.
Ps LTC has always been one of my favorite coins cause of where it transfers from one account to another account with such ease. I would like to thank the people who helped created LTC. I feel like that coin has not gotten the popularity that it should.
Thank you for listening to have I have to say. If you want you can donate to me anything, you can do so here. https://freewallet.org/id/peter1010