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Should you Buy Bitcoin? If you understand what it is, and where it's going; then Yes. If you don't know what it is and would sell at any sign of a 5%, 10%, 50%, or more dip; then, No.
Bitcoin is only a safe investment if you understand what it is, and how it will continue to be adopted into this world at this point in its life, regardless of the market price swings in the short term. Because only then will you never cement a loss by panic selling, and then seeing Bitcoin runaway in price while you're still out, therefore losing both your Dollar value and your Bitcoin position value. I've been in Bitcoin for over 8 years now, and have seen many friends, family, and acquaintances come into Bitcoin, and many panic sell and FUD out during a down market. Most eventually coming back after learning more about Bitcoin, but some, for some it takes a long time to return. And for an even smaller few, well they never return, or at least not yet. But in essence, Bitcoin is only a safe investment if someone understands that their amount of Bitcoin is more important than whatever dollar value it has in the short term. That all they should be focused on is acquiring more Bitcoin, and that every 5 years after a halving happens, they'll see their coins grow in value. That they'll grow in value thanks to the math of its limited 21 million total coin supply, the new coin supply getting cut in half by the halvings making a more and more or the total supply being held by hodlers every year, and that its continued adoption into the global markets will always force it to eventually go up in price because those new adopters will always have to find what price those hodlers are willing to sell, finding Bitcoins new value that hodlers are willing to sell each time that happens, regardless of the short term evaluation corrections after a parabolic runs. Corrections mind, you that on average are only 80%, leaving anyone in before a 1000% growth parabolic runs to still being up 200% as long as they bought before the parabolic run started. The .com stock fluctuations were fluctuating on averages of 99% corrections during its first 15 years of life from the '90s to the early 2000s. And the ones that survived those early days were previously the best investments in history before Bitcoin came along. So Bitcoin is holding a better correction in its early day pattern than the biggest internet companies when they started, and its returns have already broken any records they previously held. Records they'll never be able to catch up to as Bitcoin continues its path. If they don't understand this, then even if they don't leave the market, they'll panic sell every time. And for some friends I know, they'll always sell at a dip right before a parabolic run, and then FOMO back in at a new all-time high, only to experience the next correction and sell again at their break-even point. With this, losing more Bitcoin position every time, but maintaining the same initial investment point which in their eyes as a win. I have one friend who came in with 10k in 2013, and today in 2020 is still only at 10k thanks to this pattern of buying and selling. Don't get me wrong, they've been up well over 100k$ at times, but they kept panicking selling at every parabolic run's slightest dip, then buying back in at the new all-time highs, only to then sell low in a repetitive cycle until they broke even. People like that friend try to play the market, and yes while they do win sometimes, that pattern of buying and selling will almost always lead you to get rekt during times of parabolic growth, and correction. Had my friend just held his initial 10k investment in 2013, he'd be a multi-millionaire right now. It's one of the most golden rules with investing in any market. If you try to play it, eventually it will play you. Instead, just find a market on the path of growth, and longevity, and do everything you can to just increase your piece of that market's pie, no matter what the price. If it goes down in price in the short term, then just think of it like a rare Gucci purse or limited edition rare popular shoes that are being released on sale. Buy the damn discount and hold onto that shit until the market catches up with what you know and realizes it's true value. Because of all these experiences throughout the years, if I'm trying to help anyone start buying Bitcoin, I tell them to learn about it first before buying any. To learn what it is, study its history, it's adoption growth, where it can be adopted, where it is being adopted, what it's limited 21 million coin supply is, and about what the halvings mean to its long term value. How it can and will be used, how they can protect it, etc. I always want them to learn enough about it to understand why HODLing is so important, and that the only thing that matters is that they increase their Bitcoin supply. That's the safest way to win in this game. Without understanding that, then they're a financial danger to themselves if investing in Bitcoin. Not because Bitcoin is a bad investment, but because they'll be a bad investor.
Should you Buy Bitcoin? If you understand what it is, and where it's going; then Yes. If you don't know what it is and would sell at any sign of a 5%, 10%, 50%, or more dip; then, No. (x-post from /r/Bitcoin)
04-30 11:04 - 'PSA: make a rule that forbids asking questions like "should I buy/sell now or wait? Should I sell before halvening? Will the price go up/down"' (self.Bitcoin) by /u/CryptoIsus removed from /r/Bitcoin within 115-125min
I bought $2000 USD of Bitcoin when it was at 9k. Now that it's at 17k, should I sell back enough to recoup the $2k or just leave it? I plan on buying more. Should I get some money back and then buy it again?
Remember when Bitcoin was to be ruled by "math not men"? Whether you support bigger or smaller blocks, and whether you're "short" Bitcoin (you want the price to go down, so you can buy), or "long" (you want the price to go up, so you can sell) - you should still support *decentralized* governance.
Why should you support decentralized governance? Because otherwise, the people involved in these centralized "meetings" (ie, the miners and the devs jetting around the world, making "important" decisions on things like "max blocksize" without your input) will become "insiders" - who can easily manipulate the price to make profits - behind your back, and at your expense. The potential for manipulation In the past, I've communicated with several experienced old-time traders and consultants from Wall Street regarding Bitcoin. And many of them say they won't touch Bitcoin with a ten-foot pole because it's quite obvious to them that (in the absence of regulation), a new asset class like Bitcoin is horribly vulnerable to all sorts of behind-the-scenes manipulation. They've seen it all before. They know all the ins and outs of how people with "insider information" can rig the market - and they can already see plenty of warning signs and alarm bells showing how easy it would be to pull off this kind of market manipulation in Bitcoin. Now, I'm not in favor of government regulation for Bitcoin. I believe that it should be as self-regulating as possible. But the only way to do this is if we get the governance and the software right. Basically, what this probably boils down to is "baking in" a bit more governance into the software itself - so that things can be decided by everyone in the market as a whole, rather than by a small group of people at a private meeting. Ethereum said "code is law", and Bitcoin said it would be governed "by math, not by men". But now look where we've ended up. In the case of Ethereum, the promise was "code is law" - but then they discovered that the DAO code could be hacked, which raised difficult questions about how to interpret what the "law" really means. In the case of Bitcoin (for those of us who remember that far back), the promise was to be "governed by math, not men". Now flash-forward to the present. After being stable for weeks, the price abruptly dropped by $30-40 today. This was apparently due to broken promises from some meeting in Hong Kong in February, followed by another "friendly", "invite-only" meeting in Silicon Valley today - where previously promised solutions weren't delivered, and it was explicitly forbidden to offer any new ones. So now, we're getting a vivid reminder that the "max blocksize" limit (as it currently stands) is a constant, hard-coded in a program, by a centralized group of programmers and miners - who are all fallible human beings, possessed by normal human drives and foibles and obligations, such as fear and greed, ego and hubris, payments to make and mouths to feed. This means that a handful of insiders can easily manipulate this "max blocksize" number - deciding whether and when and how it will get changed, and how much, and how often - so they could potentially manipulate the price - depending on their own personal preferences. For example, they could be "long" on Bitcoin and want to sell - or they could be "short" on Bitcoin and want to buy - or maybe they're just not terribly bright - or maybe they're into bike-shedding - or maybe they're just having a bad day - or a bad life. Whatever the reason, in the end, they're going to keep on injecting their central planning and their personal preferences into your store of value, your medium of exchange. And as long as you continue to accept this idea that they have the right to jet around the world, dictating how you can use your monetary system today - they're going to keep right on doing it. Now, most of us do accept that certain parameters like a "max blocksize" could probably change at some point in the future - depending on the needs of the market, and the capacity of the hardware. Our mission right now should be to make sure that the process for changing such a parameter is as decentralized as possible. Currently, that's far from being the case. But - no matter what you personally think or hope that number should be - you should support the idea that the process for determining that number should be as decentralized as possible. Today, a bunch of devs and miners flew to an invitation-only meeting to (not) talk about setting this number. You weren't invited to this meeting (or the previous one in February) - but the following "colorful" cast of characters were:
No matter who you are, you probably don't want a tiny, centralized cast of characters deciding on Bitcoin's monetary policy for you. Like the title of this posts says, it doesn't actually matter whether you support bigger or smaller blocks, or whether you're "short" or "long" on Bitcoin. It doesn't matter whether you're using Bitcoin to accept payments for your business - or doing "dollar cost averaging" to buy a little every week to put away for the future - or using cold storage to save for your retirement or for your kid's college education - or trying your hand at using "technical analysis" to do some day trading to see if you can outsmart the market. It's hard enough trying to deal with day-to-day events and budget for your future and analyze the market and understand the economy - without also having to factor in stuff like: whether u/btcdrak and u/maaku7 and u/luke-jr and u/adam3us and u/kanzure might happen to be "long" or "short" on Bitcoin - or whether some of them might be simply clueless or out to lunch or got up on the wrong side of the bed today. Remember how Bitcoin was supposed to be? If you remember back to when you first got into Bitcoin, one thing that we all did at least agree on back then was the promise that it was shield us from many human idiosyncracies in our previous monetary systems - all the centralized invitation-only committees run by shady central bankers, with their back-room deals, meeting privately with no transparency, setting monetary policy affecting your life, behind your back and without your input. So... we thought we had forever escaped terrifying economic curses such as the Keynesian Beauty Contest and the Greenspan Put and the Hank Paulson TARP and the Krugman Liquidity Trap and the Cyprus Haircut and the Brexit Slump etc. etc. - only to turn around and find out that we may have jumped out of the frying pan and into the fire, as we are now being haunted by even more terrifying curses such as the u/Btcdrak Scam and u/Maaku7 Macroeconomics and the u/Luke-Jr Pedantic Semantics and the u/Kanzure Transcript and the Adam Back Flip and the Theymos Dictatorship and the van der Laan Paralysis - all under the ever-present dismal shadow of the Tragedy of Gregonomics - and brought to you and paid for by the Fantasy Fiat of AXA. Is there a solution? As you can see from all of the above, the main problem facing Bitcoin right now is centralized governance. Of course, code inevitably does have to be (centrally) written by someone. But there are things we can do right now to minimize the amount of centralized intervention in Bitcoin's code and governance. Whenever possible, we can and should favor code which requires a minimum of centralized interference. Core/Blockstream have basically spent the past year or two tying themselves up in knots, and disrupting the community and the market - and maybe even suppressing the price - due to their stubborn, selfish, destructive refusal to provide parameterized code where the market can set certain values on its own - most notably, the "maximum blocksize". Meanwhile, code such as Bitcoin Unlimited (and also Bitcoin Classic, once it adopts BitPay's Adaptive Blocksize Limit) puts the "governance" for things like "max blocksize" back where it belongs - in the hands of the users, in the marketplace. Using more-parameterized code is an obvious technique known by anyone who has taken a "Programming 101" course. Everyone knows that parameterized code is the easiest way to let the market set some parameters - avoiding the dangers of having these parameters set behind closed doors by a centralized cartel of powerful people. We can and should all work together to make this a reality again - by adopting more-parameterized code such as Bitcoin Unlimited or Bitcoin Classic. This will allow us to realize the original promise of Bitcoin - where "The Users and the Market Decide - Not Central Planners."
Should you, risk your money by Holding Bitcoin on Aug 1 or is it better to sell on July 25-30, then buy back once all this craziness has happened?
I really do not know if I should sell all my bitcoins , since 90% of my wealth is in Bitcoin and I cant risk that big of a loss . ( I have spent 2 years , spending my entire check on Bitcoin, accumulating Bitcoin), And I am comtemplating if i should sell before Aug 1 or no .
What is the best bit coin wallet app? I don't need to buy it I redeem it from a site. Is giving them my bitcoin email safe? Yes right? And if I plan on selling it can I do it through the app coinomi or should I use coinbase or something else? And is it a good idea to get a hardware wallet? Thanks.
Tax question. If I make a lot of income during 2018 and have a large loss on crypto, should i sell the coin for a loss and buy back in, and could I write off that loss toward my income; or is it wiser to hodl if my timeline is a tear or more? /r/Bitcoin
[uncensored-r/Bitcoin] My friend have 6 BTC, what should he do? Sell, buy more or just hold?? explain with a reason please
The following post by jillmoney007 is being replicated because the post has been silently removed and some comments within it have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7r8x2j The original post's content was as follows:
Dying to take some action because i also 3 of them are mine.
I bought $2000 USD of Bitcoin when it was at 9k. Now that it's at 17k, should I sell back enough to recoup the $2k or just leave it? I plan on buying more. Should I get some money back and then buy it again? /r/BitcoinBeginners
When Should I Sell My Bitcoin? Sell When 1 BTC = $20,000. This is one of the likely routes you may take if you had entered at the previous all-time high and is looking for a time to cash out to end any possible risk of being back in the red in the future. However, doing so would end the reason for being invested into bitcoin in the first place. The Best Options to Buy and Sell Bitcoin One Should Consider. If you want to start selling and buying bitcoins, you need to find the most profitable way that suits you best. Let’s deal with the main aspects of the topic and discuss top exchangers that might come in handy. Selecting a bitcoin-wallet . To start buying bitcoins, you have to get yourself an online wallet for cryptocurrency ... We enable our customers to buy and sell both bitcoin and Pax Gold, which is a gold token that is 1:1 backed by physical gold.” Bitcoin vs gold – the key differences Digital vs physical Should I buy or sell Bitcoin before Halving? So, after reading above mentioned 3 points you might have some clarification of rules of Bitcoin. There are multiple factors which we must consider before making any decisions to buy or sell Bitcoins. Looking at the history of Bitcoin halving price has been increased after significant amount of time like in few months. But if we speak about growth ... When Should I Sell Bitcoin? First, consider the ongoing market instability, there was a sudden jump in the price of Bitcoin with 15-18% growth in March. You are thinking bitcoin is worth to sell now, but remember Bitcoin still has the potential to go much far, maybe more than its previous highest price. Moreover, the crypto market still needs to grow, the market is slowly pacing up. The ...
Should You Buy Or Sell Bitcoin? - Watch Out For These Signs The Coming Days! - BTC Price Analysis
Bitcoin News: Should You Buy And Sell Bitcoins? Bitcoin is a global digital currency based on distributed computing instead of gold and banks. At the time of... Interested in COINBASE and HOW TO BUY BITCOIN? Well this Coinbase tutorial will show you exactly how. Subscribe for more awesome videos and a chance at Free ... In this video, we discuss the upcoming Bitcoin Halving event 2020. We break down how inflation works with bitcoin along with the BTC reward being cut from 12.5 bitcoins to the new 6.35 BTC per ... Should I buy Bitcoin now, or should I wait for the price to drop is a question I get asked almost every day. The answer to this question depends on many thin... Should You Buy Or Sell Bitcoin? - Watch Out For These Signs The Coming Days! - BTC Price Analysis ... HOW TO BUY BITCOIN 2019 - Easy Ways to Invest In Cryptocurrency For Beginners! - Duration: 10 ...