Explaining to a Buddy Why I’m Not Selling My BTC Now – and Why He Should Get Some!

Explaining to a Buddy Why I’m Not Selling My BTC Now – and Why He Should Get Some!
By Dave at davescrypto.com, March 22, 2019

I have a good friend that I’ve known for about 3 decades now and he doesn’t know much about crypto. Still, with a friend of that vintage you’ll take some time explaining things like Bitcoin, blockchain, and cryptos in general.

This is what I told him:

When I bought my first bunch of Bitcoin it was going for about $15,000 USD. Today, the price is about $3980. That’s down from a high of over $20,000 per Bitcoin in December 2017. If I had sold it at its height I would have made profit, but I didn’t as I was hoping it was going to keep going up and up, maybe even “to the moon!” as the saying goes.

If I sold now I’d take a heck of a loss. So, I’m not going to do that. I don’t have that much anyway, I just made the mistake of “panic buying” when BTC was making its biggest bull run yet. Lesson learned: don’t panic buy!

The other side of that wisdom is: don’t panic sell! Not selling when crypto markets take a dip is likely much more important that buying when the price is going up. The reason for this is that Bitcoin is probably going to go up again and reach ever bigger heights, as it’s a finite cryptocurrency (don’t take this as investment advice, it’s only my opinion), and there’s only ever going to be 21 million of them made.

More good wisdom is: only invest what money you can afford to lose, if you do invest!

Even though the future of Bitcoin may look bleak to one standing on the outside, who has only heard mainstream news reports of its fall from the value it once attained, I still think it is a good longterm investment. One reason is the already mentioned finite characteristic of it, but another is the rise of blockchain technology which is moving into most fields, with many new, unimagined uses. So, it’d be a good idea to also get some interest in blockchain developments, along with other cryptos that heavily power them, like Ethereum.

Blockchain technology was created for Bitcoin, and it is a public, unchangeable record, or ledger, of all transactions on the network, stored in a decentralized way. That was how blockchain started, but many other uses for it have been discovered, like for games (CryptoKitties), “smart contracts” that are stored on the ledger (Ethereum), and for business and government records – to name just some of the applications of blockchain, beyond recording the transactions of cryptocurrencies.

Adaption of blockchain technology should drive up the value of not only Bitcoin, but of many of the other cryptocurrencies that now exist (about 2000 when I checked today), and of new cryptocurrencies to come.

The adage “buy low, sell high” applies in the crypto market, just as it does in all markets. Right now BTC is down, so you know what that means? And what it doesn’t mean? Right…?

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-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

This is not financial or investment advice.

Text copyright 2019 By Dave at davescrypto.com. All rights reserved.

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Blogs: Dave’s Crypto: http://www.davescrypto.com and https://steemit.com/@davescrypto

Remember to do some good: use Bitcoin and other cryptos, plant some trees, help someone in need, give to a charity that uses most of its money for helping rather than big salaries and administrative.

Late To the Bitcoin Party, But I’m Still Early

(Here’s a piece I did in 2017 and much if it still applies today. – Dave)

Late To the Bitcoin Party, But I’m Still Early
By Dave at davescrypto.com, August 13, 2017

The eclipse of the sun by the moon will be upon us on August 21st, but I’ll likely be looking at my computer screen, as the world of Bitcoin has become very fascinating to me. I don’t want to miss the next big thing with it (besides, you shouldn’t look at the sun in eclipse without proper eye protection, anyway). I’ll admit to a touch o f FOMO (Fear Of Missing Out) in regards to Bitcoin, as its price has continued to skyrocket. Today it broke another record high of $4200 USD! (Cue Ozzy Osbourne’s song Bark at the Moon!)

I’ve watched the price creep up each time with a sinking feeling, as I didn’t own very much of it. I visited my first Bitcoin ATM today to buy some of the stuff, paying a little more so I could feel secure when the next stratospheric price increase comes. I still don’t own much of it, but at least I feel I’m more in the game with some of it in my paper wallet. As its price continues its exponential rise, which my educated guess says it will, I will see my investment increase in value many times over when the masses are using Bitcoin. And they will: Big business and banks are embracing it right now.

I started learning about Bitcoin three years ago when I began obtaining my first pieces of Bitcoin (and other crypocurrencies) through online games called “faucets” and other give-aways. Bitcoin was trading for about $100 USD then (how I wish I had loaded up!). I’ve been around long enough to know that “HODL!” is not a typo. But compared to the early adaptors who were there from the start in 2009/2010, I got into Bitcoin late. Many people have already become very rich selling off their Bitcoins, but I believe the biggest gains for Bitcoin are yet to come. I’m not alone, by far.

But it’s NOT all about just getting rich!

 

Bitcoin stands to do a lot of good, due to its decentralized nature. Many see it as a path to freedom for the people of this world and a tool for making Earth a planet of peace and kindness. Good things are happening! 50K in Bitcoin was donated For Hurricane Harvey Relief in Texas by listeners of The Crypto Show! Early Bitcoin adaptor and angel investor Roger Ver has given a very enlightening talk on how Bitcoin can stop war and a lot more (talk on YouTube, transcript/article here). Sure, there’s fortunes still to be made with Bitcoin and other cryptos, but the tremendous benefits in the form of a better world are not to be overlooked – otherwise, what good is all the “money” of whatever form?

The early adaptors acquired Bitcoins for free or for fractions of a cent each, soon after a mysterious programmer going by the name of Satoshi Nakamoto (which may not be the name of one person, but a group of people, or maybe not…) came onto the scene with the new invention of a decentralized, electronic currency. It seemed like a strange thing at the time to many people, an oddball “computer geek” fad that would never catch on.

However, compared to most people on the planet, I got into Bitcoin very early. We are still in the infancy of this growing crypocurrency. There’s nowhere for it to go but “to the moon!” I remember when it was at the $500 level, way back about a year ago—ancient history in the Bitcoin world. Even a month ago it was still around $2000. Things move so fast in the crypocurrency realm! Now you can see why I can’t take much time away from the computer to watch the eclipse (but I’m sure I’ll take a peek at how the day is getting darker during it and watch it safely on an online cam).

Nearly every day I read a story about how a major company, or government, or bank is making a move to accept Bitcoin. Crypocurrency ATMs are beginning to show up in corner stores. Employees are being paid in Bitcoin. Contracts and other data are being recorded on the blockchain, the technology behind Bitcoin. And yet, Bitcoin is still only used by a relatively small number of the people in the world. It won’t be that way for long.

One of the other crypos (there are many now; for a list see https://coinmarketcap.com/all/views/all/) that is looking interesting is Ethereum. It is posed to become increasingly more important and utilized as it’s integrated into “smart contracts” based on blockchain technology. So, if you’ve not heard of Ethereum you may want to check it out!

When Bitcoin reaches mass acceptance and use, today’s valuation of over $4200 USD is going to look very tiny indeed, and a great bargain to buy Bitcoin at. What value will Bitcoin reach in the future? That’s unknown, but many think it will be stellar, indeed. When will that happen? It depends on many factors, but within the next few years the use of Bitcoin is going to greatly increase, that is a pretty sure bet. Its rise in value is unmatched so far.

So, I may be “late” getting into Bitcoin according to some, but you’ve got to start sometime. To anyone just learning about Bitcoin now, I say that its bright future is still ahead of it, so don’t be afraid to jump in now. You need look no further than mainstream financial and business headlines to know that Bitcoin is here to stay and is on a huge growth curve. I know I’m actually still early to the Bitcoin party – you can be, too.

To the moon!

-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

This is not financial advice.

Text copyright 2017 Dave at davescrypto.com. All rights reserved.

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Blogs: Dave’s Crypto: http://www.davescrypto.com and https://steemit.com/@davescrypto

Remember to do some good: use Bitcoin and other cryptos, plant some trees, help someone in need, give to a charity that uses most of its money for helping rather than big salaries and administrative.