Does this mean you should buy bitcoins?
it should be noted that this post is not financial advice but my opinion on the matter.
A few days ago, @babaj and two of my friends asked me on Twitter if they should buy BTC and how they can join the moving train. So I said to @kossy that she has missed the train. I advised her to look at other altcoins based on her level of exposure
Question of the day:
Is it a bad idea to buy bitcoins?
In 2017 I started my journey in the crypto industry and it somehow coincided with the bullish run. There was a serious hype about cryptocurrency which to me is not hype but facts right now.
The period was so nice that anything I invested in crypto multiplied on value. So I kept on buying even when cryptos were hitting their all-time highs. Did the coins continue to rise?? of course not! They fell miserably and bit some people so hard. It made some people regret their actions and a lot of other things. I was bitten terribly in that bearish run.
I remember buying Tron at $0.16 per Tron and later selling it at 0.07$ per Tron. I also remember buying Ripple at 0.2$ per coin. it rose to 3$ per coin and I thought things were going to continue to rise instead of cashing out the profits.
You and I know the rest of the story but for those who don't know, a heavy bearish market came next and BTC that was at its all-time high went down by about seventy percent.
So my answer to the question will be based on my experience over years.
Is it the right time to buy btc?
The answer to this question is not a yes or no as it has a lot of things to consider.
However, I will like to summarize the answer to this question by answering based on a timeframe(short term or long term).
if you are investing in BTC for the short term then the answer to the question is YES it is a bad idea to buy BTC now and my advice for you is to stay clear of the market. The reason is simple. You can't be buying something when it is at its all-time high. You might ask "what if it is on an uptrend?" My answer to that question would also be a question what if it is the start of a downtrend?
However, if you are still of the opinion that you should join the train, you should use spare cash and I mean cash that you really do not care about. it's not the time to start using your rent or school fees or whatnot.
if you are investing for the long term and when I say long term I mean 4 years and beyond I can say wholeheartedly that it is a worthy idea to invest in bitcoins as the world is moving to crypto. You must have heard that some football players are receiving their salaries in bitcoins already. Some great investors are also looking at BTC.
it used to be said that crypto is the future but I tell you today that crypto is the present.
Invest in crypto now and secure your future.
what should you do despite the hype of bitcoins and cryptocurrencies
From the story, I narrated it is obvious that cryptocurrency is for the strong and brave-hearted.
So whatever you are doing play it safe and play it with spare cash as you can wake up and see that your proposed coin has gone down by 50% in value in one night.
Buy the dip!!
This is my advice for those who still want to join the train and those who want to go long term. Wait for a drawback and then buy some with your spare cash. The emphasis is on the spare cash.
The more it goes down the more you buy. This strategy is known as dollar-cost averaging.
Look up other altcoins
From my experience, when bitcoin starts the bull run, other altcoins follow suit. look for altcoins with a reputation and good market cap and buy at their lows and make sure you listen to the news...
Lastly, read more and make your own research. The more you study, the more you gain experience.
On this note, I will lie to end this post with a quote I saw on @gandhibaba's status
Cryptocurrencies are generally a highly volatile asset class, therefore do your own research but always remember that the money always lies inside the mouth of the lion.
Remember that, if bitcoin could get to the 40k that fast, it could go down faster. It is easier to go down than to climb up.
I think I am done for now. thank you for reading my blog.
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