Hi everyone,
this is my first post here. You can call me Bassie, I'm from Belgium.
Being fairly new to the crypto market myself, I would like to give out some things I learned to new traders and investors or people thinking about making the step into the Cryptoverse. This is not advice, just my personal point of view on whats happening. I might have chosen the wrong words sometimes, as English is not my native language. If you want to break me down, do it so I can learn, but please do it constructively. Thank you.
First of all I have my number one rule to commit 100% too:
Disconnect your emotions from your wallet.
Once you start putting fiat into crypto-currencies, you contribute to the value of the crypto-assets you bought and the entire crypto-market. Meaning you believe your money is at least worth the price you pay for the asset you bought. Which might be true or false, depending on the team behind the project (DEVELOPMENT IS REALLY IMPORTANT ASPECT HERE!!). Only time will tell and the believe of other people in this project. If you TRULY believe in something to grow, buy in, hold it and if it drops, buy in lower and keep supporting. If you buy in and it grows, buy in more to support the growth. This is literally how companies/organisations and sites like STEEMit keep growing and have a chance to become really big. Resulting in profit for you.
What I saw happening is people jumping on to Ethereum and Bitcoin when it reached it all time heights (just like I did myself, starting my crypto-adventure). After that the market needed a correction, shaking out all the people who didn't really understand the tech behind these crypto-currencies and the real potential they have.
Then you also had the flash crash and ICO (Initial Coin Offerings) bubble and scams. One advice there: stay away from them until they have proven something. Give them at least a year to balance out and develop. Do your research in the meanwhile, follow them on twitter etc. All this crap wasn't good for the reputation of Ethereum, which resulted in a crash.
Now that the market is recovering, people have noticed its not only Bitcoin with actual value, and not every thing is directly tied to Bitcoin (Bitcoin has a 44.2% dominance at the moment over all the crypto-currency, source coinmartketcap.com) even though it has its influences on the whole market.
The upcoming events for Bitcoin will have a impact for sure, few people know whats bound to happen or understand it fully. I will not elaborate into the tech talk but I can say look it up, try to understand. It's important.
Things to take note off:
- YOU are your OWN bank, YOU are the ONLY one responsible. Protect yourself. Be smart. Keep assets offline;
- Don't believe anything, anyone posts. Always be skeptic;
- It's a volatile market, you'll have to have iron hands;
- This is the future.
If you want a decentralized system, you are responsible for your own wallet, security and privacy. Realize that. But on the other side centralization is a false feeling of security. Central banking has power over people. If you have money on the bank, you own nothing.
That was it for this post, hope to see some reactions. =)
I might have missed some steps and made a few jumps, you can always react with questions and I will try to answer them or we can start discussions..
~ Cheers!
This is the Bitcoin time line for those who interested:
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