A LOT has happened in the past 3.5 months that I’ve been in this community, from the hard forks to the corporate takeovers to the ulterior motives. Spend an hour learning the history, state, and possible future progression trees of Bitcoin for every $1k you invest, assuming you’re a middle class American.
The overwhelming majority of us are kind-hearted, thoughtful, helpful people…until you try to centralize us…then we become more ravenous than a pack of Rick and Morty fans sans the sauce.
Bitcoin is now nearly 7x what it was valued at the start of the year, but don’t expect a 10x ROI. Invest in what Bitcoin represents, not a payout. At least, not in the beginning. But also, do. Long term gains are a staple of Bitcoin.
There is a lot. It’s a steep learning curve. But try to understand the software as best you can. And I encourage every able body to become a full node and support decentralization.
A FORK IS NOT FREE MONEY.
There’s always a cost, whether it’s the potential loss of tokens due to replay attack or a token losing value because it doesn’t represent what the people want. Understand that cost before jumping in front of a fork.
BE WARY OF ICOs.
Regulators have been cracking down on them these last few months, but still. I’m STILL waiting on my Cobinhood tokens. I’ve already zero’d the balance on my blockfolio app.
Download the blockfolio app only if you want the first month of your life in crypto to be lost constantly refreshing, watching your investment go up a dollar or two and squeal in excitement, and reading literally every article that appears. I used to read all the reddit posts, but as the community grew, and as I resumed my upper level physics classes, it became impossible. It gets easier to look away when you go through your first correction.
*Disclaimer* The Blockfolio devs did not pay me.
Something I’ve learned through watching a wide range of cryptos, not just the top 50:
Bitcoin is different from the rest.
“Jump, that goes without saying”.
Shhhhh. shut up. It controls the market. If it plummets, it can bring the whole thing down. If it’s mooning, it can bring the whole thing down. If it’s Flippening into Bitcoin Cash, it can bring the whole thing down. This has made me very wary of all alts. I try to avoid anything with dark rumors or anything outside of the top 10 by market cap. If you see something that has a good, trustworthy dev team with a proven record, is principled, and it has a purpose that is sorely needed, then act with your best judgement. Otherwise play it safe. And, hey. Who doesn’t like a $200 gamble every now and then?
There are Three types of investors:
The long term investor who is confident the value will always rise, similarly to gold.
The short term day trader who is looking for the quick flips.
The somewhere in the middle guy, which is where I and most of your contemporaries will fall under. We watch the market for indications of an impending bull or bear run and move with it.
There are benefits and drawbacks to to every philosophy.
Soon, there will air an episode of “The Big Bang Theory” about Bitcoin. Depending on how our beloved token is perceived, it will cause a noticeable up- or down-tick in the valuation. The entire world plays a part in Bitcoin, and anyone with a platform can change its direction.
Now for a bit of controversy. This is opinion;
Bitcoin Legacy, as I’ll refer to the BTC ticker, is dying. Idk why now, but the community has realized that the larger blocksize, faster speeds, and greater affordability of Bitcoin Cash has induced the early stages of ‘The Flippening’, where Bitcoin and an altcoin essentially switch values and that alt becomes the dominant crypto. Except that Bitcoin Cash was never really an alt. It has all these features to withstand the test of time, and a team with the foresight to know what Bitcoin needs and what we, the people, want. It was what Satoshi Nakamoto envisioned for the future of Bitcoin. Bitcoin Cash IS Bitcoin.
So I say this, to the young investor especially:
Err on the side of caution when “buying the dip”. That dip might actually be a free fall swan dive 7800 stories into concrete.
It’s a little ambiguous now, which bitcoin is the real Bitcoin, but if you put your money in Bitcoin and leave it there for a few years, you’ll be fine, barring some unforeseen cataclysmic event like super-crackers overtaking the network or something. skynet. idk.
And when I say young, I mean inexperienced. A whole lot of us just showed up this year, so that includes most of us.
It tests your will. It defies all conventional “expert” wisdom. Trying to understand the politics behind something so simple, so elegant will drive you mad. Or rich. Battles, nay, wars are fought over the crypto-space every day, B. But Hodl on and we just might make it out of here, all of us with small fortunes.
Enter the Bitcoin.