Bitcoin- why this time is not different
Tips to save money come altseason
As we come to the close of a very eventful year that humanity will not forget in a hurry, Bitcoin is again in the news and this time for all the right reasons. BTC has surged nearly 50% in one month and almost quadrupled in value in one year. So far, this rally is largely thanks to institutional investors, but it is only a matter of time when every robin hood investors ( Read speculators) starts inflating the price. Just like the housing market bubble, dot-com bubble or the previous bitcoin bubble of 2017, it’s only a matter of time before streets are filled with crypto blood. No matter how much your favourite analyst screams on your favourite financial media that ‘this time is different’, it never is different.
“History never repeats itself. Man always does.”
Just like 2017, pretty soon you are soon going to be hearing about that ‘new currency or ICO that is ‘guaranteed’ to do a 1000x return. Combine that with your fear of missing out (FOMO) and regrets of ignoring the previous rally- perfect combination for a financial disaster. So before you decide to sell your house or that left kidney you are not using for that new coin in the market, take due diligence and follow these step.
Don’t be greedy
Have fun riding the rally but keep taking out profits. Don’t be greedy.
Keep a strict stop loss.
It is not easy to keep a stop loss in a volatile market like crypto but strict discipline is very important to be successful in trading.
If it sounds too good to be true….
You guessed it. It probably isn’t true. Just because your neighbour’s milkman knows this Nigerian prince who bought this yacht on the Caribbean, thanks to this coin or your wife’s boss’s bridge partner in the club purchased a Lambhorgini with this online strategy doesn’t mean it will work out for you.
Do your research
Who am I kidding? Lambos and yachts are not very environment friendly. So do your research before giving your hard-earned money, or you will be forced to give up that dream of whizzing past your (ex)Boss and giving the finger.
Be careful of the unregulated market
There are loads of unregulated exchanges and peer to peer networks. Theyare unregulated for a reason. They are not safe. Be very careful before depositing your currency on them.
Use common sense.
“The last time anybody made a list of the top hundred character attributes of New Yorkers, common sense snuck in at number 79.- Douglas Adams.”
Sadly this is not something unique to people of the big apple.
Cryptowinter is over and alt season is coming. Good luck riding the bull.