If you were one of the lucky ones who were able to buy cryptocurrency this weekend during the Christmas dip, then congratulations! Many crypto non-believers have been saying that there’s going to be some sort of crash or a Bitcoin bubble is going to burst. That’s just not the case. What did happen this past Friday morning is what’s called a price correction. In recent months Coinbase and exchanges like Bittrex and Binance had an influx of new users/investors coming into the market and buying every coin they could from them. The overload on their servers and the need to hire tons of new employees / train them, was too much to handle. To top things off, these newbie investors didn’t really understand the values behind each coin.
Case in point: Litecoin LTC should have never gone up to $300 so quickly.
We plan on holding our assets until at least the year 2021.
This is when we think the cryptocurrency market should have reached a certain degree of mass adoption. I know this sounds like a broken record, but when you first get into crypto, only invest a couple hundred dollars, create accounts on different websites and exchanges. Once you get comfortable trading ETH and BTC for altcoins, then you can start investing a little more money. But don’t put too much in, because if you lose it all right away you will be upset and you won’t want to invest in cryptocurrency anymore. You might have bought one of the top 10 coins before the dip, say an ETH for $850. Then the dip happened and you lost some money. But did you? Sometimes you just keep have to keep calm and hodl.
Some say crypto has no value, or that all the blockchains could just crash down. Did that happen to the Internet? Or did several amazing companies emerge such as Amazon, Apple, Microsoft, Google, eBay, Facebook, etc., and the rest died off. This could be a second iteration of the Internet, albeit a decentralized version. That IMHO has a ton of potential to give us a simpler, faster, and cheaper solution to a lot of the worlds’ needs.
So take your time, crypto currency is here to stay, just have fun with it and do your research!