Mistakes People Make When Investing In Bitcoin And Other Cryptocurrencies

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Bitcoin is a fragile digital money due to the antagonistic views that some people have displayed towards it. As said by James Gorman, Bitcoin is more than a fad, so seeing bitcoin as a fad that is likely to crumble within a short period of time isn't a good idea. People make the mistake of of treating the digital money as a fad and they end up selling it out at the wrong time, thereby losing a good amount of profit when the cryptocurrency eventually spikes high.

Investing in Bitcoin could be highly rewarding since there are people who have made millions from bitcoin investment. On the other hand, investing in bitcoin at the wrong time could equally reduce your chances of getting a return on investment which is why I had to seek experts advice to know if it is wise to invest in Bitcoin at this time of the year?

I came across this Bitcoin expert known as "Jason woo" and he gave a thorough explanation on when and how to invest on Bitcoin as well as the mistakes that people often do when trading cryptocyrrencies. My question goes thus...

Now that there is a significant increase in the price of Bitcoin, is it wise to invest in it?
And this was his response..
Your question is a difficult one to answer, the main reason being…… volatility!!
Nobody can accurately predict the future price of Bitcoin, even though a few people are predicting very high figures in the coming years, however there are also a few people predicting Bitcoin will die tomorrow (this has been going on since Bitcoin started gaining massive traction).
The main reasons for the regular ups and downs with all Crypto currencies, not only Bitcoin, is China, they control the majority of mining involved in Bitcoin and any time they as much as sneeze, panic sets in and people sell, also there are haters out there spreading false rumors about Bitcoin crashing, along with high stake players attempting to manipulate the markets.
Then when all this blows over, Bitcoin regains traction and the other coins follow suit, Bitcoin is “The Godfather” of Crypto currency, whatever happens with Bitcoins price fluctuation affects the majority of the other recognized coins out there, this has been seen many times over.
My advice to you, if you are looking to invest in Bitcoin is….. only invest what you can afford to lose, I am not saying you will lose but you could lose a fraction of your investment by panic selling at the low price.
The Bitcoin Community have a saying…. “strong hand” basically this means try to ignore all the negative press and hold your Bitcoin, there are Bitcoin forums you can read with so many people complaining that they sold out at the wrong time and had to buy back their position at a premium, should have taken the “strong hand” approach.
I have no idea regarding your level of knowledge on Bitcoin, but feel free to take a look at our simple, but informative website which explains the fundamentals of Bitcoin without all the technical jargon involved in this fascinating technology and an opportunity to get involved without actually buying Bitcoin and constantly watching the charts, which can be daunting at times, as well as exciting.

Mistakes People Make When Investing In Bitcoin And Other Cryptocurrencies Mistakes People Make When Investing In Bitcoin And Other Cryptocurrencies Reviewed by sidex Jay on September 29, 2017 Rating: 5


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