Hello Friends!
This is technoamit again...and today I will talk about the Bitcoin market crash that happened in the last 2 days - Jan 16th and Jan 17 2018.
I have received so many messages over Telegram, WhatsApp ...you name it...asking worried on what the heck is going on! There is fear and anxiety among the new comers to the crypto currency space.
As most of us in BlockChain world, very well know about these occasional wild swings, my advice to folks is pretty straight forward. Focus on the technology and not the daily fluctuations of the crypto market. This is neither a "get rich overnight " scheme and nor its meant to be day traded. You will get burnt most likely if you try to trade this.
Here are some of my responses to these folks about the recent crash!
- "Patience will be rewarded"
- "Its not a loss until you sell it and even worse if you panic sell"
- "Focus on long term impact of the underline technology - Blockchain"
- "Its Black Friday sale in Crypto-world,. Go out buy what you had a FOMO about!"
- "And the much hyped word in Crypto land - HODL, which simply means HOLD or hold on dear life"
In conclusion, Crypto coins (there are over 1300) of them currently, will come and go, what will remain is the technology that will revolutionize how we think about money and resources. Thats what we need to focus on and diversify with the best Crypto Coins out there with the best group of people behind it.
Do not forget to do your own research and do not take my or anybody else's word on what to buy and sell. Do not get into this if you are living pay-check-2-pay-check, borrowing money via credit cards or if you don't have the time and patience to learn the technology behind it.
As of this writing the market has recovered quite a bit...and should be good in long term.
Until next time!
Keep Calm and be a CryptoNinja
Cheers,
-amit