*this is not a financial advice. or maybe it is a little. i don't know. i just wanted to write this cool line in the beginning of this post. Kappa
I've seen people panicking here and there about the cryptocurrency prices dropping. Our local newsletter is cheering how Bitcoin price keeps on dropping and saying that "it seems that everyone is selling and noone is buying at this time." The media also keeps on advising people NOT to buy, NOT to make a deal with cryptocurrency saying that "the time has come and Bitcoin will meet it's end!" And everyone runs around holding their heads with their hands, cashing out and panic-selling.
Is it true though? Are we done with cryptocurrency?
I don't believe so.
"Bitcoin will meet it's end."
MAYBE
I believe that by saying this line the media doesn't lie, but there is a small catch. It's true that so far Bitcoin has been the leader of cryptocurrencies and when its price drops, others' drop. This is what we all know. BUT. Just because Bitcoin doesn't hold or may not hold any bigger value in the future, doesn't mean that other coins and tokens are "dead" as well. Maybe something else will take over?
Besides "everyone is selling, but noone is buying" is a funny sentence. All the coins that are sold are being bought as well. Someone sells and someone buys. Do you really think that those who buy with a low price, are stupid? Who knows...
"Time to cash out."
FALSE
I believe that Bitcoin dropping in price just means it's a good time to buy. Anything. I personally haven't noticed anyone excluding the fact that some other coin will rise instead and take over the leadership. Cashing out is panicking. Do you remember the first rule of entering the cryptoworld?
Only use money you can afford to lose.
This means that the money you put in, you don't take out when prices drop. Imagine this as if you would buy lottery tickets. Most of the time you gain nothing (but lose money). You aren't really sad, because at the second you decide to buy the ticket, you also accept the possibility that you just give the money away and gain nothing. Similar goes for cryptocurrency. When the price sinks, sink with it, because only YOU are the captain of your wealth ship.
Wait.
I believe that the prices will even drop some more. Noone really knows how long the current situation is going to last. I've programmed myself willing to wait approximately 2 years for the prices to start rising again, but I think this will happen even sooner. I've just made peace with myself that the prices can drop near the 0.01$ even and stay there for 2 years and I will not panic during the time. If the lowlife continues to last longer than that then we'll see.
Some believe that there will be a change towards the sky in prices when Steem launches SMTs in spring 2019.
Some believe it will already happen in the end of this year (just like last year).
I believe we just need to wait it out. This is not the end. It's still only the beginning. What happened in the end of last year was just a glimpse of the future that will happen again. History repeats itself, right? ;)
Everyone is asking what do you think of the current market situation or how are you coping with it, so I'm not going to ask the same thing. I believe that when you read this post, you agree with what I said.
Just let me know:
Did anything cool happen yesterday?
My daughter lost her first baby tooth yesterday. It was loose for a few days already and she got into a fight with a friend in kindergarten, apparently got hit in the face softly and the tooth fell out. :D