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- The positive loop formed by the relative actions of weak hands and strong hands has given Bitcoins the push for more than twelve years, raising its value from a few cents in 2010 to more than $50K today
- To better understand Bitcoin, keep an open mind, keep learning, and don’t limit your research to just one region or country’s stats
- To create earnings in the Bitcoin industry, don’t rush it, be patient and keep learning. There’s no shortcut. Be skeptical, but always remain curious
Since the beginning of October 2020, the Bitcoin Industry has consumed the world like a hurricane. Everyone is talking about it, from techno-friendly services to ever-rising value in the market, and it wouldn’t be wrong to say Bitcoin is a global trend today. With the increase in value, the Bitcoin industry is gaining tremendous media exposure, which successfully attracts an even more comprehensive range of investors, and not-so-slowly expanding the Bitcoin industry.
The ways of Bitcoin Industry
It has been realized that there are two types of consumers in this bitcoin industry. The paranoid new entrants, who choose to be on the safe side, have weak hands. At the slightest drop in price, which is more than 10%, they sell their newly acquired bitcoins, which triggers bitcoins’ volatility to an even greater extent. On the other hand are the strong hands, who take advantage of such falls, buy bitcoins at such times and strengthen their holds. This gives a rebound push to the prices. And thus, the loop continues.
These two categories of consumers’ relative actions have worked to the advantage of the bitcoin industry for more than twelve years, raising the price of Bitcoin from a few cents in 2010 to more than $50K at the time of writing. And this is just the beginning. Despite the current value being so strong, Bitcoin still shows enormous potential to progress.
There still are people who are contemplating joining the flow. Here are three essential tips for those newcomers to establish a better footing in this industry.
- Bitcoin is a whole new decentralized mandate and demands an open mind:
Bitcoin is a unique invention that combines digital, decentralized, and scarce properties to provide its consumer an excellent interface. This unique invention is an absolute paradigm shift from our conventional monetary and financial systems and requires an open mind to grasp it’s workings fully. We can’t classify it into the existing financial categories, it’s a separate category on its own.
Bitcoin has a motto: “Don’t Trust, Verify”. Which clearly warns, do not just blindly trust what you hear, try for yourself, do your research and then judge; have your own opinion from your own experience
2. Overstep the Western vision of Bitcoin and recognize its potential in the world as a whole:
In the west, Bitcoin is something that can store value. This aspect of their views enables bitcoin opponents to state that it is not used. But they forget that HODLing Bitcoin uses Bitcoins.
To grasp the full story, one has to step out of one’s western comfort zone and see what is happening globally. There are less wealthy countries suffering from hyperinflation, countries where corrupt rulers’ indigence leaves no respite for the populations. In such countries, Bitcoins are the life-boats for the sinking populations.
3. In the Bitcoin World, Patience is the Key to Success:
Invest the money that you want to save from the claws of monetary inflation in the Bitcoin network. And that’s it, all you have to do now is wait. Relax and be patient, your money is now in the safest decentralized network. Don’t be hasty, and liquify the investment the instant you sense a decrease in price. Let it be, and in the future, when you need it, you can get it back.
Conclusion:
Bitcoin isn’t going anywhere. And now that it has developed its roots, it’s going to develop into a vast, fruitful tree. With that said, don’t look for shortcuts, be patient and pay attention to the steps taken. Knowledge gives confidence, constantly researching and acquiring more knowledge will help you gain confidence and thus enable you to enjoy Bitcoin services to a great extent.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
