It’s just 3 months after its peak on December 2017, Bitcoin and other altcoins prices are plummeting with no clear sign of going up again.
Here’s the price as of today.
So What Happen to Bitcoin?
In recent weeks, Bitcoin and other altcoins was getting hit by numerous parties and organizations, some of them are banning access to the cryptocurrencies, some parties and countries started to regulate cryptocurrencies and asked for transactions log. Even recently Google said they won’t let any cryptocurrencies related ads to appear on their search engine in the future. All these issues are making Bitcoin and other altcoin prices to go down – due to people afraid of the situation and started selling their assets.
Another issue with Bitcoin and other altcoins is there’s just too many cryptocurrency coins nowadays. Numerous parties and even individuals can create their own version of cryptocurrencies. While it does seem good, but actually it’s not. Assume Bitcoin is gold. Then you invest on it. However in no time, there’s another type of “gold”: Ethereum gold, Litecoin gold, Bitcoin cash gold, then xyz gold, abc gold and whatever gold. What do you think? Though everybody said Bitcoin, Ethereum and Litecoin are limited in terms of number of coins that can be mined, but with all these new “golds” that makes cryptocurrencies become unlimited supplies. And that’s exactly what happen when one does have unlimited supplies – price is going down. Why someone should spend $10,000/coin to buy Bitcoin when someone can just buy whateever coin for even less than $1/coin?
Should you sell your Bitcoin?
The most question that pops to those who owned Bitcoin and other altcoins (you may included here) is, should I sell now to prevent further lost?
Well, there’s no easy answer for this and truly depends on your faith in Bitcoin and other altcoins.
For me, I still have faith on both Bitcoin and on the technology behind Bitcoin and other altcoins: Blockchain on how it can change our lives by making processes to be decentralized, so we are not dependent to only one party, one organization. All processes happening is recorded and agreed by all parties inside the Blockchain.
At this point of time, my investment in Bitcoin and friends are only a few (not even reach 1 coin) . To give you better picture, I spent less than one thousand dollars back then to buy Bitcoin, Ethereum and Litecoin. While for sure today I lost some of my dollars but I can say I’ve got nothing to lose for now – rather than converting them back to dollar which for sure I lose, it’s better for me to keep them and hoping in the near future their values and prices may rise up again though they may not rise as high as they are used to be with all the clamping down by numerous parties and organizations.
Find other awesome articles, tips, tricks related to Life and Tech, iOS & Android quick review on:
Well, if you have some spare money, do buy. If you don’t, looking at Bitcoin and other altcoins current condition, better hold it off. Since not only me but the rest people are having the same thoughts – is Bitcoin and other altcoins a bubble, a scam or really a new gold?
For me rather than keep thinking or guessing which one Bitcoin and other altcoins is – bubble, scam or new gold, I better go and buy some amount with some spare money that I have – if turned out Bitcoin is a bubble or a scam, well then lesson learned for me. But if turned oiu Bitcoin is really a new gold, then I consider as good lesson for me. Most important thing is try to diversify your money into various investment instruments.
In fact, a few weeks back when Bitcoin price was around $9,800/coin I did buy some fraction of it.
To easily buy Bitcoin, Ethereum and Litecoin from your mobile, do check here.
In case you are interested, do check here on how I earned my spare money as it’s easy and you can do it too!
Is it a good time to continue mining Bitcoin?
As long as your electricity bill is lower than the current prices and values, considering all the gears that you have invested in, I would recommend you to continue. Anyway, it’s not Bitcoin is worthless now, it’s just now worth less.
Is it a good time to buy a mining rig and start mining Bitcoin?
With the assumption you still have faith in Bitcoin and other altcoins, is it a good time to buy and start mining Bitcoin or other altcoins?
While the Bitcoin and other altcoins prices are down, but their hardware prices are still pretty much jacked-up and expensive. So my recommendation is:
– if you have enough money to buy the necessary hardware: buy at lower specs (less GPU) and use the remaining money to invest in the Bitcoin and other altoins themselves.
– if you don’t have enough money: well you don’t have enough money so you won’t be able to buy the hardware anyway, so go and buy Bitcoin and other altcoins themselves.
If in the future Bitcoin and other altcoins prices and values are going up, then you can always sell your Bitcoin and other altcoins to help you buy the mining rigs or extra GPUs.
To start mining cryptocurrencies from your Smartphone or Tablet, do check here.
Bring It All Together
So that’s my thoughts on Bitcoin and friends. Do check on your own before making any decisions, especially if it does involve big amount of money. There’s always risks in investment. Big risk big gain big lose. No risk no gain no lose. You decide.
For Life & Tech tips, iOS & Android Apps and Games quick review, do visit below:
Hi, thanks for reading my article. I do spend my time and efforts writing this article based on my own experiences for my own journal as well as to share the knowledge to whoever read it so hopefully they can get the benefit out of it
If you find and feel this article is good and helping you in anyway, help me to spread the words by sharing this article to your family, friends, acquaintances so all this goodness, my spent time and efforts do not just stop at you, they will also get the same goodness and benefit from it.