Bitcoin Cash

4 Things Not to Do When Bitcoin is Going Down

Keeping your eye out on the market is a must if you are dealing with any type of cryptocurrency. The most popular one, Bitcoin, can have its ups and downs. However, you should know how to deal with it and approach the market the right way. There are some rookie mistakes that you may end up making. If you wish to avoid those and learn a thing or two more about Bitcoin, keep on reading! We have some interesting facts for you to discover.

What is BTC’s actual price?

Source:freebitco.in

People refer to its USD price most of the time, but you can also talk about the composite price made from the average of multiple exchanges’ prices. If you are talking about BTC, you are actually looking at its last transaction on a specific exchange that has been made. So, if the Bitcoin on Bitstamp is $10,000 – its last trade was done and closed at $10,000.

What is going on with Bitcoin, and why is its price dropping?

It definitely has its periods. In fact, a year ago, it climbed from $3,000 sometimes around in September to $7,850! However, not too long ago, the price dropped low to $5,600.

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Why does Bitcoin drop?

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Its first and initial drop is not as scary and this dive is normal (it happens). The price can move all over the place and every day. However, you should always question any sudden changes, and see if there is a specific reason or meaning.

Top 4 key facts to consider

  1. The fall in November

The drastic fall that has happened in mid-November came after a specific event. This change has happened because of a group of miners. However, Segwit2x tried to create a newer form of BTC for larger blocks.

Unfortunately, the plan failed and loads of people have moved their money to Bitcoin Cash, which made Bitcoin Cash double its value in less than 24 hours. So, always keep your eyes & ears wide open! Read some forums, blogs, and stay on-trend when it comes to BTC, as well as its everyday gossip.

Source:news.bitcoin.com
  1. Never try to catch the exact bottom

When making your profit with BTC, know when to stop. You should let only some of your investment capital as the market takes a tumble. Never go all in. If there is a large dip in the market and you start at a coins chart, you never know when it can stop. What you should do is know how to stop and when not to catch the bottom (enter into a trade that is at the bottom of a trend). Know when to stop, since constant bottom chases mean that you are going to miss out on trades, which will further lead to no profit. Do not gamble, and don’t lose it all.

  1. Don’t sell your coins for ones that are going up

People often sell their coins of a downtrend, only to see if things will reverse and start going upwards. For instance, you can buy something for 0.25 cents. You have already done your diligence, studied, and spent a lot of time on the chart (one char in specific). You probably haven’t even tried to catch the bottom since it is a time-consuming process. After some time passes, you are still at your 0.25 cents, and then these cents will tumble down to 0.20 cents. At this point, you might want to sell your coins and make any type of profit since this is a tricky & long mind game. However, BTC can skyrocket (you never know when) and you might regret your decision since you could have tripled your earnings.

If you have already done your studying, you know everything about the money that you’re working with, and you know that there is a chance for the market to change, stay persistent & wait it out. Don’t lose it under the pressure, and rather give it a fair shot.

Source:dmarge.com
  1. Don’t spend your entire day staring at the chart

Try not to spend your entire morning, day & evening staring at the chart. It won’t change just by you looking at it. Most of your hours are probably going to be wasted. Do not just monitor your work and stay passive, but do take action! What you should do is set yourself a limit-order, and simply walk away once it is the right time. Be smart with your money, your spare time, as well as your screen time.

Remember that profit only begins with the right strategy, and if you don’t have it, you are gambling with your money!

But why does the price fluctuate as much?

Bitcoin’s price is volatile. This means that you can see its movements from 5-10% in a single day, which makes its tracking hard to do. Why is this happening? Well, Bitcoin’s market cap is still quite small, and it is still a newer market to work with. If the market cap has as little assets, the more volatile it will be.

When Bitcoin’s price increases you will notice a change (gradual change) in the market cap.

Ready to make money & avoid some mistakes?

So, how do you feel about cryptocurrencies and your money-making skills now? Are you ready to dive into the world of Bitcoin? Simply follow these crucial rules, and avoid doing and making some rookie mistakes. Everyone can profit with Bitcoin, as long as you know when to stop + if you have patience. Having a mind of steel is important since only people who can wait it out and wait for its peak will make money, and will profit in the long run!

Savings in Bitcoin Cash or Real Cash? What’s Better?

Bitcoin has been around for more than a decade, and more and more people are starting to believe that it can rival FIAT currencies. The way it survived this long is a testimony to this belief. Cryptocurrencies are taking over the world, and no one can deny this anymore. BTC became so popular that it initiated the creation of Bitcoin cash. This crypto was created three years ago, and its advantage is that it can increase the size of a block, and thus to allow more transactions. In a short span of time that it’s been present on the financial market, it gained popularity. Because of this, people are starting to wonder can they begin saving money in BTC cash. Of course, there’s the more philosophical question of savings in Bitcoin cash or real cash? What’s better?

There’s no easy answer to this question, so we’re going to give you the advantages of both ways, and you can choose for yourself. This is not a decision you should make in a rush, and because of this, it would be smart for you first to read this article. We are not aiming to give and definite answer as we believe it’s not possible to do it at this time.

Advantages of Saving Cash

Source:myonlineinsur.com

Real money has been present since the inception of the known world, and for many people is the only currency available. It’s no wonder people will decide to have their savings in cash. There are advantages to this way, and below you’ll have them listed. After reading them, you’ll understand while people will put their faith in what they can grasp with their hands.

Liquidity

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If you have a saving account, then you know that this way, your money is like a liquid investment. You can have access to it at any moment. If this is what you seek, then it’s better to have it in a bank than to invest in the stock market or crypto. It’s a low-risk low gain situation, but most people love it that way.

Convenience

This is by far the easiest way to save your money. You can arrange to have the funds transferred every month from your other accounts to the one where you save or withdraw the money on a whim. You can work with your money and know where it is at all times. Subsequently, you’ll also avoid having overdraft fees. It can’t get more convenient than this.

Safety of money

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While in a bank, your money can’t be touched. There’s no risk that you’ll lose any, as it’s not being invested. Yes, you’ll miss on the profits, the stock market could bring you, but there’s no risk involved. In the end, this is what you want if you decide to save in cash—no risk, for a calmer sleep.

Insurance

Most people want their money insured. This is natural, as there’s no point in saving if your payment is not secured. Luckily, if you put your money in the bank, it will be insured by FDIC or the NCUA. This type of security is what people are looking for in cash savings.

Short Term Savings

If you are looking to have money stashed away, but at your disposal for a quick spend, this is the way to go. Having money in the bank means that it’s there for you at all times. If you need a buck or two to spend on a vacation or some expensive item, a short time saving can be your thing.

Saving With Bitcoin Cash

Source:currency.com

By now, you know a thing or two about BTC, and you can learn more by going to immediate-edge.co. But, have you thought about saving in Bitcoin cash? This could be a thing that works for you if you’re willing to take the risk. Bitcoin is not tied to any amount of gold or coins, so it will probably retain its value. The fact it’s decentralized thanks to the blockchain means that it’s not controlled by any institution, which is its main characteristic and the one that attracts new investors, buyers, and traders.

So, is saving in Bitcoin cash a good idea? Well, BTC is sometimes unpredictable. It can hold its value for prolonged periods, only to spike. Same as it goes up, it comes back, but in the process of this, you can earn a lot. This is what makes it attractive for people to save in BTC. This crypto slowly is becoming trustworthy just like any other currency in the world.

To have savings in Bitcoin cash, you’ll need to have a wallet. Many platforms offer this service, and you can be a bank for yourself. This way, you can save your cryptocurrency as it was regular money in the bank. If you are lucky, your savings could grow with time, but at the same time, they could diminish in value due to Bitcoin’s volatile nature. For example, if you have put your savings into an electronic wallet one year ago, you would have more money today. With standard cash and a conventional bank, this would not be the case.

This the one thing you need to keep in mind. If you are looking to invest in Bitcoin cash and have savings, you risk a lot. This crypto is still rather new, and you’ll keep your savings only if the price doesn’t go down. And the only way to earn this way is if the price spikes as it happened with Bitcoin a couple of years ago.

Conclusion

As you can see, Bitcoin cash is rather new, so we’re not able to give it a high recommendation in terms of saving. While it has massive upside, we would stick with regular cash for the time being. There’s not too much to gain, but there’s little to nothing to lose either. In the case of Bitcoin Cash, you wouldn’t be saving any money but instead investing it as it’s the case with most another crypto. When you do this, it’s all up to the market with little being in your hands.