I have a friend who’s getting into Bitcoin. I’m deeper, I shoved all my savings into Bitcoin in the past three months. I managed to snatch a few full coins, before the price became unattainable.
This post is the same talk I’ve been giving my friend, to help him overcome his Bitcoin procrastination.
Many people are stopped from buying Bitcoin right now, because the “price is so high”. They worry they can’t afford a single full coin. You forget, that less than 1% of global money supply is in cryptocurrencies. The crypto boom we’re seeing right now, is nothing compared to what’s coming. The more people buy cryptocurrencies, the higher their prices. Because every cryptocurrency is designed to have only a limited supply. People who buy early, make more money on their investment.
Yes, that month you waited with buying Bitcoin, the prices went up another ~50%. You’re a month late, but also a month early! Next month you’re facing the same dilemma; waiting for that price drop. You know who else is waiting for that price drop? Everybody else. The moment the price dips, the money of millions of people is gonna pour in. You’ll have a buying window, of maybe two days, before another high. Are you seriously thinking you’ll nail that dip perfectly? No! You’ll be out of town, meeting friends, getting drunk, having sex, and whoops! You missed your window, again.
Stop trying to time the market. You’re an amateur investor, that doesn’t read crypto news, doesn’t understand the technology, doesn’t analyze graphs, you flunked your math classes. You got a life. You’re never going to time your buys perfectly.
When buying cryptocurrencies, your investment timeline should be 2-5 years minimum. All these little fluctuations don’t matter, when the yearly growth of the currencies can be thousands of percentages. When I first bought Bitcoin early 2017, they cost only $900. The price from when I started, has gone up 1000%. A year ago, I was watching videos discussing whether it’s too late to buy into Bitcoin. The exact same topics are discussed right now, in new videos. Just buy fucking Bitcoins!!
To get over your Bitcoin procrastination, read about wallet security. You need to read about how to secure your Bitcoins for long term storage. Because the real reason you’re not buying cryptos is because you’re subconsciously afraid of losing your money. Everything about cryptos is new and weird, you don’t wanna dip your toe into this. And that’s why millions of people just like you, are not buying!
The reason why cryptocurrencies are a massive opportunity, is because they’re a little annoying to get into. You have to spend a few months just reading about them, to get a feel for what’s going on. I personally read Cointelegraph.com. The moment that cryptos are so convenient to use, that even your mother is using them, the price of single coins will be counted in the millions.
To overcome your fear, read about wallet security. Just ask from your favorite search engine “how to secure bitcoins offline”. Personally, I just bought a Trezor hardware wallet, recommended by cybersecurity expert John McAfee. Check the video.