First of all, I would like to thank the many of you for the emails you have sent. They are very encouraging and I appreciate them very much.
This article is one of those Keep-Your-Cool type articles. You will need a level head (along with patience and discipline) if you are going to get into cryptocurrency investing.
Find ways to maintain a balance with it, else these rapid price swings seemingly “out of nowhere” can impact your mental health. I try to keep it real on this website and I always place personal and mental development first before the quest of making a lot of money.
If you get a mastery especially over your mental faculty when engaged in cryptocurrency investing, you will be wearing three-fourths of the armor required to be a cool customer in the cryptocurrency investing game. The other quarter is doing something for yourself to complete the armor. Such as …
Embarking on a deep and oblique study of cryptocurrency. Make it a hobby sort-a-kinda. Reading books about them or listening to the real experts in the field. Block out an hour each day and invest in your cryptocurrency education. I recommend reading books written by Andreas M. Antonopolus. I recommend his “The Internet of Money.” You can buy it on Amazon.com either in paperback or on Kindle. In my opinion, no one knows more about Bitcoin and cryptocurrency than Andreas. No one. I also recommend checking out his most excellent YouTube channel. Here is the LINK. He has tons of informative videos that explain Bitcoin, the Blockchain, and much more. You will get a real education. Trust me.
Stay current and on top of what is happening in cryptocurrency. This is not easy and will prove to be very challenging because events within the cryptocurrency space change very rapidly.
Do not believe everything you hear. Do your own research and reach your own conclusions.
Become an expert to yourself. This is important. It involves you first becoming well-versed in cryptos. This places YOU in the driver’s seat and not someone else telling you what they think. Yes, you listen to them, but that does not mean that you have to agree with them. You might agree at times. Even most of the time. But you are in control, not someone else. There is a very concerning weakness among our species and it is the desire to exercise power and control over others. To control what they think. As an African American, I appreciate there exists now as in the past a desire to physically, mentally, spiritually, and psychologically enslave and control others. A desire – I call it a sickness – to push and prod others into submission and agreement with their point of view. There is also a very concerning desire to “always be right” and everyone else wrong. DO NOT play that game. Their game. No need to argue. No need to debate with anyone. You decide for yourself what YOU feel is right or wrong with regards cryptocurrency. Make your money. Create your own path to wealth but create a smart path based on a cryptocurrency education. Educating yourself in this regard will give you that protective dignified armor to rise above the pettiness.
Use common sense. Do not let emotion rule over you with regards cryptocurrency. To understand what I mean by this, read my article “Can You Handle The Volatility?”
With all of that said, what is your state of mind at the present time with regards the December 20, 2017, dip in the price of Bitcoin? Are you in a state of panic or are you practicing what I have been preaching on this website to be patient and disciplined, a cool customer? I hope the latter.
Let’s Put It All In Perspective
Anyone who invested in Bitcoin, say exactly six months ago on July 23, 2017, they would have paid $2755.00 for one Bitcoin. Today, December 23, 2017 – as of this writing – Bitcoin is at $14,348.00! That July 23, 2017, Bitcoin investment is more than a 5x gain!
Become accustomed to these peaks and dips in the future, this is normal in crypto space. What you want to focus on is the long-term. What will the price of Bitcoin be six months from now? A year from now?
Bitcoin is not going anywhere. The world is waking up to it. The CME and CBOE christened it with legitimacy. The big institutional money is still trickling into Bitcoin. Its value will increase to such an extent that the doubters and naysayers will say a year from now, “Damn, I wish I had invested in Bitcoin!” Mark my words. 🙂
Remember, Bitcoin is a scarce (for lack of a better word) commodity. There will only be 21 million Bitcoins. Ever! It is electronically and cryptographically coded so that it is not possible to digitally mint more. It now boils down to what we all learned in Economics class, simple supply and demand. Since Bitcoin supply is limited, as more of it is purchased, the supply gets smaller thus driving up the price.
A cryptocurrency education and keeping current in it will arm you with valuable knowledge (that YOU own) that will gain you wealth in the years ahead. Do not forget this: Bitcoin fills the purpose of being a digital store of value. It will become the digital gold of the world.
Keep Your Eyes and Ears Open
Your task now would be to monitor the price of Bitcoin. Just go to the Coin Market Capitalization website to see the prices of all the cryptos on the market. Better yet, install the Coin Market Capitalization App on your Smartphone. If the price dips below $14,000, buy more. If not, hold on to the Bitcoin that you already have.