Bitcoin’s fall from the December 2017 high of $20,000 to the current $6,000 level has been a painful one. Every time it looks like a recovery is on the way, the price falls again and the battle at 6k resumes. Some commentators say that the BTC bear to bull switch is near, predicting a rise to all-time highs, and in some cases, extreme highs, dwarfing 20k. Others say there’s more downside to come and the possibility of a lengthy period at lower prices, with some believing a fall to pre-bull market levels could occur. The truth is, no-one knows for sure. So what do you do? How do you survive the Bitcoin bear market?
While there are no easy answers, here are four steps that I believe will help to point you in the right direction.
1. Evaluate your personal financial situation.
If you have invested in Bitcoin only what you can afford to lose, then you are in a powerful situation. If so, you can hold your Bitcoin at least until, if history repeats itself, the price rises to a new high. On the other hand, if you cannot afford to lose all or some of what you've put into Bitcoin, then you have some decisions to make. How long you can survive with the price at current levels? What would the consequences be if the price fell further? Once you've carefully considered these things, proceed accordingly to secure your finances. Don't leave it to chance or the whims of the market.
2. Update your knowledge about Bitcoin, its history, use cases and supporting technologies.
If you're fairly new to Bitcoin and have never endured a bear market before, then it's time to do some research. Take a look back at the price journey of Bitcoin since it was first traded in 2010 (in 2009 it didn't have a price). Watch videos and read articles by those who have endured BTC crashes and bear markets, gleaning knowledge and tactics from their triumphs and tragedies. Learn about the development of hardware wallets, the lightning network, second layer security solutions, exchanges, and companies and counties investing in Bitcoin. All of this will help to build a foundation of confidence in the long term future of BTC that is based on knowledge. This might just be what gives you the courage to hold when you're tempted to sell.
3. Analyze what you believe about the long term future of Bitcoin.
Once you have increased your knowledge in the areas discussed in Step 2, it's time to have an honest look at what you really think about Bitcoin. Do you believe that BTC is a strong technology that the world desperately needs and that it's here to stay? If not, you'll find it far more difficult not to sell during the bear market. This is because deep down, you may not have the confidence that Bitcoin will survive, let alone return to the previous high and beyond. Alternatively, if you're convinced that Bitcoin is here to stay and that adoption and supporting technologies will continue to grow, you will be able to hold for the future.
4. Devise a plan for your Bitcoin investing going forward.
This final step is vital, as it's easy to make snap decisions during a sudden market move, unless you have thought things through beforehand. Never panic buy, never panic sell and never invest what you can't afford to lose are my rules of thumb. Decide if you're going to continue investing in Bitcoin while the price is down. If you are, then determine how much and what your investment strategy will be. You could put in all of your allocated funds now, at an anticipated price point in the future, or dollar cost average a certain amount at specific intervals over time. Each option comes with its own potential risks and rewards, depending on price movements. The upside is that no matter how you invest, if it's preplanned, you are less likely to make rash decisions or to risk money that will devastate you financially if it's lost. Hold on long enough and you might just join those who held throughout the last bear market. They survived to see an all time high beyond their wildest dreams.
Adam Meister, the Bitcoin Meister, the Disrupt Meister is back in Baltimore and today he was back in his Bitcoin to the Moon t-shirt. While the price of Bitcoin is down at the moment, Adam was up and about encouraging others to have a strong hand and to hold onto their Bitcoin.
He practices what he preaches too, as Adam has been acquiring Bitcoin since 2013 and has not sold one single satoshi along the way. Whether in the midst of a bull market or bear market, you know that Adam is willing to delay gratification, deploying long term thinking with the 2020 and 2024 Bitcoin halvings in mind.
Likewise, it's important for each one of us Bitcoin holders to not just consider where Bitcoin is at today in terms of price, development, supporting technologies and adoption, but to look to where it will be in the future. Read Adam's shirt for a clue :)
Bitcoin is going to the moon, and you can be reminded of that by having your very own Bitcoin to the Moon t-shirt. They come in a wide variety of styles and colors, which you can browse here.
Take a look at the Bitcoin Meister in action below, on today's episode of 'The 1 Bitcoin Show'. Pound that like button!
Tone Vays is currently conducting a livestream, that two hours in, has eight guests, and Richard Heart is in the chat wanting to jump in on the action.
Someone else in the chat mentioned that it was starting to look like the Brady Bunch. I think they're right ... The Bitcoin Brady Bunch :)
If you're interested in Bitcoin, Ethereum, the SEC, securities, what constitutes a security and if Ethereum was and/or is a security, then this stream is for you. Check it out below.
With the price of Bitcoin down at the moment, it's a good time to be reminded that this is only a temporary situation. Even if the current downtrend continues, the long term future of Bitcoin is bright — out of this world even!
For those who need some encouragement to hold on during these turbulent times, artist, Terry Cook, has produced a visual representation of Bitcoin's destination — the moon! He shared this work via his @TerryTinkerer Twitter account here. A quick scroll through Terry's feed reveals a wide variety of his other Bitcoin, cryptocurrency and gerneral art. It's also well worth checking out his website, tcookpaintings.co.uk.
So be inspired and strap your BTC boots on tight, so that when the moon landing happens, you too will make your Bitcoin mark.
This recently released documentary, Bitcoin: Beyond The Bubble, as the name suggests, informs the viewer of the role, importance and relevance of BTC outside of the price. The production is professional, with short snippets of commentary from various well-known identities in the Bitcoin space, including, Trace Mayer, Tone Vays, Elizabeth McCauley and Andy Hoffman. Points of view are also expressed by those critical and/or skeptical of Bitcoin, and a brief history of money is given.
At just 35 minutes long, this video is ideal for those who are new to Bitcoin and want a brief overview of what it's about and why it's important, without getting bogged down in anything too technical or heavy. Bitcoin: Beyond The Bubble, is also an eye opener for those who have only ever seen Bitcoin as a way to make money or get rich quick.
Could an increase in the number of women investing in Bitcoin send the price to the moon? Well, Meltem Demirors, founder of Athena Capital, says in reference to the world’s female population that, "I feel like we’re missing out on this major opportunity to market to 51% of the population, to 60% of the wealth and to 80% of consumer spending."
Watch the full discussion with Meltem about this topic in the video above.
Whether the price of Bitcoin is up or down in dollar value, Adam Meister, the Bitcoin Meister is chillin'. Why? Because he values his wealth in Bitcoin and no matter what the USD price, one Bitcoin equals one Bitcoin.
Today, Adam had another reason to chill because he was wearing a super cool, super comfortable Bitcoin to the Moon t-shirt. Get yours here and make sure you check out today's episode of The 1 Bitcoin Show below.
April Fools' Day jokes abounded in the the Bitcoin world yesterday. Let's take a look at a few of them ...
Hardware wallet manufacturer, Trezor, tweeted out the image above, accompanied by the following text:
"Introducing the #TREZOR Scooter! A unique fusion of a convenient travel companion for the city — a scooter , a secure hardware wallet, and #blockchain! Get your tokens today and preorder in two weeks https://blog.trezor.io/introducing-trezor-scooter-blockchain-ico-token-sale-e5fb51370443 …"
I wish it was real. I want one :)
Bitcoin Maximalist, Tone Vays, wore an Ethereum t-shirt while shilling BCash, Ethereum, AuroraCoin, PayCoin and his upcoming ICO, ToneCoin.
Adam Meister, took a break from The 1 Bitcoin Show and introduced The 1 Iota Show.
Ivan on Tech, reviewed some of his favorite April Fools' Day articles in the Crypto space, including one where Vitalik leaves Ethereum to join Bitcoin Core.
Did you get fooled by any Bitcoin April Fools' Day jokes? Come on, be honest now.
Forget his talk of a possible $1,300 BTC, Tone Vays has just been spotted with his Bitcoin Morning Brief friends, Jimmy Song and Leah Wald, taking Bitcoin to the Moon.
Thanks to Third Mind on Twitter for posting this very cool and humorous ET parody image and tagline. I'm sure it put a smile on the face of some Bitcoiners who have been feeling down due to the current price.
Hang in there people. There are bound to be more ups and downs along the journey, however, as the 'Tone crate' in the picture says, 'Destination: Moon'.
Just one question @TheThird_Mind ... where is Giacomo? :)
"Strong hand, long term thinking, delayed gratification, 2020 halving, gold and hold, be a twenty percenter, unconfiscatable, Bitcoin is the next Bitcoin, Pound that like button!"
Adam Meister, the Bitcoin Meister, the Disrupt Meister was 'on fire' on today's episode of The 1 Bitcoin Show ... and once again, he was decked out in some very nice Bitcoin to the Moon threads! You can get your own Bitcoin to the Moon t-shirt and other cool merchandise here.
Take a look at Adam in action below and subscribe to his Bitcoin Meister Channel to keep up to date with important Bitcoin news and information.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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