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.
If you're curious about the nuts and bolts of the BitCoin Rhodium (BTR) project, then prepare to have your curiosity satisfied. The friendly team of anonymous BTR developers have provided a high level of access to information (both technical and general) about what is going on behind the scenes and even under the hood.
All of the following links are available for anyone to explore. So feel free to look around and share what you find with friends, followers, family or anyone who may be interested in a new, ultra scarce, extra private, store of value crypto asset.
Oh, and if you want a quick summary of the BitCoin Rhodium project, have a read of this popular article: BitCoin Rhodium Launch Draws Near
BitCoin Rhodium (BTR) is nearing launch, and on the most recent episode of This Week in Bitcoin, Andy Hoffman of CryptoGoldCentral.com updates viewers on what's been happening with this exciting new crypto asset.
Andy eloquently explains the uniqueness of the BitCoin Rhodium project, from its beginnings as an opt in airdrop, to the recent testnet launch, and its potential to be a big winner in the altcoin space.
So whether you're a BitCoin Rhodium holder or this is the first time you've heard of it, sit back and enjoy this highly informative, four minute clip, on what could well be a game-changing cryptocurrency.
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!
BitCoin Rhodium (BTR) … don’t let the name fool you. It isn’t another fork of Bitcoin (BTC) like Bitcoin … Cash, Gold, Diamond, Super, Atom or the myriad of other Bitcoin clones out there. BitCoin Rhodium did not fork off the Bitcoin blockchain, but rather, has its own brand new blockchain that was built from scratch by an anonymous team of developers.
While the majority of the numerous Bitcoin fork coins have a capped supply of 21 million or more (Bitcoin Diamond, for example, has a 210 million cap), there will only ever be 2.1 million BitCoin Rhodium. Yes, that decimal point is not a typo, it’s two point one million. Obviously this means that Bitcoin holders couldn’t be rewarded 1 coin for every BTC they hold, as was the case with most of the forked cryptocurrencies. Instead, BitCoin Rhodium was distributed via airdrop to Bitcoin holders who registered wallets for it, at a ratio of 10 BTR for every 1 BTC. There was also an opportunity for non BTC holders to register an empty Bitcoin wallet and receive 5 BTR. In both of these cases there were caps in place.
During the past week, a group of ten miners on the BitCoin Rhodium Discord channel were given access to mine on the testnet and make transfers between test wallets. This has now been opened up to others via Discord who want to be involved.
With this hive of testnet activity, and the regular resolution of platform issues shown on BTR's GitLab, one thing is clear ... BitCoin Rhodium's launch is drawing near. So if you're a cryptocurrency miner seeking extremely rare treasure, or an investor looking for a scarce and precious commodity in which to store value, BitCoin Rhodium, a new crypto asset, awaits you.
Less than two months ago in early May, Bitcoin made a run at $10,000, falling just short. Since that time, the price of BTC has been in gradual decline and has now gone below $6,000 to its lowest point in 2018.
To put things in perspective, one year ago, Bitcoin was trading around $2,600. So despite the painful experience of falling from the mid December high of nearly 20k, all those who invested this time last year or earlier are still well out in front. On the other hand, investors who entered the market during the rapid climb to the peak have felt the full force of huge losses — particularly those who put in more than they could afford to lose.
As always, not needing to sell when the price goes south is a huge advantage, especially if the bear market conditions last for months or even years. It means that if Bitcoin history repeats itself, you will still be holding your BTC when it eventually climbs to reach new all time highs.
At the moment, however, new all time highs seem far off, as even some hard core Bitcoin maximalists, optimistic bulls and long time hodlers have seen discouragement set in, to the point of selling part of their BTC holdings. From my perspective, yes, it is discouraging to witness the fall from the Bitcoin bull frenzy of 2017. Then again, nothing has changed in terms of my belief in the technology behind Bitcoin, its use case and the innovation it is driving.
The price is down for now, however, the fundamentals of BTC have never been stronger. Stay strong too, my friend, for Bitcoin's journey is far from over. There is still a destination to reach. Bitcoin to the Moon!
If you're new to Bitcoin and cryptocurrency, you may have noticed that the learning curve is steep and sometimes confusing. With so many websites, blogs, vlogs and self-proclaimed gurus, not to mention scammers, out there, it can be hard to know what to spend your time on, or who to listen to. Plus, even when information is reliable, it can often be highly technical or assume much prior knowledge. There is certainly a gap in the market for Bitcoin content, explained in everyday language, for those starting out in the space.
One individual whom I believe is helping to bridge this Bitcoin understanding gap is Brian, the UK Bitcoin Master. I first heard Brian speak during his debut guest appearance on Adam Meister's popular, This Week in Bitcoin show. Immediately, I was impressed with Brian's enthusiasm and the down to earth manner in which he discussed Bitcoin.
As a Baby Boomer and someone who had only been introduced to Bitcoin himself in May 2017, Brian has a passion to teach the basics of Bitcoin to those starting out from scratch. If this is you, then Brian's, Bitcoin for Beginners series on his UK Bitcoin Master YouTube channel is a great place to start building up your knowledge. The videos are short, to the point and delivered in language that is easy to digest.
To kick things off, take a look at the first episode below, and also his appearance on, This Week in Bitcoin.
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.
Australia has a thriving Bitcoin, blockchain and cryptocurrency community, with interest in the space still high, despite the downturn in the market since the frenzy of the December peak. People from all walks of life have jumped on board and can be found at packed out weekly meetups around the country.
Into this market, comes the newly launched website, Crypto.com.au, which aims to provide the latest Australian blockchain, Bitcoin and cryptocurrency news and resources. The domain itself, would in my estimation, be the second most valuable crypto related name in Australia, next to Bitcoin.com.au, which was purchased for $35,182 USD back in 2014. In the case of Crypto.com.au, owner Chris Burgess registered it long before cryptocurrency even existed.
The site built on this premium domain is divided into several sections, providing information for those new to cryptocurrency, right through to the highly experienced and technically minded. Here is an outline of each of the sections.
News: articles about the latest cryptocurrency events, projects, technologies, interviews and reviews, written by Chris Burgess and his team of writers. You can even apply to write for Crypto.com.au here.
Events: details about one-off conferences and events, along with regular meetups. Find out dates, times, places, costs and where to register for these. If you run or host an event or meetup yourself, you can submit it for listing on Crypto.com.au here.
Buying and Selling: information about how and where to buy and sell crytocurrencies, exchanges and things to consider when choosing an exchange, along with links to security tips and details about how wallets work.
Crypto Wallets: learn about hardware and software wallets, what they are, the differences and some options that are available for each type of wallet.
Tools: handy online tools that can make crypto things quicker and easier, such as cryptocurrency converters and real-time price tickers. Further tools will be added over time.
Getting Started: the place to learn what cryptocurrencies are, what a blockchain is, how cryptocurrencies compare to traditional banking and how to protect your cryptocurrencies and keep them secure.
Along with the website, you can also connect with or follow Crypto.com.au on Facebook, YouTube and Twitter.
Finally, if you're looking for somewhere to advertise your Bitcoin, blockchain or cryptocurrency project, business or product, you can submit your details to Crypto.com.au here.
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.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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