Why the Bitcoin Crash Was Good for You

 

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Why the Bitcoin Crash Was Good for You.

First of all, Yes, I know it hurts.
If you had money invested in cryptocurrencies over the last month, you’ve endured some solid shots to the Wally Waywoos.
BUT… One of the first rules of life is if you want to become good at something you must get into the ring and take some solid shots to learn what others know.
My business partner Pete warned me, but I so wanted to get in on the big money deal I didn’t listen.
Lesson learned.
Fortunately, I hadn’t invested money I couldn’t afford to lose and so the only real hurt was to my pride. And fortunately, the money I did lose will very likely be recouped in the next month or so because the coins I invested in have a solid history and are already on the uptick.
Because cryptocurrencies are so new to the investing public, we are all starting at ground level and pioneering uncertain territory. THERE ARE NO PROFESSIONALS IN THIS MARKET.
At least not yet. Those who are experienced in stock investing believe they can advise drawing on their experience with stocks.
They are not the same. They are not even similar.
Stocks have a solid product. They represent an ownership in a business that sells a product or service. You can see that product, in most cases, you can buy that product to see how well it works. And should you see a better product or service enter the market, you can sell what you have and buy stock in the new one.
Cryptocurrencies are very different. Unless you can read and understand code, you can’t tell if the coin is a solid product or a scam. The only real way to tell if a coin will prosper is to look into its peripherals, which I will explain in a minute.
The great advantage of purchasing cryptocurrencies is that you don’t need a stockbroker or a lot of money. You can buy a piece of Bitcoin for example for just ten dollars.
If you bought one Bitcoin on February 8, 2013, for $25 dollars, it would be worth $19,207.81 on December 17, 2017. Today, it’s around $8000.00.
This is how we learn. As financial advisor, Jim Cramer says, “Bulls make money, Bears make money and pigs get slaughtered.”
So how do you invest in Bitcoin and other cryptocurrencies?
Okay, take a moment, maybe grab a cup of coffee and a notepad because if you’re new you are going to want to write this down.
First, you need to get the lay of the land. To do this go to www.coinranking.com. There you will see a list of the current cryptocurrencies according to their rankings.
To learn more about them click on the coin and it will take you to its overall view page. Under the graph are buttons that will tell you how the coin has done over specific periods of time. Over the last 24 hours the last 7 days, the last month and so on.
Then scroll down to see what the total supply is. One of the reasons Bitcoin is so popular is because there are only 21 million of them. That’s all that will ever be made. And so, there is no possibility of inflation. Unlike the dollar which can be printed any time Uncle Sam needs a couple of bucks.
I don’t invest in any coin that has a supply over 500 million. Over that amount, the opportunity to pump and dump is well… I just don’t feel comfortable. There may be exceptions. Ripple, for example, has 99 billion. And its considered one of the best coins to own.
Maybe they are right, we’ll see.
Next, go to their website. See how professional it is. Does it have a professional presentation? Does it clearly explain what it does in a clear and understandable manner? Does it show who is backing it, and the people involved in managing it?
The point is the more professional and clear the website is, the markets’ need of the product or service they offer, and the stability of the coin over a period of time is the best indication of whether or not it will earn a profit.
The best analogy I can give about investing in cryptocurrencies is that it is similar to playing poker.
With cryptocurrencies, the first question you must ask yourself is, How do I avoid losing money? Not how do I make the most amount of money?
First, shut down all emotions. If you are highly emotional, stubborn, and vindictive, this is not for you. Cryptos are very volatile. That is why I always tell potential investors to first study the coins, see which coins speak to them. How quickly do they recover from a correction? How beneficial is that coin to the buying public? Have they gone on twitter and facebook and read what others say about that coin?
And most importantly, have you signed up for the newsletters of those who already know what you need to learn?
Over one month or so, select ten or so coins you feel will do well. During that period go to coinbase.com and sign up. You will need a webcam because you will be required to show both sides of your driver’s license plus a selfie.
You will also be required to give them your debit card number so you can buy and sell crypto coins. Don’t use a credit card! Visa and Master card are charging outrageous fees to buy with them. Which is understandable since cryptocurrencies will eventually replace credit cards.
Another reason to NEVER BUY WITH A CREDIT CARD is because of the coins volatility. If there is a major correction that may take months to recoup, you may find yourself in serious debt. If it’s a debit card you can afford to wait for the recoup because it’s your money, with a credit card, you’re spending theirs and that is dangerous.
I strongly believe that cryptocurrencies are the future. But because it is in its infancy, there will be stumbles and corrections along with major profits.
It is the only investment at this time that can generate the type of profits that Microsoft, Apple, Google, and Amazon generated since their IPO.
Or they could all crash and burn tomorrow.
One final point. Make no mistake about it, this is gambling. And with gambling, you can win big or you can lose big depending on how you play. Never invest more than you can afford to lose and remember that scared money never makes money.
If this has piqued your interest subscribe to our newsletter below and visit our website www.excelinvesting.com The economy is rapidly changing, and you need to adapt to it. Stay with us and we’ll show you how.






 

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