BITCOIN: Buy Now vs Don't Buy Now
Being in the Blockchain industry for over 4 years now, the question I was asked the most was "Is now a good time to buy Bitcoins?"
I have been mining fiat currencies for some time now to buy bitcoins and add them to my bitcoin savings address. As a person with values in the technology itself, I may not be the most appropriate person to discuss the monetary value of Bitcoin with. However, if you think about it, who would really be the best person to ask whether the monetary value of Bitcoin is really hitting its lows. Would anyone be able to say "You should buy now" with confidence? This is a difficult question to answer because not only is recommending an investment a sensitive topic itself, but it is more because no one really knows when the best time to buy would be.
Bitcoin fluctuates more than any other currency or investment asset. Therefore, it is particularly sensitive to all the good and bad news.
Aren't you a Bitcoin Insider?
As many people say "Information is Key" when setting trading strategies, it is very important to capture the most accurate information as fast as possible. Sometimes people reach out to insiders to acquire this information.
Some people that are Bitcoin newbies considered me as a "Bitcoin Insider" and actually asked for insider information. However, as many of you would know, there is no such thing as an "insider" in Bitcoin. Bitcoin's price moves only with external factors and it is affected by factors from all over the world.
Furthermore, it is practically impossible to know in real time what is happening in each region in the world. Thus it is extremely rare to know in advance all the reasons that will have influence on the price fluctuations and on top of that, many events occur simultaneously around the world.
If someone asks if now is a good time to buy Bitcoins, or if you are reading this article, and considering to buy Bitcoins, I would advise to day-trade Bitcoins. As mentioned earlier, Bitcoin has great price volatility and no one can predict the direction of the price movements. Therefore, before firmly establishing your own trading strategies, I recommend short-term trading and trading perpetual contracts that allows you to profit on both the rise and fall in prices via derivatives exchanges like MCS (MyCoinStory).
Traders always come first on MCS.
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