If you are interested in Bitcoin as ameans to increase your wealth, you might follow my basic method:
a) Buy bitcoins, and keep them for a relatively long time. Resist the temptation to buy more or sell unless you thought about it very carefully. I bought a significant amount and kept it for more than three years now. It is paying off, but more importantly, I am not going to sell anytime soon because I fundamentally believe in the long term potential. I will consider selling my bitcoins in 2018 only if they hit above $5, 000. Otherwise, I will keep them until 2020 at least.
b) If you are a technical expert, you might want to make bets on emerging cryptocurrencies, but only for a short time and only at the beginning. This behavior is more speculation that wise… Do it at your own risk. I did it five times, and it worked every single time (including with Ethereum)— I’m either very lucky, or I have good nose for what cryptocurrency is worth watching.
Is ‘Buy and Hold' the Best Bitcoin Strategy?
Those users who have remained calm in the face of sell-off panics have generally been those who have profited the most as a result. Bitcoin and Ethereum prices have dipped, but they have also skyrocketed at other times. Madore continues, “you can panic with the rest or you can hold. Over the long-term, those who’ve held through the worst of the Bitcoin price panics have profited the most handsomely.”
Bitcoin was designed, essentially, as a better ‘digital gold’. It incorporates all of the best elements of gold — its inherent scarcity and decentralized nature — and then solves all the shortcomings of gold, in allowing it to be globally transact-able in precise denominations extremely quickly.
How does it do this? In short, by emulating gold’s production digitally. Gold is physically mined out of the ground. Bitcoin is also ‘mined’, but digitally. The production of bitcoin is controlled by code that dictates you must find a specific answer to a given problem in order to unlock new bitcoins.
Become an active Bitcoin Buyer, and profit from the strategies I use to predict the rise & fall of Bitcoins value!