Created this topic for some bitcoin investors to read about the current situation, please read and share your comments with me.
These days many people are scared because they think lose their money with bitcoin because of the price falling down.
There are two kind of people in my own idea:
1. Some people invested with their own money and they are also thinking long-term (2-3 years or more)
2. But in the other hand some other people, unfortunately, using the money from dad/mom/loan/... Also they want to get the profit in short term.
Please everyone be careful, when are you using other people's money, you will get stress and you panic real fast. obviously, in this case you lose your money and leave the crypto world while you say "crypto is unless/scam".
Many investors are recommending people to do to enter any project with the money they need, use the part of money you don't need it. So, even if you lose your money you won't be depressed
If you know bitcoin for 3-4 years you know we had many pumps/dumps even worst than this. For example, a few years ago after closing BitInstant, bitcoin stopped trading and the price fallen down like hell. some people sold their bitcoins for a real low price and lost too much money with selling too cheap. Everyone said bitcoin is over and here it is! Today you sell/buy it for 6K USD.
Sooner or later... Bitcoin price will rise and having one single bitcoin will be a dream for other people.
That will be the basic in investing, make sure that you will invest only the money that you can afford to lost meaning don't invest those money that you get from loan, money for your daily needs and etc. because it will only cause you trouble if the market will fall. If you have extra money then you can use it as your investment and consider it as your savings so you can just withdraw it when the bull season will occur.
And changing the season of the market is not that simple, it will take time before it will change from bear to bull like 2 years and above so it will be best if you are prepared for it. Buying is the best option right now as the bitcoin price is less than 7k$ and will likely to skyrocket when the pandemic will be finish and the bull season will happen.