You know it takes confidence and patience to invest in Bitcoin since it is a risky investment, but even at that we still see Bitcoin future very bright, and so we don't have any regrets in investing in Bitcoin in as much as we are investing for a long-term of 4-10 years or more and not a short-term .
Confidence and patience will grow naturally when you have mastered every detail about investing. When you are ready to invest for the long term by allocating funds that are not used for other needs or purposes, then continue investing by implementing the strategies you have mastered. Although Bitcoin is highly volatile and influenced by various factors, its future still looks very bright, based on past experience, Bitcoin has always managed to emerge from all pressure and has been able to achieve record after record as expected by most investors.
Based on technical and fundamental analysis, Bitcoin will continue to grow after gaining recognition and mass adoption by countries and institutional investors. Although we've just seen Bitcoin reach a new all-time high, this is still the beginning.
You'll earn much greater profits if you can hold your investment for the long term 3-5 years or more. So, prepare yourself before the time comes.When it comes to bitcoin 3-5 years is not long term. .and even 4-10 years would be short term in terms of potentially having legitimate reason to cash out of bitcoin based on age or health concerns.. otherwise long term should be considered as 10 years or longer.
Of course, there are some folks who get into bitcoin and they have a shorter than 10 year timeline since they have some kind of a specific lifestyle change that they want to make, such as purchasing a house or maybe bootstrapping some kind of a business that might generate income, and surely when folks are young they do need to generate income and sometimes they even need to update their skills so that they can increase their income when they are younger so that they can build their bitcoin investment.
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You are absolutely right to point out that Bitcoin doesn't offer automatic privacy, and it is important we don't paint it as flawless when it comes to things like anonymity or security. Compared to gold or cash, Bitcoin offers more utility and global accessibility, but there are trade offs.
Privacy on Bitcoin depends on how you use it whether you are using CoinJoin, mixers, or privacy focused wallets...... Without those precautions, anyone with a block explorer can trace your transactions, balances, and history. That is not ideal if you are dealing with people you don’t fully trust.
There are various ways to manage UTXOs manually too, in terms of batch sending and even having several wallets that might have varying balances of bitcoin in various UTXOs, so even within a wallet there might be several accounts and within an account there may be several UTXOs, and we can manage our UTXOs with coin control.
So if I am going to buy some furniture from a store and it costs something like 0.011432973 BTC for the whole purchase and maybe I have a wallet that has an account that has several different sizes of UTXOs, so I utilize coin control to send from a wallet that has some slightly higher balance.
Or maybe I have time to pay in advance, so I end up selecting from a wallet that has .079342152, and so I decide to send 3-4 transactions simultaneously, so the recipient cannot determine which of the UTXOs are under my control and which of the UTXOs are not, yet sometimes we still might want to be careful about having transactions in the same hop, so we might want to have an extra hop in there so that, the transaction is sent from even a smaller wallet that is closer to the size of the transaction, so then the recipient sees the transaction coming from a smaller wallet. We could also use lightning network, and there are more and more tools coming available to obscure bitcoin transactions. Some folks choose to use a wallet from an exchange, which sort of defeats part of the purpose of peer to peer transaction, even though it could be useful in some cases to use exchange wallets that would not show our own personal account balances.
So yes, Bitcoin is better in many structural ways than gold or cash especially in storage, transfer speed, and borderless use but it is not magically private......People need to understand the tools and threats involved, otherwise they might unknowingly compromise their own privacy and security.
Being bullish on Bitcoin doesn’t mean ignoring its current limitations.
There can be situations when people end up sharing too much, and even if I do a bitcoin transaction with a friend in 2017, yet if I do not move the change address, the transaction in 2017 might have been worth a couple thousand dollars (1 or 2 bitcoin) and maybe my change was a couple thousand dollars (1 or 2 bitcoin), but then that balance of 1 or 2 bitcoin is now worth way more than what it was worth in 2017, and many folks do not even have 1 or 2 bitcoin, even though prior to 2017, we might have had been transacting with several bitcoin at at time, especially if we might have made some large purchases with bitcoin, we may have sent several bitcoin for a transaction that was a couple thousand dollars.
Confidence and patience will grow naturally when you have mastered every detail about investing. When you are ready to invest for the long term by allocating funds that are not used for other needs or purposes, then continue investing by implementing the strategies you have mastered. Although Bitcoin is highly volatile and influenced by various factors, its future still looks very bright, based on past experience, Bitcoin has always managed to emerge from all pressure and has been able to achieve record after record as expected by most investors.
Based on technical and fundamental analysis, Bitcoin will continue to grow after gaining recognition and mass adoption by countries and institutional investors. Although we've just seen Bitcoin reach a new all-time high, this is still the beginning. You'll earn much greater profits if you can hold your investment for the long term 3-5 years or more. So, prepare yourself before the time comes.
Absolutely agree. Confidence in Bitcoin grows when you fully understand the investment and both the risks and the potential. Long term commitment with unemotional, disciplined investing tends to reward those who stay the course........ Despite volatility, Bitcoin has proven time and again that it recovers stronger. With growing adoption from institutions and nations, we are still early.......Patience, strategy, and consistency are key,this cycle is just the beginning.
This cycle is the beginning for some, and so yeah, anyone new to bitcoin likely will need to spend a whole cycle or a few cycles building up his bitcoin stash, and it tends to take a decent amount of time to build a bitcoin stash, even if a person is relatively focused on accumulating bitcoin.