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.
You just blanketly proclaim bitcoin is better than gold in regards to privacy without even setting up any parameters? I don't want to argue for gold, but I also know that even bitcoin has some problematic areas in regards to privacy and/or security, and there may be some actions that users need to take to protect their privacy, and it may well depend on the level of threat in regards to what measures might be taken, but bitcoin does not automatically have privacy, and there sometimes could be circumstances in which privacy is jeopardized in bitcoin, depending on from whom we might be wanting privacy, but if I am transacting 0.001 BTC ($118) with someone on the street from a regular bitcoin wallet, and if you are using a wallet that has a balance of 0.53 BTC ($62,540), then you might not want the person to know that you have $62,540 in your bitcoin wallet. That could be a problem for someone who does not take adequate precautions.
It's good that one have up to two or more wallets should incase you plan to spend some bitcoin. One should have a hardware wallet, where he keeps majority of his bitcoin like 75% and keep 25% in two different hot wallet where he can spend from whenever he wants for privacy sake. So that you keep the accessibility of your total bitcoin secrete. However, their are some services that supports privacy but that makes it anonymous by not linking your addresses to one same person
Wallets can have accounts within them, and even within the accounts, there will tend to be several UTXOs, as long as the wallet is being used frequently. Many of the current wallets have abilities to employ coin control so that we can choose from which UTXOs to spend, which may help with privacy and also with transaction cost if we have a UTX0 that is close to the same size or perhaps if the UTXO is double the size of the transaction that we want to do, then we will send one transaction of one size and then our change UTXO will be right around the same size.
Sometimes we combine our UTXOs, yet combining UTXOs could have privacy implications since when several UTXOs are combined, then it becomes known that the recipient is the same owner and likely the UTXOs are the same owner too.. do there can be problems with that.
Some folks maintain some wallets (or UTXOs or accounts within wallets) as one category of KYC UTXOs and others might be NON-KYC UTXOs, and these can be ways to separate out UTXOs, besides possibly labelling their UTXOs so that they are keeping track in that way.
So for example, if a person is buying BTC on an exchange (or exchanges) and so maybe he sends all of those transactions to one wallet, and when it comes time to sell some of the BTC on the exchange, he would take from UTXOs that were already used to transact with the exchange rather than taking from other wallets (UTXOs) that might be considered in the non-KYC category. If many years pass, it can be difficult to remember details of various transactions that had taken place.
you are actually right , Investing in Bitcoin isn’t just about following the hype it’s about understanding the fundamentals, having a clear long-term vision, and the discipline to stay patient during the ups and downs. The market tests your conviction, but those who truly understand why they invested in the first place are the ones who tend to come out on top. Long-term thinking is key.