Quote from: Marvelockg on Today at 11:37:36 AM

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Ive been hearing about situations where someone buys a coin for a certain rate and not quite long after, the said coin drops in value, or someone sells his coin for a certain rate and then it appreciates just after.
What's your take on this? Given the period we're in is it buy time or sell time?

Well, that just shows that the market is unpredictable.

You can't time the market because it's very unpredictable. You might see it's price going up for a few hours then suddenly, it will go down. Just look at Bitcoin's price a few days ago when the Coinbase anomaly happened. It went down from I think around $68,000 to nearly $59,000 in just a span of a few minutes.

What's my take on what's happening right now? We're in a time where we need to wait for the market to correct before entering. We have been seeing the market going up for days already, and I don't see any reason for me to enter the market when the market is on the green. I mean we want to buy coins at a lower price, so it's better to just wait until the market corrects then that's the time for us to buy.

It happens, I think Bitcoin goes with dollar exchange, and we all know that dollar rate is not stable. Soon one dollar will amount to 2000 in the local market and we all know this might affect Bitcoin market, some persons might be afraid to even buy. But I think the most important thing is to buy the Bitcoin then monitor the market.

The instabillity of your local currency which you are referring to as dollar being unstable is another reason why you should consider buying bitcoin whenever you have the opportunity to. i will presume that the asssumption that dollar is going to 2000 mean that you are talking about the relationship between the Naira and the dollar and how that the naira seems to be lossing it value consistently. generally when it continues in that regard, it makes it very deficult to buy bitcoin since it will require more to buy bitcoin as your currency continues to loose it value, but the question then is, what happens if you did not buy and let your money remain in your local currency? are you not going to be at a serious dsiadvantage by reason of inflation that will eat really deep into your money?

It is no longer news that various governments have failed to sustain the sanctity of our local currencies which has kept reducing every effort to save money in fiats and even dollars in itself is facing inflation on a daily basis. This would not stop anytime soon as these leaders have what they gain from all these and would not want to ratify it anytime soon. Now that even dollars is also suffering devaluation against bitcoin, it is better to save your rewards for your labour in a way that it won't be reduced to nothing over time.

Since bitcoin is bought with dollars it would be wiser converting your local currency to dollar and then to bitcoin for those that earn in other local currency. The Naira you talked about is currently at 1535 to 1 dollar and things are not still getting better. If one day it reaches the 2000 margin, it still won't affect the price of bitcoin since bitcoin is independent and would always be headed up. The most secured money anyone would have in savings will be the one you save in bitcoin. So the earlier the better for everyone who wants to secure his money for the future.

Quote from: Marvelockg on Today at 11:37:36 AM

most of us are also from regions where our fiat is also lossing too much to the dollar and that in itself is a constraint that makes it defficult to hold a good amount of bitcoin if you are earning in fiat that is already depreciating. the simple solution to that will generally be to do a proper cost analysis and check out the price you have to pay for what you hope to gain in the long run. if you are just procrastinating buying your bitcoin because you feel that your currency is not doing well, what will you then say when you eventually discover that bitcoin is also getting bullish? will you then use that as more excuses why you should keep waiting and waiting till you conclude that it is now too late to buy?

The good thing about bitcoin is it's decentralised nature which has helped to stabilise its values for this period of time. Every local currencies has a governing body and any wrong policies by the governing body would have an equivalent effect on the currency. When you have understood this, then you will see more reasons to save your money in bitcoin. A day will come when you will look back and realise that bitcoin was the best decision you'd ever take.

Quote from: Marvelockg on Today at 11:37:36 AM

as an investor, just focuse on what you can control and forget things that are outside your control. it is in the place of the government and key policy makers to set modalities in place that will help a countries currency in the right shape. till they are able to do that, just face the reality and invest with what is your reality. waiting for things to become perfect before investing does not in any way amount to anything good for you as an investor.

You're very correct. It is important to focus on things we can do and forget the rest instead of whiling away our worrying about what you cannot control. Make your plans and invest wisely. Things are not getting better . I saw a recent publication that pegged the global debt at $315 Trillion and I wonder how it happened. These are the things you have to evaluate and channel your savings where it won't be affected by the ongoing inflation. Even though bitcoin is volatile, a long term holding would allow you make a cumulative gain as compared what it could be if you don't take the step.