Bitcoin still low. What now?

in #cryptocurrency6 years ago (edited)

Good morning all,

With Bitcoin remaining low it's gives us time to prepare for when it goes up again. At this point I still have time to act as if Bitcoin is still at it's record high with the knowledge that Bitcoin will at one point end up at that high again. This knowledge comes from my best guess at the probability of the crypto market as a whole expanding over the next 5 - 10 years. Keeping in mind that I focus on long term investing rather than looking for short term bursts.

The reason I say "at this point I still have time" is because I do need short term bursts in income in order to pay my rent and bills. For the last while I have been living off other investments that have almost run dry for the year so if I can't make a turn around with crypto I'll leave my accounts somewhat static while I run another stream (my apps) for cash.

Even though bitcoin is lower than it's all time high, it's still a solid investment. If I can't get at it for short term cash I'll treat it as a safety net for the future and keep putting my pennies into it.

Speaking of pennies.... I recently traded 40 of my APR coins back to Bitcoin using Coin Exchange. I figured I could use the Bitcoin to trade in Alt Coin markets and then if there's a surge in the crypto market I'll have a few little eggs in a few different baskets.

Check out Coin Exchange Markets here https://www.coinexchange.io/markets

I use the category of 24 hour low and check out change and 24 hour volume. I use the lowest prices coins because I have a small amount of bitcoin. I use the volume to key into the number of trades in 24 hours. This will give you an idea of how much movement is happening with the coin. Mainly, if you buy it, how fast you can sell it. With the little guys like this it's hard to know which one will live a long life so I buy based on movement. If the price is 0.00000008 BTC and I think it will go up at least 30% (15% each way) to cover fees and then even a small amount more then it would be a good buy. Always remember that you need a Buyer for the coins you are selling at the elevated price otherwise you're stuck with them. The Sell Orders are where you look to see who is waiting for buyers. Buy orders are waiting for sellers, these prices are always lower than the sell orders.

When looking to buy the price of 0.00000001 BTC is the best, and lowest listed cause then if it goes up to 0.0000002 then your buy has increased by 100% which is great! I'm just getting going though so I haven't scored that yet but I have a high suspicion that people are hanging out on Coin Exchange scoring those increases.

Right now I have 4 buy orders out and one sell order. The sell order is for Arlize that I bought at 0.00000008 and have for sale at 0.00000020. This is a bit steep for making quick sales with the higher price (had my eye on the 0.000000001's) it takes more movement to cover the fee and make $$. In the history chart it shows that the coin opened at 0.00000045 and is now at 0.00000008 so I picked right in the middle, and the higher side of the Seller List. Also note there is about 24 trades per day on this one so nothing is moving very fast.

More knowledge on how fast coins launch and fall would probably help. I figure a lot of coins will try to hang around until the next spike in the industry.

Last note is to BEWARE OF PUMP AND DUMP SCHEMES. Read my next post on how to spot them and avoid them.

Sort:  

I am living in place that is sub standard, paying only $500 a month rent, and buying alt coins with everything I can.

I never felt so glad to be alive!

Only 500$ rent?Thats what i make in a month. lol

You guys might live in different places?

Ahahah keep going on with the good articles and you will make more than that ;)

Good luck!

In Bellevue, WA the cheapest 5 bedroom is $3800 a month. Where do you live?

Croatia.There is bad situation here,many people moving out of country searching for new life.

Come to America!

niiiiiiice. Maybe buy your own place in a couple years :D

Why would I want to ruin carpet I own? I love renting, then moving every few years.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.