Cryptocurrency

[Escapee..]

Below is how Bitcoin performed in 2017.

 

from $900 to $20 000

 

Wonder how low it will go this time? Maybe time to invest a few Rand

 

[Odinson]

#cryptomillionaire

 

Cryptocurrencies might still be a part of our future, but it's not so clear anymore. Looks like there might be a situation whereby central banks are going to start issuing digital currencies, not necessarily based on blockchain. Even the head of the IMF has publicly opined on this. 

 

Seems the almighty financial system will not play to the tune of some speculative cryptorenegades. 

[gummibear]

I was told I'm old fashioned last year when i was looking to invest some money and was told i'd be a millionaire if i invested in Bitcoin.A mate of mine even took a second bond on his home to buy Bitcoin .I didn't understand the whole cryptocurrency idea and still don't.

 

Decided to buy a 2 bed apartment at the sea that has grown 8% in the last year.Not a millionaire but sure i made a better choice than they did.

[Odinson]

If you bought BTC in 2011 or thereabouts and hung onto it, you'd still be in a pretty good position. 

 

That being said, the market has lost basically the little credibility it had after all of the events leading up to Dec last year and the subsequent implosion. 

[Escapee..]

I was told I'm old fashioned last year when i was looking to invest some money and was told i'd be a millionaire if i invested in Bitcoin.A mate of mine even took a second bond on his home to buy Bitcoin .I didn't understand the whole cryptocurrency idea and still don't.

 

Decided to buy a 2 bed apartment at the sea that has grown 8% in the last year.Not a millionaire but sure i made a better choice than they did.

 

 

#oldschooliscool

[The Bull Shark]

I was told I'm old fashioned last year when i was looking to invest some money and was told i'd be a millionaire if i invested in Bitcoin.A mate of mine even took a second bond on his home to buy Bitcoin .I didn't understand the whole cryptocurrency idea and still don't.

 

Decided to buy a 2 bed apartment at the sea that has grown 8% in the last year.Not a millionaire but sure i made a better choice than they did.

 

Never invest based on hearsay.

 

My BIL also invested in BTC. To make matters worse, he lost his job at the same time BTC imploded. Things were interesting in their household this past year.

Edited December 12, 2018 by Moridin

[Delarey]

If you bought BTC in 2011 or thereabouts and hung onto it, you'd still be in a pretty good position.

 

That being said, the market has lost basically the little credibility it had after all of the events leading up to Dec last year and the subsequent implosion.

Problem is the people that invested in 2011 typically did not leave it at that. They kept on pilling on more (generally bigger amounts), which mean their losses swallowed the winnings quite quickly.

[Jewbacca]

So we're still waiting for closure to this very important "life altering" topic. I don't know how I'm going to get through this "work day" by being on the Hub the whole time waiting for a response! Wait, I suppose I can always do a bit of work 

Work?! You mean you didn't invest your life savings in bitcoin and are now living off the appreciation?!

 

Pffft... don't you click on those links at the bottom of on line articles or on Facebook?

Edited August 29, 2019 by Nick
Merged from https://www.bikehub.co.za/topic/182971-bike-shop-damaged-my-frame-issue-help/

[RobertWhitehead]

I have actually been in Bitcoin since July of 2017 and have quite a good understanding about the space  . I have completed around 7 courses since then

 

What's the total invested amount that I currently have in the space of my hard earned cash I hear you ask? - Currently sitting on R34.00  . Biting my nails and hoping to re-coup my losses one day 

 

 

Work?! You mean you didn't invest your life savings in bitcoin and are now living off the appreciation?!

 

Pffft... don't you click on those links at the bottom of on line articles or on Facebook?

[Steven Knoetze (sk27)]

I have actually been in Bitcoin since July of 2017 and have quite a good understanding about the space  . I have completed around 7 courses since then

 

What's the total invested amount that I currently have in the space of my hard earned cash I hear you ask? - Currently sitting on R34.00  . Biting my nails and hoping to re-coup my losses one day 

 

How do you become a millionaire in BTC?

 

Invest a billion.........

[RobertWhitehead]

No, you do not have to invest that large amount (but it does help  ). 

 

THIS IS GOING TO BE A LONG @SS MESSAGE BUT I WILL EVENTUALLY GET TO MY POINT  .

 

Unfortunately lots of folks take large amounts of cash and just invest it into something like BTC or any other market for that matter without fully understanding the fundamentals behind it. 

 

If we look at "bubbles" from history - Tulip mania, The South Sea bubble, The Mississippi bubble, The Brittish railway mania, Dot Com bubble etc etc etc. It all has one thing in common, its driven by human emotion: Fear & Greed.

I'm not saying that BTC and the crypto space is a bubble, the block chain technology behind the market is revolutionary and will change the world as we know it going forward. 

 

What I am saying is that by understanding the fundamentals and knowing where the market is heading you can definitely make money. I can explain this statement by showing the below mentioned graph. 

 

This is a graph of the price movement on a weekly time frame of BTC since September 2017. So I will now quickly demonstrate my point, in Sept of 2017 BTC hit an "all-time" low of $ 2 817.00 before shooting up to an "all time high" (ATH) of $ 19 798.68 in December of 2017. Now why did BTC drop to a level of:

$ 2 817.00? Easy, human emotion - China banned all crypto trading on that day and China made up 30% of the market at that time. So people got fearful and sold their positions hence pushing the market downwards. Then on the flip side, why did BTC run to 19k between Sept and Dec of 2017? Simple, they introduced a futures market where other bigger players can trade the underlying asset without physically owning it. This allowed for new players to enter the market without having to go onto an exchange and buying a piece of BTC. This one catalyst was not responsible for total price movement, but it definitely helped to fuel the parabolic rise we saw. The next human emotion came into play once BTC went from $ 2 817 to lets say $ 13k - Greed. People started jumping in and invested into it without understanding the fundamentals - they just threw money after it and some folks only invested once BTC got close to the 19k level. That means that those folks either lost money and or are still holding onto the coins they bought for such a premium. 

 

So to answer your question:

 

How do you become a millionaire in BTC?

 

Invest a billion.........

 

You can become a millionaire by doing lots and lots of research about the space as well as learning technical analysis. 

 

Let me put my above mentioned statement into numbers: 

 

As an example, lets say you invested R 1 000.00 into the space when BTC got to $ 4 500 in Oct, (I did not go with the $ 2 8k level because one can never time the market exactly so I gave a couple of weeks and upward movement before making a purchase). 

 

Now you then monitor the market and price action over the period up and till December and you notice that the market is going "Parabolic" and the one side of an Eiffel Tower is being formed. So you decide to sell your BTC holdings at $18k and go back into Tether (a stable coin pegged to the $ on a 1 to 1 ratio). Again, you'll notice that I did not say that you sold at the top because no-one knows where that is either. 

 

By doing this you've turned your original R 1k into R4500 (this is not 100% accurate because there's other factors that has an effect on the price as well i.e ZAR to $ rates, exchange transfer fees but for this example I will use a straight conversion). This happened between Oct and Dec of the same year - 450% gain in two months. 

 

Fast forward now from the 18th of Dec up and until the 22nd of Dec: The price of BTC has now gone from 19k down to 11k and after looking at the technicals you see that BTC is ready for another rally. You then take your R4,5k and invest it at lets say $13k, you then allow it to run before selling again at $15,5k (17% gain between 23 Dec and 26 Dec) - You now have: R 5 265.00. You then buy at a level of $12k on the 30th of Dec and sell on the 5th of Jan at a level of $16k (25% gain) - You now sit on R 6 581.00.

 

I can carry on from Jan 2018 up until now but ya, that's how you become a millionaire in the space 

 

 

[DieselnDust]

yip its alot of work but can be lucrative if you know what you're doing.

[Rocket-Boy]

No, you do not have to invest that large amount (but it does help  ). 

 

THIS IS GOING TO BE A LONG @SS MESSAGE BUT I WILL EVENTUALLY GET TO MY POINT  .

 

Unfortunately lots of folks take large amounts of cash and just invest it into something like BTC or any other market for that matter without fully understanding the fundamentals behind it. 

 

If we look at "bubbles" from history - Tulip mania, The South Sea bubble, The Mississippi bubble, The Brittish railway mania, Dot Com bubble etc etc etc. It all has one thing in common, its driven by human emotion: Fear & Greed.

I'm not saying that BTC and the crypto space is a bubble, the block chain technology behind the market is revolutionary and will change the world as we know it going forward. 

 

What I am saying is that by understanding the fundamentals and knowing where the market is heading you can definitely make money. I can explain this statement by showing the below mentioned graph. 

 

This is a graph of the price movement on a weekly time frame of BTC since September 2017. So I will now quickly demonstrate my point, in Sept of 2017 BTC hit an "all-time" low of $ 2 817.00 before shooting up to an "all time high" (ATH) of $ 19 798.68 in December of 2017. Now why did BTC drop to a level of:

$ 2 817.00? Easy, human emotion - China banned all crypto trading on that day and China made up 30% of the market at that time. So people got fearful and sold their positions hence pushing the market downwards. Then on the flip side, why did BTC run to 19k between Sept and Dec of 2017? Simple, they introduced a futures market where other bigger players can trade the underlying asset without physically owning it. This allowed for new players to enter the market without having to go onto an exchange and buying a piece of BTC. This one catalyst was not responsible for total price movement, but it definitely helped to fuel the parabolic rise we saw. The next human emotion came into play once BTC went from $ 2 817 to lets say $ 13k - Greed. People started jumping in and invested into it without understanding the fundamentals - they just threw money after it and some folks only invested once BTC got close to the 19k level. That means that those folks either lost money and or are still holding onto the coins they bought for such a premium. 

 

So to answer your question:

 

 

You can become a millionaire by doing lots and lots of research about the space as well as learning technical analysis. 

 

Let me put my above mentioned statement into numbers: 

 

As an example, lets say you invested R 1 000.00 into the space when BTC got to $ 4 500 in Oct, (I did not go with the $ 2 8k level because one can never time the market exactly so I gave a couple of weeks and upward movement before making a purchase). 

 

Now you then monitor the market and price action over the period up and till December and you notice that the market is going "Parabolic" and the one side of an Eiffel Tower is being formed. So you decide to sell your BTC holdings at $18k and go back into Tether (a stable coin pegged to the $ on a 1 to 1 ratio). Again, you'll notice that I did not say that you sold at the top because no-one knows where that is either. 

 

By doing this you've turned your original R 1k into R4500 (this is not 100% accurate because there's other factors that has an effect on the price as well i.e ZAR to $ rates, exchange transfer fees but for this example I will use a straight conversion). This happened between Oct and Dec of the same year - 450% gain in two months. 

 

Fast forward now from the 18th of Dec up and until the 22nd of Dec: The price of BTC has now gone from 19k down to 11k and after looking at the technicals you see that BTC is ready for another rally. You then take your R4,5k and invest it at lets say $13k, you then allow it to run before selling again at $15,5k (17% gain between 23 Dec and 26 Dec) - You now have: R 5 265.00. You then buy at a level of $12k on the 30th of Dec and sell on the 5th of Jan at a level of $16k (25% gain) - You now sit on R 6 581.00.

 

I can carry on from Jan 2018 up until now but ya, that's how you become a millionaire in the space 

Its an unregulated "exchange" so it gets bullied and messed with all the time by really big players. Those big players are happy for normal people to dabble and make a little money, but if you think you are in the know with trends then you are mistaken, its not a trend based market.

[RobertWhitehead]

True, the "whales" as they're know as in the market does have the ability to move the market quite substantially in a short space of time. 

 

Yes, the market is not dominated by trends alone but it does have an effect. Back in 2017 any positive and or negative news in the market moved the price by as much as 10% in one go. I agree that my 15 min typing session did not include all the factors to take into consideration and was not a complete "blue-print" / "how to" guide to successfully trade in the space.  

 

Its an unregulated "exchange" so it gets bullied and messed with all the time by really big players. Those big players are happy for normal people to dabble and make a little money, but if you think you are in the know with trends then you are mistaken, its not a trend based market.

[Jewbacca]

Oh dear..... I opened a can of worms didn't I?

[Steven Knoetze (sk27)]

Its an unregulated "exchange" so it gets bullied and messed with all the time by really big players. Those big players are happy for normal people to dabble and make a little money, but if you think you are in the know with trends then you are mistaken, its not a trend based market.

 

Jip, the big players drive it by creating demand to push up pricing and when it suits them they then crash it.

All the while buying low and selling high......

Edited August 29, 2019 by Steven Knoetze (sk27)