Welcome to the “Wild West” as they used to call it in the days where Bitcoin was taking $100+ swings in market price in the matter of an hour. Bitcoin in the last week has been one hell of a ride. From one week ago where price was hovering and struggling to stay near $300, the price has dropped like a bombshell and reached as low as $173 on coindesk.com’s ticker. Is this the bottom? No one really knows. With Bitcoin, you have two sides of the coin. The people who are investing in Bitcoin because they truly believe in what it could mean for the world. (A unified currency that works anywhere with minimal to no transaction fees) To the other people who are day time traders and looking to make a quick buck off of the market swings and volatility of the pricing! Where do I sit? Somewhere in the middle of those two. I was at one point day trading the coins in attempts to make a few dollars off of what I had invested. When I initially invested, I was buying coins when they were 8-900 a piece(buying only pieces of a Bitcoin mind you).
There is no reasonable explanation for the price crash. Just another day in the Wild West.
The number of tranactions being processed for Bitcoin again has reached all time highs. Just yesterday another record was hit with 105,000 transactions processed. This doesn’t include what’s being traded around in the exchanges but what’s being moved around outside in the real world. It may not seem like a lot. 100,000 transactions in a day, but for something that’s still considered to be in its infancy this is another milestone!
A Redditor recently posted and explained investing in Bitcoin what I feel is probably the best explanation:
“When bitcoin goes down in price in relation to “other” currencies I like to buy because its a better value for my respective fiat. When bitcoin goes up in price I think its a buy because it seems like a very valuable technology.
I don’t have a sell point.
Cliffs: buy high, buy low, don’t sell.”
Welcome to my world. 🙂
Bitcoin today is sitting at $207 and ready to fly to the moon. Get your bitcoin before you’re left in the dust!
