Did you know there is a word for the Fear of Screwing up? It´s Decidophobia.
Well almost,Decidophobia is - The fear of making the wrong decisions. And in this Crypto Universe that´s something we will be suffering from a lot.
Fortunately it´s a great inspiration for blogging as most of us will be confronted with their own "screw up or not" decisions.
Decisions Decisions
I was off to a great start yesterday during my first day on planet crypto, but today I had my second scare.....
It was when I saw my not so hard earned profits drop from a $75 peak in the morning to <$35.....
This sparked my doubt machine right away because:
Now that I got my BTC's, when do I get rid of them.....?
Do I get rid of them?
Why did I get on this crypto rocket in the first place?
My Reasons Why
Well as mentioned in my previous blog, I took some time to think about getting on this rocket ride.
Of course one of the reasons to get on was FOMO (fear of missing out), but I am even more worried about the old style currency.
Governments are spending millions to save the economy.... meaning there's lots of money going round...
And money has a way of always ending up with those that already have millions. They often got those millions by investing their money.
So now that there is more money flowing around, there is more to invest. And you want to invest because...
All those government millions are coming from somewhere. And if somewhere is empty they just print some more🤑.
Mo money, mo inflation. So, you want to invest in something without inflation. Something different of which you can´t print more. Bitcoins should be different.
Bitcoin is said to be a limited edition only. Once they hit the 21 million BTC´s there will not be any new ones added. Andwe are getting closer (currently @18.5 mil.). With the number of investors is growing that means that soon the free market principal will kick in and prices should/could rise even further.
Reason #3 is the Rebel in me: That Rebel would be very happy with a currency that is not impacted by any type of government.
But above all, I am in it for the memes!
Do the right thing
Did I do it? Did I make the right decision?
That is what you and me are here to find out. I put my money in for the long run... which brings me to rule number two (#2 of the 3 rules I was given by the friend/devil that got me hooked on crypto).
No panic sells, because strong hands hold the coins. Always keep in mind what Newton forgot to say "what goes down, must come up again"..... and if it does not get on your knees and pray that Elon Musk will Twitter about it.
But all jokes aside, keep in mind that the crypto market is a living thing and that most humans act out of emotion.
Turning of the emotion and looking at the high level facts shows the following:
BTC at the in 2009 was worth less than toilet paper but it made it to 1 dollar cent in 2010.
It reached a whole dollar a year later (2011) and kept going up to over a $1,000 in 2013 (that´s a 1000% increase, just saying🤓).
Indeed it dropped to $500 a year later during the first halving. And it took till 2017 to get over that drop.
But,
It never dropped back to the 1 dollar.
Since 2014 never dropped much lower than $500.
And since 2017 it never dropped below $3,000 .....
Is it my coinfever or is there a pattern here🕵️
You just read this BitCoin Baby´s 2nd Day on planet Crypto. Hope you enjoyed it.
If you wanna start from Day 1 here you go.
Feel free to provide tips,comments or just follow me. Because more mistakes by BitcoinBaby are coming soon.