How Can We Not Panic In This Time of Uncertainty?

May 17

How Can We Not Panic In This Time of Uncertainty? For the past months... for the past twelve months, to be exact... the price of Bitcoin Cash has been going through a steady decline. From time to time, it will bounce back up a bit, only to drop again at a much lower level. In fact, in the last twelve months, the price of BCH already dropped by about 80%. A lot of investors have lost a huge portion of their portfolios already.

Perhaps a frustrating time for most cryptocurrency lovers. Frustration can even lead to panic.

Greetings once again my fellow bitcoin cash enthusiasts. True enough, this is a frustrating time for most, if not all, of the BCH investors and traders. The bear has dominated the market for far too long this year. The bear has been with us throughout the year! Continuously scratching the prices of not just BCH but of almost all cryptocurrencies! None of the positive predictions that I saw ever came close to predicting what's happening in the market right now!

Some already pressed their panic buttons and sold their BCH. Who can blame them?

How Can We Not Panic In This Time of Uncertainty?

What Can We Do?

This is a question that I have been pondering for days or even weeks now. What can we do? What should we do? Should we sell? Should we Hodl? Is there anything that we can do at this time? Maybe there is. But I don't think there is not a single solution that will fit all of us going through this predicament.

Disclaimer

The content of this post is not financial advice. What I will share with you here is purely based on my understanding and experience.

BCH Earner or Investor/Trader?

If I remember it right, even before I joined read.cash and noise.cash more than a year ago, I bought $10 worth of BCH. At the time, I had a little amount of BTC sitting in my wallet for three years. When the price tripled at that time, I sold some of my BTC and bought $10 worth of BCH. I can't even recall how much a BCH costs back then.

But that was the only amount I invested in BCH.

I did trade from time to time. I sold some gains when the prices pump significantly and bought some when the prices take a dip.

At the moment, however, I can say, that almost all of the BCH I'm hodling and spending came from my earnings from read.cash and noise.cash. Thus I classify myself as a BCH earner, not an investor or a trader.

I earn from the content that I post on the platforms mentioned above. Thus, along with the thousands of members here, I am grateful for the earning opportunities that these platforms opened up to the world.

Earning More BCH During the Dip

This is my philosophy every time the prices take a dip. I see them as opportunities to earn more BCH. Then when the prices go up, I sell a small portion to secure some gains.

However, since my BCH income comprises about half of my monthly income, there were occasions when I needed to sell out of need. I only sell to have the amount that I needed.

Crazy Bear Not Budging

However, for almost a year now, the crazy bear market has been here for almost a year now. It looks like the market low is getting lower and lower each month.

What Should We Do?

As an earner, we can continue grinding more to earn more BCH. The question is, what should we do when we needed some cash?

I know that with the following suggestions, I may sound like a "leech" feeding off these platforms, but some of us here are depending on our BCH earnings while there is no market adoption in our prices yet.

Constant Monitoring

What I am doing now is monitoring my earnings and prices several times a day. I created a spreadsheet for this purpose. This is the only way to keep track of how much I earned each day and the price I earned those BCH.

Also, I can monitor if the BCH I earned in the previous days has gained in value or not. This will help me decide when to sell or not.

Start From Zero.

If I include the amount that I earned in the previous weeks, I think I will just be frustrated. To reduce stress because of the dropping prices, I will HODL on every BCH that I already have and consider it as my savings. And start my monitoring from zero. (I started doing this yesterday).

Unless it's necessary. It's a great risk on my part. Perhaps Hodling at this moment is a great risk for all of us. I'm not sure. But I don't want to sell out of panic! But selling will not help the prices as well.

Sell To Cover What I need and Sell Gradually.

I have mentioned in my previous posts that in June I will be earning exclusively BCH. However, I will hold on to my philosophy of selling and buying gradually. Either I lose or gain on selling, they will be averaged over time.

Find Alternative Sources of Income

Another way to avoid panic in this time of uncertainty is to find alternative sources of income. I want to hold my BCH as much as I can and as long as I can. The only way I can think of to do this is to find other sources of income. Maybe I can start being active on other platforms and earn other cryptocurrencies and later exchange them to fiat and/or BCH. Or find other online hustles where I can earn fiat money.

In Closing

Fear is dominant during these times. Especially for investors and traders. We are uncertain when will the prices will go up. Don't give in to fear. BCH has existed for so many years now and I believe it will continue to exist and will be adopted by more merchants all over the world.

There are ways to recover our losses. Perhaps, it will take time. Assess your portfolio and your capability.

Stay calm. Solutions will present themselves when we are calm.

Live a prosperous life.

Thanks for reading.

Image credits:

Lead Image:

Background: by @Geralt via Pixabay

No Panic: by @Geralt via Pixabay