Think In Terms of BCH Not in Dollars
March 6
Probably many of you got disappointed again when the BCH price dropped below $300 again on February 24. It managed to bounce back above $300 the following day. However, it dropped to as low as $285.15 again yesterday.
At the time of writing is $291.73 per BCH.
Hello, again Bitcoin Cash lovers. This is not the first time that the BCH price is going through a wild roller coaster ride. Well, I think this is the norm in cryptocurrency. Many of us are probably disappointed, to say the least, whenever the price drops. I am. Especially when I see the dollar equivalent of my earnings here drops. But that's the thing. I got disappointed because I was looking at my earnings in terms of US Dollars.
Dollar Per BCH
Are you always thinking in terms of dollars? Ever since I joined readcash and noisecash, I have always looked at my earnings in terms of US dollars. I recall in May up to July of 2021 when the prices goes wildly up and down.
During that time, I got admitted to the hospital and I needed cash to pay my hospital bills which totaled to about $1000 or PHP 50,000.
Read: My Painful Ordeal Continued
If I remember it right, I started selling when the price started to drop from around $1,455. I also missed when it reached its highest value at during that time at $1,600.
I was weak for three weeks that I seldom checked the prices at that time. Besides, the frequent rise and fall of the price stresses me out, which I don't need considering my weakened state.
Even after that, I kept on looking at my earnings in US dollars
Changing My Point Of View
I have earned almost all of the Bitcoin cash that I have from readcash and noisecash. Initially, I invested PHP500 or $10 from my own pocket and played with that amount before I started earning from noisecash and readcash.
Note that, at that time, I knew very little about cryptocurrency in general. I was even wondering why my earnings in readcash that's displayed in dollars are fluctuating.
Then I realized something that made me change my point of view. This also lessened my concern with regards to the volatility of the bitcoin cash price.
Whenever we receive tips in readcash and noisecash, the amount shown to us is always in dollars. On the hind side, however, what we receive is in bitcoin cash Satoshis. Thus when the price of BCH is high, when we receive $0.10 tip, we receive less amount of BCH Satoshis. On the other hand, if the price of BCH is low, we receive more BCH Satoshis when we receive the same $0.10 tip.
Here is an illustration.
Assuming 1 BCH= $100
When we receive a $0.10 tip, we will get: 0.001 BCH
But when the price of 1 BCH= $200
When we receive a $0.10 tip, we will get: 0.0005 BCH
Thus, I always tell myself and other readcash and noisecash content creators not to worry when the price takes a dip. The thought is.
When the price drops, we earn more BCH per dollar, and;
When the price increases we earn more dollars.
Think In Terms of BCH
When I started to implement my plan to accumulate and save 1 BCH by July of this year, I admit, I continued to monitor my progress in terms of US dollars.
Every time I visit my "savings wallet", I look at the amount in dollars, not in BCH! If I wanted to save 1 BCH, I must monitor my progress in terms of BCH.
In Closing.
We are all earning BCH through this platform and its sister platform noisecash. It's true that many of us here are converting some or most of what we earn to US Dollars then to our local currencies to use what we have earned. Perhaps this is the main reason we are always concerned when the price of BCH drops.
On the other hand, for the HODlers, I believe we should monitor our progress in terms of BCH. We aim to save BCH, then perhaps it's just prudent to monitor our progress in BCH.
Live an abundant life!
Thanks For Reading
Image Credits:
Lead Image: Created using Pixteller
Dollars- Image by NikolayFrolochkin from Pixabay
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Great advice when it comes to BCH, I look at my BCH portfolio and ignore the $value but just focus on the BCHas I know it will go up in value at some point. My COSMOS portfolio I do look at the $value as it is going against the red crypto😃