Why Noise and Read Members Should Not Worry About the Volatility of BCH Prices
After that notorious tweet by Tesla CEO Elon Musk that sent the Bitcoin and other cryptocurrency prices plummeting, the prices have become a wild roller coaster ride even up to this date.
The Bitcoin Cash (BCH) price was not spared by this wild ride.
Image source: https://coinmarketcap.com/currencies/bitcoin-cash/
From its highest attained price of $1,589.78 on the 12th of May, the price to date is barely holding on close to $700.
After recovering from its lowest price of $511.43 on May 24, the price has been going up and down even up to today.
But many BCH holders panicked and sold their BCH even at loss.
Hello, Noise-Cash and Read-Cash members. This post is for you (and for the upcoming members). In this post, I will explain why we, the members of Read-Cash and Noise-Cash, should not panic from the price dump and how to compensate for this seemingly negative event in the cryptocurrency world.
Personal Sharing
Before the huge price dump, I have shared in the previous posts that I had just gotten out of the hospital. And I got out with a huge amount of debts from different people to pay for my hospital bills.
When the price of BCH was almost at its peak, I sold 0.04+ BCH, which was about PHP 2,000 and PHP 1,000 worth of XRP, to help pay off some of our debt.
At that time I wanted to hold on to at least 0.1 BCH. I was planning to attain 1 BCH within a few months while selling some to pay off our debts.
But then the price started to plummet. Not knowing about the notorious Tweet at the time, I ignored the dump, thinking it would bounce back.
However, day after day, the price continued to drop! I panicked and wanted to hit my head with Thor's hammer, Mjolnir.
I should have sold while it was above $1,300! The price continued to drop way below $1,200. I wanted to sell out of panic! Instead when the price hit below $1,100. I bought about $10 worth, hoping the price would already start to bounce.
It did not. So I bought another $10 worth. The last amount I have in my Coinsph wallet. (Hey I'm just a poor guy you know).
The price hit its lowest, and I wanted to buy some. But I no longer have extra money.
Image source: https://coinmarketcap.com/currencies/bitcoin-cash/
I'm Not Worried And You Should Not Too.
When the BCH price took a deep dive from than more $1,500 to less than $1,000 in just a matter of days, I would be a hypocrite if I say I did not panic at all.
I did at first. I almost decided to sell at least half of my BCH to '"cut my losses" and out of financial need. But with my little experience in investing in the Stock Market, I know I should not let my emotion control my decisions.
Calm Down and Take a Look Back
I started earning BCH late in February this year. The value of BCH then was less than $500. So, technically, my profit may have been reduced by a huge percentage, but overall, I was still on the gaining side.
Why Noise-Cash and Read-Cash members should not worry at all.
When Noise-Cash implemented the minimum payout setting, I set it to $1. Then, I realized something that eased my worries.
If you take a look at the amount of BCH on May 15 when the value was still high, I receive only about 0.0007 BCH per transaction.
And on May 31, when the BCH price is just around $600, the amount of BCH I received per transaction is more than 0.015, which is more than doubled.
What's the significance of this? Each of these transactions is equivalent to $1 each. All of these are from Noise-Cash.
Think in terms of BCH
Our earnings in Read-Cash and Noise-Cash are displayed in terms of Dollars. But, they have corresponding BCH values the moment we earned them. And when our earnings are transferred to our wallets we get them in terms of BCH.
The point is, when the BCH value goes high, we get more dollars per BCH. When it's low, we get more BCH per dollar.
So, the way I see it when the price is low, it's a great opportunity for Read-Cash and Noise-Cash members to earn more BCH. And when the prices go up, you will get more dollars.
Action Plan
While the BCH price is low, grab the opportunity to earn more from both Read-Cash and Noise-Cash.
Write at least one article every two days, or even every day, for Read-Cash.
Not only that, read and comment on the posts of different users. Leave some tips as well. Sponsor other promising authors or your favorite authors also. This way you, will get noticed by other members thus will increase your chance to gain more followers and earn more tips from other users.
Same thing with Noise-Cash. Upload quality and original posts. If you are posting photos, write an engaging description with it to initiate meaningful interaction for other users. Subscribe and post to different channels.
Leave meaningful and engaging comments on other posts. This will invite more subscribers for you.
Manage Your BCH Strategically
It's not enough to earn as much as you could and end up spending them all quickly, or hold on to all your BCH and panic when during another cash.
Learn and understand the cryptocurrency market, strategize how much to hold and how much profit to secure, and don't spend more than necessary.
I'm still in the process of making my strategy at the moment. I will share my idea soon.
Thanks for reading.
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Credits: Images used are mine except for those with specified sources.
Indeed a win win for us all