Why I am Buying the Dip

24 40
Avatar for MarielB22
3 years ago
Topics: BCH, Cryptogames, Goal

As of this writing, #BCH is down to $668.45, a notable 14.71% slide from yesterday evening. But I'm not worried and neither should you be. #Cryptocurrencies are volatile, unpredictable, and can be difficult to keep track of, especially when you #HODL several of them.

Good fortune

Yesterday, I was planning to transfer .07 #BCH to ADA (Cardano) to diversify my portfolio. At the time, BCH was at $770 plus, and #Cardano was at $2.97. But my mind said, "Wait, Mariel, and let's give it until evening." And so I did and the market began to slide downward.

Why is crypto down?

The short and sweet of it (or not so sweet) is that as goes #BTC, so goes most cryptocurrencies. You have likely observed this if you've been involved in crypto even for a few months.

#Bitcoin is the original cryptocurrency, as we all know quite well. It has stood the test of time as an alternative to fiat money (those nasty paper bills printed out of this air with no backing save for what people place a value on).

El Salvador is the culprit?

The Central American country, besieged with economic problems, among many others, is the present culprit. The country announced Bitcoin as legal tender and bought up some coins before the law went into effect.

Aw, shucks, El Salvador.

Now the country is holding some 500 coins.

But China and the USA are also partly responsible, what with pending laws over crypto. But you can bet your sweet hippy that lawmakers have already bought coins and will buy the dip.

At any rate, the markets overreacted in my opinion. Paperhands became worried and sold. El Salvador and those with the fiat means, bought.

But El Salvador barely has Internet, is deeply impoverished, and lacks the capacity to mine and trade crypto. I don't see them as a threat whatsoever.

The future

Panama is said to be the next (second) country in the world to adopt Bitcoin as legal tender. Surely other countries will follow suit, especially third-world countries. As previously noted, eventually all countries will make crypto legal tender, and CBDCs will compete against retail crypto investors.

My goal

I'm not angry with El Salvador, China or the United States and their positive and negative moves with respect to cryptocurrencies. I am buying the dip.

In fact, I am taking that .07 BCH I earned on read.cash and buying #ADA. Meanwhile, I'll hodl my remaining BCH.

Disclaimer and prices

As I complete this post, kindly note that I am not a financial advisor nor do I pretend to be. You must decide for yourselves what to do with your coins and tokens.

At this moment, 8:05 a.m. #Philippines time, BCH is at $66845, down 15%, and Cardano is at $2.48, down 12.21%. Time for me to buy the dip before they move higher.

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Avatar for MarielB22
3 years ago
Topics: BCH, Cryptogames, Goal

Comments

I really like this dip, it has been good avenue to get more AWC token and have enough to stake. It's APY is good to less loss and expect high. More about AWC staking - https://atomicwallet.io/awc-staking

$ 0.00
2 years ago

I don't have but a few bucks so I wasn't impacted. Good luck!

$ 0.01
3 years ago

Thanks. If you're willing, write and post!

$ 0.01
3 years ago

Yeah, maybe tomorrow. Working some thoughts around in my head about a fiction story.

$ 0.01
3 years ago

HaHa. That's what you said a few days ago.

$ 0.00
3 years ago

I'm guilty.

$ 0.00
3 years ago

Ah, getting bold, eh? I see several people doing this. Hope it works out for you.

$ 0.02
3 years ago

Nah, just trying to see what I can gain or lose.

$ 0.01
3 years ago

HODL to win. :)

$ 0.01
3 years ago

Oh yeahhhhhh.

$ 0.00
3 years ago

I was also going to swap BCH to ADA since the swap rates were falling, I wrote an short article on the same comparing the swap rates over time. I agree the flash crash is because of the BTC but I don't believe it is because of El Salvador, I mostly blame the leverage traders whose position where closing.

$ 0.01
3 years ago

I hear you. It could be a combo of multiple things, however. I do see it going back up.

$ 0.01
3 years ago

Hopefully in a few days it can go up again bit market is still in downtrend for now

$ 0.01
3 years ago

Precisely what I am anticipating.

$ 0.00
3 years ago

I swapped $50 worth of BCH yesterday at around $755 and swapped it back again at $650. For the first time in my life I made a good decision. 🙌

$ 0.02
3 years ago

Hi makikibutt in lang. What wallet do you use po?

$ 0.00
3 years ago

I am using bitcoin.com wallet 😁

$ 0.00
3 years ago

How po yung swapping? I mean isenesend mo po ba sa ibang wallet like coins??

$ 0.00
3 years ago

Nope. Tap mo lang yung globe icon na may magnifying glass sa bottom ng main page mo sa app then may bitcoin.com swap jan.

$ 0.00
3 years ago

HaHa, not your first good decision but a good move.

$ 0.00
3 years ago

It's the government of El Salvador that bought and scared the market in part. But also the US and proposed crypto laws and China as well. The three combined saw a steep drop. Just because someone buys does not mean the market will remain bullish.

Thanks for reading. God bless.

$ 0.00
3 years ago

I don't know that El Salvador related to downward of all cryptocurrency, I'm confused do they sell bitcoin or buy, cause I think when there ar einvestors who buy crypto specially bitcoin, the market will be at bull run, do people in El Salvador starting to sell their assets?

$ 0.00
3 years ago

Reading now that a lot of Salvadorians sold. Who really knows in the end.

$ 0.00
3 years ago

It is the El Salvador's leaders that bought and frightened the market.. But also the USAs projected crypto laws and China's disdain for crypto as well. Oops, I mistakenly commented rather than replied to you.

$ 0.00
3 years ago