When BCH recovers

14 49
Avatar for ZehraSky
2 years ago
Sponsors of ZehraSky
empty
empty
empty

I have been in this platform for a year now, and yet I know that I am still a noob about a lot of things involving crypto. It is not that I have no interest in learning more about it, it is just that I do not have energy to learn more about it as of the moment.

Yet, I still try my best to learn what little I could understand. Mostly from other writers here on read.cash. For that, I am forever grateful to the writers who take their time to research and write an article about cryptocurrency.

Some Lessons I learned

I have come across many things that did not make sense at first. And I admit that back then, I did not care whether I understood crypto slang or not. I was just here to write and hopefully improve my social skills a bit.

  • Buy low, sell high

    This one might be common sense to others but for me, it was a good lesson to come across. I am after all more inclined to do things based on emotions. So I used to find myself buying things when they are a hype and feeling incredibly sad when the inevitable dip comes in.

    But due to the repeated articles that mentioned not to do this, I have learned to be calmer when it comes to buying and selling.

    Although, I make a mistake in buying some BCH when the price was still at around P9000. I thought that it would not go lower than that but I was so so wrong.

  • HODL

    This is what I am doing right now with my BCH, and I also have a small amount of XRP and SLP.

    I am just waiting for the market to recover while also accumulating more.

  • DYOR

    This is supposed to be a given but my impulsivity and fear of missing out (FOMO) controlled most of my actions in the past.

    Oh how, I wished I was not too greedy before. Even though I always get my investment back, I am sad about losing the profits. Well, it is not yet lost since I have yet to sell but seeing the price of them now does not give me happy feelings.

  • Invest what you could afford to lose

    This is the most important thing I could have learned early on. If I had heeded this advice, I would not be feelinf sad about the losses nor regret that I did not do my research. Well, I am sad since the profit I got from my investments is what I used to invest more and they ended up not as successful as I had hoped for.

Despite my unwillingness to study crypto on my own, the number of articles I have come across in my stay here gave me some basic ideas that helped me realize the mistakes I have been making and what I plan to do to rectify these mistakes when the market recovers.

I wait for the green

Right now, the market is bloody and I have no idea when it will become green again. But I know and believe that it will recover again.

So I want to apply what I learned when the market recovers. I will no longer just HODL my BCH and let opportunities pass.

First thing I would do is wait for the price where I feel happy with. As of now, I am thinking of waiting for the BCH price to go back to P30 000 but that might change in the future.

Anyway, when the price reached my desired set point, I will be converting half of my BCH HODL to fiat.

Half of the coverted BCH will go to stable coins. I learned the importance of holding stable coins this red market. If I had stable coins, I would have been able to capitalize on the dip and accumulate more BCH, but since I had none, all I could do is use spare fiat to buy BCH and grind more on read.cash and noise.cash.

1/4 of the converted BCH would be left to my coins.ph wallet for other crypto that I might want to buy.

The other 1/4 would be for me to spend. After all, I feel like I deserve to enjoy the fruits of my grind.

It would not be a worthwhile thing if I just let the green market pass without even tasting a bit of its sweetness.

I would hope that the 1/4 converted BCH would be enough to buy a new phone. I am not looking for expensive phones since I barely use my phones fkr anything other than scrolling.

I want to buy a new phone since the ohone I am using right now was originally my father's. I traded my phone with him since he needed a later phone than this one. This phone is android 7, while the phone I was using before was android 10.

So yeah,the phone I have right now is old and it has a lot of cracks on the screeb which makes it harder to type since sometimes the are random touches which closes the tabs or apps.

Closing words

My coping mechanism during this bear market is to imagine how much I could get when the bulls wake up again. It makes me feel like all this waiting and believing will all be worth it.

Thankfully, I could still afford not to convert any BCH since I am lucky with my crochet business this month.



Thank you for reading this article!

If you want to read some more articles of mine, I have monthly summaries here:

May 2022 Articles Summary

April 2022 Articles Summary

March 2022 Articles Summary

February 2022 Article Summary

January 2022 Articles Summary

December 2021 Articles Summary

November 2021 Articles Summary

October 2021 Articles Summary

September 2021 Articles Summary

August 2021 Articles Summary

July 2021 Articles Summary

June 2021 Articles Summary

May 2021 Articles Summary

19
$ 5.08
$ 4.71 from @TheRandomRewarder
$ 0.05 from @ExpertWritter
$ 0.05 from @Olasquare
+ 12
Sponsors of ZehraSky
empty
empty
empty
Avatar for ZehraSky
2 years ago

Comments

DYOR is really the supreme! When I was still new to crypto, I just follow the crowd on whatever they are hyping. And then blaming game is on. It is always our decision when to make a move on crypto.

$ 0.00
2 years ago

Ako wala talaga kailangan I convert huhu.

$ 0.00
2 years ago

i am presently holding my bch too till it rise

$ 0.00
2 years ago

I still have a hard time tracking my crypto coins that is why I used spreadsheets so I could see all the transactions going on on my coins.

$ 0.00
2 years ago

The best time to hodl bch is now so that when the price goes up we will be very happy we save and sell at higher price if we want to.

$ 0.00
2 years ago

All associated things with BCH going to drowns. SmartBCH halted the withdrawals, no price increase of BCH yet. Dunno when this nightmare will be ended

$ 0.00
2 years ago

Great lessons, ako although alam ko na mga yan but I still fail to apply what I learned.. especially sell when you are happy at the price because of greed and now it's too late.

$ 0.00
2 years ago

Yan din mga natutunan ko sa crypto and tradings BLSL tsaka DYOR. Mahirap sundin yung dyor kasi di talaga kaya ng brain ko kaya sometimes, i need other's opinions and decisions.

Anyways, waiting dj ako sa pagtaas. :) sana lang magtagal din si read.cash kahit mababa si BCH

$ 0.00
2 years ago

This is a very wonderful plan I love the plan and it really makes sense. Don't worry. BCH will recover. Though it may take time but I'm very sure that you will get there

$ 0.00
2 years ago

Keep stable coin in portfolio always gives better opportunity on red carpet. Let hope to comes out from this bearish time.

$ 0.00
2 years ago

For now, I'm not planning to buy or invest in any Cypto.

$ 0.00
2 years ago

That's right. It's important to have stable coins so we can take advantage of the dip which helps us to earn more in the long run. Everyone should do what's best for them and I am glad you are doing what's best for you. I wish I have loose money or stable coins to accumulate a lot of BCH right now as you have said.

$ 0.00
2 years ago

It is very important to know the desired of your heart when it comes of this crypto world. It is volatile so, it need to be consider your happiness whether you like to convert into fiat or hodl.

$ 0.00
2 years ago

we have low bch price now and when it starts to go higher. we will gain profit because of hodl. hehe. i hope it will come soon.

$ 0.00
2 years ago