Why should I still believe in Bitcoin cash with this drastic fall in price?
The rate at which Bitcoin cash price has gone down lately is really alarming. The value is now trading at $320 from $570 in which i we started the year with. However, if you have plans to make money through cryptocurrency investment, its best you do a lot of research and learn from people who have been into it for some time now. But you need to also understand that during such times, even the greatest of investors are scared. Just like you, they don't know what the future holds for cryptocurrencies.
The Bitcoin cash price has been plummeting since last week which is the issue many are worried about. There are other virtual currencies which have lost more than half of their value and this is something no investor would want to see.
So what should we do? Should we be panicking at this point? Why should I still believe in Bitcoin cash with this drastic fall in price? Well, there is a reason behind this price drop. This I can say much about until am able to read articles from the boss himself @pantera or probably watch some podcast.
Now my companion keeps on asking me do I really believe in bitcoin cash. I really don’t know why this sudden change in price. Just a couple of weeks back bitcoin cash went down to $470 which was very low because the value of bitcoin cash was at $570 just at the beginning of January. I had got few coins then and my friend offered to buy at $570, but I had already bought some, so I told him that I will hold on to it for some more time till the price goes up.
But now, I keep getting calls from my friend saying that it is better to shift to other coins now as bitcoin cash has gone down in price. So, I don’t know what to do now as with these falling values I have become almost nill in terms of profit while I was expecting a profit of $15000 from bitcoin cash alone.
I became a believer in bitcoin cash in May 2021 when I discovered to what extent it had adopted various scaling technologies. How did I become a believer? As a technology enthusiast and web developer, I decided to see what exactly all the hype around bitcoin was, so I took a dive into the world of cryptocurrencies.
On account of my work experience, I decided to join one of the many online communities where crypto enthusiasts meet. There I met a lot of crypto enthusiasts and mined my first coins using my computer.
I really enjoyed this idea and went on to do more research on how to get better at it. This is when I heard about this thing called bitcoin cash, which was created as a result of a hard fork in Bitcoin. Bitcoins main limitation was that it could only handle 3 transactions per second. This meant that transfer of value would be slow.
Still hoping to know the reason why this is happening though... I hope BCH recovers soon