Holding for the long term is the only way to make it if you are not rich.

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Avatar for francis105d1
1 year ago

Buying Bitcoin Cash today means you may cash out more than what you purchased at some point. The market can't be predicted that often or accurately; it is a guessing game. To help you better those odds, you have fundamentals. In the case of Bitcoin Cash, you have the best fundamentals because BCH works as Bitcoin did just before. It is the original Bitcoin because, like before 2017, you can use it without using custodians or paying high transaction fees. Don't forget that the community is adding more features as time passes. Those features make the best peer-to-peer Bitcoin even more attractive, being SmartBCH one of those features that will add utility to the peer-to-peer narrative and reality that Bitcoin BCH works like cash.

If you are buying with fiat, you may be interested in making more fiat than what you started with to sell back into dollars. Suppose you are that kind of person. You are buying Bitcoin Cash for the wrong reasons and will probably sell too soon. Bitcoin Cash will be used by people like you use Dollars today but with the added feature that no central entity can print your money into oblivion. Still, the change from fiat currency to decentralized currency won't be easy, nor will it be without any hiccups, conspiracies, and attacks. I wouldn't be surprised if tomorrow we learn that Blockstream is a government agent trying to destroy the peer-to-peer vision that Satoshi Nakamoto had. After all, Satoshi warned us about custodians, and I don't think he would be happy with people using custodians instead of the real deal.

In the future, you won't have to exchange into any other asset. You will go and get your dinner and pay with Bitcoin Cash, and your salary will be payable in the same currency. Fiat currency will continue to live probably, but people will be more open to accepting Bitcoin BCH and other cryptos because they will understand more how government steals your wealth using inflation. If cash bills disappear, cryptos will become the new cash. Still, to be a currency as cash, your transaction fee must be cheap or almost free, always not some of the time, you must be reliable all the time, and you must have a few and a detailed schedule for upgrades and transaction time frames. Bitcoin Cash is doing that today.

If Bitcoin is to succeed, it won't be on a high racketeering fees structure and must be on cheap transactions. It must be with your private keys and not custodians. If the government goes after cash, they will go after cryptos, and any amount of cryptos held with custodians can be seized at any point. It is a possibility just waiting to happen.

Since we don't know the future nor anyone can predict it, we must improvise, and to me, that means buying today to hold for a long time, and that time must be in years and even decades. I think that Bitcoin Cash will reach one day 100 million dollars, but I know that it won't happen tomorrow and that it will take some time for that to happen, if it happens at all. So the best solution will be to hold for years.

You can be poor today and only have $10 a month to buy today, but you still have a greater chance if you invest in Bitcoin Cash in years, just if you would like a long-term bank deposit or CDs. If you can only put $10 a month, you should invest and luck up your coins in years, not the amount you hold or price. $10 is around 0.1 BCH, which means that in years into the future, you will only be able to collect more USD if the price increases, but if by 2030, the price is 1 million dollars. If you wait for that much until your deposit matures, you will have around $100,000.00, and you only put up with a $10 sacrifice.

Conclusion.

Save fiat to buy Bitcoin Cash and treat it as a long-time interest accumulating assets like a CD or any other long-term savings asset and forget about it. After years have passed, you won't miss that money, especially if you count that much of the money you make every day gets lost on things you buy to survive. Consider the money you pay for your BCH like money set for use at a later date.

If you can't hold Bitcoin Cash for ten years or more, you shouldn't buy it at all, and those who can't have it long enough will never get rich.

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1 year ago

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Agreed on point that may it took years to reach but sure can be rich in day if we hold for long term because today's billionaire in Crypto started from some cents a decade ago only.

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1 year ago