The spirit of a bitcoiner – Bitcoins are digital assets whose popularity has been increasing ever since they were created; this can be because of their excellent benefits. As a result, many people have started investing in bitcoins, and many public places and online stores have started accepting bitcoins as a mode of payment. However, those who have not started investing in bitcoins often worry about what should be the ideal behaviour of a bitcoiner; if you are also planning to invest in bitcoins, read the article below to learn about the spirit of a bitcoiner.
Why are Bitcoins Gaining a lot of Hype?
Bitcoins allow you to make transactions without involving any external body, you do not need approval from a central authority to send and receive payments through bitcoins, and you can process a transaction only with the consent of the sender and receiver; this gives the users the freedom to make decisions concerning their assets by themselves.
The traditional process takes up to 5 days. Still, the absence of an intermediary in bitcoin transactions makes the process faster than usual, as there is no paperwork involved and no need to take approvals.
Also, no third party means no high transaction fee; in normal transactions processes, users have to pay a transaction fee which depends on how significant your payment amount is; this gets inconvenient when the amount is very high, but payments through bitcoins charge customers with only a minimal transaction fee.
Since bitcoin uses blockchain technology, this increases the security of the system, as the shared ledger is used to maintain records of payments; once a record is made, you cannot edit it; even if you enter the wrong data, a new record will be made, and both new and old record will be displayed, this improves the transparency and authenticity of the system, and reduces the chance for something suspicious to happen.
Looking at the ever-increasing popularity of bitcoins, you can say that bitcoins have a promising future ahead; it is predicted that bitcoins are going to replace traditional currency in future, and their price is going to be much higher than they are right now; this would turn into a good situation for those who have already started investing in bitcoins. Also, it will be more common to use bitcoin as the payment method.
To make transactions without revealing your identity sounds interesting yet funny, right? But bitcoins have made it possible to trade in bitcoins without revealing your identity. Some questions are raised like can bitcoin use less energy ?these can be answered in the linked article.
Things to Consider as a Bitcoiner
- Always keeping emotions aside.
It is observed that traders often make decisions guided by emotions like fear of losing, and they pay for the careless move in terms of huge losses. If you become very greedy and keep on investing without thinking, you might have to regret your decision later. It would help if you never let your feelings affect your decision; the strategy for trading can be keeping emotions aside and thinking mindfully. It would prove beneficial if you accept that not every trade will produce profits; even traders who have been in this field for a long time lose money. So, it is ok to lose; all that matters is the ratio of profit to loss which should be at least 2:1.
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Trade quality over quantity
It is observed that people who overtrade often end up wasting their money and time. Choosing quality over quantity is the strategy of effective trading. Trading less according to the market’s demands can produce great results because not every market condition can be fulfilled with the same strategy. Deciding the strategy that works best for you and moulding it according to the market conditions; can yield significant profits.
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Always do your research.
As a bitcoiner, you might encounter situations where you will be lured to fall for scams and frauds by using catchy advertising tricks or other methods. Even if you are blackmailed into giving out your bitcoins or personal information, do not panic. Just deal with the situation mindfully. Always do your research before giving your personal information to anyone.
In conclusion, above mentioned are some points about how the spirit of a bitcoiner should be. If you want to be a successful bitcoiner, you need to keep feeling aside while trading and trade with your mind, not your heart.
