RE: Steem Crypto Challenge Month #5: i love Bitcoin.
Volatility of Bitcoin in terms of price
But for that reason, people see it as an investment asset. In fact, most of the excitement and passion for Bitcoin in India is that it will reach 0.1 Million USD one day(not financial advice). The entire crypto market India is abuzz with such speculation.
The volatility is because there is no federal reserve to stabilise the purchasing power of Bitcoin as there is no easy way to increase or decrease the supply of Bitcoin which could have served means of mitigating deflation and inflation
In fiat, they are controlling the price, adjusting the supply. In Bitcoin, the protocol is controlling the supply, allowing the price to be decided by the open market.
It is so fragile as an asset that "if password is lost, currency is lost". However back up mechanism for passwords are available these days but they need to have been set beforehand
I totally agree with this, many naive users are not that familiar, moreover, we have been seasoned with centralized things for more than hundreds of years, it needs a certain amount of time to get accustomed to a new thing like Bitcoin, crypto. More awareness, crypto literacy will solve this issue.
Thank you.
You are doing good, keep engaging, keep posting regularly. Just a friendly advice-- Go with one round of proof-reading before hitting the submit button.
Volatility is not one way. It can go either ways. Keeping the socioeconomic status of people of india in consideration, i think small fraction of people can teke risk of investment based on speculations. I may be wrong because this is my personal assessment based on interaction with people in this context.
Thank you.
#onepercent #india #affable
No...you are absolutely right. Timing a market is another important skill one must possess to remain in the safe zone. However, whosoever has invested in Bitcoin before May 2017, has always been profitable regardless of the point of entry.
Thank you.