Fascinating. That's the only word that came to mind when I got into cryptocurrency and today as I am watching what is happening to Bitcoin. I jumped into this world just a few days prior to Elon Musk stating that Tesla would no longer accept Bitcoin. Since then, bit by bit I've watching my small investment lose value.
Is Bitcoin vanishing? Probably not, but one of the things I've learned in the stock market and "typical" investments is that you need to be in for the long haul. I've been researching this a lot, reading as many articles as I can as time permits and one of the things I keep seeing is a phrase that comes up more than often and it has to do, basically, with "belief" in cryptocurrency and the promise of what it will be able to do.
Nobody ever talks about having "belief" in the stock market. Discussions center on profits, losses, R&D progress, drug trial results and a myriad of other things. Sure, one has to have "belief" in the drug trials and the sales and the R&D but over the years writers and columnists talking about stocks never say, "You just have to believe in it."
I think this is one of the reasons why I like Stellar Lumens. Everything I read talks about real world practical applications. There is an article I really like that explains this, and it is linked in the resources below. Faster, easier and more cost-effective transactions really makes it appealing. The article mentions that IBM is one of Stellar's customers using it as part of its Universal Payment Solution. I know IBM. I trust IBM. So, if IBM is using it, it definitely adds some level of credibility.
Over the years, a couple of mentors both told me the same thing: "Hope is not a strategy." They are right. Hope is not a strategy. But, I ask who are we as a human race if we do not have hope? Should we apply that hope to something like cryptocurrency? I really think that is up to you. For me, I got into this on a very small scale. If I were to lose every dime I put into it, it's not going to keep me from paying my bills this month or putting food on my table.
What's my strategy? I'm treating this as I do my other investments staying in for the long haul. That doesn't mean that I'm flying the Bitcoin or Ethereum banner. It means only that I have zero reason to bail out. I went into this with a dollar amount in mind that I was prepared to lose.
I'm curious where you get your cryptocurrency information. Do you have any particular blogs or Youtubers you follow? Where do you do your research and/or get your information? Please comment below and share. I'm always looking to learn more.