Simply Bitcoin Unfiltered: You Simply Haven’t Done the Work
The cryptocurrency space is a dead market right now. The enthusiasm of 2020 and 2021 wore off with last year’s price decline. And to make matters worse, the bankruptcy of several cryptocurrency brokers and lenders has brought added pain.
However, this space has had its ups and downs before. The cycles are bigger than in traditional markets like stocks and bonds. So those who buy during a down market may be richly rewarded.
Investors buying during a crypto winter will likely want to start with bitcoin. It’s the largest cryptocurrency by market cap. And it solves the problem of storing value in the digital era.
Bitcoin can be understood as a network of users. Part of the price value of bitcoin is derived from the number of users. But that’s not the only factor.
Understanding the full nuance of bitcoin can fill entire books. And it’s different than other projects like Ethereum which are designed to fulfill a different role for digital transfers.
What does matter for investors right now is that they should own their own bitcoin (and any other cryptocurrencies).
While taking self-custody of an asset can be new and intimidating at first, it can avoid leaving those assets on a centralized exchange. That avoids a partial or total loss should such an exchange fail.