Bitcoin (BTC) is increasingly befitting a name synonymous with growth, as often illustrated by many digital currency advocates.
Bitcoin is principally a digital currency whose unique use case serves as a more functional electronic payment system in a decentralized practice.
With Bitcoin, monetary transactions are clarified, cost less than current cash transfer solutions, and take less trouble as the middlemen are excluded.
As the cryptocurrency, which is the first of its kind, showed its capability to all and sundry, it began accruing massive valuation. This development has changed the narrative around the coin.
With further adoption, the price of each Bitcoin soared from practically nothing back in 2009, when it was launched, to over $45,000 at the time of writing, as reported by CoinMarketCap. Through this increased valuation, many, including institutional investors, are now adopting Bitcoin as an investible asset, but only a few exhibit healthy tenets of an actual Bitcoin believer.
5 Traits of Bitcoin Believers
Investing With Understanding
Now that the story has changed about Bitcoin’s accurate perception, those who are true believers of the cryptocurrency buy to understand how the asset works. Many people invest in the asset-based on the growing public sentiment around the coin. These people contribute to the volatility of the investment by selling off at the slightest negative news aired.
True bitcoin believers invest with the positivity that the asset has longer-term growth potential as many come to the light of its revolutionary uniqueness.
Buying the Dip
As we have seen in the digital currency ecosystem in recent days, the sell-offs of Bitcoin, and by extension, other digital assets, is a plus for the true bitcoin believers. Today, when people sell off their Bitcoin holdings, it is likened to power changing from weak hands to strong ones.
Bitcoin believers look for avenues to buy the dip and usually benefit from the euphoria that often leads to panic selling.
For most folks who hold Bitcoin and seek the tag of true believers, patience is the cue. The actual performance of Bitcoin and its world recognition did not come until after a decade since it was first introduced.
The early adopter’s patient embrace is paving the way for today’s investors to appreciate the asset. Furthermore, patience in dealing with Bitcoin and cryptocurrencies will benefit the holder and the more conservative investors. They would only buy the asset shortly.
Refusal To Follow The Bandwagon
Dedicated Bitcoin investors are those who make their decisions whether to buy the asset or not by not following the bandwagon. Following the bandwagon is when you make a move because most people are making the same move. Following the bandwagon may not be necessarily detrimental, but Bitcoin believers do their research before making any significant move in relating with the asset.
Advocating For Bitcoin’s Growth
For the majority of people who understand the inherent qualities of Bitcoin, sharing the good news about the cryptocurrency comes as both a hobby and a responsibility. The idea is simplistic, and you are more certain to talk about something of significance you own, which can even increase in value with more people getting to know about it.
Based on this, advocating for Bitcoin’s growth is what those who believe in Bitcoin are often caught doing.
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