Bitcoin is a digital payment system. It is known as cryptocurrency; a new kind of money using which, transactions are made directly. Risk-averse Indians were always wary of the payment system, its viability as an investment option, as well as the legality of the dealing with Bitcoin in India. Recent events such as the Bitcoin crash have shown that the doubts may not have been misplaced – the crash and subsequent part revival have given a lot of people pause for thought.
Over about the week, the markets witnessed a downward spiral in the value of Bitcoins. This resulted in almost all of the top 100 cryptocurrencies also witnessing a fall. The fall of about one-third value did revive to a substantial degree, but the crash shook a lot of investors.
Watching #BitcoinCrash, some felt as though they were crashing headlong!
Many rushed into Bitcoin investments, salivating at the thought of a lucrative opportunity; clearly many were doomed to disappointment!
That had to have hurt…rather like the Bitcoin crash itself, felt some.
Many said Bitcoin was a bubble; that it was bound to result in some sobering losses. For some, it was the quintessential 'I-told-you-so' moment.
Schadenfreude – you know that warm feeling of “pleasure derived by someone from another person's misfortune”.
While one said “BUY!”, another said “HOLD!” and a third said “SELL! And get out while you can.” Hmmm, so that is the same stuff, stock market ‘experts’ flash out.
We all have that friend who claims to be an expert, trots out authoritative seeming advice; only to tack on the “IMHO” (in my humble opinion, Duh!) qualifier in the end. Because everyone wants to cover their *ss obviously!
Many who were leery about Bitcoin, who thought this was a gamble and not a sound investment felt vindicated by the Bitcoin crash.
Some people feel that this is some sort of game masquerading as real life – are they right?
They are hopeful, they are optimistic. They are sure that Bitcoin is sound, that it is a case of #StrongHands #HulkHands they feel that the #bitcoincrash is really irrelevant.
Clearly many are still extremely wary of Bitcoin investments. Perhaps they are right. It is still an unknown quantity insofar as many have little understanding of it. There is also the matter of being misled by scamsters and issues relating to legality. If one is looking for a sound investment that is sure to pay in the future; one is clearly well advised to look elsewhere. Investors have witnessed a Bitcoin Crash and crash is not a word any investor wants associated with their financial investments.
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