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A year ago, Bitcoin was practically a foreign language for me.
Then I saw an episode of Gray & # 39; s Anatomy in which the hospital on the show was attacked by a group of hackers, which required 4932 Bitcoins in ransom (worth $ 20 million in the context of the program). After doing some research and consulting with friends who had bought Bitcoin, I thought, well, maybe I should also put some money. That was my first investment, done before I really understood something about finance.
At that time, the price of Bitcoin increased, thanks to the encrypted enthusiasts who believed – as many still do – that a revolution in digital money would outweigh the legal currency, challenging governments and institutions. Bitcoin, like me, defended by the Millennials as a better investment for young people than shares.
About a month after my initial investment, in December 2017, the Bitcoin price touched $ 20,000. A founder of exchange bitcoins has predicted that it will reach $ 50,000 this year. Yet, $ 20,000 showed the peak. Last week, the fabulous cryptographic currency is priced just under $ 4000.
Reflecting on me, I am surprised to have made the leap and to have invested in something so controversial. Now I work as Engagement Editor at Barron and understand much more about money, markets and the nature of financial speculation. For skeptical investors, the Bitcoin descent must look like a moment "I told you".
However, many Bitcoin advocates – especially young people – remain convinced that the future belongs to cryptography and that falling prices is a huge buying opportunity. While conversations about the topic are about social media, I scanned Twitter,
Facebook
,
Instagram, LinkedIn and Reddit to understand people's opinions.
An existential question opens frequently on cryptographic threads: "Bitcoin is dead? "
Few writers of Reddit seem to have planned a funeral. "Nothing has changed for Bitcoin: his proposal becomes more and more persuasive with every passing day", Wrote a commentator.
"If you want to sell immediately after Bitcoin has reached 75% from the top, you're out of your mind. Or hodl or buy more if you have an extra fiat to get rid of", He recommended another.
Hodl, in case you're wondering, is Bitcoin jargon to hang.
It is evident from posts on social media that the ups and downs of Bitcoin have been an emotional ride for many people. On Reddit are common posts that share hotline numbers for suicide and writers who offer each other emotional support.
Facebook groups have become another gathering for people seeking advice on cryptocurrencies and sharing their experiences.
Sheldon Dearr, 28, a security engineer in Texas, wrote "I have lost a lot of my investment and I am still very happy to be here, "In response to my question about people's feelings about Bitcoin, he explained in a phone call that" it's very difficult to close something like Bitcoin since it's open source ", which means it's" extracted "through use of open source software.
Dearr shares a common vision among Bitcoin believers that it is "a safe haven from politics" and may be immune to the volatility that affects the values of gold and currency, not to mention corruption. "Bitcoin has this slow-moving adoption that is very common in the technology industry, but people will eventually take it," he says. "It's the future."
He blames Bitcoin's abrupt shift on short sellers.
Even the cryptic skeptics have turned to social media to press on their case. Over it Barron Instagram page a recommended user: "There's still an opportunity to sell before a buy setup happens".
On Twitter, I found comments comparing Bitcoin to the dot-com bubble.
I sold my Bitcoin in April, when it was trading around $ 7,000. I made the decision because, as I learned to Barron, you should know what you have. I did not know much about Bitcoin, apart from what some people think it represents. And many people do not know much about it, like how it is extracted and how it could be used in the future, if it is used at all.
Another thing that I have learned is that the price of Bitcoin does not seem to matter much to its more avid fans. People bet on a future in which they believe. Cryptocurrency is an ideology as much as an investment, and ideologies are invaluable.
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