Bits.ca – Bitcoin & Crypto Currency News & Resources

Like many here I got in during the summer of 2017. I put way more money then I should have/could reasonably afford and watched this grow to unheard of amounts of money for me. I had just qualified as a nurse and was fresh out of university. I was so caught up in the gains I didn’t even consider taking profit. I continued to pile money in as it crashed and we know the rest of the story. I was over 90 per cent down for literally years. I tricked myself into thinking during the bear I was fine. Superficially I was all good, I barely checked my portfolio. I had basically emotionally written it off and agreed I would never sell. However I will admit it took a toll on me seeing huge amounts of money that could change my life disappear. I started investing much smaller amounts into crypto during the bear period and set myself a goal of selling portions of my portfolio as we entered a new bear market. This would be indicated by the price of BTC. I wanted to make sure I didn’t finish another cycle with nothing to show for it. I know some will HODL through multiple cycles but in terms of my own mental health and sanity, the comfort of seeing real profit outweighs just profit alone. I sold portions of my portfolio at BTC prices $40k, $47.5k and $55k and this not only covered everything I had ever invested in crypto. It also allowed me to build a 6 month emergency fund, complete a 20 per cent deposit for a 2 bed house, start a lump some investment into an index fund and give me a sense of financial security I had never had before. Most importantly, for the first time in years I feel no pressure about my crypto anymore. It’s like now I know I am in profit and what ever is left even if it went to 0 I have gained makes me so at ease. I have over 50 per cent of my portfolio left and I am fully comfortable to HODL. You see people post advice and lessons ever day on here. I think the most important lesson I have learnt is to understand yourself. Understand your emotions and what works for you. Then you will have an indication of how to manage your investments. Life can be short and it really isn’t worth causing you stress over years. Peace and love to you all submitted by /u/anon8496847385 [link] [comments]

We always said, “What if Robinhood started trading paper (fake) Bitcoin without holding the actual Bitcoin to back it up?”. This is what happens when a unscrupulous company needs more money fast and the chances of your Robinhood crypto positions being non-collateralized (non backed up) have literally never been higher. Even more so, the chances of Robinhood failing as a company have never been higher. Look into the eyes of the young CEOs who made their money by deceiving retail investors and selling them to the hedge funds via order flow. Do you really want to let these guys hold your crypto? For the next day I will personally answer any questions that any of you may have about selling your Robinhood positions and getting into a real exchange. Do the right thing NOW because it’s also the smart thing and because you low-key always knew you should have been doing this. submitted by /u/johnma21 [link] [comments]

Don't let anyone bring you down because you can only afford $100 to invest in crypto. If a few hundred dollars is a significant amount for you, then the gains on that will also be significant. Time in the market is a huge factor, so if you're young and patient, chances are you'll make decent money even with less invested. Moreover, a smaller investment at first is ideal to test the waters, it gives you time to properly understand how crypto works, and do your own research on several projects. I was also a broke college student when I put my first $200 in crypto in 2017. I wasn't really active in this sub because I felt like I was not part of this community. Most of the guys here were talking about lambos & yachts, and to be honest, at first I would've been super happy to just double my investment and buy gas to visit my GF more frequently. Only invest what you can afford to lose, do your own research, and don't be afraid to ask! submitted by /u/Weaver96 [link] [comments]

And I'm really happy that I did it, because it ultimately lead me into crypto. About 3 weeks ago I got into the whole Gamestop stock thing and joined WSB. I saw all the posts saying that the price will go up again and that everybody was still holding and it was not too late to buy. So I FOMO'd and created an eToro account and put some money into it (only what I could afford to lose but it still hurt). In a matter of 1 week I saw my position in GME go down 80% but I also noticed an asset on the front page of eToro go from $0.30 to $0.40 and it kept going up rapidly. That asset was ADA, I checked it out and saw that it was a cryptocurrency, I started reading more and more about it and I really liked the idea behind it and I thought it has a huge potential to become the next "big crypto" like Bitcoin. That sent me down the rabbit hole of reading more about cryptocurrencies in general and joining this subreddit, where I learned a lot of valuable information on owning and trading crypto. I had to close my eToro account because I did not have the required documents to get verified, but I opened an account on a crypto exchange and I will not go back to stocks. I just want to thank you for sharing all the knowledge and information for beginners in this community and I will see you at the Lambo meet! submitted by /u/Kristof257 [link] [comments]

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Just a little anecdote about my relationship with crypto and what it has done for me. I don't come from a wealthy background. enough to get by and to have some luxuries, but very much working class. I first heard about Bitcoin in 2012 and passed up on buying 10BTC at $10 each because the exchange required ID and I couldn't be bothered. I've lived with that regret ever since, and have foolishly kept to the sidelines observing crypto from a distance. recently I decided to invest for the first time, for the reason that I don't want to live with that regret for the rest of my life. I'd rather lose money I can recover than wonder "what if?" for the rest of my life. anyway, after lots of research on crypto I settled on a split of Cardano, Nano, and Bitcoin. I've been mining banano using at folding@home, lending out my processing power to help advance medicine and earning the banano cryptocurrency in doing so. I feel like I'm a part of something much larger than myself. if you're not aware of banano or folding@home for crypto I highly recommend checking it out: /r/banano. It's a great concept with a strong community and it's a great way to get people into crypto, as banano (it's a fork of nano) transfers instantly, no fees, it's kid-friendly and laid-back. lots of fun. btw, if you're new to banano and are interested in it send me a message and I'll send you some banano 🙂 anyway, what started as a small investment turned into a second savings account. the benefit crypto has had on me is twofold: If I had the money in my bank account, I would feel tempted to spend it if I had a higher than usual amount. By locking away crypto in a wallet and treating it as a long term investment, that money won't be spent on a whim. as a result, my crypto wallet after 3 weeks has more in it than my savings account did at its peak (profit aside) cryptocurrency in general gains value over time. instead of just having a savings account that I don't touch and whose value decreases over time due to inflation, my cryptocurrencies gain value. a 5-10x price increase over the next year is not unreasonable. I've never had hope for my future, financially. I resigned to living a poor, working class life a long time ago. I never thought I'd have any money. with my increasing levels of chronic pain, I've begun to worry that I may not be able to work for much longer. Crypto has changed all this. I now have so much hope. I have a savings account that is decentralised and isn't through a corrupt bank (always hated banks, so crypto makes sense). and that savings may well 10+x over the next however many years. if it did that, I may never have to work a job I don't want to ever again. I'd be able to rest easy, not worrying about getting through each work week with chronic pain. crypto can change my life forever. but more importantly, it can change the world forever. it's exciting, and a privilege to be a part of this. it truly is a once in our species opportunity. thanks for reading this long, pretty self-centered post. feel free to share your own experiences/give any input, I'd appreciate it. submitted by /u/Esslemut [link] [comments]

So, basically this. Don't remember that I've even had it or if there anything on it. Launched BitCoin Core to synchronise. Hope there ain't a password 🙂 Will try to open it in a seven hours or so. Doubt I have even a single bitcoin there, but... You never know. So... wish me luck, guys 🙂 By the way... I wonder how many millions in bitcoin laying in a wallets whis lost or forgotten 🙂 submitted by /u/mougrim [link] [comments]

So.. I'm a bit embarrased to write this, but if it prevents a single person from not losing money, it's worth it. Here goes. I'm a student who had a bit of spare money which just kept sitting and depreciating on my savings account. I don't really need that money and it isn't anything lifechanging (I couldn't even buy a car with it), so I decided to go all-in in crypto. I picked DOT for sensible risk-reward ratio. Things have been going great, when DOT peaked I doubled my money. I wanted to sell something to buy a new laptop at that point but my DOT was locked in staking and, more impornantly, I had a huge exam coming. When things were crashing for a few days I finally decided to unstake a third of my holdings - unstaking period on Binance is 2 days, my 60 DOTs arrived yesterday. After I passed (hooray!) the exam, I was really exctasic, and so was crypto, for that matter. I was convinced BTC was now safely above 50K USD. I hade prior experience with leverage trading, It always went like this: made money -> got greedy -> increased leverage -> lost everything. Total amount lost is like 150 USD - so nothing terrible - but my potential profits (if a pulled the trigger) were in 1-2K USD area. That sucked but at least it wasn't my money. I didn't really like the idea of selling my DOT as I truly believe in it's future - but i found something called futures. Didn't realy understand it but aparantelly there is also a possibility to leverage trade with your tokens (instead of USD) as collateral. That sounded great, were finally recovering from the crash to 45K USD, why not make a bit of extra money? I started with 3x leverage, nothing crazy and plenty of cushioning if shit hits the fan. In a few hours I made profit made a profit of 10 DOT or 340 USD - that's crazy, I'm from Europe and this is more than I made at my part time job for all of February! I was really pleased with myself, I passed the exam, my girlfriend came over and now this. This all happened after 4 sleepless nights, I was really nervous about that exam and couldn't sleep. Finally, I decided to go in bed - and my stupid ass opened another leveraged trade, after all, BTC was now stable, right? I woke up 9 hours later, BTC meanwhile dropped from 51 do 47K and my long trade lost value from 70 DOTs to 30. I could have swalloved it and cut my losses but I didn't, of course. In the next few hours I opened and closed many long/short trades with increesing leverage, just trying to save what lost. That didn't work. It never works - especially when greed and panic takes over. During the course of writing my post a lost last 12 DOT on overleveraged trade in the final attempt to break even. I didn't even care about it - despite 12 DOT being more than I make in a month. I'm feeling like shit right now, called my girlfriend who is really awesome and managed to improve my mood a bit. Also I still have 2/3 of my DOT holdings, I'm not in a loss - but my P/L is really close to 0 now. Decided to withdraw the rest from staking and will concider selling some of it if the market rises again. That said, I can't imagine how this possible feels when you loose your family savings or even take a loan to trade crypto. I guess the bottom line is this: Don't be greedy. It's not that hard to make more money out of it but you get in a never ending downvard spiral - always wanting more, more, more... Also, there are more important things in life than money - one of them is mental health. If you get severely depressed as a result of investing in crypto, it isn't worth it. I don't care what you say, it just isnt. I'm sorry for a chaotic post but I really wanted to get it out of my self. Leverage trading is shit. Market will recover, your losses won't. Please, spread the FUD about leverage trading, I'm going to go for a walk now. Also, I'm sure there are far worse stories than mine - I'd be happy to hear them if you got over it and want to further encourage people not to do this. Stay strong. submitted by /u/Stewe304 [link] [comments]

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