Bitcoin

Bitcoin>Crypto Update: #7

It’s been a while since my last update and a lot has happened since then—for me at least.

TRX (Tron)

I have settled in on hodling TRX. I believe it will have its day and prove its worth.

I like TRX, in part because of its creator Justin Sun. I feel like he is a winner and will work until TRX wins. I also believe it’s concept is good (what I understand about it). Sun wants to use TRX to change the way things are done on the internet.

From Newsweek:

According to its website, Tron (TRX) is a blockchain-based platform that seeks to decentralize the internet, or rather content-sharing on the internet, ensuring that artists, creatives, musicians, authoring can release their content without having to use a middle company, be it Amazon, YouTube, Apple, or Facebook.

Ripple (XRP), Amazon, and Coinbase?

So, Ripple has consistently been listed third on most crypto currency exchange rankings. It’s trading for a little over $1 this morning. Most people expect good things from Ripple and, if you are going to dive into crypto, you definitely should consider XRP.

Rumors

Two things make Ripple interesting to me.

First, there have been rumors for a while now that it would be listed on Coinbase. That would be huge and would greatly effect its volume and price point.

Second, all eyes are upon Amazon to see what they will do in terms of the crypto market. Being the largest online retailer in the world, if they were to begin excepting a particular currency as payment for the goods they sell, that crypto coin oils skyrocket! Some think it will be Ripple because of its ability to make super fast transactions. Others think Amazon May generate its own crypto token.

Hodling or Day Trading?

So, to date, the path I have taken has been to purchase Bitcoin or Ethereum on Coinbase, transfer it to GDAX, deposit it into Binance from GDAX, and to invest in Tron and Ripple.

Among the people who are most excited about crypto currency are those who have never done this sort of thing before. They got into crypto because it’s cool and they believe in it, in part because it kicks against the status quo of banks, etc. oftentimes it’s these people who look down on those who want to day trade. A day trader is

a speculator who seeks profit from the intraday fluctuation in the price of a security or commodity by completing double trades of buying and selling or selling and covering during a single session of the market (Merriam-Webster)

These people feel it is a violation to ever sell the coin they value. One guy commented saying, “I don’t care if it goes down to zero, I will never sell!” There is absolutely no logic to that. If I can get more of the coin I want buying learning to read the market indicators so that I can sell high and re-enter the market at a lower price—this generating more of the coin I desire to hodl why wouldn’t I?

It’s not too late to benefit from a phenomenon (cryptocurrency) that is not going to go away.

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