Just like another tech enthusiast i decided to invest in Bitcoin after i find out bitcoin value is increasing everyday. i Spent $1,000 to purchase bitcoin. After a lot of research and reading i trusted this bitcoin exchange website which didn’t look completely legitimate and purchased 7 bitcoins for $120 each. Few days past and bitcoin price reached $220 each bitcoin and there was not sign of slowing down.
I was pretty sure that one day very soon bitcoin price will hit the limits and leave many excited investors in shock. But i was imagining the bigger fool theory, by the time the price of bitcoin start to fall i’d had sold my bitcoins to another idiot trying to make fortune in a night. “I don’t think bitcoin bubble will pop any time soon and even if it happens it will be much higher than $120 each” i quote. ” I am sure that i’ll double or even triple my investment if i wait longer.”
You may ask why was i so much confident about bitcoin price continue growing? Because by that time it was extremely difficult to exchange dollars to bitcoins simply because big players hadn’t joined the party yet. When that happens i am sure value of bitcoin will reaches its peak and that is the time to depart. Fortunately i thought twice and ignored this crazy prediction then i said who knows bitcoin can crash tomorrow.
April 9, bitcoin price reached $239 each. Next day it started with $266 each as everybody expected but few hours later around noon my twitter notifications popped up and it says- “Bitcoin is Crashing”. I said to myself they must be super excited about bitcoin price and they misspelled “Bitcoin is skyrocketing”. But when i browsed bitcoin sites and saw the charts i got panic attack.
Bitcoin is $216 now and after few hours $170, $160, $150… Now i am sitting in front of my laptop and witnessing my dollars disappearing in matter of seconds and i can’t do anything about it. What is happening? No one knew what is going on.
In about 10 minutes period i monitored the trades in bitcoin exchange websites and saw the price fall from $170 to bottom $110 in a very short amount of time. However, it recovered a bit later but continue to fall again.
After a while bitcoin price again gained a little value and i put my coins for sale and i manage to sell for average of $164 each. I invested $1000 into bitcoin including all the transfer fees for exchange and at the end i had $1,164 left in my account. In a week i made $164 which is 15 percent return.
Bitcoin price is more than $600 today. I already learned the lesson, trust in ryptocurrency – it is the money of future. Never sell when everybody sells!!