Bitcoin dropping like a rock

[Arthur Dent]

I decided to keep some bitcoin in my wallet after being made to wait a week before I could access it.
I bought at around 96k, now it's at 66k. I threw in a little extra to have enough for a purchase, but it keeps shrinking. JFC
I guess it looks like they're not going to put a hold on my payments again, so holding some in my wallet is probably unnecessary.
Just ranting, and wondering if others have experienced the same thing, and have better plan.
It's so volatile it's not very good means of exchange. But I guess buying at the last minute before a purchase is the way to go.
I'm sure some have experienced a gain while waiting. Not me.

 

[Biggerisbetternl]

Bitcoin is not the same as fiat currency. That is a fundamental flaw of thinking when purchasing it with the intention of spending it. It sucks, but now you can either sell at a loss, hold or DCA. I am no expert but if you look at the 4-year bitcoin cycle it is expected to bottom Q3 2026 before the next bull run.

 

[Arthur Dent]

I think most people know the difference between a fiat currency and cryptocurrency. The only reason to purchase bitcoin is to spend it. The trick is to spend it as quickly as possible before it changes value, which in my case didn't happen because a vendor ran out of stock. As an investment vehicle it's pure speculation, when used that way, and anyone who tells you they know what the future is is not being honest. Even in the barely more predictable stock market the majority of active traders are wrong, and passive investment in the S&P 500 index beats them practically every time, Making gains trading actively is a matter of pure luck.
Maybe I could've moved it to cash instead of just leave it there, but it's just play money anyway, it's not gonna make or break anything. More amused than anything. I'm not trying to buy and hold, or dollar cost average, I'm only making purchases, which is my only purpose in being in bitcoin.

 

[hooligansluck]

I think most people know the difference between a fiat currency and cryptocurrency. The only reason to purchase bitcoin is to spend it. The trick is to spend it as quickly as possible before it changes value, which in my case didn't happen because a vendor ran out of stock. As an investment vehicle it's pure speculation, when used that way, and anyone who tells you they know what the future is is not being honest. Even in the barely more predictable stock market the majority of active traders are wrong, and passive investment in the S&P 500 index beats them practically every time, Making gains trading actively is a matter of pure luck.
Maybe I could've moved it to cash instead of just leave it there, but it's just play money anyway, it's not gonna make or break anything. More amused than anything. I'm not trying to buy and hold, or dollar cost average, I'm only making purchases, which is my only purpose in being in bitcoin.

Next time you run into that issue, i would convert into a stable coin til you ready to purchase again.

 

[thejumpingsheep]

yea I only use it to transact. There are far better ways to make money if you want to invest. Crypto isn't a business nor an asset in my mind. Just a means to work within the black or gray market.