Fear of Screwing up has an official name Decidophobia
Well almost,Decidophobia is - The fear of making the wrong decisions. And as you can imagine it´s something I will be suffering from a lot.
Fortunately it´s a great inspiration for blogging as most of us will be confronted with their own screw "up or not" decisions.
Decisions Decisions
I was off to a great start yesterday, but today I had my second scare..... when I saw my not so hard earned profits drop from a $75 peak in the morning to <$35.....
This sparked the doubt machine right away because:
Now that I got my BTC's when do I get rid of them.....do I get rid of them?
Why did I get on this crypto rocket in the first place?
Why Why My Reasons Why
Well as mentioned in my previous blog, I took some time to think about getting on this rocket ride.
Of course one of the reasons to get on was FOMO (fear of missing out), but the main one was the current old style currency situation.
Governments spending millions to save the economy.... meaning there's lots of money going round...
And money has a way of always ending up with those that already have millions. They often got those millions by investing their money.....and now that there is more to invest they are looking for interesting investments.
Secondly, all those government millions must come from somewhere and if somewhere is empty they just print some more🤑. Mo money, mo inflation, but mining Bitcoins should be different.
The BTC are said to be a limited edition, once they hit the 21 million there will not be any more new ones added. And as we are getting closer (@18.5 mil.) and the group of investors is growing the free market principal will kick in and prices should/could rise even further.
And then there is the Rebel in me that would be very happy with a currency that is not impacted by any type of government.
Do the right thing
Did I do it? Did I make the right decision?
That is what you and me are here to find out. I put my money in for the long run... which brings me to rule number two (#2 of the 3 rules I was given by the friend/devil that got me hooked on crypto).
No panic sells, because strong hands hold the coins. As Newton forgot to say "what goes down, must come up again"..... or maybe we should get on our knees and pray that it will.
The free market is a living thing and as humans hold the coins it is based on emotion. Turning of the emotion and looking at the facts shows the following:
From the start in 2009 where they were worth less than toilet paper to 1 dollar cent in 2010.
It reached one dollar per BTC in 2011 that is 100% increase and kept going up to over a $1,000 in 2013 (that´s a 1000% increase, just saying🤓).
Indeed it dropped to $500 a year later during the first halving. And it took till 2017 to get over that drop.
But, it never dropped back to the 1 dollar, and since 2014 never dropped much lower than $500 and since 2017 it never dropped below $3,000 ..... is it my coinfever or is there a pattern here🕵️
Next Baby Step
Start from Day 1
Or start reading about my crypto experience from day 1
Day 1 - Welcome to Crypro