You don’t need to buy a full bitcoin to be a part of the bitcoin club!
I think there’s a popular misconception among no-coiners that you need to buy a full bitcoin to be part of the bitcoin club – You can own a fraction of bitcoin which are called, ‘Satoshis’. They look at the price and think, “Damn! I have to invest 58k to buy bitcoin, I’m too late – it’s too expensive!!” No! You’re still early – the reason why the price of bitcoin is so high is mainly because of the market cap and the total supply – 21 million which is a lot more scarce than most crypto coins.
I think a common mistake among newbies to crypto is they just look at the price. “Wow, this coin is so much cheaper than bitcoin! I’m going to be rich when it reaches $10k” This brings us back to total supply and market cap. Those “cheap” coins that you’re looking at have billions of coins in circulation, compare to bitcoin’s 21 million.
To give yourself a realistic idea of potential gains of a coin is to check out https://thecoinperspective.com/Just pick a coin that you’re interested in and it will automatically compare that coin to the top 20 coins – For example, just for the laughs, lets compare dogecoin to bitcoin. You’ll occasionally hear people say dogecoin will reach $100 someday, get in while you can! First off, dogecoin is a meme and shouldn’t be taken seriously. But if dogecoin had the equivalent market cap of Bitcoin, which is $1.1 Trillion – which is A LOT! Dogecoin would only be $8.38!
Also don’t just think about the market cap or supply, do some research about the project! Is it active? what problems are they trying to solve? What’s the developing team’s background – do they have the experience and knowledge? Is it a copy of another coin that does the same thing? Do you understand the purpose or reason why Cryptocurrencies exist?
Another thing I would suggest is to NOT follow hype, don’t participate in Pump n Dumps, don’t listen to youtubers that shill a coin, instead look for videos that are informative and don’t panic sell when there’s a minor (10%-25%) dip – This is just the norm of crypto.
Hopefully, this post helped some new comers and welcome to the future!
submitted by /u/Longjumping-Quiet-77