I've recently decided to stop powering down and start buying bitcoin after a long period of relying on the Steem platform and mining to supply my portfolio. For a long time I was unable to purchase cryptocurrency for the sole fact that I did not have a bank account. However, recently I've acquired a new job and thus opted to get a checking account to utilize direct deposit rather than heading to my local Walmart to cash my weekly checks per usual. I figure the $5 it costs to open an account was more cost effective than the $3/check and cost of gas to travel to and from my local retailer. Don't get me wrong, I still despise using a bank and can't stand waiting nearly a week to retreive my funds on my preferred exchange, Coinbase aka GDAX.
There are obvious technological benefits of using Bitcoin
It is not a stock. Its a means of exchange. It is also a store of value. Unlike fiat it is not "declared by a government to be legal tender". It's value is simply derived from it's features. It IS a commodity. Yet, unlike gold can be easily transported/exchanged and does not rely on the trust of a third party to be secured and traded in large quantities. The price will remain volatile until we experience the collapse of fiat and thus the masses are forced to realize it's true potential. Unlike cash/gold it is also programmable and divisible by 8 decimal places. Different protocols like the Lightning Network and Mimble Wimble will also attempt to make it faster, cheaper to send, and transactions will hopefully be encrypted and private like originally intended. There is still a lot of exciting developments in the works for the Bitcoin network and I firmly believe we are still in the early stages after nearly a decade.
Many signs suggest this to be a reasonable entry point for myself
Finally my financial situation has allowed me to comfortably start investing little by little into cryptocurrency each week. We're witnessing a nice dip bringing the Relative Strength Index (RSI) near 30 where it seems to bounce after practically every other major dip. This can likely be explained by U.S. Regulators prolonging the deadline for approving a Bitcoin ETF proposal from SolidX and VanEck, creating FUD in the process. However, Kim Kardashian has recently promoted Bitcoin via her Instagram during a charity poker game which will likely bring more attention to Bitcoin by her millions of fans that have neglected to pay attention prior. In other recent news, US Politicians have been ordered to disclose their cryptocurrency holdings, many of which hold significant amounts, proving that these folks are not stupid and well aware of the impending effects cryptocurrency will have in terms of personal freedom and our financial system.
Lowest market cap of the year
Earlier today coindesk put out an article suggesting the total market capitalization for all cryptocurrencies has fallen to its lowest point in 2018. Meaning now and the near future may perhaps be the lowest prices seen this year. Early this morning bitcoin saw a low of $6128.2 and has since bounced back to $6310. (currently).
I am no professional
...But given the state of the United States' foreign affairs and loss of trust in major financial institutions after the financial crisis of 2007-2008, I feel like my value/money/livelihood is much safer in my own hands. I also don't see how programmable money, with the same "EMP" weaknesses of the current financial system, can't overtake fiat as the preferred means of exchange.
