If you’ve been dabbling in the world of cryptocurrencies for some time now, then you’ll agree that there are two kinds of cryptocurrency investors: those who genuinely believe in Bitcoin and blockchain technology and those who want to turn a quick profit by speculating on different digital coins. Sometimes, it’s difficult to draw a line between these two groups. But there are distinguishing differences in their buying and selling behaviors that create a lasting impact on the cryptocurrency landscape.
How Speculators Behave
In 2017, the world has witnessed the incredible rise in popularity of Bitcoin and cryptocurrencies in general. After gaining mainstream media attention, more people have become acquainted with digital coins, what they’re used for, and how they can be an excellent source of side income. Many investors even managed to make thousands upon thousands of dollars, with a few earning the nickname “crypto millionaires.”
While the increasing adoption rates of cryptocurrencies and the continuous advancements in blockchain itself fueled the rise of the crypto market, it’s fair to say that the prices managed to reach all-time highs last year because of the number of speculators who invested. This also explains why the current prices are nowhere near their peaks. Speculators have already profited from their investments. They simply wanted to ride the waves, make money, and then withdraw their earnings without thinking about the future of digital assets.
How True Cryptocurrency Believers Behave
Then there’s the group who truly believes in Bitcoin and its promising potential. Sure, many believers have also profited during the roller-coaster ride of the previous year. But even if prices are down right now, they continue to hold onto the coins they believe in, hoping that their prices will stabilize at one point or another. They’re one of the most active users of cryptocurrency trading programs like Bitcoin Loophole, which helps them make informed trading decisions by using analytics and Big Data.
They don’t care if everyone seems to say that the Bitcoin bubble will burst sooner than later. They know that Bitcoin and other cryptocurrencies will stay amidst the tightening government regulations and price volatility. And when the coins they hold an increase in value, they’re ready to turn a profit or even use the coins for what they’re meant for.
What really separates true Bitcoin believers from cryptocurrency speculators is the fact that they don’t look at ROI alone. Instead, they focus on the future of blockchain, believing that it’s a technology that will revolutionize virtually all industries. They don’t just “hodl” coins but look for ways to spread the word and get other people to realize what cryptocurrencies are all about.
Looking beyond the price of cryptocurrencies is the hallmark of a true crypto believer. They understand what the coins are for and strive to learn the technology that powers them, even if it requires technical knowledge. They accept cryptocurrencies as payment in their businesses, use crypto in everyday transactions, and support the overall crypto market by participating in fruitful discussions both online and offline.
Many people still struggle to imagine a world where digital currencies are used instead of fiat money. But keeping an open mind and recognizing the benefits of blockchain technology may finally convince mere speculators into true crypto believers.
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