The cryptocurrency market has been crazy this year with wild swings all over the place and fortunes made and lost in a matter of hours. However there are several experienced traders who are looking at these crypto currencies as a huge opportunity for the financial markets to diversify and to branch out into new territory.
It's easy to see why many people are obsessed with Bitcoin and altcoins. Relatively speaking, it's a new arena. It's constantly evolving. It's open to anyone with the time and money to get involved - and it's always exciting to be an early adopter. It can be complicated and takes hard work to fully understand. Bitcoin is also a controversial, divisive topic which lends itself to strong opinions and heated discussions. And the obsession with Bitcoin and the alt coin market is something which is slowly creeping into everyone's psyche - especially if you've already made some serious money from these currencies.
Here are 8 signs you're crypto-obsessed.
1. You've signed up to multiple wallets, exchanges, Bitcoin debit cards and other technologies. You have compared the pros and cons of each and debated their merits in search of the best. But are you confident that you've made the right decision?
2. You have to check out new cryptocurrencies and diversify The number of cryptocurrencies available online is changing every day. As of late mid-December 2017, Coinmarketcap.com lists 1368 cryptocurrencies. You're quick to assess the merits of new cryptocurrencies and to buy those you see as promising. You know that you could get burnt but you simply don't care.
3. You have a pre-prepared Bitcoin elevator pitch When you meet someone who doesn't understand Bitcoin or why it's significant, you have a pre-prepared speech explaining what it is, the benefits and why they should get involved. You also enjoy correcting people's misconceptions about the topic and dismissing anyone who is out of sync with your thoughts.
4…And pre-prepared answers to FAQ's about Bitcoin After your elevator pitch, you know which questions you are most likely to hear: "So what does 'mining' mean anyway? Where does Bitcoin come from?" "Is Bitcoin 'real' money though?" "How do you use Bitcoin?" "What, you mean there are no banks involved? What about the government?" "What if someone hacks your wallet and steals all your Bitcoins?" Luckily you have your answers ready and you make an effort to word them in the simplest way possible. While still making sure they know you're a pro.
5. You check the price of Bitcoin first thing in the morning As Bitcoin prices continue to reach new heights (it has since declined considerably of late though so its not all good news), your first action each morning is to check the price. And you probably check it numerous times throughout the day too. A new high puts you in a good mood, while a drop ruins you.. at least until you're up again. Some people check the price hundreds of times a day on their smartphone - they really are crypto obsessed.
6. You get excited when a new company starts accepting Bitcoin as payment You're desperate for cryptocurrencies to become mainstream. Each time a new company starts letting customers pay in Bitcoin (or a charity starts accepting donations) you see it as a positive step towards more practical uses. And that's just another method of confirming to yourself that crypto will eventually become mainstream.
7. Your social media and inbox are dominated by Bitcoin You subscribe to r/Bitcoin (subreddit) and other related forums, where you are an active part of the community. You follow numerous Bitcoin related accounts on Twitter. You've joined Facebook groups. You've signed up to cryptocurrency blogs and mailing lists. Maybe you dive into Bitcoin conspiracy theories or debates about the identity of its founder. In short, it dominates your news feeds and inboxes.
8. You get annoyed at people who are only in it for the money You're motivated to own Bitcoin as much for political and philosophical reasons as financial ones. It's not just about the money - although you don't exactly mind that part.
Does this sound all too familiar to you? If it does then you have to be crypto obsessed!