It's been another crazy week in the world of Cryptocurrency
After the volatility of another difficult trading week, crypto traders have been with bombarded with further news from the likes of JP Morgan and the Bank of England stating that Bitcoin could become 'worthless' and to be prepared to lose everything.
Of course that sort of scaremongering does nothing to ease my current stress levels after watching a good portion of my crypto assets devalue for the second week running.
Can you pay your bills with Bitcoin - Nope
That is one of the arguments they have presented in support of their statement of the coin being worthless. Yet Paypal allows customers to buy, sell and hold cryptocurrency in their accounts. Microsoft themselves accepts Bitcoin on its online store, not to mention the fact a crypto debit card can be uploaded with cryptocurrency of your choice - including Bitcoin - to spend at supported partners Mastercard and Visa (the retailer receives FIAT money as payment).
And lest we forget cars, luxury watches, and various electronics can be purchased with Bitcoin. But no, we cannot pay our bills with the currency.
I do wonder at the strategic gain from such a news article. One of the obvious consequences to such a statement is the additional hit it has had to Bitcoin's value. But it makes you question whether it is simply a tactic to allow the rich to purchase more coin at the devalued price.
So what i have learned this week?
I have been doing a lot of research on Decentralized Exchanges. My goal is to take a gamble on some of the new cryptocurrencies that are being introduced each week - where the value is < 0.000001 and the potential percentage gains can run into the tens of thousands. But first I need to scrape together some funds. Not an easy thing to do this close to Christmas. But while i wait for funds to become available, and can continue my understanding of how to avoid the gas fees associated with swapping on the Ethereum platform.
And how am I doing?
I continue to be saved from showing heavy losses on my original investment by GALA. But it is reaching a point where even those profits are going to have been eaten away completely.
From this month onward I will be looking to only provide monthly updates. This will allow me to focus my efforts on my other experiments and projects.
Overall Growth -10.36% as at Saturday
Best performing GALA @ 44.34%
Worst performing Fetch.ai @ -29.87%
Here's hoping the tide is finally turning!