While most Bitcoin investors check on their Bitcoin investment several times a day, there’s actually no need to check on your Bitcoin investment, on such a regular basis. To find out why there’s no real need to check the Bitcoin price on a daily basis simply continue reading.
Four reasons why you shouldn’t check Bitcoin’s price on a daily basis:
1. Bitcoin is a relatively safe investment and is unlikely to crash within a single day
While the unprecedented international hype surrounding Bitcoin’s phenomenal success may have only dominated news reports in 2017, Bitcoin was actually launched way back in 2009 and is considered by many financial experts to be a relatively safe investment opportunity. In fact, since Bitcoin’s initial launch in 2009, Bitcoin has grown from strength to strength and those who invested $100 in Bitcoin now have made a profit of tens of millions of dollars.
2. Every time which Bitcoin has decreased in price, it has made a quick recovery
If you’ve heard news stories time to time which run stories which claim that Bitcoin has crashed, don’t be put off purchasing Bitcoin as these stories are never factual and are created to attract views. Such stories are essentially click bait as while Bitcoin may have periodically dropped in price, Bitcoin has always rebounded within a short period of time.
In fact, each and every time Bitcoin has experienced a drop in price, Bitcoin has not only recovered in price but Bitcoin has surpassed its previous record price. So even if you wake up one morning and find that Bitcoin’s market price has dropped significantly, there’s no need to panic or to even consider selling your Bitcoins.
In fact, it’s probably a wise move to limit to checking Bitcoin’s price to once every 2-3 days as if you check Bitcoin’s share price multiple times per day, you’re far more likely to panic and to prematurely sell your Bitcoins, in the fear of making a loss.
3. It’s completely normal for Bitcoin’s price to fluctuate throughout the day
If you wake up to find that Bitcoin at one price and check Bitcoin’s price several hours later to find that is had increased or decreased by several cents, you may start to make premature moves. Remember that Bitcoin will fluctuate slightly throughout the day, so you should only start to strategize about your future moves if any changes to Bitcoin’s share price have lasted at least 24 hours.
4. It’s far more important to evaluate how Bitcoin’s price has changed over the past few months
While Bitcoin’s daily price may be of some interest to you, it’s far more important to pay attention to the trends in Bitcoin price over the last few months. In order to identify any trends which may be occurring, in the long term.
So while you may be tempted to check up on your Bitcoin investment and Bitcoin’s current market price, several times per day, it’s well worth doing yourself a huge favor and limiting the amount of time you spend each day monitoring changes in Bitcoin price.