“Why I changed my mind”
“This ruined my life”
“Why I sold everything!”
These are just a handful of the most popular Bitcoin related headlines within the social space during Bitcoin’s recent volatility. Mostly YouTube focused, some of these videos can have anywhere from 300k to just under 500k views.
You’re sure to find these kinds of headlines accompanied by a promotional image that wouldn’t look out of place in a clickbait ad – the head in hands look is very overused, or a panic stricken mouth wide open (similar to a face you might see in the horror film, The Ring)… we’re sure you’ve seen it before.
This isn’t unusual for a Bitcoin dip of the recent size, after all, fear sells, and, the videos themselves don’t often match the headline promoted.
Nonetheless, scrolling across these video titles and article headlines from mainstream media can and often will push your blood pressure up, especially if you’re new to the Bitcoin rollercoaster.
The best thing you can do is stay calm and detach yourself from your emotions – go back to the why before you make a brash decision to panic sell or purchase less credible cryptocurrencies. Otherwise you might be kicking yourself when the inevitable videos appear from the same creators the next week/month…
“Why I was wrong about Bitcoin”
“Bullish on Bitcoin again”
“Bitcoin going back to the moon!”
Unfortunately, this panic is the main ingredient of the clickbait recipe.
FOMO – HYPE – FUD – “FEAR” – REPEAT. This cycle tends to generate the highest engagement, so don’t be surprised by the same string of videos constantly being recycled.
Our recommendations for cutting through the noise?
- 1. Education – Don’t stop learning about Bitcoin and the fundamentals of the protocol and network. As long as those fundamentals haven’t changed, you’ll find yourself in a far calmer state of mind when the inevitable volatility arrives.
- 2. Auto-Buy – Creating a Bitcoin savings plan (also known as dollar cost averaging) allows you to accumulate without the emotional drain and effort of trying to time the market – learn more about DCA here: https://blog.fastbitcoins.com/what-you-need-to-know-about-dollar-cost-averaging-bitcoin/
Danny, our Managing Director tackles some of this in an interview with Crypto News –https://twitter.com/cryptonews/status/1397558027839025160
FastBitcoins Auto-Buy service is perfect for accumulating during these phases in the market – set it up, forget about it and take a break from the madness for a few days, or weeks, or months…