Emotions affect how investments are made in the cryptocurrency market greatly. However, successful investors are now employing Dollar Cost Averaging (DCA), an investment technique that focuses on regular stable investments, dispensing the extreme emotions of FOMO (Fear of Missing Out) and FUD (Fear, Uncertainty, and Doubt) that may affect the decision of the investor at a particular point. The strategy is expected to benefit participants joining the bandwagon, especially those investing in Bitcoin and its top alternatives like Bitcoin Spark.
What is Dollar Cost Averaging (DCA)?
Dollar Cost Averaging refers to a strategic investment strategy that involves buying a fixed amount of a digital asset (or digital assets) in a predetermined regular interim without the consideration of the underlying price of the digital asset or the prevailing market sentiment. The strategy saves investors the stress of worrying about short-term cryptocurrency volatility and allows them to focus on long-term success and potential gains. This strategy can also be used to purchase crypto assets while in their presale stages by purchasing small amounts in each ICO stage.
Will Bitcoin go up?
It is very difficult to call the market’s direction accurately. However, using macro indicators, technical analysis, and overall cryptocurrency fundamentals, crypto enthusiasts can have a fair prediction of the overall direction of Bitcoin. Recent news events indicate an imminent approval of Bitcoin ETFs (Exchange Traded Funds) by the SEC. This news has greatly influenced Bitcoin’s recent price action, which has indicated a shift in momentum from bearish swings to bullish price movements. Additionally, most analysts anticipate that Bitcoin is preparing to challenge its all-time high price of $69k ahead of the Bitcoin halving event set to take place in 2024.
How to buy Bitcoin Spark (BTCS)
Bitcoin Spark’s BTCS is available for purchase at $3.50. The project is hosting an ICO event on the Ethereum blockchain that is almost coming to an end. Bitcoin Spark developers have minted 4.3 million ERC-20 BTCS tokens, out of which 4 million will have been dispensed to investors and early adopters at the end of the ongoing ICO. Bitcoin Spark’s primary aim is to become the leading Bitcoin alternative in the market.
According to the platform’s developers, achieving this goal requires the project to not only solve Bitcoin Spark’s shortcomings but also provide additional solutions that Web3 users may find useful outside the baseline offered by Bitcoin. Bitcoin Spark’s initiative to transform Web3 industries through innovation is soon becoming a reality. With eight completed ICO phases, the platform has raised more than five million dollars, with phases 9 and 10 yet to be completed.
Unlike most Bitcoin hard forks, Bitcoin Spark devs have implemented a multi-layered smart contract on the underlying Bitcoin Spark blockchain. This smart contract has already undergone intensive audits presided over by three leading auditing firms to prove to the platform’s community members and potential investors existing transparency, accountability, and security. The founding members have also been audited, and their KYC details have been published publicly.
The smart contract is made up of four distinct layers that work in tandem to power the ecosystem and make the network more usable, scalable, and interoperable. The developers take the security of the network seriously since most DeFi protocols carelessly launch vulnerable and exploitable smart contracts that are easily hijacked by hackers, leading to loss of funds.
To improve the security of the ecosystem and the safety of network participants, the Bitcoin Spark blockchain will capitalize on a new consensus mechanism called proof of process, which interlinks iconic proof-of-work and adaptive proof-of-stake consensus. Although mining and staking will co-exist in Bitcoin Spark’s ledger as network validation methods, the majority of the network activities will be validated through mining. Miners will get compensated in BTCS tokens, which at the time will be available on the actual platform’s mainnet.
For more information:
Website: https://bitcoinspark.org/
