It is not too late to start at age of 47 but because you are no longer young, you should be more careful.
If you make mistakes and bet all your money, savings in Bitcoin and by whatsoever reasons lose all your fund, you will likely kill yourself. You will burn your fund which you earned after many years of working and you won't have many years left to work and earn a same fund. A chance to restart and get a second chance would be very small for you.
Now, what are sorts of mistake can cause such horrible loses?
- Trading
- Trading with leverages (Margin), Futures
- Don't buy BTC but buy Wrapped Bitcoin tokens. I explained in the quote.
- Join Ponzi, pyramid schemes
- Gambling irresponsible
Wrapped Bitcoin is not Bitcoin on Bitcoin blockchain.
These wrapped ones are tokens on many chains that can be Ethereum chain, Binance Smart Chain, Solana chain and any other chains. These tokens are promised by their teams that they are backed by bitcoin with 1:1 rate.
Because, wrapped tokens have pegs, they can lose pegs (de-pegs) like stable coins de-peg (UST, TUSD etc.)
A beginner's guide to understanding wrapped tokens and wrapped BitcoinWhats Happening With Wrapped Bitcoin on Ethereum?You will ask a question "Why were these wrapped tokens created?"
- They were created to steal your bitcoins.
- Rather than buying and holding bitcoins, you buy these tokens and use them on other blockchains. When they de-peg to zero, you have a wrapped token in hand and have no bitcoins.