2mins 20s read.
I really feel that some bitcoin investment advices are obsolete and shouldn't be given anyone again or atleast they should be rephrased to fit the current status and position of bitcoin in today's society.
I will highlight some of the advices and the reasons they should be modified.
1. Invest in Bitcoin with your spare money:
I can say that this advice is not necessary in today's bitcoin world. This advice was only relevant like a decade ago when bitcoin was been seen with alot of skepticism. Some saw bitcoin as gambling, some saw it as a ponze scheme while others saw it as a bubble the will burst.
In today's bitcoin, we know that if you invest with your spare money you may never make any fortune from bitcoin.
Maybe the key word here is "spare money", others though invest fortunes on bitcoin. So obviously a chump change investment will yield you chump change profit.
2. Invest what you are able to lose;
I have a question!
Who has ever lost in bitcoin? I do not find this advice pleasant to bitcoin. Although, this is a kind of general advice for assets that are volatile. But with bitcoin having proven that it can resuscitate after crash, the advice should be rephrased as Invest what you will not be needing in the next few years. It will not be advisable to use the money meant for your childrens school fees for bitcoin. Just have an investment budget from your income that will not negative alter your living state. Then, when you invest for 3yrs to 5yrs duration, there's no how bitcoin will fail you.
Everyone in the beginning of their career lost at some some bitcoin. Doesn't mean in trading per se, or investment, maybe is some bitcoin doubler, lost your private keys and others. And then there is the bear market wherein you really need to be mentally tough in order to survived the game.