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:
In today's bitcoin, we know that if you invest with your spare money you may never make any fortune from bitcoin.
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:
In today's bitcoin, we know that if you invest with your spare money you may never make any fortune from bitcoin.
If you invest your spare money for 10 years, I don't know if you won't make a fortune after another decade
. I think you are thinking of other investments where there is a need for a huge amount of capital where this kind of concept is not applicable.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.
Besides I have known people that put their retirement money into bitcoin
And
I have also seen people that have all their savings in bitcoin. What do you have to tell them?
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.
Besides I have known people that put their retirement money into bitcoin
And
I have also seen people that have all their savings in bitcoin. What do you have to tell them?
There are lots of people that invested in Bitcoin lost their money. Though it is not entirely Bitcoin fault but due to the ups and downs of market, and the timing of urgent need for money makes people who invested in Bitcoin to sell their holding at a lost. Also, there are many Bitcoin investment company that goes bankrupt for some reasons, and investors on that company losses money too.
3. DYOR (Do your own research):
This advice should be for altcoin investors. If I may ask, what kind of research is one, especially a newbie expected to make in bitcoin. Are they researching the road map of bitcoin or are they researching the developers behind it? The right thing is to know when to buy. Simply buy low and sell high.
These and some more are bothering me, I decided to let it out so that we will begin to appreciate bitcoin and not to continue seeing it as it was 10 years ago.
This advice should be for altcoin investors. If I may ask, what kind of research is one, especially a newbie expected to make in bitcoin. Are they researching the road map of bitcoin or are they researching the developers behind it? The right thing is to know when to buy. Simply buy low and sell high.
These and some more are bothering me, I decided to let it out so that we will begin to appreciate bitcoin and not to continue seeing it as it was 10 years ago.
Bitcoin market is not smooth sailing and do not continuously go up. It goes in an up-and-down uptrend pattern and people need to know the reason behind that. In an investment and in any form DYOR is very important to mitigate risk and assure ourselves that we do the right decision. One can't have a diamond hand if he is not well-versed in the flow of the Bitcoin market.