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.
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?
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.
No advice is obsolete for a coin that is as volatile as bitcoin. We've experienced long bear markets and grueling drops in price that left some of us here on the verge of suicide and you're telling me that these advices aren't as relevant as they were in the past? That's just stupid man.
Not everyone's as rich or as safe as you when it comes to investments, most of the time these people who're dipping their toes on bitcoin for the first time are those with a lot to lose either financially or whatever. To say that the "invest what you are able to lose" advice is not relevant anymore cause "you haven't heard of people who lost in bitcoin" is just dumb. Have heard of a lot of stories here just this past few years of people who lost so much that they are already contemplating self-harm.
Be more sensitive will ya? Just cause it worked out for you doesn't mean it worked out for everyone. Read a goddamn book.