Perhaps what @Onyeeze failed to understand is that his theory of not having all the eggs in one bag shouldn't reflect on Bitcoin investment because I don't think there is any other investment more better than Bitcoin investment in my mind now in terms of diversification, however from his statement he seem to have been having a doubt about the future of the technology behind Bitcoin, however on the contrary instead of the technology to decline it will even improve the more as time goes by so he should remove his mindset about the technology because Bitcoin can never be affected anyway, so actually if this is the reason why he is having a double thought about Bitcoin investment I would suggest he start accumulating Bitcoin now because if he did not he will surely regret in the future.
You're right here. To the best of my knowledge, Bitcoin has been the best investment so far but it doesn't mean that there isn't any other investment that is successful in streamlining. Let's put aside the knowledge we have known so far in Bitcoin and be realistic as a layman here. When investing, normally, people want to diversify because they doubt that just investing in one thing alone for a long period is much risky. They figuring the positive and negative consequences that may occur. If the investment doesn't go out right what would be their faith for all those long periods?
In the real world, what truly increasing a persons net worth is an assets, not his income. And it is only the asset invested in that can make him wealthy including Bitcoin and other assets. If an investor wants to be rich and if his financial capability is stable then he needs to diversify into other assets not Bitcoin alone.
Perhaps what @Onyeeze failed to understand is that his theory of not having all the eggs in one bag shouldn't reflect on Bitcoin investment because I don't think there is any other investment more better than Bitcoin investment in my mind now in terms of diversification, however from his statement he seem to have been having a doubt about the future of the technology behind Bitcoin, however on the contrary instead of the technology to decline it will even improve the more as time goes by so he should remove his mindset about the technology because Bitcoin can never be affected anyway, so actually if this is the reason why he is having a double thought about Bitcoin investment I would suggest he start accumulating Bitcoin now because if he did not he will surely regret in the future.
“Behold, the fool saith, "Put not all thine eggs in the one basket" - which is but a matter of saying, "Scatter your money and your attention"; but the wise man saith, "Pull all your eggs in the one basket and - WATCH THAT BASKET." - Pudd'nhead Wilson's Calendar”Author ― Mark Twain, Pudd'nhead WilsonHonestly, i think diversification has to do with one's financial level at every stage in life. If a bitcoin investor have enough money to diversify then he should do so, but prioritizing his Bitcoin investment should be a necessity. At some stage in life (especially to the grownups within the age of 50 and above) they might be more scared to diversify because it will be harder to recover if the investment does not turn out successful. They rather choose to protect their wealth, by so doing sticking to just one investment that has been working properly for them. But a young man in his 20s can choose to try other investments as long as he is capable of doing so if it doesn't go out well, he has more time to come back up. But I won't want to take that chance. Concentrating on one investment builds wealth and I have tried it and it worked. If I am to diversify then it is to protect that wealth but I will put in my money into a safer asset.
Well spoken mate and I love the quote. Do you know that it is logical if you have been accumulating and holding Bitcoin for several years (at least 5 years), yes the potential odds are there that they will make a good profit because Bitcoin is higher in price in the long term. And i have see people with the age of 50+ as mentioned taking super and greater risk in aggressiveness and diversification because time starts to get behind them and it freaks them out. Investment is all about risk if an investor chooses to diversify then it is worth it but if he believe more in Bitcoin he can invest in bitcoin more than any other asset.
The fantasy to Invest on cryptocurrency is to actualize profit but after being invested and the market made frowning of Dipping while you expected increases based on your investment goal, you can actually panic to sell when you do not trust the coin you invested in but if invested on Bitcoin, I bet keep hodling and buy more at the Dip and keep hodling will incline you a whale accumulator because after the Cons comes the Pros.
Some new folks here might get confused trying to read down your explanation, did you know that cryptocurrency is a general name given to all the coin including Bitcoin and shitcoins? I almost got confused when reading it because you mentioned cryptocurrency how untrusted they are which means Bitcoin in included so try and give it a clear clearification so newbies will get full understanding of what you are actually talking about, if it is altcoins, shitcoins, or Bitcoin you specify the particular one you are talking about rather than generalizing it to cryptocurrency because Bitcoin is also part of cryptocurrency.
Wonderful!