Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.
In the midst of people who have made wrong investment decision, it is always hard to convince such people on the right path to go because at that material time, they might still be feeling the pain of their past mistake so there is nothing you will say at that point that will make any sense to them. The problem with most people is wanting a quick wealth which often lead them to invest in the wrong coins and tag all as scams.
But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”
That statement made me pause and reflect. Now I’m wondering, is this actually good advice, or are these men just being overly cautious and afraid of risk?
Sure that was a good advice, investing in bitcoin do not mean that you are sure of making profits or that you will succeed, that is why we advice people to invest with a discretionary income. This discretionary income means an amount that is left over after you must have settled your important needs, so that if your investment didn't work as you planned you will not feel the impact since you invested at your discretion and with what you could afford to lose. Normally, everyone is supposed to be very cautious when investing even if it an investment that once gave you a huge amount of profits.