Reasons You Should Not Invest In Bitcoin
You might have read several stories online of people becoming millionaires because of Bitcoin and figured you could do the same. Before you start investing in the most volatile and risky market out there, here are a couple of reasons for you NOT TO INVEST:
You're afraid of the risk
There is no such thing as easy money and there never will be. Bitcoin and Cryptocurrency is a very risky market. Losses of 50% in one day is very common. Always remember, the higher the risk, the higher the return. If you cannot bear to watch your $1 turn into $0.99 then this is not for you. Yes, there is a chance that you can triple your money, but that takes time, effort and an iron stomach for risk.
You Don't Want to do the Research
Like I said, there is no such thing as easy money. If you want to succeed investing you have to put in the time and effort into researching about a cryptocurrency. Read their whitepaper, value proposition, team members, news about them, etc. Otherwise, you are bound to lose money if you simply buy randomly or listen to people on forums and trollboxes.
You Don't Have Any Other Investments
Putting all your savings into a single investment instrument is very risky. Putting all your savings into the riskiest investment market in existence is suicide. Before you start investing in cryptocurrency, hone your skills in bonds and stocks first. These are more stable and will help you learn the basics of investing.
Would you consider it "other investments" to really really diversify one's cryptocurrency portfolio so you don't get hit by one sway?
BitCoin, Ethereum, LiteCoin and a few coins I trade with have been very good to me.
Anyone who buys BitCoin for one day is a fool and should never bet on anything.
Yes I agree however, taking a longterm approach on Bitcoin at this moment I believe is safe. There will be corrections on the way but no doubt bitcoin will be a lot more valuable in a years time then it is today. As for the other currencies this is where you must DYOR.