Should I Invest in Crypto in 2018?

mekongmonkey (41)in #cryptocurrency • 7 years ago

The rise and rise of bitcoin

Bitcoin has been on a crazy rollercoaster since the last year or so. Newbies get into this space every day with money to burn and hopes and dreams to get rich quick.

In fact, most noobs who threw money at any cryptocurrency in 2017 probably made some nice profits. If, a year ago, you took a screenshot from coinmarketcap, blindfolded a monkey, let it throw darts at it and then went all in one any crypto it did hid, chances are you would be rich today.

Darts throwing

If you are asking yourself now: "Okay, where do I get a darts throwing monkey?" I would suggest reading on first.

"Should I invest in Bitcoin?"

Bitcoin is a grand experiment. There are no guarantees. I believe it is the future. But don't take my word for it. Seriously. Before putting any money in it; start with investing time. Understand what bitcoin is. There are tons of resources out there. Start with aantonop's youtube channel, then go read his book "Mastering Bitcoin", go get through this free university course "Bitcoin and Cryptocurrency Technologies" and stay on top of the latest developments with the World Crypto Network. If you have done all that and have some money to spare, maybe put it into bitcoin. Real bitcoin.

"But what about the altcoins? They are so much cheaper!"

If you followed the advice in the previous paragraph, you know now that there's a huge difference between bitcoin and every other cryptocurrency. Bitcoin is a decentralized computer network, open-source computer code and censorship-resistant store of value. Other cryptos can be many things. Some are copycats (why would you buy off-brand if you can get the real thing?). Others try to serve a specific niche. Some of them are not all terrible. But most of them are just scams.

"But... but... Shitcoin X went up a 1000% last night!!!!"

People with more knowledge than you get rich with pumping and dumping these shitcoins. They take money from the noobs, like you so they can accumulate more bitcoins. Don't believe the hype. Don't invest in ICO's. Don't buy Ripple. Stay away from people who randomly use words like "Satoshi's true vision" and "Blockchain technology". Get some bitcoin, store it in a secure wallet and you can send us a 'thank-you'- note in a few years.

"OK, I get it but just holding is so boring"

It's your wealth. You hold your own private keys, so you are your own master. If you want to take your precious bitcoin to a shitcoin exchange, then that's what you got to do. I have always liked Bittrex but all the cool kids these days seem to hang out on Binance. If you really need to scratch that gambling itch; take your hobby to the next level and head over to Bitmex. They offer bitcoin and few altcoins markets with up to 100x leverage. Just drag that slider all the way to the right and go all-in.