If you're buying Cryptocurrencies without thorough research, how is it different from gambling?
Short answer: It is not.
Mandatory meme answer:
Long answer:
I am a curious-skeptic by nature, so, when I hear a buzz I tend to read up about it. However, I hold reservations about jumping in. It's a mildly uncomfortable battle between curious part of the brain v/s the skeptic. Everyday there's a new gizmo, console, and what not gets launched. People start talking about it on social media and even before product adoption reaches it's tipping point, social media is already flooded with posts and tweets and snaps!
Point to note here is, when people start talking about the "new" stuff on the market, the overall sentiment gets scored highly when more people get involved, even though they have not actually touched the product. I keep talking about products because it is so tightly analogous to what happened with Bitcoin. Folks in the dark web knew the potential of anonymity and it had been a niche market for Bitcoin for most part of it's existence, but with the slightest hint of it being mainstream and the prices went to mars. I wonder what % of the people have actually traded bitcoins v/s the people that tweet and make YouTube videos about it.
With the skyrocketed prices, alt coins started to build up on the platform and many of us jumped in for quick gains. Terms that never existed have become frequently used jargon. Seriously, ICO's?! Ah c'mon!
Quick gains with crypto currencies can be extremely lucrative, if it is coupled with research about technology and market potential of the coin. One might consider doing a SWOT analysis, technical analysis and trending of the coin before rolling the metaphorical dice.
Crypto or regular, it's real money people.. so couple that investment with due diligence and it will pave the way to your financial secure retirement.
"Only when the tide goes out do you discover who's been swimming naked." - Warren Buffet
Peace!
Appreciate the insight! I probably jumped into cryptocurrencies without due diligence in the research department, mostly fueled by FOMO (Fear of Missing Out). My initial interest derived from my distaste for the establishment and trying to get away from the banking crooks. I learned as I got more into it and found studying the companies and their tech extremely interesting and engaging. Then I started to pour more and more funds into cryptocurrencies. So far, I have enjoyed every second of it, including the crashes that occurred this passed week.
There are so many different crypto currencies now. Trying to figure out what kind of use case each one has and whether it is viable, then whether it will get adopted and embraced by the public is very daunting. I have just started, so I am sampling a few different coins here and there (like STEEM for example). However, I understand that this is all lost money. If I manage to keep most of it or even make a little during the learning process, then that is just bonus.