Monday, 18 December 2017

Bitcoin and other flying piglets

As someone who dealt with this option extensively and has 20% of investments in cryptocurrencies (I know, i know, i aim to 10% on the long run, but they got value very, very fast), i would like to point few directions:
- You can can rich over night, but this will happen only if you have a lot of luck or knowledge. For us mere mortals, we only need to learn about it and invest diligently.
- Learning about it, this is critical, and you need to have a basic knowledge of a block-chain, what is the difference between Bitcoin and Ethereum in terms of utility, how many transactions per second will be added by lightning technology or why Dash and Zcash serve the same purpose, but differently. Investing in some coin because your taxi driver made some bucks of it is very often a way to loose a big part of your investment. Never forget the golden rule, invest only in what you understand and see and utility. Be a trader, not a speculant. 
- Scams: as in any lucrative business, scammers appear and try to take money from the uninformed ones. As you know, if it is too good to be true, it isn't. I would estimate that more than 50% of the offers are scams, but some experts go as up as 90%. Beware at the very higher returns.
- You can use this as a store of value, and invest a minimum amount that you are fine losing it completely, if you like to experiment. If you do not know what a cryptocurrency is and how it is working, do not do it. Stick with what you learnt.

Hope it helped!


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