Whether Or Not a Person Invest In Bitcoin
CITIZENSHIP | SPECIAL FEATURE | If any of these below-mentioned scenarios does apply to you, then you should absolutely not be buying bitcoin. It does not matter what cryptocurrency you are thinking about right now; you should not be opting for any of these if you do fall under these categories.
The higher risk is in case of bitcoin, due to its popularity, so that is our focus in this article. It is a very high risk and speculative investment with high volatility. It is not the best cryptocurrency to investments for beginners. If you do not fall under these conditions, then maybe you can buy bitcoins.
1. The Mailman Said He Doubled His Money
If you buy bitcoin due to this reason, then you should not buy it. The only reason you buy bitcoin is that somebody told you that they had made money with bitcoin, then you are in a trap. You do not have an idea why they made money; you do not know what bitcoin is about, then you are taking a wrong decision. Stop yourself from doing that.
2. You Want to Get Rich and Quit Your Job
If your goal is to buy bitcoin and become a millionaire by quitting your 9 to 5 job, then you are living in clouds. This is never going to happen. Many people are running cryptocurrency or bitcoin ads that bitcoin works overnight, then that is a scam. This is the most stupid thing to believe in. The sad part is that most people believe them. This is not a realistic goal, and that should not be your reason for investing in bitcoin.
3. A Trusted Source Guarantees Return
If a Facebook ad or some exchange is offering you 1% interest on your money, if someone is guaranteeing you the return of any kind then do not trust them. There are no guarantees with any investment. So, you should not invest for this reason.
4. You Cannot Afford to Lose the Money
One of the most popular searches for bitcoin now a day is how to buy bitcoin with a credit card. If you are trying to buy bitcoin with a credit card, then you cannot afford it. So, do not even try to go for this option. If this is the money that you need to do all the essential things in your life or maybe this is the money that you get by borrowing from someone, then you are out of your mind. A rational approach does not allow you a person to take such disastrous step.
5. Your Only Interest Is in the Money
If you do not care about bitcoin, blockchain technology, and their possible implications. All you care about is money then you should not invest in bitcoin. This would be similar to invest in a stock where you do not care about the money. So, you should not think about an investor in bitcoin if this is the scenario.
Everyone is afraid that they have missed out a chance and they are jumping into a train that is already moving. So, if you fall under any of these five scenarios, then you should not be investing in something that has high risk.