I don’t think so! Would I get involve ? I don’t think so.
Let me explain why !
1. Way to volatile for me.
- There is very little regulations.
- Bitcoin does not sell a product, earn a revenue or employs many people to run the company.
- Small amount of the value of the bitcoin goes to grow.
- They don’t return dividends most of the time.
- Because of all of those reasons and more, it is very hard to determine it’s value.
2. More difficult to detect scammers.
- When you buy bitcoin, you buy virtual money.
- Not a product that will be sent in the mail for your consumption.
- Scammers can take advantage, get you to buy and run with your money after.
- Don’t get me wrong, bitcoin believers, there are honest one out there.
3. Very stressful
- If you don’t want to invest in the stock market because you find it stressful. Definitely don’t get into the crypto trading. It is worse than a roller coaster.
- The majority of crypto investor are millennial and therefore have very little experience in trading. They also have little income to dispose off and it makes them “trigger happy”. They want to sell as soon as they see the currency drop because they fear to lose all off their savings. You need nerve off steel right now in this market.
4. Many countries won’t allow them.
- Below is a growing list of countries that have, or will, banned the currency. Why you say. Basically for most or all of the reasons stated up above. Or just because they are not ready for it or afraid it will interfere with there own currency. Any how, it makes me think twice.
- I’m sure this list will continue to grow for a while. Here are some of them just to name a few:
Nigeria, China, Colombia, Taiwan, Thailand, Russia, Bangladesh, Ecuador, etc.
Depending on when you will see this blog, the above list may have change. Some country might have change there minds or are trying to regulate it. Make sure to let me know in comments below if you feel like it. I will update the list and thank you in return.
5. Is bitcoin here to stay ?
- I say yes.
I believe, in time, investor will gain trust, countries will gain trust and volatility will slow down, which at the same time attract less nervous investors, like me for instance.
Bottom line, should you invest in bitcoin ?
- If you are like me, little understanding of the trading world, to nervous at this time of my life to get into this.
- Way to nervous to lose my hard earned little bit of money right now.
- I want to supplement my retirement income not decrease it at this point.
- I want to decrease my stress not the other way around.
- I believe in network marketing and I also want to be able to touch what I purchase.
I might be old fashioned, you will say, but that is me. If it’s the other way around, good for you.
Do what you think is right for you?
Do you agree or not with bitcoin ?
Do you invest or not in cryptocurrency ?
Let me know what you think below in comments.
Thanks for visiting
Founder of : How to supplement your retirement income.