Invest in Bitcoin Bad Advice: Invest in Bitcoin Good Advice: I owe a duty to at least share some insights on the craze since I personally know some people using it. I only know a lot of people were asking me to put millions into it.
What does it mean to invest in Bitcoin?
It was going to change the world. It was the next step in human evolution. Maybe off somewhere getting help to their backs under some tropical sun. Do not invest in Bitcoin. At a point, someone will score — this is pure luck.
So should you invest in Bitcoin?
And money smart people know luck is not a financial strategy. An investment is something that has value in itself — i. Bitcoin does not have such inate value.
So why are people mad over it? Blockchain is one heck of a crackerjack software invention. Its open-source and free for general use. Bitcoin is just one way to apply blockchain tech. Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.
I think we can all agree a cure for cancer is immensely valuable to society. However, how much is a Cancer-Pill worth? The first Cancer-Pill bitcoin might initially see some great sales. Prices would rise, especially if supply was limited just as an artificial supply limit is built into the bitcoin algorithm.
So how come people are falling over themselves at the feet of bitcoin? With greed and crowd mentality we have the classic plunge off a cliff about to happen again. And they do just that.