Hi Everyone, I created a video covering some very interesting info on investing in Bitcoin that, to be honest, I never really knew until researching the topic. (I hope it's okay to post and not against forum rules, mods please delete if it is). The reason I would like to share is really for beginners that might not know some of the caveats of Bitcoin. I am more of a stock trader but have bought a small amount of Bitcoin and XRP in the past. Anyways hopefully the community finds it useful!
No. No it is not safe to invest in. For anyone curious. I am currently down 60% all-time on my crypto "investments." This is the only "investment," I have ever lost money on. I do not say that as a point of bragging, but only to reinforce that I do not typically make bad decisions and if someone as research-minded as me can be dupped into buying crypto, I am sure others will fall into it as well before it eventually heads to 0. Where are all those celebrities who were pushing crypto a year ago? They are pretty quiet now. Crypto is a huge scam. While it might lead to something great and may well serve as the foundation of future currency, IT will not be IT.
Hi ddebrazza, Thanks for the reply, I have to say that I agree with you, if there is to be a digital currency it will be formed by the government, in my opinion. The video I created hopefully highlights these issues. I also got sucked into the hype last year, but I luckily sold all of my cryptos at the start of the year, down from the high profits may I add. Not that I had much invested though, what I also dislike is the opportunities it's giving to the scammers to run their scams freely, no need for western union anymore. Pump and dump comes to mind with even Elon Musk profiting from them tweets.
Yes, nothing to stop Chase/ JP Morgan/ BAC or anyone for that matter from creating their own blockchains and currencies. It will only come into play if the entire world or vast majority of the economically-developed world, adopts 1 single cryptocurrency and it becomes backed and insured. I log into Coinbase once every few days just to see how much money I have lost. ETH at 1,728$ now. 1,200 is coming.
Thanks for sharing. When it is massive bear market all around I find it most useful to spend time educating oneself.
In my Opinion, No. It needs Regulation and Once Uncle Sammy has Something to Say, then I will Determine if it is a Worthy Investment of my Hard Earned Dollars. To Me Currently, It Seems as if Crypto Firms are Playing Domino's. One Firm Failing after another. -IndependentCandy14
Howdy Akapella! Whoa! I’m sure you meant 5% of the Investment Capital that you have and not 5% of your Income. If it is 5% of your Income, than IMO it should be a VERY Important Investment for you. -IndependentCandy14
Thanks for sharing your video, I found it super informative! I totally get where you're coming from – diving into the world of Bitcoin can be overwhelming, especially for beginners like me. Your insights about the caveats are really valuable. I'm more into stocks too, but I dipped my toes into Bitcoin and XRP recently. It's always great to learn from fellow traders. I'm pretty new here too. Have you heard about Oil Profit traders? I'm not much of a crypto expert myself, but I'm always up for learning something new.
It would help to know what "come into play" means. There are a ton of hard currencies which are not insured. All a currency needs to succeed is for enough people to believe in it. It appears Bitcoin has surpassed the mind share to succeed. I believe it's fair to say BTC is successful. That doesn't mean it will succeed forever, nor does it predict the future value of BTC. The more people who use BTC, the more stable it will become. El Salvador has made BTC an official currency of the country, along with USD. If more countries follow suit, it will be a stabilizing factor. Consider a country like El Salvador. I hope I am not disrespecting it terribly to suggest El Salvadorians tend to be less sophisticated. If the price of a cup of coffee is $1 or X BTC, store keepers are probably not going to have digital signs which adjust the price of coffee to the minute for fluctuations of BTC value. In fact, they may be slow to adjust prices. This could produce a ripe opportunity for arbitrage, particularly since the alternate currency is the US dollar.
