Should I invest in Bitcoin or cryptocurrencies or just pass
Investing in bitcoin is not a big task. Keeping your profits with it is. As cryptocurrencies are extremely volatile you never figure out what will happen next. Cryptocurrency exchanges get open or close on a daily basis. Just imagine you have invested in Bitcoin using a crypto exchange and it gets closed/hacked just the next day. Now, the crypto exchange is closed and your funds are gone.
Kaboom!! you now regret your decision as you invested a lot to get a fortune. We are telling you this because of it often so frequent that you never imagine. Yes, the cases are filed against them but it creates a lot of mental pressure to the investors and users.
Should I invest in Cryptocurrencies?
To answer that let me ask you two simple questions:
Do you have extra time to lose? Trading cryptocurrencies takes a fraction of minutes but to get profits from trading took a lot of proper analysis. These analyses take a lot of your time, which if you utilize at somewhere else that will be more fruitful. Like if you are a student, use this time to learn new things.
Just like the normal stock market you do the background check before investing in the company. As cryptocurrencies are tech-related it will be better if you are familiar and updated with technology.
Invest in yourself than investing in something that gives instant money. This is the first and very important thing you have to consider. Are you a kid who is going to school or college. Believe me, if you are in college or school use this of your time to read the books instead of earning small perks. Time has more value than anything else. So, investing in time is the best thing you can do for now.
Do you know that Elon Musk created 4 multi-billionaire companies at the age of 41 years? He used to read 2 books a day from his early childhood.
Do you have money to lose? As stated earlier, it is way riskier than the normal stock market as the stock market is government validated to start with. But these are not, so there are a lot of fraudulent cryptocurrencies out there make you believe they are a good investment.
So, try to invest only the amount that you are okay to lose. Don’t overdo things that go out of hand that you later feel regret about it. As I said, you can lose it even in a fraction of seconds or you can double it up.
If your answer is yes to these two questions then you are most welcome to join this community. Register yourself in these international exchanges – Coinbase (how to invest in cryptocurrency using Binance), Binance
Also, if you are in India here are some reliable cryptocurrency exchanges to trade cryptocurrencies – WazirX (Here is how to use WazirX), BitBNS
If you can spend 1-2 hours per day on cryptocurrency trading including analysis and all then it is okay. Considering you have enough time to do whatever you are doing for your life. Don’t take your time from that slot to do the trading.
My advice: If you are a student and are giving more than 1 hour per day on cryptocurrency then you have to stay away from it.