What’s up everybody it’s Adventago, and welcome to another Bitcoin for beginner’s blog, cryptocurrency doesn’t look like it’s going away anytime soon, and it doesn’t look like it would go without a fight either.
You might remember when Jamie Dimon the CEO of JPMorgan Chase bank.
Made a statement saying that Bitcoin is “A fraud and that it will eventually blow up, and that anybody who invested their money in Bitcoin is stupid”.
This got a lot of people angry, but I thought this was hilarious because right after Jamie Dimon said this his daughter sent him an email saying.
Hi, Daddy I own 2 Bitcoins and I made money on it, OH! that’s a little awkward, and right around the same time that Jamie made this statement, China announced that they’re going to try to ban Bitcoin.
This news sent Bitcoin tumbling down to about $3,500 a coin and now just about a month and a half later Bitcoin shot up to over $7,300 a coin this past weekend, more than doubling people’s money in just a few weeks.
That is crazy!
I mean the average stock market returns are approximately 10% a year, and to think that people have more than doubled their money in Cryptocurrency in just a few weeks is insane.
If you’re unfamiliar with what Cryptocurrency and Bitcoin are you can Click This Link HERE, and it will get you up to speed with all the terms and phrases you must know. (And a few advanced ones too).
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https://adventago.com/stop-this-7137-word-crypto-library-has-all-you-need-financial-education/
But in this blog, I’m going to go over 4 things you need to know about Bitcoin before you invest your money in it.
DISCLAIMER: I am not an expert (…Yet) I am a beginner just like you, however the great thing about this, is that we can learn, grow, and become stronger together. : )
1. Do Not Invest On Emotion, Invest On Financials.
This one is general investing advice, it doesn’t only apply to Bitcoin, but please don’t invest on emotion, invest on financials, I think the most common argument I hear as to why people should invest in Bitcoin now.
Is because if you invested $100 in Bitcoin in 2010 it would be worth like $2,000,0000 today, so you don’t want to miss out on this opportunity, while that’s amazing, this has already happened and sadly we can’t go back in time.
This is an emotional argument, not a financial argument, the past performance of something does not predict its future performance, just remember that you’re buying Bitcoin today and not back in 2010.
Nobody can predict if Bitcoin is going to the moon, or it’s going to come back crashing to earth, and because Bitcoin and Cryptocurrency are so new it’s very volatile, this means it can go up very quickly and it can come down just as quickly.
2. Know What You’re Buying.
Bitcoin is a type of Cryptocurrency, meaning it’s a decentralized worldwide digital currency, which means Bitcoin is not controlled or regulated by the government, private entities (Like the federal reserve), or big banks.
This is great news for many people because, it means that these entities cannot manipulate the value of Bitcoin, like they can with our fiat money, by just printing more of it, but this is bad news for other people because these entities are not going to want to lose their power.
So, you can imagine that they’re going to do what they can to block the use of Bitcoin, like we’ve seen happen in different countries.
Also, Bitcoin is a peer-to-peer network, meaning that the orders and the users of Bitcoin are the ones that are monitoring it, and this peer-to-peer system is pretty new.
The problem with using bitcoin as a currency is that a lot of places do not accept Bitcoin yet, but many people are excited because just a few days ago Amazon bought 3 internet domains related to cryptocurrency.
So, what does that mean exactly? Well only time will tell, but if Amazon ever started to use Bitcoin in the future as a means of payment, that would definitely change the cryptocurrency game.
You should also be aware of how Bitcoin is valued, the price of Bitcoin is based on what somebody else is willing to pay for it, this goes back to supply and demand, on one hand as more and more people hear about Bitcoin.
You have this huge influx of buyers making the demand for Bitcoin go up, and right now Bitcoin is scheduled to split on November 16 (Which has already) and historically lots of people like to buy Bitcoin right before a fork happens.
And on the supply side, Bitcoin was created with a cap, you could only have 21,000,000 Bitcoins in existence, once those 21,000,000 coins are created or (Mined which is the technical term) you cannot create anymore Bitcoins.
So, if the demand for something goes up when you only have a limited supply the price will naturally rise.
3. You Must Know How To Buy Bitcoin.
If you decide to buy or invest in Bitcoin, you must use a Cryptocurrency exchange that allows you to buy and sell Bitcoin, because most regular exchanges do not allow you to do that.
Different countries have different regulations, as we can see with China and more recently Vietnam, which is trying to ban certain exchanges.
You need to know what’s allowed in your area, the exchange that people are most familiar with is called Coinbase the reason why most people like this one is because…
It’s super simple to use, and is one of the most popular exchanges out there, all you have to do is fund your account and enter in how much Bitcoin you want to buy, and then you’re done!
4. Do Not Get Greedy.
Yes, I know that Bitcoin has gone up from point $0.003 to over $55,277.70 a coin, but remember what I said before, the past performance of something does not predict future performance, if you made a profit that you’re happy with it’s okay to take the profit and sell.
I know a lot of times people might be thinking something like, “Ah man I don’t know if I should sell it right now, I mean what if Bitcoin jumps up to $100,000 a coin, I’m going to miss out on so much money!”
Well if that’s what you’re worried about then you can sell in phases, this way if Bitcoin does go down you’ve already sold some of your shares, so you have already captured some of your profits, and if you think it’s a good buying opportunity now you can go in and buy during this dip.
And, if Bitcoin does end up going higher, you’ve already captured some of your profits, and you can still benefit from the continued gain.
Look, I can’t predict the future, and neither can anybody else in the world, so don’t believe somebody that tells you otherwise.
But I will leave you with 1 point before I go, historically in any asset class the people that have been burned the most were the ones who believe that nothing could go wrong so.
Make sure to stay tuned, because I release new posts on entrepreneur mindset, personal finance tips, and sales techniques/internet marketing tips.
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