Should I Buy Bitcoin?

| November 20, 2018 | 1 Comment
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Everyone should buy Bitcoin

If you’re wondering if you should buy Bitcoin, you’re not alone.

I get asked, “Should I buy Bitcoin?” a lot.

And my answer is always the same.

Yes! You Should Buy Bitcoin

We believe everyone should buy at least a little Bitcoin.

You see, Bitcoin and the blockchain – the technology behind Bitcoin – are about to change the world.

But a lot of people still don’t understand how they work, so they avoid buying them, which means they’re missing out on the ability to profit from them.

Many People Don’t Understand Bitcoin

Bitcoin is becoming more mainstream, and it’s now a topic of regular day-to-day conversations. But many people still claim that Bitcoin isn’t real or that it’s primarily used by criminals.

Bitcoin is just a cryptographically secure medium of exchanging value. It’s not a fraud or a vehicle for criminals.

A distributed ledger called the blockchain is at the core of Bitcoin technology. The blockchain is public and accessible to everyone, just like the internet.

Bitcoin can be moved around. It’s used to buy goods and services, and it’s scarce. Only 21 million Bitcoin will ever be mined.

I would categorize Bitcoin as similar to U.S. dollars, sterling, yen or any other currency. It is a form of currency that’s somewhere between, say, dollars and gold.

And Bitcoin isn’t controlled by any central organization. For example, it’s not controlled by the Federal Reserve, the Treasury, the Bank of England or the European Central Bank.

It doesn’t have a company, a CEO, or a chief financial officer.

Cryptocurrencies will become more important simply because they’re not controlled by governments.

But very few people actually own any Bitcoin.

That’s likely because buying Bitcoin is still relatively cumbersome. Exchanges need to do know-your-customer (KYC) checks. Depending on where you live, funding a Bitcoin account can require a trip to the bank and an expensive bank transfer. And you still need to familiarize yourself with a new asset class, which takes some effort.

That Means the Opportunity Is Still There

By asking, “Should I buy Bitcoin?,” you’re already ahead of a lot of folks.

Now, I’m not saying Bitcoin won’t be volatile. Bitcoin is just a decade old and has already seen a dozen price rallies of nearly 100% and just as many selloffs.

But the crypto revolution is just beginning… and there are fortunes to be made.

If You Haven’t Already, Buy Bitcoin Today

In short, if you’re asking yourself, “Should I buy Bitcoin?” The answer is yes! I believe everyone should buy Bitcoin today.

The most appropriate course of action for the majority of investors is simply to buy a little Bitcoin and forget about it. Don’t overreach and buy more than you can afford to lose. Just buy, hold and ignore the volatility.

Bitcoin is an asymmetric bet. If it falls or even goes to zero, your loss will be small, assuming you’ve put in only what you can afford to lose. But if over the next few years it continues to go up, then gains of 10 to 20 times are entirely possible. There is no other asset class on earth that offers this kind of return profile.

So everyone needs to familiarize themselves with the process of buying bitcoin. Cryptocurrencies are here to stay. And being on the outside (and not understanding them) will limit your ability to profit from them.

 

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Category: Cryptocurrency

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The author of this article is a contributor to InvestorPlace.com.

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  1. Dick B. says:

    As the author says It is cumersome to buy – orsell bit coin or any other crypto for that matter. But the rub comes when you find out how much each transaction cos at the middleman level is is disturbing to say the least. And in my case I have touble communicating with the third party. It an inordinate amount of time. I have had to remake my password a number of times because their system is ‘uncertain’ in so many ways. [It has been stated that as many as one third of the bitcoins out there have been lost. Not as in lost in value but as in inability to access them or people dying or other technical and administrative reasons. Check it out!] I don’t like that I have come close three time to losing mine and may still loose it any for reasons other than time. This makes for a very unsavory relationship. Right now they want me to completely redo everything I have done in the past. There is no way I can do that in a meaningful way. Even my picture and address has changed. So are they going to let me get back to my money? I’d be very careful about the system and not worry about the value or the ‘currency’. In dealing with the middle men I have become very suspicious. It seems they are some what nefarious ans even sinister. I hope I will get things straightened out before year end!

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