So the question is, is investing in bitcoin, and cryptocurrencies in general, a wise investment or not? In the end, that decision is ultimately up to you.

 

Bitcoin investments can go both ways.

 

The pros:

• universal currency

• low fees

• anonymous

• more freedom than other existing non-cryptocurrencies

The cons:

• irreversible

• no long-term guarantee

• can be used for criminal purposes

• not secure, subject to scam/cons/ponzi schemes/etc

 

 

For me personally, joining the bitcoin market was more of a psychological hurdle for me to overcome. I approached the bitcoin market with the same mentality I had towards gambling: that I was going to win and lose, and I would have to be prepared for such losses. I couldn't treat my money like I normally would, very possessively and cautiously. Instead, I would have to take the initiative and take risks. The bitcoin market is more volatile than the stock market, which made it more similar to gambling for me.

 

In addition, I entered the bitcoin market with short-term goals. This meant I would not be sinking any massive capital in the market, nor would I invest in the market over a long period of time (no matter my gains). Therefore, it was easier for me to invest a small amount of money into the market because I was prepared to lose it all as the worst outcome. As of now, I am unsure if I will continue investing in cryptocurrency. Perhaps after joining the dogecoin market, I will come to a conclusion.