Should you invest in crypto or not? Truth to tell, I must admit that I really don't have an exact answer or I am kind of more adamant not to suggest who should invest in crypto. I would rather say it's only you who can decide to invest in anything, let alone Crypto. After all its gonna be your money so the decision should be yours.
Let me justify myself. I have known a few people who would often declare that they want to buy Bitcoin at a lower price level and when it reaches there, they start claiming that Bitcoin will go much lower. For example, people who didn't buy at 69k, set their eyes at 20k, and at 20k they became overly concerned and missed the opportunity. Bitcoin shot up from there and went again to 32k. I urge these people to stay away from Bitcoin and Crypto and look for alternatives which, I believe, they can't get in either.
Read More: A Story of Hope:How Bitcoin Changed Everything Read More: "If Winter Comes, Can Spring Be Far Behind?"
In a story cut short, we know very well that everything is not for everyone, so is Bitcoin and Crypto. Though if you have what it takes to be a investor in Crypto, you are welcome to crazy world of crypto with utmost sincerity. To find out whether you own the qualities to be a cryptogeek with crypto beard and moustache, Ask yourself the following questions.
1. Do you understand the philosophy of Crypto?
Warren Buffett keeps saying ” Never invest in a business you can’t understand”.
Ask yourself as many times as you can. It's the fundamental right of being personal. I mean if you don't understand the philosophy of something, you can't put your trust in it. It's therefore you should take time to understand crypto before leaping further.
2. Are you ready to learn consistently?
“Risk comes from not knowing what you’re doing.” – Warren Buffett
Learning is a lifelong process and as for crypto, it's still an infant. The evolution of Crypto is so frequent that you need to learn and evolve consistently.
3. Do you have patience?
“How poor are they that have not patience!” William Shakespeare.
As they say that patience is the key to success. It's more than applied to Bitcoin and Crypto. In Cryptocurrency, we may get sudden shocks as the the market may see a correction of 90% only to come soaring after two, three or may be four years.
4. Are you rational or too emotional?
“To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game.” Robert Kiyosaki
Bitcoin and Crypto do not fit well for those who are too emotional. Rationality and open-mindness are what distinguishes the big boys from the toddlers. Emotions may let your ego come in between and you may forget that no one is bigger than the market.
5. Can you judge the risk?
“Successful investing is about managing risk, not avoiding it.” Ben Bernanke
It's now a ritual for every crypto influencer to message crypto folks that they shouldn't invest what they can't afford. However it depends on your risk judgement abilities to get the better outcome from any investment. Successful judgement of risk is an essential criteria to be successful in Cryptocurrency.
6. Do you have passion for investing?
Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." — Paul Samuelson
Finally, I rest my case and plead not to come in contact with Crypto if you are not passionate for investing. It's only your passion for investing that ensures how big your profit be. Heard of the story Three Feet From Gold!
As Always Thanks for Reading
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