Since I bought and sold bitcoins for a Fiji luxury holiday and wrote a blog about it (http://mrsbrainfart.blogspot.com.au/2017/09/noob-steemit-post-bitcoin-fiji-chanel.html), I'm getting all my friends and families asking me what the hell Bitcoin is (http://mrsbrainfart.blogspot.com.au/2017/11/bitcoin-answering-bitcoin-faq-from-my.html).
"Should I buy it?"
"Where can I buy it?"
"Is it too late for me to buy?"
"What if the price crash to zero?"
"How come I don't see people using bitcoin to buy coffee?"
I would tell them the below 3 things:
- I'm not your financial advisor
- You should do your own research, trust no one, including me
- Only invest in what you can afford to lose
Next follow these steps:
- Talk to 10 people who made profit from bitcoin and ask them why they have bought/sold it.
- Talk to 10 people who doesn't believe in bitcoin, "nah, won't buy it", ask them why.
- Talk to 10 people who bought bitcoin but somehow lost their money
(either they buy high panic sell low when dip and couldn't buy back, or they day trade, or they simply lost their wallets/passwords)
If your risk tolerance is low, don't do it.
Yes it is like GAMBLING,
Yes there is a chance that you will LOSE EVERYTHING.
Yes, there is always some RISKS when investing, or gambling, or life in general, you may get hit by a car when you cross the road.
You may get sacked, lose your job and lose your income.
You may choke on rice and die, so don't eat rice, it's too risky.
If you can't afford to lose, don't do it.
If all you focusing on is "losing", don't buy.
You don't have spare money to invest? Don't buy bitcoin.
If you only have enough money to get by payday to payday, please start savings.
If you don't even have enough money to get through the end of the month, please start thinking about how to earn more money.
If you have debts? Clear them first please.
Now, if you are ready to give it a go but Question of the day:
"But I don't have $15,000 AUD to buy a bitcoin, it's too late for me now."
Did you know that you DON'T have to buy ONE whole bitcoin?
Did you know that you can buy $100 worth of bitcoin?
Yes, you can buy $500 or $1000 or $3000 or $10 worth of bitcoin.
My story:
After spending 4-5 weeks studying this whole crypto thing back in 2015, I wanted to believe.
I decided to just give it a try, yeah why not? It's just a game.
Reading all these articles & forums doesn't make me an expert but a speculator.
I have some spare money that has been sitting in the bank doing nothing.
So I took $300 to buy my first share, testing the process of buying, transferring and selling.
Then bought another one from a difference trading site to compare fees and service.
It's a learning curve, not easy baby.
That's why you don't see busy people buying it cuz they ain't got the time.
Took me 2 weeks just to set up a trading account, transfer money from the bank to the trading account, and start trading AUD / BTC.
At the same time I bought the same amount of money in a tiny little finger nail size of gold chip.
I want to see who will win, the real gold or this digital gold?
Then I forgot about this whole thing.
Until last Xmas (2016) I've got an email notification telling me that I have sold my bitcoin @ $1200.
What?
Thought my account was being hacked, I have never even logged into the trading site for a year!
(Yes, I left it in the trading site, please don't do it)
Then I realised that I have set an "AUTO SELL" a year ago as a test too.
Then I also realised that I have made $900 for no reason. woohoo ka-ching ka-ching
I bought back @ $1500 this Feb using some money that "I thought it's gone" and eventually got myself a holiday. :)
Now, you all know that I'm a Bitcoin believer, thou I'm not spending a lot of money so doesn't matter if I "LOSE IT ALL", I'm happy to have a little holiday here and there.
Even if bitcoin go up to $79,876 does not make me a millionaire anyway.
So for me, the "when to buy bitcoin?", "Where to buy?", "How to buy?", "How much should I buy?", "which trading site has the cheapest fees?", doesn't matter, just buy whatever you don't mind losing.
Diversify, let's if you are already going to invest $10,000 anyway, maybe split 50/50 into Crypto and traditional options.
From that 50/50, you then split again maybe 70% BTC, 20% ETH, 10% Alt coin...
Have a play.
I have used part of the profit from BTC to trade 10 other "promising alt coin" like Lisk, civic, Neo, Stratis, Golem, UBIQ, Monero... they all crashed lol
If you are really scared, you can create a "hypothetical portfolio" excel sheet.
I created one for my father-in-law, he's retired, can't afford to risk his retirement money.
So I pretended that he invested $15,000 back in Aug, and watch his money now gone up to $35,000 in 3 months.
All on the excel, no money ever been exchanged.
However, the "HOW TO STORE MY BITCOIN" is my biggest research.
I have tested on multiple types of desktop wallet, mobile app wallet, paper wallet, hardware wallet...
Once you have bought your first share of bitcoin, join the game,
SECURITY should be your question.
I'll make videos to explain later.
Until then, let's HODL on to the moon!
