Okay so the title is a bit clickbait but this is what I feel some of the articles that I've read against bitcoin might as well be saying. With the current decrease in bitcoins value and other cryptocurrency in general there has been an out pouring of Bankers, Government Officials and Fiat Currency traders eager to tell you how cryptocurrency is dying and that they were right all along.
Whilst the savvy among you will understand that this isn't the end and is actually quite an expected thing due to the nature of how cryptocurrency works it's expected to see these large fluctuations and most of us aren't too worried about it at all. The most savvy among you will be taking the opportunity with both arms and buying up some bitcoin at bargain prices ready for a profit as the currency starts to move up the charts again.
In addition to the Bankers and others who have a vested interest in Bitcoin failing we have also seen a rise in those who got stung by bitcoin or other such crypto because they really didn't understand what they were getting into or how it works. I'm talking about those that re mortgaged their houses to pump it all into bitcoin or those who took out loans and used it all to invest in crypto. The biggest rule we all know is never invest more than you can afford to lose so loans from the bank, re-mortgaging or borrowing from Big Dave the guy with all the bling who shills part time as a loan shark should be a huge NO NO. I've read countless stories of those who were so greedy to make a quick buck that they plowed all the money they could get their hands on into Bitcoin in the thought that it would just continue to rise without ever dropping. Sadly these people found out the true nature of cryptocurrency and in particular Bitcoin when it started a gradual decline all the way from nearly $20,000 all the way down to $10,000. Due to their lack of understanding and their panic about losing everything these people cashed out at $10,000 loosing a fortune. You can spot these people quite easily, they are usually the ones that come across like they are an expert when its all going well but rapidly turn into a blithering idiot when the going gets tough. I will list below some of the names of articles that I have come across recently so you can understand where the inspiration for my somewhat silly title came from:
- Bitcoin destroyed my marriage.
- Bitcoin took my house.
- How I lost $100,000 to Bitcoin and now sleep on my mates sofa.
- I invested in Bitcoin now I can't afford to feed my children.
These are just a few of the ones that I've come across recently and each one of them tells a similar story of someone investing a lot more than they could afford and without any knowledge or education on how Bitcoin, Altcoin and the Blockchain work. Most of these stories ended in tragedy after the person cashed out when Bitcoin was at its lowest. Why none of them held on like most of us who believe cryptocurrency is the future and just waited for things to pick up again ill never know. However Ill tell you what I think the issue could be, again its lack of knowledge. If you are reading this and you feel you aren't as educated as you should be I urge you to read up on everything, you never know it could one day prevent the rape of your mother and the beating of your father. If I could offer just one last tip for your future reading/education; invest some time into learning about dollar cost averages too and NEVER EVER EVER invest more than you can afford to lose.