We’ve all heard of that one mysterious currency that came along and took the entire world by surprise. You’ve heard of people making millions and millions of dollars in a small course of a few weeks or months. Bitcoin, the cryptocurrency that came about in 2009 and got the attention of every single person on Wall Street.
Hearing stories about how “if you invested 10$ back in 2010 you’d have over a million right now” isn’t really going to make you any richer. If you’re looking to get into the cryptocurrency game, you’re going to need to understand a few things before you get started. Bitcoin isn’t magical, and here’s why:
Bitcoin’s prices are always fluctuating
Most people know about how Bitcoin rose up in price so high and made anyone who owned even a single Bitcoin rich. Like any kind of risky investment, though, there is always going to be the prospect of ups and downs in terms of prices and fluctuation because cryptocurrency is still relatively new in the market, this may seem intimidating, but it shouldn’t be a factor to turn you off entirely. It’s important to keep yourself updated on a daily basis and really learn how things work to understand patterns and why there may be fluctuation, and this is the best way to stay in control. Because of this, one cannot take bitcoin as a get-rich-quick scheme as such, but rather one that needs to be studied and analyzed critically in order to master over a considerable period of time.
People don’t understand Bitcoin
When you have to ask yourself about what Bitcoin really is, then this is a sign that you probably shouldn’t be investing in it until you know and understand what it’s really all about. Not even knowing what you’re investing in is the easiest way to lose the money you’re investing. Most bankers and stockbrokers still have a tough time understanding what Bitcoin and cryptocurrency even is. In the grand scheme of things, sometimes getting rich quick isn’t the best option, but getting rich in a smart and calculated way over time after really going in depth about bitcoin and what it’s all about and how it really works.
Investing mostly depends on you and your trading experience
Hearing about things getting super rich off of Bitcoin doesn’t just happen out of the blue anymore. As more time passes by, the price for Bitcoin is slowly stabilizing as it’s not the same as how it was before. It doesn’t magically skyrocket anymore, it mostly just keeps falling down. The prices for Bitcoin have been slowly decreasing as time passes, investing into Bitcoin now would take you way more than just luck for you to be able to make any profit. The people over at Bitcoin Revolution advocate that there must be “the need to learn and improve your knowledge about cryptocurrency trading constantly. This information will help you make better investment decisions.” You’d need experience and a lot of research in order to understand the way that things usually flow when it comes to investments into Bitcoin or any other cryptocurrency. Without that knowledge, you won’t be able to make much if you start investing in it.
Bitcoin isn’t the only cryptocurrency there is
While Bitcoin might not be the best way to get rich right now, there’s still a ton of other cryptocurrencies on the market. Bitcoin started off at the price of $0.08. It rose in price ever so quickly afterward. Investing in other cryptocurrencies most probably won’t make you end up like the people who did invest in Bitcoin back in its starting days before it skyrocketed in prices of $14,000 and upwards. However, those other cryptocurrencies can still make you a lot of money if you invest right.
Other cryptocurrencies like Ethereum, XRP, EOS and Litecoin are the most prominent names after Bitcoin and have similar stories of when their prices skyrocketed as well. It may not be to the extent that Bitcoin did, but it was still highly profitable for a lot of people. There are loads of other cryptocurrencies that can potentially make you so much more than Bitcoin at the moment.
Once people heard the stories of how people got insanely rich because of Bitcoin, they jumped on to the trend of purchasing Bitcoin too. If everyone’s trying the same method of trying to get rich, they probably won’t be too successful at it. The reason why Bitcoin doesn’t make you get rich quick is that it’s not about what Bitcoin does for you anymore. It’s about what you can do with Bitcoin and other cryptocurrencies. Your smart investments are going to help you become successful, not a magical hope that Bitcoin will suddenly rise up in price again.