Should I Invest In Bitcoin Or Other Cryptocurrencies?

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Hey this is Will from Life Progression Project and today we’re talking about cryptocurrencies. What is cryptocurrency? Should I invest in it? Should I not invest in it? Is this just a fad? Is this something long-term? Let’s dive in!

First off cryptocurrency is an encrypted type of currency. It’s based off a bunch of algorithms and computer code. It is gaining huge huge popularity in the world and billionaires are backing it, multi millionaires are backing it.

The most popular cryptocurrency is Bitcoin, and Bitcoin I’m sure you’ve heard of. It runs off a blockchain type of technology where each transaction is attached to a chain or a blockchain so you think of it as an actual physical chain where you have a link and then that’s a transaction and then the next transaction becomes part of that link, so everything is tracked in a big long chain. This type of technology makes it very, very secure. I don’t know what the future has in store for cryptocurrencies but I do know that it is very promising. I love the fact that there’s no middle person, it’s decentralized so what that means is when I make a transaction it goes right to the other person. It does not go to the bank and then to somebody else or some
corporation. It’s just instant to the other person and that is really, really promising for new technologies.

So for any of those lucky people who invested in Bitcoin back in 2010, they are very rich. I personally have a few thousand invested in cryptocurrencies. I’m investing in Litecoin which is relatively new, it’s not worth very much at this point but it’s gaining traction. I’m investing in a
Ethereum, which has increased I believe it’s like two thousand percent since last year, which is incredible, and then I’m also investing in Bitcoin. I see videos like this all the time. I see articles, my friends are talking about it; should I buy into Bitcoin, should I invest in it and I personally think it is a fantastic investment, however, that is only if you have the money to spend and if you’re willing to lose it. This is a gamble; you are gambling your money if you invest in cryptocurrencies because no one knows where it’s going. Nobody knows what it’s going to be like in the future so people can only speculate and base what they think the future is going to hold based on you know the patterns in the past, but realistically nobody really
knows.

Investing in cryptocurrency is very similar to the stock market; if you were to invest in the stock market it would look fairly similar. You have a bunch of graphs, there’s a whole bunch of different things to choose from to invest in. You can trade, buy and sell so it’s very similar.

Every now and then I invest a little more into cryptocurrencies, but again it’s just money that I’m willing to lose at this point. I think it’ll probably be 10 to 15 years before I even consider selling it, unless of course it skyrockets in the next few years and, you know, I get 10 times or 20 times my money. Then it would make sense to pull out, instead of try to risk it any further at that point. I would have a fantastic return, it would make sense to pull the cash out at.

So my recommendation is if you don’t have the money, don’t get involved in cryptocurrencies, do not invest in cryptocurrencies, but if you do have a little bit of extra cash on the side, maybe it’s 5% from your job and you are willing to lose that money, then I say give it a give it a shot. Bitcoin is the most popular. Ethereum is relatively new and it is considered Bitcoin 2.0. The way it’s built is a little more secure, it’s more flexible and those are the main two cryptocurrencies that I would check out. Bitcoin in Ethereum, those are the most popular, the most promising at this point.

There are literally dozens and dozens that you can choose from; do your research, this is your decision. This is your money so spend the time, do the research and make sure you’re willing to lose the money before you start investing. On one side cryptocurrencies could just completely flop and in a couple years nobody’s mining them because they’re just too complex, the technology didn’t keep up and on the other side this could be incredible. This could have massive gains for people who are early adopters and early investors. So I’m excited, this is some cool new technology and a new way of thinking and a lot of people are very excited about cryptocurrency and where it’s going in the future.

Will Bartlett
-Life Progression Project

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