Recently Bitcoin has exploded and I've been seeing more and more of it all over the internet. Last month is was worth 6k and today it topped at 17k. But is it safe to invest in?
So what is Bitcoin? Bitcoin is the biggest cryptocurrency out there at this moment, it was created by an unknown group who call themselves Satoshi Nakamoto. To simplify it, its a way to make payments online using its own dollar, or in another way its a treasury for a online dollar.
So is it safe to invest in? Yes and no. Answer this question, would you invest in the stock market? If you would, what stocks would you invest in? The less or more volatile ones? Lets take an example, Tesla (TSLA) has low volatility because there's no sign that their stock will plummet for no reason, compared to Jamba Juice (JMBA) theirs is high because they can jump from 20% and then drop 15% again. Bitcoin is more like Jamba in that way, over the last month they've gone up 181% but that doesn't mean they wont drop that much in the next month. If you wouln'd invest in stocks like that then investing in bitcoin might not be for you but if you would then you should at least dip your toe in the waters a bit.
So how much should I invest? Don't invest more than you can bite off. If you make $1000 paycheck and you invest it all and tomorrow the value drops your gonna be left with nothing. Try investing $10 or maybe even $100, if you lose it you wont feel as bad as losing your entire paycheck. BUT with that said right now it is jumping a lot. All I can say is be very careful.
How should I invest? Personally I use a app and website called Coinbase I've been using it for only a little while now and only investing some extra money I have. Coinbase lets you invest in 3 different cryptocurrencys, Bitcoin, Ethereum, and Litecoin. Pick the one you want to invest in or try them all, play around a bit but be careful with your money.
Good luck investing
-OrangeMango
So what is Bitcoin? Bitcoin is the biggest cryptocurrency out there at this moment, it was created by an unknown group who call themselves Satoshi Nakamoto. To simplify it, its a way to make payments online using its own dollar, or in another way its a treasury for a online dollar.
So is it safe to invest in? Yes and no. Answer this question, would you invest in the stock market? If you would, what stocks would you invest in? The less or more volatile ones? Lets take an example, Tesla (TSLA) has low volatility because there's no sign that their stock will plummet for no reason, compared to Jamba Juice (JMBA) theirs is high because they can jump from 20% and then drop 15% again. Bitcoin is more like Jamba in that way, over the last month they've gone up 181% but that doesn't mean they wont drop that much in the next month. If you wouln'd invest in stocks like that then investing in bitcoin might not be for you but if you would then you should at least dip your toe in the waters a bit.
So how much should I invest? Don't invest more than you can bite off. If you make $1000 paycheck and you invest it all and tomorrow the value drops your gonna be left with nothing. Try investing $10 or maybe even $100, if you lose it you wont feel as bad as losing your entire paycheck. BUT with that said right now it is jumping a lot. All I can say is be very careful.
How should I invest? Personally I use a app and website called Coinbase I've been using it for only a little while now and only investing some extra money I have. Coinbase lets you invest in 3 different cryptocurrencys, Bitcoin, Ethereum, and Litecoin. Pick the one you want to invest in or try them all, play around a bit but be careful with your money.
Good luck investing
-OrangeMango
