Should I buy Bitcoin?
Ever since Bitcoin almost reached USD 20,000 in December 2017, “Should I buy Bitcoin?” has been among the most popular questions, closely followed by, “Should I buy Bitcoin now or am I too late?”
To preface this, we must say that we are not financial advisors, and this guide should not be taken as advice. This guide will answer your question, “Should I invest in Bitcoin?” only with the risks you must be aware of.
So, you had heard about Bitcoin a few years ago and dismissed it. After seeing its incredible climb, you realized you should have bought then, and today you would have been a rich person. This is called FOMO, or Fear Of Missing Out, and you’re not the only person struck by this.
First, you need to understand that it is a bit like playing the lottery. There is absolutely no guarantee that you will become rich overnight. However, investing an amount you can afford to lose might be a way to incentivize yourself to follow the market and know what is going on.
But should you buy Bitcoin now? We don’t know, in short. Even if someone claims that they know, there is absolutely no guarantee it’s true. Just take a look at the range of different forecasts. Even if someone was right in the past it does not mean he/she will be right again.
There is a saying, “Buy the dip, sell the peak,” if you want to earn money. However, if you wonder, “Should I buy Bitcoin now or wait?” you have to understand that there is no way to recognize a dip until after the prices start climbing again.
In short, you could lose everything - it is unlikely, but you could. This goes especially for altcoins. In either case, don’t forget - never invest more than you can afford to lose and do your own research before making a final decision.