It’s 2019 now. Do you still recommend newbies to buy Bitcoin?

It is becoming increasingly difficult to understand the trend of Bitcoin. A few days ago, Bitcoin plummeted, and many analysts saw it at $8,000, $6,000, or even lower. Unexpectedly, it rose back to $11,000 in just two days.

Even though the market is so volatile, many people are still confident about the price of Bitcoin in the next few months, one or two years. Some people predict that this round of market will reach 20,000, 30,000 or even 100,000 US dollars. In this context, would you recommend novices to buy Bitcoin now?

In the Bitcoin forum, a poster raised this question, which attracted more than 500 replies. Below we have selected three different viewpoints to share with you.

If you want to lose a friend, recommend him to buy Bitcoin

In the first half of 2017, Bitcoin was only one or two thousand dollars per coin. I kept recommending Bitcoin to a friend, but he was unmoved. He thought Bitcoin was worthless and advised me to sell all my money.

Who knew that in December 2017, a friend called me and said, "Did you know? I just bought 2 Bitcoins for $19,000! "

I felt bad when I heard this. Although I recommended him to buy Bitcoin, I told him to buy it at $2,000, not $20,000! I had no choice but to reply to him on the phone: "Good luck."

Everyone knows what happened to Bitcoin later. He only contacted me once in 2018 and told me: "I lost a lot of money on this shitty Bitcoin..."

After that embarrassing and suffocating phone call, I realized that for people who don’t believe in Bitcoin, no matter what you say, they won’t believe it, but as long as the price of Bitcoin goes up, they will believe everything.

No matter what the market is like now, I will not persuade anyone to buy Bitcoin or other cryptocurrencies, especially newcomers who have no knowledge of cryptocurrencies. If you just want to buy a few coins and make a profit from them soon, then this is a gambling behavior rather than an investment behavior. How can I encourage people around me to gamble?

If someone asks me again whether or not to buy some Bitcoin, I will simply answer: “Read and learn about Bitcoin, then make your own decision.”

No one knows when is the best time to buy

I first learned about Bitcoin while browsing the dark web in 2013, when almost no one around me had heard of it. But during the period when Bitcoin was rising the most, it seemed as if everyone was an old friend of Bitcoin.

“Should I buy Bitcoin?” became a hot topic at the Thanksgiving dinner table in 2017. My relative bought $1,000 of Bitcoin on the spot at the suggestion of my brother-in-law, but within a month, he lost $450.

At last year's Thanksgiving dinner, no one in our family talked about Bitcoin.

Bitcoin has been rising in recent months. Every day, someone sends me messages on Facebook asking for investment advice. I usually answer directly: " No one knows when is the best time to buy. I can't guarantee that if you buy Bitcoin now, it won't be 20% cheaper next month."

If new people ask me where to buy Bitcoin or how to buy Bitcoin, I usually answer them patiently.

But I will still give them a heads-up and warn them that Bitcoin may plummet by 80% to 90% at any time, and may not even make back the investment within a few years. If you cannot tolerate this price collapse, it would be safer to buy bonds, stocks, or gold.

In addition, I will put forward a series of "disclaimers":

Find out what you are investing in.

Invest money you can lose.

Don't rush things, be patient.

Store the coins in your wallet and keep your private key safe.

Don't let social media control your investing emotions.

In my opinion, not everyone can become a qualified Bitcoin investor. When the price plummets, some people will blame you for making random recommendations. When the price soars, they will blame you for not telling them earlier. Instead of wasting time on being a free investment consultant, it is better to study other ways to make money.

Everyone deserves 1 Bitcoin

"Is it too late to enter the market now?" Absolutely not. Although the current price is $10,000, believe me, when Bitcoin was only $5,000 or $7,000, you would ask the same question.

I made some mistakes in the early years, and recommended others to buy Bitcoin at the wrong time, but now I still think everyone deserves to have 1 Bitcoin. Of course, if you don’t have much money, you can start with 0.1 or 0.001 Bitcoin. The reasons for the recommendation are as follows:

1. Bitcoin is independent of any central agency, and no government or central bank can regulate it;

2. Compared with other traditional online payments, Bitcoin has lower fees, especially for cross-border transfers;

3. There are many cryptocurrencies in the world, but Bitcoin is by far the most collected by users and has the largest market value;

4. Bitcoin is digital gold and has a safe haven effect. People in Venezuela, Argentina, Iran and other countries regard it as a treasure.

5. More and more companies and capitalists are improving the Bitcoin ecosystem, such as wallets, payment services, etc.

6. Bitcoin is different from ordinary currency. It is deflationary and the total amount is limited to 21 million (due to losses, the actual number is less);

7. The blockchain behind Bitcoin has been considered a technology that can change the world. In fact, many countries and industry giants are using this technology.

8. The market value of gold is 7.8 trillion US dollars, the market value of Apple is 1 trillion US dollars, the market value of Amazon is 970 billion US dollars, and the market value of Bitcoin is only 200 billion US dollars, so there is still a lot of room for growth.

But it must be said that Bitcoin is still a highly volatile investment product. Under no circumstances should you invest in Bitcoin with money that you cannot afford to lose, especially if you take out a loan to buy Bitcoin.

Conclusion

It is said that "it is wrong to buy a coin and not participate in pyramid selling", but if you encourage others to go all in without them understanding the situation, it is obviously irresponsible behavior.

There is unfairness behind any investment, and there will only be a few winners, especially in the cryptocurrency world.

Whether it is $5,000 or $10,000, no matter when you enter the Bitcoin market, you can think that it has the potential to rise 100%, but you must also be prepared for a 90% drop in the future.

What about you? Would you recommend newbies to buy Bitcoin?

Author: Mashaka