Would you consider investing in Bitcoin?
By amirev777
@amirev777 (4117)
India
May 9, 2020 2:02am CST
Bitcoin is one of the most volatile cryptocurrencies. It was just above $ 10000 in February 2020, dropped down to $ 4000 in March 2020, and then again spurted to almost $10000 in May 2020. Would you consider investing in such a volatile cryptocurrency?
6 people like this
8 responses
@bluelion (625)
• Philippines
9 May 20
Yes, I do it sometimes. We have an app in our country where you can convert Peso to Bitcoins and vice versa. When the price of bitcoin is low, I convert my peso to bitcoin, then when the rate gets higher, I then converted it back to Peso. It's similar to stocks.
2 people like this
@porwest (92404)
• United States
9 May 20
I should just put a disclaimer here. Bitcoin is NOTHING at all like stocks. Stocks are valued by companies that exist and earn profits, and those values are based on future potential earnings. Bitcoin has no revenue stream and there is absolutely nothing backing it up. Not like stocks at all.
1 person likes this
Are You Mexican?
@louievill (28851)
• Philippines
9 May 20
Volatility is what makes it possible to make a lot or lose a lot. I have cryptocurrency but I hodl it more irregardless whether the price is high or low, I use it as a hedge incase fiat currency tanks. It's always wise to diversify assets if a person has the means to invest on something if it won't hurt and it's money a person could afford to lose.
2 people like this
@amirev777 (4117)
• India
10 May 20
@louievill Yes hodl.. that's a wise decision.
1 person likes this
@indexer (4852)
• Leicester, England
9 May 20
Absolutely not. For any investment you need to know what underlies it, otherwise it is merely a "bubble" that could burst at any time. Investing in Bitcoin is a gamble and, as with any gamble, you should never commit more than you are willing to lose.
2 people like this
@amirev777 (4117)
• India
9 May 20
@indexer Yes I surely agree with you...now with this Covid wreaking mayhem all over the world and apparent economic slowdown, Cryptos are going to become more volatile, and therefore very risky investments. Nevertheless, I had invested a small amount when it was about 4K in March now it is nearly 9K, so I think it's best time to exit. I did make some profit though.
@porwest (92404)
• United States
9 May 20
I invest quite extensively, but this is an area of investment that would not interest me in the least. Crypotcurrencies simply have no real value and nothing backing them up. Their value could drop to zero in an instant. It's simply not something that is truly stable.
1 person likes this
@amirev777 (4117)
• India
10 May 20
@porwest So you Invest extensively in stocks, is it?
1 person likes this
@piyushbhatia1 (11695)
• India
12 Jul 20
Cryptocurrency is being used all the time to transfer money from one place to the other. Just look at blockchain website. It is so encrypted that it can be used for all sorts of illegal purpose.
