Cryptocurrency advise

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@UmiNoor (4522)
Malaysia
March 26, 2024 12:50am CST
My sister asked me about investing in BitCoin. I'm not very informed about cryptocurrency but as far as I know, it's just imaginary money on the Internet. I may be wrong so I would just like to know if there are anybody on MyLot that knows anything about BitCoin and cryptocurrency? Is it a good investment?
6 people like this
7 responses
youless
@youless (112562)
• Guangzhou, China
26 Mar
So far it is very expensive and that means to say it is also risky. I won't invest to something this expensive if I don't know it very well.
2 people like this
youless
@youless (112562)
• Guangzhou, China
26 Mar
@UmiNoor I agree with you. Especially what if one day the government bans it, it will be another big problem to exchange.
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
26 Mar
@youless I never thought that the government will ban cryto but I've read that some countries do ban crypto currencies. I don't understand how crypto coins work. How does it become of any value when it's not even real?
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
26 Mar
That is what I told my sister. It's not cheap and if she still wants to invest she has to have lots of money if she wants to see a substantial return. I did not recommend her to invest in crypto currency. It's expensive and risky.
1 person likes this
Anna
@LadyDuck (471968)
• Switzerland
26 Mar
I fully agree with @youless, it has increased too much in value in a short time. It is risky.
2 people like this
UmiNoor
@UmiNoor (4522)
• Malaysia
27 Mar
Yeah right. The value is so exorbitantly high. It's like to buy just 1 bitcoin can put you back in the tens of thousands of dollars. I wonder where and how this imaginary currency gets its value from. It's not even backed by gold like the normal currency.
2 people like this
Anna
@LadyDuck (471968)
• Switzerland
27 Mar
@UmiNoor This is a very good question and it's always what I ask to myself. This currency is not even backed by gold, it's all fake and it can drop and disappear should the governments decide that it is illegal.
1 person likes this
Jessica
@JESSY3236 (20046)
• United States
26 Mar
I wouldn't. Like other people said it's expensive. I once thought about getting bitcoins from some online work, but I found out it would take a long time to make enough bitcoins to make a US dollar.
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
27 Mar
Yeah I've come across websites that pay with crypto. I stay away from such sites. I don't even know if the earnings will get to my pocket.
1 person likes this
Mildred Tabitha
@mildredtabitha (16126)
• Nairobi, Kenya
26 Mar
I invested in cryptocurrency few years ago and lost money. It's a risky form of investment.
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
27 Mar
I'm sorry to hear that. My husband bought crypto once and I've never heard anything about it after he bought it. It is a risky investment.
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
27 Mar
@mildredtabitha Good for them. I think this kind of things is only beneficial for those who got in at the ground level and then after that it's too late to get in.
1 person likes this
Mildred Tabitha
@mildredtabitha (16126)
• Nairobi, Kenya
27 Mar
@UmiNoor But there are people who make profits.
1 person likes this
Akaninyene Etuk
@akanetuk (2135)
•
27 Mar
My advice is for everyone to do a proper research before diving in. Usually just like stocks, cryptos have their high and low, buy low and sell high.
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
27 Mar
Great advise. Must always do the research. Buy low and sell high. Thanks for the advise.
Silvanos Ojiambo
@Silvanossilva88 (79)
• Nairobi, Kenya
26 Mar
I had the same doubts though..but the idea of investing there is enticing
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
26 Mar
I totally agree. I've heard about people making a lot of money in bitcoin but I also have heard about people losing money with bitcoin. So I don't know what to believe about this cryptocurrency.
1 person likes this
Silvanos Ojiambo
@Silvanossilva88 (79)
• Nairobi, Kenya
26 Mar
@UmiNoor sometimes we have to take risks.. everything that is successful there are some risk involved in it
1 person likes this
UmiNoor
@UmiNoor (4522)
• Malaysia
26 Mar
@Silvanossilva88 Definitely taking risks is part of being successful but we also mustn't be reckless. We have to do our due diligence and make sure that we take calculated risks and not just being reckless.
May2k8
@May2k8 (18389)
• Indonesia
27 Mar
Bitcoin is very risky because now the price is high and at any time after the halving the price could fall again, you have to know when to buy and sell it.