Bitcoin or sh#$coin???

Investing in crypto currency can be quite confusing and navigating the different sites can be quite a daunting task. Where do you start? I guess when I was checking out Bitcoin several years back It was in the 40’s, I probably should’ve bought a few coins, but I didn’t and you see how that turned out🙀! The whole thing seemed like kind of an abstract concept, a fake coin that I can’t really use for anything and I would never see or hold, sounds stupid and pretty worthless to, me ha ha ha! 😂 I, like most people don’t have $13-$15,000 to spend on Bitcoin at today’s prices so I’m probably just gonna stay out of it for now. In my next post I will get briefly into alternatives or should we say alt coins for the average Joe, as well as give some predictions. For now I just want to share some information and give a fair warning to those who would like to invest in altcoins but don’t know where to start. I’ve been asked several questions over the past year including how to buy a bitcoin and about these “hot ICOs” that everyone has been trying to market. It appears that the vast majority of altcoins or ICOs are basically worthless scams. It appears that anyone can create an ICO and have a ton of people wanting to join in because of the Bitcoin craze. Two words when it comes to crypto investing, caveat emptor or buyer beware. General rule of thumb, never invest in anything you don’t fully understand unless you like to gamble. I was recently asked about an MLM for an ICO, it was supposed to be a way to invest in an ICO by making commission off of getting someone else to buy into it. My response was to stay away from this total scam. I don’t even like MLM’s for supplements and other types of products let alone crypto currency. The company was looking for a monthly investment from people in order to gain a commission off the sale of an ICO. Why wouldn’t you just take the money you would invest monthly and then buy a real legitimate Cryptocurrency and getting all the price appreciation and best of all, not get scammed out of all your money? Makes sense to me, but apparently not to everyone. I guess I’ve done a lot more research than most. The sad thing is that there’s gonna be a lot of people getting scammed by these things just because they’re afraid of missing out on something big. I would make the comparison that ICOs and other small cap crypto currency‘s are similar to bulletin board and pink sheet stocks with very little in the way of information or transparency, which means they are extremely risky. You may have better luck at the roulette table. If you don’t understand cryptos, then invest in the stock market, if you don’t understand stock market leave your money in a savings account in a bank and wait for Social Security payments to come through!
I must stress the importance of never investing in something you don’t fully understand or expect to be taken advantage of or lose all your money. Don’t mortgage your house or take out a loan to buy cryptocurrency because it is extremely volatile. Never risk more than you can afford to lose. The great thing about cryptos is that a small amount can get you a huge return if you make a good pick.
My advice is just to educate yourself and to buy some altcoins from one of the legitimate exchanges, I know it’s easier said than done, but I would also say better safe than sorry. Another phenomenon I have noticed is companies changing their names on the stock exchange to make it look like they are investing in crypto currency in order to boost share price. Another unethical practice In my opinion, which sometimes yields short-term gains without any fundamentals to back up share price. There is currently only about one ETF that’s tied to the price of the bitcoin so I would just use extreme caution when investing in anything else. Overall crypto currencies can be very risky investments in that most of them don’t have any fundamental to back them up, so be extremely careful when getting into this type of investment never wears more than you can afford to lose right now. In my upcoming posts I will be getting more in depth into cryptos and spotting some potential winners.