I thought I would write as I have received some very interesting feedback after my writings on Bitcoin and Cypto currency which went through the eyes of over 60,000 people.
So apparently, I’m a hater, I don’t understand anything and I am an anti-bitcoiner or anti-coiner, whatever that is. It’s been pretty funny some of the feedback.
I do not recommend anyone buy bitcoin or any cryptocurrency
I do hold it myself (very minor amount now only as I can’t be bothered verifying my account to withdraw it on one platform), but that does not mean I am recommending anyone do buy it. I have written a lot about it as I find it interesting. In my day job is a licenced financial adviser, I do not recommend anything to do with money without the recommendations being provided within the law of the land’s framework and one’s personal situation being considered.
But if you want to buy some, you’re an adult and can make your own decisions. Knock yourself out. Just don’t tell me I “recommended” you buy it.
I’m not against Bitcoin or Cyrptocurrency, I’m against stupidity.
I believe if you do not fully understand any financial product or trading scheme you should not put your money in it. I believe if you have consumer debt (credit cards, store cards, car loans etc) you should be paying that stuff off with your money.
Let me be clear
I see a huge future potential in some type of electronic currency via the blockchain but considering how long this has been around (3 mins in comparison to traditional financial markets) don’t get done by hugely fluctuating crypto markets.
Google is the gold standard for a lot of our day-to-day lives but Google was not first to market.
Also, as it is Christmas time – you’re going to be seeing a lot of people at your aunt’s house who are “professional” crypto traders, they will tell you how much they have made, how much you should buy and when you should buy (YESTERDAY!!!). By professional I mean your second cousin who is an apprentice who has a personal loan for a car he can’t afford, still lives with his mother and has $790 of crypto. Yeah – I’m not taking financial advice from you, mate.
So what do you do?
Don’t get manic FOMO. You’ll make more money in the future by having good money behavours in your personal finance, investing each month in a quality index fund (as an example). Oh, if you want to get rich slow that is.
But what do I know.
p.s. it’s hilarious that one of the top google searches at the moment is “how to buy bitcoin with a credit card”.