Should we invest in Cryptocurrency?

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If I knew the correct answer, I’d have probably been a millionaire now, however, it’s not a mistake to study the subject.

First things first, what’s this Cryptocurrency? as per Wikipedia: it is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.

I believe most of us think about Bitcoin when they read something similar, the web has been in a complete disarray since this sexy beast hit the scene, frankly, I was skeptical, very, to be precise, turned out that I was wrong. Who ever invested back in 2013 (the exchange was even better before) paid an amount of $108 per 1 Bitcoin, by the time of writing this blog, every 1 Bitcoin is valued for $2,560 (see the below  images), these are some serious profits!

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Before you jump in and invest your money in Bitcoins, you have to understand that Bitcoins are not going to get you $$$, some experts said that this ship has sailed and if you have missed it, well, you have to find yourself another ship.

So, what are the remaining options? There are tons of other options, you can check this website which shows you real time exchange rates: https://coinmarketcap.com/

This is similar to Forex, except for the fact that our physical currencies are determined by gold and other factors, while Cryptocurrency is based on Marketcaps or Supply & Demand.

In addition to the above, if you are thinking about mining, it’s gonna be a long drive and you will probably overreach yourself just to score some considerable amount, as mining takes some serious equipment to create a “mining rig”, so if you’re thinking about digging with the fellows using a Laptop with an integrated Intel GPU chip, you will probably waste your time and face a risk of releasing an onslaught on your Laptop which alternatively fries it later on, but if you are thinking about investing some serious cash in mining, the best thing to do is to do your homework and understand the concept of Hashrates and all pertaining matters. If you are going to go for it just for the kicks, find out which Cryptocurrencies are most suitable to your PC/Laptop and don’t destroy your stuff!

Bottom line, should you invest in this stuff? Prior to making a decision,  you have to keep in mind the golden rule of investments “Don’t invest what you can’t afford to lose” you have to be prepared for plunges and downfalls, if you panic easily, it’s certainly not your thing, confer with your peeps or trusted people, preferably the ones who have some foresight and financially merited, if you have some cash to spare, allocate some in a currency basket and sleep on them!

 

 

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