Beginners guide to investing in Bitcoin and other Cryptocurrencies

The intent of this site is to provide basic information about the new digital currency (cryptocurrency) that has the likes of nothing we have ever seen before. Many who hear about it have no idea what it is or how it works. This new form of currency can be compared to the Internet as it came to be. No one really understood what it was about or the benefit it would bring. Until more and more people started using it and talking about and profiting from it. Now, we can’t live without it.
The reality is that you don’t need to be an engineer or a programmer to use the internet. The same can be said about Bitcoin and other cryptocurrencies.

Bitcoin was the first crypto currency designed to be an alternative to our current financial system.  It is a peer-to-peer electronic cash system as described by Satoshi Nakamoto in 2009. Since then many other crypto currencies have been developed, each designed to solve a particular problem or serve a particular niche.

As of November 2017 there were over 1300 cryptocurrencies with a combined total market capitalization surpassing 200 billion dollars.

Paralysis by Analysis

Making a decisions on how and where to invest your hard earned money can be paralyzing.  Nobody wants to lose money and yet, we see so many others take chances and make money.  Allowing that fear to take control and not acting can also hurt us financially in the long run.

Limit what you are willing and able to lose without a catastrophic outcome and execute.

Simple Advice

The advice that I like follow is one that limits my risk by investing only the funds that I can afford to lose without hurting my families’ wellbeing.  That means that I look at the total I am willing to risk (and lose) if this market were to go belly up and all these currencies disappear, the absolute worst that can happen is you lose your initial investment.  That will hurt for a while and if you’re like me, you’ll go through some drama and shed a tear or two but food will be on the table and the rent will be paid on time.

Disclaimer

I am not an attorney, an accountant, or a certified financial advisor.  I’m a private investor that sees a bright future for the rest of us!

Always seek the advice of a professional when making any investment decisions.  Just don’t wait too long to act!