Answer to the question “Is Bitcoin right for me?”
It all depends on what the money is going to be used for. Bitcoin is not
the place to invest savings which are for a house deposit or vehicle.
Bitcoin is not a substitute for your country’s retirement scheme.
Because of its volatility only discretionary spending money should be
used for buying bitcoin. What is discretionary spending money? It is
money that you can fully afford to lose. Some examples of
discretionary spending are money which is used for betting on horse
races or lotto, money used for dining out, and holidays. If you have
debts then any discretionary spending money you have should be
used to reduce that debt. Less debt also means less interest you
have to pay to service that debt.
The other factor to consider when deciding whether bitcoin is right for
you is your risk profile. If you have little tolerance for risk then bitcoin
is not for you. Life is too short for you to be constantly losing sleep
over how your bitcoin investment is doing.
In a nutshell, the only money which should be used for purchasing
cryptocurrency is money which you can fully afford to lose. And then
maybe, you will get a good night’s sleep.
Thinking about giving cryptocurrency a go? Here is something which
may interest you
https://coinbase.com/join/gochwv
