I wouldn’t put $0.01 in Bitcoin or Cryptocurrenties

I wouldn’t put {videoTitle}.01 in Bitcoin or Cryptocurrenties





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I am not investing money in or buying Bitcoin or other cryptocurrencies. I have gotten hundreds of comments from people asking about Bitcoin and the cryptocurrency craze. I am sure I will catch a lot of flack for having an opinion against Bitcoin, but nonetheless you asked and I delivered.

There are three main reasons as to why I will not be buying Bitcoin or investing in Bitcoin.

The first reason is due to the fact that I don’t understand it. While I understand the basics, I don’t have a full understanding of the blockchain payment networks. My number one rule when it comes to investing is only to invest in things you fully understand.

The second reason why I won’t be buying Bitcoin is due to the volatility. I do not invest in volatile assets. If anything, I occasionally trade them if they meet my number one rule of being something I fully understand. Volatility is not something you want in a long term investment. The rapid appreciation in the price of Bitcoin makes me feel like this may be a speculative bubble. I may be wrong, and I am sure you will not hesitate to correct me if I am.

The third and final reason why I won’t be investing in Bitcoin is due to the low transaction volume.

Average Daily Transactions (7 Day Average)
December 31st 2016: 258,197
September 1st 2017: 251,543

Increased awareness and interest surrounding Bitcoin should be resulting in an increase in transactions. To put this into perspective, Visa alone handles 150 million transactions each day. Based on the September 1st transaction data, for every one Bitcoin transaction each day there are 596 Visa transactions. The Bitcoin payment network has a crumb of the total transaction market share.

At the end of the day, Bitcoin is a currency and as such it should be active. It should be changing hands. Most people are buying and holding Bitcoin, and as a result this defeats the purpose. Due to the volatility, I don’t see Bitcoin as a functional currency and I am skeptical of whether or not it ever will be.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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