[moltuae]

Originally Posted by tonupkid

Its good if you can detach from previous value of whatever your investing in and make decisions based on where you think it will be going. This is easier said than done.

I attempted buying quite a few Bitcoin several years ago. It was not a lot of money but Bitcoin were only about £300 each. My transaction didn't go through for some reason and by the time I came back to sort it out the price had increased significantly to about $400, so I backed off. LOL can you imagine turning down Bitcoins for $400 each, and that's my point. Don't worry to much about what's gone, concentrate instead on where you think its going.

That's a very good point. And I think that's one of the main barriers for investing, and not just for Bitcoin. If you plan to invest long-term I think, to some extent, you just need to forget the price and jump in. And if the price plummets just after you buy (as it seems to do every time I buy some more BTC!) you just have to hold and wait. I suspect anyone who bought at the top in 2017 and subsequently panicked, selling at a loss as the price plummeted, are really kicking themselves now.

I paid around £25 for the first whole BTC I bought. I bought it to gain access to a file-sharing site, which I think cost something like £15. At the time I knew little about Bitcoin and figured it was just some kind of token for gamers or whatever, so even £25 seemed like a lot to pay for 'funny money'. Luckily I kept my £10-ish change (which is now worth around £7000), but it wasn't until a year or two later, when 1 BTC was worth a couple of hundred pounds that it piqued my interest. That's when I began studying what it was and how it worked and started mining and investing more. Every single time I've bought more Bitcoin over the years though, even in the last few months, I've held back then wished I'd bought more later. With hindsight it's frustrating but it is better to be cautious.

Originally Posted by tonupkid

Last thing, and I promise to shut up. Be cautious. Bitcoin and cryptocurrency differs from other investments in that it has a history of the trading platforms going up in smoke along with whatever your were holding.

The old saying "never invest more than you can afford to lose" definitely still applies. However, while investing your life's savings in Bitcoin would be crazy, given Bitcoin's potential and the state of the economy, I think it's even crazier to invest nothing at all. I believe that everyone should add at least a small amount of Bitcoin to their investment portfolio.