“DON’T BUY BITCOIN”
When I first was thinking about investing in Bitcoin back in 2014, that's what I heard all the time. I listened to the Fear Uncertainty and Doubt #FUD stories about Bitcoin that were in the media and the internet were telling at the time.
I decided not to invest.
It was only 3 years later in 2017 when I started doing my own research #DYOR and challenged some of the negative comments. Following this, I decided to buy some Bitcoin and I haven't regretted it since.
The recent FUD statements that are being thrown about are once again across the Crypto space are putting people off investing in Bitcoin.
This Blog goes through such negative statements and challenges them.
Here we go:
#1 It's used for fraudulent activity and is only for criminals.
Yes in some cases it may have been used for fraud. However, it’s important for us to put things into perspective. Remember, the scale of dollar fraud amounts to Trillions of Dollars every year!
Also, Bitcoin is on a decentralised network which means it's independent, open and transparent. If you want to commit fraud on the network, there's nowhere to hide!
#2 It uses so much energy and is harming the Environment!
Yes, Bitcoin mining does use up energy. However, a lot of miners are now using eco-friendly energy sources such as Volcano, Solar, Wind and Hydro Energy.
Let's also put things into perspective, other industries (such as the airline, farming and fossil fuel industries) have a larger Carbon Footprint than Bitcoin and Crypto.
#3 It's so expensive - I can't afford it.
The price is currently around $20,000 dollars per Bitcoin (2022). Prices have fluctuated considerably over the last few years from $3,000 to $67,000. There's no perfect time to buy, but its always good to come in at the bottom of the cycle.
In the not too distant future there will come a time where it will become impossible for people to buy an entire Bitcoin (unless you are ultra rich and wealthy!).
However, you could always buy a little bit of a Bitcoin in the form of SATS, similar to how investors generally buy grams or ounces of Gold rather than an entire Gold bar. (1 BTC = 100,000,000 SATS).
#4 It's so difficult to buy it - I just don't know how to do it?
You can purchase Bitcoin instantly at the touch of a button through various platforms. Mose Crypto users utilise Crypto.com or Binance.
Click on the links below to sign up to an account and at the same time get some free bitcoin and save on fees. It also helps the Crypto Bitesize team to buy Tea and biscuits for the office! 🤣
REFERRAL LINK TO SIGN UP TO BINANCE TO SAVE ON FEES- https://www.binance.com/en/register?ref=REOT29A5
REFERRAL LINK TO SIGN UP TO CRYPTO.COM TO GET FREE CRYPTO - https://crypto.com/app/uysr97ruvd
Also, Click on the link above to go through the steps of buying your first Bitcoin on Coinbase.
#5 It's not backed by anything - Bitcoin is a pyramid scheme.
Neither is the US Dollar! It used to be until the 1970s when former US president Richard Nixon decided to de-peg the Dollar from Gold, causing the Dollar to be backed by NOTHING.
Bitcoin, can be valued based on its independent blockchain network which validates transactions openly and transparently.
However, Bitcoin has recently been priced up mostly on speculation, supply and demand. When it reaches mainstream adoption its price is expected to fluctuate less and stabilse.
#6 Bitcoin is just a bubble 💭. It will go to 0!
They once thought that Personal Computers wouldn't last and no one would buy one for personal use in their homes.
They said Mobile Phone devices would not last! Who would want to carry ‘bricks’ everywhere you go.
They said similar things about the Internet and that it would not last.
Give it to the end of the decade, Bitcoin and Crypto will become an Investment Asset Class. Once regulation is in place, Institutional Investors and Pension Schemes will invest their Billions in digital assets and include them in their future portfolios to generate stable growth and revenue.
Fear, Uncertainty and Doubt is the principal weapon of financial institutions against Bitcoin. But, no matter what your Bank, Broker or Fund Manager tries to tell you; you have nothing to fear from Bitcoin.
The moral of this Blog is to not listen to what someone says about Bitcoin on Social Media or advice from your Bank Manager. Do Your Own Research #DYOR on #Bitcoin and come to your own conclusion on whether to invest in Bitcoin and other Cryptocurrencies.
I am so glad that I made the decision to be bold and invest in Bitcoin and Crypto back in 2017. I have done well from it and am looking to grow my wealth further in the upcoming years.
Hopefully, your own research and conclusions in Bitcoin will be a positive one.
Crypto Out!