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"Don't waste your money"- Here's why you shouldn't buy bitcoin or ethereum

SentienceReport
By SentienceReport | self meida writer
Published 7 months ago - 9100 views

Ever since the inception of bitcoin and its rise to popularity, several self professed online gurus have created bitcoin trading courses with the promise of making easy money and changing your life for good. Take it from someone who has invested in bitcoin: there's nothing easy about it.

Most people who buy bitcoin have unreal expectations and expect to acquire massive wealth in a short amount of time. This is far from reality.

You first have to understand the concept of Bitcoin. It is a "cryptocurrency" anonymously created by someone who uses "satoshi" as an alias.

The idea is to create a decentralised system of transaction using block chain technology. Bitcoin is not a stable currency because it isn't backed by anything and its cost is determined by how much people are willing to pay for it. Whereas the dollar for example, is fiat currency but it's more stable because countries need it to trade with the us.

Buying bitcoin is simply putting your faith in the decision of others. That's a very risky move, at least for now.

Ethereum is similar to Bitcoin but less valued. There's been a recent upsurge in demand but it's yet to eclipse Bitcoin. Everything stated about bitcoin applies to it except it was founded by a different individual.


The only way to gain money steadily from bitcoin or ethereum is through trading and unless you have an excess of funds you're willing to lose, you'd do well to steer clear of online trading. Only people who have substantial capital (already rich) can be assured of earning sustainable income from bitcoin. A few people become lucky when they trade, but it's not due to any 'secret strategy'. The only secret to trading is having expendable capital and experience. And the experience is gained from constant trading which comes full circle to having enough money.

So don't waste your money on scams that promise you quick profit. Earn money in more straightforward ways and when you have money you'rewilling to lose, you can try your hand at buying bitcoin or ethereum.

Content created and supplied by: SentienceReport (via Opera News )

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