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Is it worth investing in cryptocurrencies?

R · 4 months ago · 5 replies · 355

I've been on the fence about investing in cryptocurrency, I already have $3 worth of Ethereum that I got from a survey website, I didn't pay money for it I spent my time taking surveys and doing tasks. Bitcoin is obviously worth way more than Ethereum and is the oldest crypto. My question for the community, is it really worth trying to invest in crypto and is it similar to to investing in gold or should I completely ignore crypto and just hold on to the little crypto I have.

5 replies

· 4 months ago

If you do, pick a good one. They are not all equal. And only what you're willing to lose because that could happen.

· 4 months ago

I think it's okay if you want some diversification outside of the system and already have a good investment into gold and silver. However, quantum computing is coming and that is very scary. Nothing will be safe online when that comes and neither will cryptography for cryptocurrencies.

All these cryptos like Bitcoin are based on old technology. It came out in 2009 and the NSA wrote the Whitepaper in 1996(It was named: “How to make a mint: The cryptography of electronic cash” It detailed blockchain tech and how to make ‘electronic cash’. This was one of the first reported aspects of digital currency being prevalent in government bodies.) , it was experimented on well before Bitcoin hit the scenes. If someone creates a new coin with modern infrastructure that performs the same function but better then what would happen to the original bitcoin?

· 4 months ago

I never got into cryptocurrency as I've never seen a reason to. If I can't buy what I want or pay my bills with it, then what is the point?

· 4 months ago

You an invest in crypto just like in gold or stocks. Just like you get dividends on your stocks, you can also get staking rewards from your crypto. However, you need to understand a couple of things, one, be careful about what crypto to invest, two, invest for a long term, and three, do not panic sell.

· 3 months ago

The key is not investing everything in cryptocurrency. This is because cryptocurrency is a very volatile asset to put everything you have in. It's like gold when comparing volatility.

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