There has been a lot of talk lately about Bitcoins. Supposedly, a lot of people have become millionaires from investing in Bitcoins.
A few months ago, I rarely heard about Bitcoins. Now I am inundated with Bitcoin ads, Bitcoin articles, Bitcoin videos, Bitcoin emails, etc. It seems as though more and more companies are popping up everyday offering to sell Bitcoins.
Unfortunately, investing in Bitcoins is a gamble. It’s like playing the lottery or playing the slot machines in Las Vegas.
It is normal to feel that if you don’t get involved you will lose out. That is human nature. However, you must be careful. With all the things I’m hearing lately about people scrambling to get involved, I’ve become very worried.
I fear that some people will wake up one day with their total life savings gone, unable to pay bills and become homeless.
If you are going to invest in Bitcoins or anything else, please read the information below before you proceed.
Things Not To Do When Buying Bitcoins
-Do not invest all your life savings.
-Do not invest money that you cannot afford to lose.
-Do not invest your rent money or mortgage payment.
-Do not take money from you IRA or 401k.
-Do not mortgage your home to buy Bitcoins.
-Do not take out a loan to buy Bitcoins.
-Do not connect your main savings account to a Bitcoin exchange. If necessary, open a new account that can be used for this purpose.
-Do not promote a Bitcoin referral link sharing your real name, your account number, your email, etc. This could cause you to become a victim of hacking.
-If someone calls you or sends you an unsolicited text or email asking you to buy bitcoins, don’t fall for it.
-If someone says you have won Bitcoins, don’t fall for it.
-Be very skeptical of new companies joining the Bitcoin market.
Things Buyers Should Do
-IF YOU DECIDE that you want to buy Bitcoins, do your research and learn as much as you can about crypto-currencies. Research! Research! Research! Learn! Learn! Learn!
-Be aware that the value can go up and down. You could lose your money.
-Do an online search for reviews on the Bitcoin company you are thinking of purchasing from. If there is very little information online or no information at all, it could mean that the company is very new. Keep scrolling to see if you can find information. I personally would not invest with a company that I could not find information on.
-Check with the Better Business Bureau (www.bbb.org) to see what comments and ratings exist on the companies and websites you are considering.
-Find out as much as you can about the company before you give them any money, like how long they have been in business, their reputation, their fees, etc.
-If you do decide to invest, only invest a small amount of money. Most companies will let you start with $100 or less. Unfortunately, Bitcoin has been very volatile. The value often goes up and down.
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