Everyone is obsessed with cryptocurrencies it seems. Some mine them, others downright snub them. And there is a marked segment of people who are rather imprudently investing their livelihoods into them.
And even if cryptocurrencies look like a good idea to mine, and specifically bitcoin, you may want to reconsider. It may seem hard to believe, but you would be struggling to foot the bill of bitcoin mining alone before you have even made a decent amount of crypto assets. Actually, even 1 coin is one too many.
Let’s lead you into temptation first.
A Quora poster described the success of an acquaintance who had managed to invest in Bitcoin when the price was $1,500. Recently he sold off that $1,500 investment and turned a decent upmark on his investment, turning that $20,000 into significantly more.
However, this sort of investment is ludicrous to say the least. Taking out loans to invest into something that is beyond control may be a good plot for a movie, but in real world lives get affected, and not always in the best way possible.
Some would argue that such funds are better spent mining.
That is rather on the wrong side of the argument as well. Back in the dawn of mining it was still rather difficult to mine bitcoin – nobody really knew how much computing power the dogged tokens demanded. Several hundred video cards and hard disks later, the Internet was buzzing with the news. A lot.
Make no mistake. Cryptocurrencies investments are solid. And quite a handful of people have been clever enough to invest on time and be ahead of the pack.
We at Coincomparator would like to approach crypto currencies from merely the point of view of someone who reports on the news and for the most part quotes the sceptics.
We have been reading about people throwing in their money, pawning property and mortgaging houses just to buy a promise that they may be rich. It doesn’t work this way, and if you are someone who is in the hopes of getting a quick buck, you may have been grossly mistaken to believe that bitcoin, for example, is the way to do it.
Mining is even pricier. You can more easily buy than mine bitcoin. So looming is the danger of overusing of electricity (for which FIAT currency ought to foot the bill!) that experts are now worried that people may be on a collision course to ruin.
You ought to understand that there is no thing as free. Time is money. There are some alternatives out there that offer you to manually solve simple captcha codes and reward you part of a little-known cryptocurrency.
They would argue that you don’t have to invest your own money. But you actually DO INVEST, because the time you spent solving oversimplified captcha codes could have been spent doing something else and if not meaningful – at least with a guaranteed profit.
We at Coincomparator understand that it is difficult to juggle between bills, solid promises and self-improvement. However, we also believe that you reader must be able to differentiate between the plausible and downright improbable.
That is why instead of finding an upbeat note with us, you will more likely come to read about Jamie Dimon and Warren Buffet’s rather hawkish stance on crypto assets.
Yes, some out there on community boards such as Reddit and Quora may argue that you effectively have cryptocurrencies which are ‘rising in power’, but such claims are unsubstantiated. They are wrong because there is no legal framework to regulate them.
Mind that whatever you do, you need to keep track of your money. Investment is always welcome. Do not let your money sit around and accrue a small interest rate from your bank. Instead, try to read up and make right judgement calls!