We hear about Bitcoins and other Cryptos all the time… mainly from the ones that made a lot of money with them! As they are part of the investment world, here’s a guide to help investors understand what it is, what it is used for, the pros and cons, and Mike’s opinion and experience. If you’re a beginner in crypto, you’re at the right place!
- Cryptocurrency is digital money validated by computers all around the world. You can think about it as a chain of Legos. There’s no identity required to hold some… but that also means no protection.
- Bitcoin is probably the most popular or known crypto. But there are many others, like Ethereum. What are the differences, and which one seems more useful?
- Tokens are easy to create; it only takes a couple of minutes! NFTs are a type of it. However, many scams open the doors to hackers. Is the fun still worth it? How should you address such an investment? Mike shares his own experience.
- How can we explain the hype around Bitcoin and other cryptos?
- Why does Mike hate Bitcoins but like crypto? Is there even a difference?
- Many investors are tempted to say that Bitcoin is the new gold. But past performances tell a different story. Mike explains why he doesn’t see a correlation and what he thinks is the place of cryptocurrency in our future.
As we are in a bear market, you might be tempted to find new ways of making money, thus an interest in cryptocurrency. However, there are more reliable ways to ensure a comfortable retirement. Here’s a video on how you can invest during a market crash, most importantly, how you should manage your portfolio throughout this storm.
Mike’s opinion on Bitcoins didn’t change much over time. Here’s the article he referred to in the episode he wrote 5 years ago!
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