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Should I start investing in bitcoin if I don't have any prior experience in trading?

Should I start investing in bitcoin if I don't have any prior experience in trading?

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Asked by H.Donna, Last updated: Jul 26, 2020

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h. George

Government employee and a part-time content writer.

H. George, Copywriter, MA in English, California

Answered Feb 26, 2018

It is risky to invest in bitcoin, especially if you do not have any experience in trading. The people who made a lot of money from bitcoin are people who invested when the price was really inexpensive.

Now the cost of bitcoin is much more, making an investment much riskier. Some people believe bitcoin will increase in cost while others think it will decrease. If you buy it when it is inexpensive the risk to you will be lower but no one knows for sure what will happen to bitcoin in the future. All trading is risky and bitcoin is no different.

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K. Keturah

K. Keturah

Answered Oct 21, 2019

It will be a risky thing to do by investing in something you have little knowledge about, and not to talk of when you seem not to have any knowledge about it. Investing in bitcoin when you don't have prior knowledge of trading might end up being a total waste. Investing in bitcoin is a little bit different from other types of investments because it is driven by a lot of factors.

This means a non-professional or someone without any knowledge of trading will not be able to do well at it. Bitcoin is very volatile; its price is not always stable. A novice won't know this, you won't know when to invest, what to invest in, and when to cash out whenever it seems bad days are in view. Though bitcoin has had its good days, investing in it at this point when you don't have prior experience in trading will be a huge risk.

 

Vineeta S

Financial assistant, investor, blogger, social media freak !

Vineeta S, Financial Assistant, Graduate, singapore

Answered Jan 11, 2019

Please avoid it. It would be a great risk to invest in a bitcoin at the moment.

 

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