If you have $100, which cryptocurrency should you invest in?

[skrimon]

Investing is boring as hell when you play it safe. You tediously remove small chunks from your paycheck, lamely put them away in some snooze-ass mutual fund, watch it all slowly appreciate over a period of many, many years, and then, finally, after you’ve inched close enough to death to smell it, you finally stupidly take it all out and spend it on some new toy for your nephew.

Ho-hum, who cares?This is why investing in Bitcoin, or the other cryptocurrencies that are currently out there, seems so exciting. It’s volatile, with massive ups and downs every few minutes, let alone over the course of a day.

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It’s hot and new, so you can show off your hipness to the kids. And it’s extremely confusing, meaning you’ll be in the driver’s seat during any crypto-forward conversations at cocktail hour or funeral processions.

Should You Do It?

Before you invest in cryptocurrency, heed some advice from experts in the field that I polled about such a move.Michael Cianfrocca, the managing director of communication at Charles Schwab, told me that "virtual currencies are highly volatile and still lack many of the regulations and consumer protections that legal tender currencies have.

Due to the high level of risk, investors should view Bitcoin as a purely speculative instrument that should be traded only with money that they can afford to lose.

"Parker Thompson, partner at the angel investor matchmaking website AngelList, told me cryptocurrencies "should be seen like venture investments, highly risky with a very small chance of massive upside.

The market is being driven by psychology today and has no fundamentals, so I put little stock in pundit predictions of future price movement. Nobody knows.

"Carolyn Wegemann, a public relations representative of Vanguard, told me that "given cryptos’ extreme volatility and lack of intrinsic economic value, [we] caution against investing in cryptocurrencies as they may expose investors to undue financial risk.

Cryptocurrency prices are generally not based on economic fundamentals, and have depended more on speculation about eventual adoption and use."

When is the right time to buy?

As with any market, nothing is for sure.

Anyone’s guess is just about as good as anyone else’s when it comes to predicting near term Bitcoin prices.

Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow, steady downfall until it stabilizes.

Use tools like our Bitcoin price chart to analyze charts and understand Bitcoin’s price history.
Thanks For Reading!

[DanielLee9]

BTC of course