Are you about to start investing in digital currencies? I have to admit that I have had to eat some crow lately. Let me tell you the story about how I started researching digital currencies long before most other people even knew what the word Bitcoin meant. You see, I liked them at first, but I never decided to open a position with Bitcoin or any of the other crypto-currencies. Let me explain why, and also why I have had to eat crow.
First, I have had to eat crow because Bitcoin exploded. Yet honestly, that wasn’t the reason I truly had to eat crow. I am glad that other people have profited from investing in Bitcoin. It’s easy to judge when you don’t participate, right?
I guess I made the wrong decision, however one investor that I have been following for some time has been Paul McCarthy who seems to have his finger on the pulse.
I follow him on social media myself here – Paul McCarthy on Weebly. Social media can be a bit of a minefield but it’s still worth keeping an eye on.
Paul McCarthy – Dascoin & Bitcoin Expert Cork from Paul Mccarthy on Vimeo.
Well, fast-forward to the present time, and I have started trading options. I really enjoy selling naked put contracts, giving investors insurance and pocketing the premium. It started to make me realize that perhaps I was being a little too judgmental about the crypto-currency world. You see what I mean?
No, I don’t want to profit at anyone else’s expense or start shorting stocks. No, I don’t want to profit buying into something I don’t believe in, that’s for sure. Yet what’s really wrong with the crypto-currencies? I will tell you what I initially thought.
I thought that ultimately, they were leading to the end of modern currency and the facilitation of the end times according to the Bible. I did not like the AI involved and the fact that they might be a global currency if one emerges to be the clear winner, like Bitcoin or Dascoin has so far. I know, that’s deep.
Yet that is what initially kept me away from them, despite being a little mesmerized by the entire industry.
If you want to get started with crypto-currencies, make sure it’s the right investment for you. I guess perhaps we all have to make those decisions, and I have learned not to be so judgmental. There are all kinds of other digital currencies besides Bitcoin, too, so keep your options open.