Over the last few weeks, I reckon the number one question I get from people is “What do you think about crypto currency?” or “Is it a bubble that will suffer the same fate as the dot com fiasco?”
The answer is nobody really knows but one thing is for sure, it’s not going away anytime soon. If you haven’t heard of Bitcoin – and how the hell is that even possible?? – you should know how it, and other crypto currencies work, before you even consider investing. I did a podcast on a specific crypto currency on this blog but the following video does a much better job in explaining how all crypto currencies work:
Companies like KFC, Subway, CheapAir.com, Fiverr and so many more accept Bitcoin as a method of payment. That list is getting longer everyday and while I’m kicking myself in the face for not buying Ethereum when my neighbor suggested it over six months ago, I have been involved with a few others. Full disclosure, unlike one of my business partners who has done well with crypto currencies, I’ve not made money with any of them yet but I’m a glutton for punishment and quite frankly, I still believe in this 21st century financial opportunity.
Before you invest in any crypto currency, you must do your due diligence and you must also know this is high risk. Don’t let anyone tell you otherwise. There are three other factors you should consider; 1) invest what you are prepared to lose 2) get in early and 3) get out. It’s the wild west, folks.
The one I’m a part of is called Zouk coin. Apart from the hype, it already has its lending platform completed and will be ready to launch once the ICO (initial coin offering) is over on February 15th. Remember, while the upside can be huge, you must do your due diligence and only invest what you’re prepared to lose. You can sign up for a free account here.