As a digital marketing expert, Nick Pulos has worked with a lot of clients. Among entrepreneurs, he has met several Bitcoin traders. If there was ever an industry that embodied the adage “high risk, high reward” it is unregulated digital frontier of cryptocurrency.
Due to his interaction with these traders, a lot of people ask Nick about this lucrative industry. While people have made a fortune in a day, they have lost that wealth just as quickly. Based on his observations and business savvy, Nick has some words of wisdom for people who are thinking about investing in Bitcoin.
First off, learn from a trader who is as experienced as they are legitimate. Unfortunately, there are a lot of unscrupulous people out there, so seeking out an honest mentor is a chore in itself. One of the reasons this is so important is because cryptocurrency is a unique chain of code stored on decentralized servers. If you cannot access the server, you cannot access your investments.
If only one person has access to millions of dollars’ worth of digital currency, they can, figuratively, take the money and run. A few years ago, a similar situation happened when the single individual who had access to a crypto server died, leaving no instructions how to access the server. In that moment, people lost fortunes as the funds cannot ever be recovered.
While some investments are relatively stable, others are volatile. Cryptocurrency is one of the riskiest investments a person can make due to its volatility. One year, the value of a single Bitcoin soared from $900 to $20,000. The opposite can happen when that $20,000 value reduces exponentially to an even lower number. Cryptocurrency trading and exchange is another moneymaker, but it is equally risky as the currency must be exchanged for another form of money (such as the US dollar) at lightning speed based on its changing values.
Nick ’s last piece of advice when it comes to Bitcoin, expect the unexpected. This field has a lot of unknowns as we barely understand how cryptocurrency works. Essentially, Bitcoin investors are learning as they go, making or losing fortunes during this high-stakes education. Nick is transparent when it comes the risks of crypto, but he will not play down its tremendous rewards.
