We thought of various stratification before we put this one down, but hey, there is no fair way to stratify human beings right. Besides check boxes just reduce you to a few tinges of yourself. Why bother. But, then we came up with this idea, to resolve issue and explain not in terms of archetypes but facts, that what are the kind of people who buy Bitcoin.
Who is it for?
For everybody, but more importantly, for you. Yes, it gets really confusing when websites targeted at forty-year and above aged investors – serious white men and sometimes people of color and even less times women, tell you that hey! bitcoin is for you, the younger gens. But, its not half false, it is for you. They just fail to explain the how and why part of things.
Here’s why people invest in bitcoin:
To make money via trade
They look at it as a serious career
To make money via storing value and then selling in future as value accumulates
They get a rush playing with valuable assets
They find the offers exciting
They like the label, think it is hip and trendy
They do not want to be left behind if it turns out to be the only medium people trade in, eventually
They hear great stories
So they can brag about it
Just for the laughs.
So, is it okay to invest in Bitcoin?
The popularity factor has made bitcoin the safest or at least most acceptable cryptocurrency. There are a minimum of 1700 more. And, this is a very sober number compare to what analysts have in minds for future. This is already about 8 times more than fiat currencies and at a 12x speed of the time it took to develop fiat currencies. Such a quickly moving graph, bad right? Wrong! Good. Side note: It will get speedier. Yes, stability is at risk in times of rapid growth. But, no business is risk free. The bigger the risk, the higher the reward.
Cryptocurrency is not a scam. Cryptocurrency may look or sound gimmicky, but, it is not. Bitcoin is not a moody hoe, it is based on logic and math. It fluctuates and falls based on demand patterns just like stocks indexes. The scene is similar to any financial asset. New tech requires new awareness, new waves of awareness sometimes give birth to a new wave of scare and terror that some uninformed people who like sensationalist ratings create. The false alarms are nothing to worry about. However, within the realms of bitcoin and other cryptocurrencies, things do get very messy. New coin offerings are sometimes fraudulent. But, there are scam checkers and organisations dedicated to enlisting fraud and unleashing the bad guys of cryptocurrency. As, the industry flourishes these safety checks and balances will do too.
The young, young at heart, Millennials, Post Millennials, Baby Boomers, Gen Z, Gen X, Afro Caribbeans, White Caucasions, Male, Female, Hispanics, Asians, Indians, English, Grand fathers, Grand mothers, Young adults, Adults and Middle aged people, all are welcomed on the Bitcoin bandwagon. You can never be to old or too young to make money after all.
Who should NOT invest in Bitcoin and other Altcoins?
So, cryptocurrency is not for the faint-hearted. The risk-laden terrain is for those who can cajole themselves as need be. We do not want investors to get a stroke each time the prices spike or fall, obviously.