Cryptocurrency investment has changed lots of lives, several people have become millionaires overnight. It is crystal clear that cryptocurrency is the future and we are yet to fully see the full potentials of crypto.
Just like it has changed the financial status of several people, it has also ruined a lot. There is no doubt that the cryptocurrency market is the most volatile market in the world.
Accurately predicting the next action of a token is almost impossible and this is why no one can give you a 100% assurance of any coin heading to the moon.
A lot of newbies have lots thousands of dollars out of desperation and their inability to know when to pull out their investments.
On this article, we will talk about the five types of money you should never use to invest in cryptocurrency.
Collecting a loan whether from the bank, organization or an individual to invest in cryptocurrency is one of the shortest ways to land yourself in trouble. In fact, it is so risky that you may end up screwing your life the more. This is the worse thing you can do because some coins may take months or years before they begin to pump.
Considering the fact that loans accumulate interest depending on the conditions, you may end up selling your properties to service the loan while the coin could be even be dipping. Never take a loan to invest in cryptocurrency no matter the level of assurance you got about the coin.
2. Someone’s Money
Listen, don’t consciously get yourself into trouble by using someone’s money to invest in cryptocurrency. Even if Elon Musk gave you an assurance that the project is massive and the token is heading to the moon, don’t do it. The project might look bullish because of the presence of big whales, you may not be awake to watch and before you wake up, the whales may have pulled out and you see a serious dip.
Even if the person gave you the money to keep or the person offers to give you money to invest for him or her, avoid this in entirety if you want to keep a good name else you may be called a scammer soon.
If the money is not your money, do not use it to invest in cryptocurrency to avoid getting into trouble. Remember, no one can decide the movement of a coin, we only make predictions.
Join Our Free Whatsapp Crypto Update Group and Get Updates on New Coins To Buy: LINK
3. Your House Rent
Yes, we said you should only use your money to invest in cryptocurrency, this doesn’t mean you should use your house rent. You may end up borrowing money to pay your rent or find yourself and your properties thrown out.
Some lads have gotten themselves into trouble with their landlords by using the money they were supposed to use and pay rents to invest in cryptocurrency. Lots of them ended up loosing the money after waking up to see a huge dip, this is trouble so never do this.
Some people may be lucky to come away with it and make huge profit while you may not be, simply pay your rent and do not use it to invest in crypto. It is too risky because you may not get the money when your rent is due, run away from this thought.
4. Your School Fees
If you can’t use your house rent to invest in cryptocurrency then why should you think of using your school fees? School fees payments have deadlines and surely you can’t tell what will happen to that token you are planning to invest in with your school fees.
Planning to use your school fees to invest on cryptocurrency could be your shortest route to dropping out of school. If you are a student and having thoughts of using your school fees to invest on cryptocurrency, you may need to think twice.
5. Your Feeding Money
Except you have an alternative way of feeding, do not use your feeding money to invest in cryptocurrency. Understand that hunger can not be managed and when it comes, you need to feed.
Even though the project may have a massive hype and huge potentials, when it will be bullish may not be as predicted. You may end up loosing a large chunk of your feeding money and when you try to pull out during the dip, what you have left may not be enough for you. Almost 90% projects need time to mature and bring massive ROIs, this is why you should only invest with money you can lose.
Please ensure you share this article and do not leave without reading this important list of Best Cryptocurrency To Invest In 2022.