Lost in Bitcoin Betty - Dear Sole Sisters

The Dear Sole Sisters advice column is a place where women can ask questions anonymously and receive support, wisdom, and advice from women in the Sole Sister Ramblers community.

Dear Sole Sisters,

Bitcoin! Bitcoin!! Bitcoin!!!|

Cryptocurrency???

Is Bitcoin the wave of the future? Should I invest in it? How can I possibly invest in something I don't understand?

What are the pros? What are the cons?

I've had others try to explain it to me, but I just don't get it. To them, it is a no-brainer because they understand it. To me, on the other hand, it is like a different language … one that I cannot begin to comprehend.

Hoping one of my wise Sole Sisters has the patience to help me.

What's a gal to do?

Sincerely,
Lost in Bitcoin, Betty

Sole Sister Advice & Comments

• I don't get it, either. My gut feeling is NO.
  
  
• I've seen a lady put money in, thinking she was doing a land deal with a man in Ireland. I wonder how much she gave this person. Then, I witnessed a young lady from Zimbabwe putting about $4000 into Bitcoin the other day. She said that in her homeland, if it were in a bank the next day, it would be gone, so although it is not traceable, Bitcoin is a safer way to send money to family back home. I don't understand it either.
  
  
• Stay away from it—from all of it. Stick to proper investments. There are too many horror stories of people losing everything in Bitcoin.
  
  
• I agree, stay away!!
  
  
• I've had people try to explain it to me many times. As it's being explained, I think I understand, but two minutes after the conversation ends, the information is gone from my brain!
  
  
• I don't get it either, but I've heard horror stories. I have an MBA and won't invest in anything I don't understand.
  
  
• I have tried to understand it a few times, but I haven't. I don't want to invest in something I do not understand. But I will say my mother, who is not tech savvy in the least and doesn't even have a cell phone, managed to do very well with a Bitcoin investment.
  
  
• I'm not into it at all, but I hear this may be the way forward. I have heard rumblings of getting rid of paper money altogether one day! This would be scary for our generation, as we are so used to having physical money in our pockets; it gives us a sense of control.
  
  
• Other than the fact that Bitcoin is not controlled by governments or banks, I still don't really see the benefits unless you are some kind of mathematical genius who can mine them. I like to know what my money is worth. Plus, there was that whole FTX scandal, and I am sure that the people who were defrauded were a lot more cryptocurrency savvy than me.
  
  
• I invested $5000. I am up $5000 (I have $10,000) now. At the time I invested, I had a bit of coin, so it's no biggie. If you cannot afford to lose it, don't invest it because there is risk involved.
   
• I have no interest in it at all. I know folks have made money with Bitcoin, but I just don't get it and don't want to take a chance.
  
  
• I have done quite well with Bitcoin. I learned about it from a friend years ago. The profits from my initial investment have financed multiple vacations. I don't know anyone who has had a negative experience with it.

We look forward to hearing your advice in the comments!

Happy Rambling!

Sole Sister Ramblers does not endorse or verify the advice or opinions shared in this column. Our goal is simply to tap into the collective wisdom, experience, and support of the women in our Sole Sisters community.

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