I can buy Bitcoin for as little as $1. Yes, that is what the mobile paying service Venmo tells me. In fact, it says I can buy Bitcoin as well as Ethereum, Litecoin, or Bitcoin Cash and other cryptocurrencies for as little as a dollar.
Sure, I can afford a dollar, but honestly I would be better off if I buy a candy bar with it. Because I have no ideas on what cryptocurrency even means. It is a foreign concept to me and therefore no value. I would not know what I am buying, even for a dollar.
The psychology at play here is the FOMO (fear of missing out) – what if the cryptocurrency multiplies its worth X folds in the future? For that I can just as easily see the opposite happening – when the cryptocurrency’s worth goes down. So I will stick with the candy bar, instead.
Are you an owner of cryptocurrency? Why or why not?