Bitcoin is rising to financial stardom together with other cryptocurrencies leaving many to wonder should they invest in digital coins or not. How about you? Learn what the Bible says and discover what must be our attitude towards your finances!
The Bitcoin gold rush has sent a lot of people investing in this digital currency, while others are hesitant and asking, “Should I invest in Bitcoin or in any cryptocurrency?”
While there are a lot of financial gurus, books, and online articles that can help you answer this question, it is important to note that they are limited to what they know.
Here’s why: cryptocurrencies such as Bitcoin are speculative investments. It basically means that digital currencies come with significant risks.
Bitcoins and altcoins are highly volatile.
They dramatically increase in value today and in the next day, they will almost lose their value overnight. Chris Burniske, a respected and well-known investor in cryptocurrency wrote in his book, Cryptoassets, “Such rapid changes in price are almost always fueled by MASS SPECULATION and not fundamental growth.”
Historic performance of Bitcoins is no guarantee that your investment will grow in the future. While it is true that Bitcoin is making progress that is unheard of before, it is still too early for investors to celebrate.
A brief explanation of Bitcoin and Cryptocurrency
A Bitcoin is the most popular cryptocurrency today. Bitcoin was first introduced in 2009 by a man who goes by the name Satoshi Nakamoto. Since it is a decentralized digital currency, it works without a central bank or single administrator.
Each Bitcoin transaction creates a blockchain and users do so with the use of a digital wallet. You can sell, buy, and trade bitcoins without revealing your identity. Bitcoin and other digital currencies boost of its hard-to-breach security and ease of use.
Chris Lambert, a cryptocurrency expert, wrote, “Rather than having a single file that can be easily corrupted, altering how the cryptocurrency operates, there a number of copies of that same file that would need to be altered in the same way. This means it is virtually impossible for a hacker to crack the database due to the fact the data can simply reinstate itself to keep the chain of data secure” (Cryptocurrency: How I Turned $400 into $100,000 by Trading Cryptocurrency for 6 months).
Looking for financial advice in the right place
You can ask anyone about Bitcoin and other cryptocurrencies and obtain valuable information.
However, what if I can tell you that there’s a source of all knowledge and wisdom that will help you know whether you should invest in Bitcoin or not? What if I can tell you that the advice that you get from this source is timeless, tested, and proven to be effective?
I’m sure you will listen to what I have to tell you. Not only that, but you will maybe even spend enough time to learn what my source has to say about this modern currency.
The good news is that this information is free.
I will share with you useful financial advice, not from my own knowledge, but from the Book of books and the best-selling Book of all time – the Bible.
Yes, you read that right.
You might say, “What has a Book written thousands of years ago can say about a modern currency such as Bitcoin?” Well, the answer might just shock you.
The Bible contains powerful and reliable financial advice that is applicable in any part of our history. From the olden times to our modern day, you can always go back to the Bible and learn financial principles.
With all these being said, I’m here to share with you some of the important financial advice you should know about before investing in Bitcoin or other cryptocurrencies.
- 17 Sure-Fire Biblical Principles for Managing your Finances
- How Bitcoin is Fulfilling Bible Prophecy
- The Single Most Effective and Surest Way to Rob God! (And How Not To)
Gather as much information as possible
Proverbs 8:18-21 tells us:
Riches and honor are with [wisdom],
Enduring riches and righteousness.
My fruit is better than gold, yes, than fine gold,
And my revenue than choice silver.
I traverse the way of righteousness,
In the midst of the paths of justice,
That I may cause those who love me to inherit wealth,
That I may fill their treasuries.
Undoubtedly, knowledge is power; but wisdom is more powerful.
Like in any investment, it is important to calculate the risks. Bitcoin and other cryptocurrencies have been with us since 2009, but it was only just a few years back that they became popular.
Thus, for beginners, it is crucial to obtain as much information as possible about digital coins before diving in. Even advanced investors who have a good deal of knowledge about cryptocurrencies still continue to study the whole concept of digital currencies.
Most of us have been through elementary, high school, and college and haven’t been taught about Bitcoins. Thus, it takes extra time and even a lot of time to learn the ins and outs of cryptocurrencies.
What are the things you need to know about cryptocurrencies? You need to
- know not just about Bitcoin
- but also altcoins (alternative coins, a term used to refer to other coins and there are TENS of them today),
- study market trends,
- speculate about their value,
- weigh your options,
- calculate transaction fees,
- get familiar with the different wallets available in the market,
- find where to buy digital currencies,
- determine how to sell or trade them,
- and finally, know how to earn from your investment.
If learning cryptocurrency sounds overwhelming, it probably is. Obviously, the learning curve is tremendously great.
Thus, you need to ensure you are ready to invest not just your hard-earned cash, but also your time and energy.
A warning against getting rich instantly
There are plenty of verses that warn us not to get involved in getting rich too quickly. These are just some of them:
“A faithful man will abound with blessings, but he who hastens to be rich will not go unpunished. An inheritance gained hastily at the beginning will not be blessed at the end” (Proverbs 20:20-21).
“The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty” (Proverbs 21:5).
“A man with an evil eye hasten after riches, and does not consider that poverty will come upon him” (Proverbs 28:22).
If Bitcoin or any other digital currencies promise you great wealth within just a few days, weeks, or months, then you probably should think twice before investing.
Do you know why God does not want you to get rich quickly?
Because money and financial success can be very intoxicating. If you don’t have the right godly character to manage wealth, then having too much money will lead to your destruction, not just physically but also spiritually.
Know your real intention
It is really tempting to think that if we only have more money, we will be happier.
While it is true that money can buy you things that make your life more convenient and comfortable, it is wrong to rely so much on money for your happiness.
I don’t entirely believe in the saying, “money can’t buy you happiness.” Actually, it can. But, the problem is how you gain richness in this life. If in the process of accumulating money is you SACRIFICE your health, relationship with your spouse, friends, and family, and your spiritual life, then let me tell you, my friend, you need to take heed what Jesus said:
“For what will it profit a man if he gains the whole world, and loses his own soul?”
Thus, when working for riches, you need to ask yourself:
Why do you want to be rich?
If you want to be rich just to gain the favor and respect of others, take advantage of the poor, or spend it to your lust, then you are missing the whole point of getting blessed by God materially.
Why does God want to bless you? The Apostle Paul wrote:
“And God is able to make all grace abound toward you, that you, always having all sufficiency in all things, MAY HAVE AN ABUNDANCE FOR EVERY GOOD WORK” (II Corinthians 9:8).
God wants to bless you so that you can be a blessing to others. He wants to use you as a channel to spread and distribute His blessings to those who also need it.
That’s the main reason that you should seek to gain more wealth or richness.
When investing in Bitcoins and other cryptocurrencies, it is my sincerest hope that you have the right motivation and reason.
Should you I invest in Bitcoin?
The jaw-dropping rise in Bitcoin price seems unbelievable. However, let us remember that a cryptocurrency is highly volatile. It can increase and decrease in just a matter of days.
If you are asking me whether you should get involved bitcoin investment or not, I can’t make that decision for you. I’m no financial expert and I don’t give investment advice.
I’m here to give you Biblical advice.
I present to you what the Bible says about taking care of your finances. It is up to you to decide based on what you read in the Bible.
Before making an investment not just in Bitcoin but also on other things, please make sure to pray about it. Ask God to open your mind and see His will in your life.
Ask for guidance and wisdom and you will have a better way of making a financial decision.
Author: Tommy Brown
Rating: 4.6 out of 5 stars (80+ customer reviews)
Discover your money type – whether you are an Abraham (hospitality), an Isaac (discipline), a Jacob (beauty), a Joseph (connection), a Moses (endurance), an Aaron (humility), or a David (leadership) – and bring greater self-awareness, reduce internal financial tension, help you resolve financial conflict with others, and help you grow financially from a faith-based perspective.