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Lauren Lyons Cole: I'm Lauren Lyons Cole. I'm a certified financial planner and a senior editor here at Business Insider.
Bitcoin isn't new, but in 2017 it was all the rage. Starting out in January around a $1,000 and climbing to $20,000 in one year is enough to make anyone take a second look at bitcoin.
But here's the thing about bitcoin, it reveals a very basic investing principle that we all fall prey to and that's that investors tend to be irrational. When bitcoin is sailing high, everyone wants to buy in. But as soon as it starts crashing, people freak out and they start selling. Successful investors buy low and sell high, but our natural instinct is to feel more comfortable buying when things are good and more comfortable selling when things are bad.
If you're new to the bitcoin craze and you're thinking about investing, the first thing you have to do is figure out what it is. If you can't explain what bitcoin is to your mom or your neighbor and why you're investing in it and why you think it's a good investment, then it's too soon for you to put your money in.