Ever since Bitcoin was announced to the world, it has generated hype and frenzy unlike any other financial commodity in the world. However, Bitcoin is much bigger than just a digital currency. It is a system of finance.
Many people make the mistake of assuming Bitcoin as a sole entity. It is not. It is part of a larger financial structure or medium known as Blockchain.
In this article, we will look at how any individual can easily acquire, invest and trade in Bitcoin. We will also look at the top 5 things individuals need to keep in mind before undertaking any Bitcoin or Blockchain adventure.
Bitcoin and Blockchain: What is it?
Bitcoin is a digital currency, which seeks to remove finance from the hands of governments and international financial institutions. In many ways, Bitcoin is a democratic, peer-to-peer payment structure, which aims to reduce costs, makes payments faster and eases the entire network.
Founded by the anonymous Satoshi Nakamoto in 2009, the digital currency hit a high of over $17000 USD in late 2017. From then on, the volatility and speculation surrounding it have made it jump up and down in terms of evaluations. However, as of now, one Bitcoin has reached nearly $8000 USD once again.
Bitcoin has emerged as one of the strongest financial investment products over the past few years. However, this means that there are many nuances, risks, and rewards out there for Bitcoin trading. It also means that there are manipulators out there who are tricking and cheating people when it comes to Bitcoin trading.
5 Things to know before Investing in Bitcoins:
1. Do your research before selecting on a Bitcoin Trading Platform
Many unscrupulous people and websites out there are cheating unsuspecting individuals of thousands of dollars by offering Bitcoins. Please do your research before you try to make a payment for purchasing Bitcoins.
One of the best ways to ensure safety is to be part of Bitcoin Trading Platforms, which have their own bitcoin trader login as a point of entry. This ensures professionalism and safety for all your transactions.
2. Try to make Small Bitcoin Investment Options initially
If you are someone who is looking to just step into the Bitcoin investment game, it would be wise to tread cautiously. This means that you do not need to purchase one Bitcoin at one go. This would be too expensive and complicated.
Bitcoins can be broken down into one-millionth of a trade. This means that you can make small purchases as investment options. This will help you familiarise yourself with the market and enable you to work towards bigger investments. Nowadays, you can also use this cryptocurrency trading platform bot that determines when the price will rise and you can make great profits as a result.
3. Do not reveal your identity to third parties at any costs
It would be foolish to assume that digital transactions of investments cannot go wrong. The same goes for Bitcoins. It is important that you do not reveal your Bitcoin Address, Bitcoin Wallet or your cell phone numbers to outside parties.
There are hackers who are much more technologically advanced than you are. By being safe, you can ensure that your investments will keep growing in a safe and secure environment.
4. Do not invest every penny you have into Bitcoins
In other words, do not take loans from people, just for the sake of investing in Bitcoins. There are speculations out there that result in many fluctuations. It is important to ride out these volatilities.
If you are someone who is not on a strong financial footing, investing in the present might not be a good idea. Try to be secure before taking the plunge. As with all financial products, investments can be risky.
5. Select the Right Bitcoin Trading Platform
Many experts out there have been following Bitcoins and Blockchain technology right from its inception. Some of them have taken the leap and established their own trading platforms, which offers help, guidance, and expertise on Bitcoin trading.
It is best to select a trading platform, which is backed by expertise and experience. Aligning with amateurs who do not understand the market might be too risky.
While there are many who make millions from investing in Bitcoins, several others lose quote a lot of money. It is important to follow the five steps mentioned above to ensure that your investments in Bitcoin return a healthy profit.