5 Things to Keep in Mind Before Investing in Bitcoin
Sunday, October 25, 2020 19:00
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Investing in bitcoin may sound a bit scary but given it is one of the most hyped and successful cryptocurrencies in the market and is on rise yet again, we must look into it. However, before making any investment in bitcoins you must know a few things. What are those? Let’s see.
Why Invest
First, you should know why anybody has to invest in bitcoins to begin with. There are mainly two things. Number one is it being scarce and second is the usefulness of these bitcoins. When you talk about being scarce, the bitcoins have a limited supply to 21 million bitcoins.
It’s hard to mine and attain so its value automatically rises due to more demand and less supply theory. Which makes it worth investing in. Some basic uses of bitcoins is you can use it as a mode of payment on the internet. They can easily be transferred to any part of the world and easy transactions can be made through them. Therefore, it may be a good idea to invest in bitcoins.
How to Buy and Sell
Second thing you must know about is the trading of bitcoins. There are many virtual markets online like bitcoinprime.org where buying and selling of bitcoins is possible without any third party being involved. You can buy more bitcoins as well as sell as per your requirement on the rate set for the day and make some profit out of it. All you have to do is register, make an account and make that money! Trade of bitcoins on these online portals makes it very convenient and quick.
The Price and Right Time
Both are critical to making a good investment decision. Make sure you know the price of the bitcoins and wait for a good time to earn some amazing profits off of trading the bitcoins. The prices fluctuate and depend on the demand of the buyers. You can also wait on some speculations in the market to know when is the right time to buy or sell the bitcoins in the market because not every day is a good day. It all varies and you must be ready for these fluctuations.
The Security
Again a very crucial element. The virtual cryptocurrency has no physical presence and so securing your funds is different. You must have a virtual or digital wallet because of the threat of scams and hacking always present on the internet. They are provided online or apps are also present to provide a wallet where you must keep all your bitcoin funds.
There is a unique key given to you that gives you access to see the balance you have. The key will provide the security because the wallet can only be opened by you! So you must be ready and able to secure your bitcoins before investing.
The Pros and Cons
It is important to consider the pros and cost both. Where we have established a few benefits of bitcoins like fast and easy payments and low cost transactions, we must also see a few drawbacks. For example, it is not possible to reverse or undo transactions once done.
With banks you can avail this feature and reverse a payment once made but with bitcoins, once the payment is made to a wrong account there is no correcting it. Another problem is the uncertainty and volatility in the nature of bitcoins. The investors also need to understand that bitcoins are heavily used in the black market and so can damage your reputation.
Although bitcoins has become too widely acceptable for almost all types of products, it still is far from being a legal currency of any country. All you have to do is be cautious and keep alternative plans ready. Nonetheless, it remains the decision of the individual to see whether to invest or not, keeping in mind the above mentioned points.
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