It is true Bitcoin is complex and cumbersome for ordinary people - so is investing in it a right move? The world hasn't completely transitioned into the crypto space despite its inception in 2010. The crypto space is still a volatile playground.
Many people have launched ICOs (Individual Coin Offerings) without any supervision or regulation. Bitcoin has always been the most successful cryptocurrency even though is had steadily declined in some years. After witnessing the gargantuan rise and fall of Bitcoin's value, a lot of people are self-conscious when it comes to investing their money cryptocurrencies. Several activities have caused the enormous rise of the value of Bitcoin and this has caught the attention of investors.
Why bitcoin is gaining attraction
The world is over-reliant on the internet in this era making Bitcoin and other cryptocurrencies claimed the interest of investors. Investing it may be scary but don't be gun-shy, take time and understand how it works. Facebook's Libra coin is a clear indication of how the significant the crypto space is. Many people will want to diversify their money investments into portfolios facilitated by this digital market. Facebook’s Libra will introduce upwards of a billion people to digital crypto money payments. Other tech giants like Apple have embraced cryptocurrency and hope to establish a stable coin.
Which cryptocurrency should you invest in
The question of should I invest in Bitcoin or should invest in Ethereum. It's normal to find yourself
wondering. The two have been rising in the digital world. Even though bitcoin is still the undisputed king of cryptocurrencies always remember there are other cryptocurrencies, about 1500 different ICOs all created in the last 5 years. The crypto space isn't about Bitcoin anymore, Litecoin and Ripple
have all performed incredibly well over the last year.
It seems mindless to some people that one bitcoin is worth hundreds of dollars. I am not here to talk about the significance of bitcoin but the sound monetary policy remains one of its most important features.
The price of bitcoin
There's no official price for Bitcoin, it is set by whatever people are willing to pay. Just like with the market there is no right time to buy. With the history that Bitcoin has, the value has increased at a very fast pace and some downfall. There are tons of tools out there to use to monitor the charts and understand the price of Bitcoin. Bitcoin Wisdom and Cryptowatch.
Investment strategies
I have always wondered how investors make decisions on what to invest in. I m sure they do not start investing straight away the moment they think about it. One thing I know for sure is before you start investing in anything you need to be clear on what your investment goals and achievements are. You should have a plan and follow every news related to Bitcoin and the crypto space. Take some time to understand Bitcoin, how it works, how to secure bitcoins, and about how Bitcoin differs from fiat money.
Important things you need to know before investing in Bitcoin
Doesn’t matter how profitable Bitcoin becomes, still it is considered as a risky investment. Cryptography investment is not recommended if you want to put all your wealth on stake. Moreover, many companies don’t consider it as a legit exchange. According to some, bitcoin is a good investment after retirement.
How to invest and where to buy
I was looking out for the safest way to buy cryptocurrency in 2019. There are hackers, thieves and
scammers that will be after your bitcoin. You can check out this post I made back. Not to forget the Onecoin fraudster who convinced people to hand over their life savings and then vanished, covered by Daily Mail. In another incident, two arrested for stealing $550,000 worth cryptocurrency in sim swapping. The US Department of Justice has charged Eric Meiggs and Declan Harrington for stealing more than half-million dollars in cryptocurrencies via SIM Swapping. The accused used this attack to infiltrate into people's phones and stole cryptocurrencies. - The Hacker News. Here's how to protect yourself from sim swapping.
The issue is the difficulty in buying bitcoins is dependent on your country. For developed countries, you have a lot of options to buy. Coinbase is one of the world's largest bitcoin broker and available in most countries. Investing in bitcoin is no joke, and securing your investment should be your top priority.
Behind the scenes as Coinbase moves into a new office in San Francisco. In our last space, we reached 1 million customers. In this one, join us as we work to bring a billion people around the world into the cryptoeconomy. pic.twitter.com/jhd8KRml7P— Coinbase (@coinbase) July 25, 2019
While cryptocurrencies can give you huge profits, you must be prepared for one more thing — to lose money. Remember, your predictions won’t always be right! Nobody truly knows what is going to happen to the price of a cryptocurrency or any other investment. Do you know what most of the expert cryptocurrency investors say? You should only invest money that you are not afraid to lose.
Editor's advice: This post is a personal opinion, you should consult a professional if you want to make any investment decision