When people think about Cryptocurrency, “Complicated & Mysterious” are probably the first things that come to mind. The concept of Cryptocurrency has been around for over a decade, but the sad truth is that many people are still not aware of it.
When Bitcoin first emerged as the first digital decentralized currency, it divided the financial market into two. The first half of the market was in favor of Bitcoin’s existence. At the same time, the other half consider it to be a trend that will soon vanish.
Despite the turmoil it caused in the financial market, it survived! People seemed to ignore its existence for most of its early years until the first successful rally in 2017. This really showcased the first all-time high price with almost $20,000.
This was the event that marked the true start of Bitcoin’s journey in the financial market. We are in 2021; Bitcoin has already completed its second successful rally and ended it with a high note of >$63,000.
Bitcoin has certainly proved that it is here to stay. If you want to take advantage of the modern financial structure that Bitcoin will create, do so by investing through bitcoin prime.
Why Invest In Bitcoin?
Bitcoin is a decentralized digital currency that operates on Blockchain technology. As it is decentralized, no authorities are controlling the Bitcoin ecosystem.
With the integration of Blockchain technology, we can omit intermediaries while making transactions. This feature has facilitated a new type of ecosystem, which was not possible before.
This potential makes Bitcoin an attractive investment option. Furthermore, Bitcoin has proven many times that it can give investors 1000% profits.
However, before you can enter the world of Cryptocurrency investment, you must understand that it is a volatile market. Therefore, the gains you see are directly proportional to your risk tolerance level.
Things You Should Know Before Investing In Bitcoin
If you are thinking of investing in Bitcoin, here are a few things that you must consider. The last thing you would like to do is go in blind and unprepared to what the Bitcoin investment market offers.
1. Invest Only The Amount You Are Prepared To Lose
One of the simple things most investors forget is that any investment comes with a 50-50 chance. You either make a profit or make a loss. That means you always have the possibility of losing all your capital investment.
In that case, invest only some of the money that you are prepared to lose. Think of your first investment as tuition. If you gain out of the investment, that’s pretty good, and if incurred losses, chalk it up to an experience lesson.
2. Never Act Based On FOMO
The Crypto industry is all about FOMO (Fear Of Missing Out). The price of Bitcoin fluctuates depending on what people think about it. When new trends come in people, think that missing these trends means missing out on the opportunity to make a profit.
Again, if you are allowing yourself to be influenced by FOMO, you are allowing others to influence your investment decisions.
3. Do A Thorough Research
The internet is filled with self-proclaimed Bitcoin experts and financial gurus. They will tell you to join their paid webinars or PDF to run their businesses. Here is a piece of free advice for you, never trust anyone when it comes to investment.
Always do your research and invest accordingly. Then, at least once you make a loss, you will know that it is because of your own mistake and not someone’s advice.
4. Secure Wallet Keys
You must secure your wallet keys. The keys are the only way you can access your Bitcoin. Losing them would mean losing your Bitcoin assets.
Never store it on the computer, or leave it out in the open. If possible, try to memorize it, write it down on a piece of paper, and safely store it in the vault.
5. Be Realistic With Your Approach
You must have seen people becoming millionaires with Bitcoin Investment. You might want to experience the same. However, you mustn’t forget that it is a highly volatile market. The profit you want to make is directly proportional to the risk you take.
Buy & Sell Bitcoin On Reputable Exchange Platforms
There are several exchange platforms on the internet. Each claims to be the best with what they offer. However, we all know that is not the case. You must do thorough research before selecting one for your investment.
The best way to start is to create a checklist of what you would like to have in your Exchange platform. Then, filter out the best result, go through the user’s review and then make your decision.
Read Also:
