Bitcoin investing is not for the light-hearted. Over the past few years, the volatility in the Bitcoin price has made a lot of money for some traders, but others have lost large percentages of their wealth by entering the market at the wrong time. Online investing has opened up the world of Wall Street to the entire world, and there is no crazier market than Bitcoin and other cryptocurrencies. A Bitcoin investment can go up or down quite quickly, but it’s always a good idea to make sure that you’re sure of your investment before you pull the trigger. The ones who lose money in this market tend to be the ones who aren’t prepared to take a loss and begin to panic as the price goes down.
The First Rule of Bitcoin Investing
The main thing that you need to remember when it comes to investing in Bitcoin is that this is not really an investment. It is a speculation on the future price of the Bitcoin currency. The general consensus among most Bitcoin experts seems to be that the price of a single Bitcoin will either be worth nothing or a large amount of money in the future. There are some estimates that put the future value of a single Bitcoin at $100,000, while others say the price could enter the millions of dollars. Predicting the future value of this digital currency is rather difficult, and the only thing you can know for certain is that no one really knows what will happen over the long term. The only thing that you need to remember is that this should basically be viewed as a “go big or go home” investment. In other words, you’re likely to either hit it big or lose it all.There aren’t many viable scenarios where the Bitcoin is valued at around $500 ten years from now.
Buy and Hold
Another rule to remember when investing in the Bitcoin market is that you should not try to trade your Bitcoins on a daily basis. Many people get burned because they try to time their trades at the perfect time. At the end of the day, you need to decide whether or not you think the Bitcoin is something that will be able to last over the long term. If you feel like Bitcoin is going to last, then you do not need to worry about the price of a single Bitcoin on a daily basis. The buy and hold strategy is the best course of action with this sort of investment because you do not want to panic sell when the price is going down. If you’re thinking about purchasing your first Bitcoins, then try to hold onto them during the ups and downs over the next few years. If you’re afraid that you won’t be able to stick to your word, then you may want to invest in various forms of Bitcoin cold storage.
How to Invest Money in Bitcoin
If you’re looking to invest real money into Bitcoin, then you’ll need to find an exchange that can meet your demands. CEX.IO allows users to invest in Bitcoins quite easily, and the exchange is well-respected in the Bitcoin community. In addition to Bitcoin, there are a number of other digital currencies available for trade on the site.
It’s also important to remember that there are other ways of Investing in Bitcoin besides simply purchasing Bitcoins. For example, you can purchase Bitcoin mining power (GHS) on CEX.IO that will allow you to earn Bitcoins by mining in the cloud on the GHash.IO mining pool. Purchasing a mining power will allow you to learn more about how Bitcoin works as a technology while also investing in a source of new Bitcoins over the long term.