Should You Invest in Bitcoin This Year
- Things to Know Before You Make Your Move -
Planning to invest in Bitcoin in 2018? Should you invest in Bitcoin this year? What are the experts saying? Here are a few things you need to know before you make your first move!
We all know how 2017 has started – with a bang as one of the most popular currencies in the world – Bitcoin shot through the $1000 mark with absolutely no signs of slowing down! This surprised almost everyone and let’s face it, everyone started asking the same question – should I invest in Bitcoin?
Before we start, we want to get something important out of the way – You can’t see Bitcoin as a stock or company, but a digital currency. So, before we explain to you whether or not investing in Bitcoin is a smart idea, make sure you understand what is Bitcoin and how Bitcoin works. When you are investing in Bitcoin, you are actually purchasing the currency. There are various forms of investing in Bitcoin.
What does it mean exactly to invest in Bitcoin? Well, you need to ask yourself – whether you want to purchase coins in hopes their value will grow or you are more interested in trading with Bitcoins.
The most popular form of investing in Bitcoin is purchasing the currency in hopes it will grow in its value or also known among Bitcoin investors as holding. If this is the same situation to you, you need to make a decision if this is a really good time for you to make the purchase. If you think the Bitcoin price will continue to grow, invest now.
There are a lot of assumptions and predictions, when it comes to investing in Bitcoins, but our advice to you is don’t take anyone’s tip or advice about what will happen in the future, instead, do your own homework, make your own research, learn as much as possible about Bitcoin and then come to a conclusion. It doesn’t matter whether you are a beginner or you are an experienced investor, your opinion is what matters the most and you shouldn’t consider any other opinions as long as you think they are unreliable.
Here are a few things you need to keep in mind when buying or holding Bitcoins:
- Never invest more than you are able or willing to lose. After all, Bitcoin is a very risky investment and you should keep that in mind all the time, whatever you do.
- After purchasing your first Bitcoins, make sure to move them into your personal wallet and never leave them at the Bitcoin exchange. We highly recommend you to use a hardware wallet to store all of your Bitcoins. If by any chance, you can’t afford a hardware wallet, we recommend you to use the paper wallet.
- Make sure to purchase Bitcoins only from reputable, reliable, and secure Bitcoin exchanges that guarantee safe and successful transactions. There are a lot of scammers online, so make sure to pay attention to the exchange you are dealing with.
- Get Bitcoins over Dollar cost averaging – What does it mean? You don’t purchase all of your Bitcoins in one trade, you buy a fixed amount every day, week or month throughout the year. By doing so, you average the price over the Bitcoin course of one whole year.
From all of this, you can conclude that investing in Bitcoin is not that simple. The whole point of Bitcoin investing is not just about whether or not should you invest, but how you will invest. You need to be smart and play smart. You need to plan your moves every step of the way. There are a lot of Bitcoin courses you could use to decide whether or not it is a SMART decision for you to invest in 2018.