Wednesday, 22 August 2018

Here are the Things You Need to Know Before Buying Bitcoins

Bitcoin is something everyone is aware of. Bitcoin has gone on a bull run last year and proved itself a great investment. No doubt investors consider it their first choice even if it is going down.

Why Bitcoin?


It is sometimes a dream thought that the price of bitcoin is far more than any other currency or coin. One Bitcoin is worth more than a hundred dollars. But what makes it so valuable?

Bitcoin is limited, and this is what makes it valuable. There is only twenty-one million Bitcoin and by the time it is harder to mine as well. This is similar to gold.

buy-bitcoin

Bitcoin is useful too. Bitcoin has used a ledger for payment. It provides an easy payment mechanism and can make cross-border payments as well.

Bitcoin Price


Market is never consistent as with the market there is nothing for sure. There is no hardcore price of Bitcoin. You can always buy bitcoin from exchanges with the listed price. Generally, you can check the price at coinmarketcap.

Bitcoin has gained value at a very fast pace. Before investing in Bitcoins, you should always go through the price history and its financial stability.

Strategy


Any investment demands strategy. You should have a strategy of your own with the knowledge of the market. There are whales in the market to eat bitcoins and it is always hard for a newbie to enter the market without losing their initial investment.

I follow the strategy of investing as per the average model. Never invest all of your money at once.  Choose different prices to invest in. The average price of your investment will be lower and can save you from a big loss.

You can also hold bitcoins for long and this requires much more knowledge of market and luck as well.

How to invest


This factor totally depends on your country. Countries like the United States, UK, Canada offers more options. Find exchanges where you are allowed to trade. Coinbase, Binance, Bittrex, etc are reliable exchanges and offers more options as well. Once you find your exchange you need to sign up with your details and you can explore the platform as per your need.

It is always important to understand where you are investing and how does that work. Bitcoin has gained popularity so fast however it is still new and there is much more to explore in bitcoin. It takes a lot of time to understand how it works and its impact on the physical world.