Bitcoin is one of the most popular cryptocurrencies on the market today. No wonder everyone’s going crazy about it and getting curious and anxious about investing in Bitcoin. Although Bitcoin is seeing the light of the day for some time and is predicted to go stronger with each passing day, there are still a few things that one must know before investing in Bitcoin.
Here is a list of top ten things that you must know if you are seriously planning to invest in Bitcoin.
1.Bitcoin is a true currency
If you have ever heard from someone that you cannot use Bitcoins to buy real stuff, they have not told you the truth. There are many independent service providers and businesses that accept Bitcoins in exchange for their services or products. And the trend is slowly catching up with many big brands reviewing their payment methods to include Bitcoins.
2.It is here to stay for a long time
Nothing in this world is perfect, but investors see a lot of potential in cryptocurrencies, especially Bitcoins. A lot is said and written about the blockchain technology that forms the backbone of Bitcoin and it is a topic that generates the interest of many. So it is a fair assumption to make that the future looks bright for Bitcoins.
3.You can transfer Bitcoins quickly, easily and safely
Banks still take a long time, at least a few working days, to process online money transfers. With Bitcoin, the process is completely at your will and absolutely free. Of course, you must have some liquid cash in the Bitcoin form and have the setup needed to make online transfers using Bitcoin. But once you have everything ready, a Bitcoin transfer really takes only a few seconds.
4.There is data that proves that Bitcoin works
The transactions that happen online using Bitcoin are although using a blockchain technology instead of a central ledger, there is ample data to suggest that Bitcoin transactions are encrypted, shared and verified independently. You can read more about Bitcoin transactions and the blockchain technology online for more information.
5.Bitcoin will only grow from here
While a lot has already happened in this space, many believe that Bitcoin is still in its early stages and the boom is yet to come.
6.Bitcoin is very volatile
Well not everything about Bitcoins is fancy and this is a piece of caution. Because Bitcoin is linked to the US dollar, it is prone to extreme volatility in a short span of time.
7.You must be ready and afford to lose too
When you invest in a cryptocurrency, you must have enough courage to face the consequences – both good and bad – and be prepared for the worst too.
8.Remember to keep your Bitcoins safe at all times:
You can always have a personal digital wallet and have secure pass locks to keep your Bitcoin safe at all times.
9.Do your research well before investing
There is a lot of fake news about Bitcoins in the market. If you are out for a serious investment, do your research well.
10.Make use of Bitcoin Wisdom
This will help you analyse charts, growth patterns and other data to help you make a wise investment in Bitcoins.
Bitcoin is here to stay. And many people have had success stories to share about their Bitcoin investment. But don’t rush – research well and make sound judgements before you invest in Bitcoin.
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