There’s no market as volatile as the cryptocurrency market, and the cryptocurrency market is mostly swayed by the rise of Bitcoin. If Bitcoin starts a bull run the effect trickles down and touches virtually every other cryptocurrency. If Bitcoin also has a bad run it will be felt by other coins; so it wouldn’t be misplaced to say Bitcoin rules that cryptocurrency market and anyone who is serious about becoming or is a cryptocurrency investor is first a Bitcoin investor.
Investing in Bitcoin can be a very complex task if you’re a newbie investor. Taking that first step into cryptocurrency trading is one of the hardest decisions you’ll make as a newcomer to the industry even if you have previous investment experience with stocks, commodities or even gold.
This is because the cryptocurrency sector has its own rules and modus operandi. No central authority to guide you, just your guts and your determination. So before you venture into cryptocurrency investment you should get all the information you need and
get your facts straight so you don’t get burned and lose all your money. That’s why we have the cryptocurrency community to guide you through the whole process.
As a part of the cryptocurrency community, we are here to help you and In this article we will give you 5 tips to help you through the process as a Bitcoin investor.
Tip1: Do Your Research
Before you venture into Bitcoin investment it is wise you do your due diligence. Bitcoin has existed since 2008 and people have been investing and trading it for that long, so it is safe to say the space has undergone several changes over time. As a new Bitcoin investor, it is imperative you do our research before investing your money. If you understand what you’re getting into it will help you make better investment decisions which will fetch you major gains in the long run.
Tip 2: Learn How To Store Your Bitcoin Safely
This is perhaps one of the best advice you’ll get in this article. In cryptocurrency investment security is paramount. This is due to the high risk of your investment portfolio getting hacked. In recent years we’ve heard stories of major cryptocurrency exchanges getting hacked and millions of dollars worth of cryptocurrency stolen in hours.
That’s why it’s important for a Bitcoin investor to learn how to store their Bitcoin safely. The best way to store your Bitcoin as a major investor is to store your tokens in a cold wallet. Some cold wallets includes Trezor or Ledger Nano S.
Bitcoin might be the undisputed king of the Cryptos but that doesn’t mean it is the only cryptocurrency worth investing in. Bitcoin investors become too engrossed with Bitcoin and forget other cryptocurrencies are actually profitable. Diversifying your Bitcoin portfolio is a wise choice and the successful Bitcoin investors have a portfolio of different cryptocurrencies. So if your are planning to make a lot of money investing in Bitcoin, diversify your portfolio.
For every Bitcoin investor the number one advice is to proceed with caution. Every investment has it’s own risk and the Bitcoin market is no exception. As a Bitcoin trader or investor it is important you proceed with caution while investing your hard-earned money. Ask questions, research, keep your eyes wide open before investing and be careful while investing. This advice always comes in handy.
Tip5: Prepare For Volatility
The Bitcoin market is notorious for one thing; price volatility. As an investor you should be ready for regular fluctuations in price and value of your portfolio. But do not fret, the price of Bitcoin has been known to dip so down that you’ll lose your confidence in it and also increase so high you’ll wonder what the absolute madness is really going in with this coin.
It’s one hell of a ride and a ride every shrewd Bitcoin investor comes out of adrenaline pumping and smiles literally pouring out of their faces.