Is Bitcoin worth investing in? This is the question many of us ask on a daily basis. However, the answer is a little bit more complex than the usual “yes” or “no” options. Let’s break down everything we know about why should or shouldn’t you invest in Bitcoin and find out!
Should you invest in Bitcoin?
If you are the person who finds investing is something so “vague” as cryptocurrency dumb, think again. What makes Bitcoin so valuable for the investors? Well, BTC coins have two features making them great for investments.
First of all, Bitcoins come in limited supply. There is only 21 million Bitcoin to ever exist. As time goes by, it becomes harder to mine new coins. Just as gold, BTC becomes more valuable with time.
Secondly, Bitcoin provides a transparent monetary policy that can be verified by anyone. It is possible to see when new coins get created, how many Bitcoins are in circulation and where the transactions go. Besides transparency, Bitcoin has a great advantage as a payment method – the transfers can be sent from anywhere in the world and no third-party is allowed to block the payments, close accounts or reverse transactions. If the monetary policy of a government fails (take Venezuela as an example), Bitcoin can become a way to escape this failure and get access to unlimited cross-border transactions.
Taking all these factors into consideration, you get a great investment material in the form of BTC.
BTC price – know before you invest in Bitcoin
As you might already know if you are into cryptocurrency, there is no fixed price for the majority of the coins (except for stablecoins). The price of Bitcoin is set by how many people are willing to buy/sell – you can pretty much monitor it no CoinMarketCap.
Many people are wondering whether there is a right time to buy Bitcoin. Well, not really. What you need to do is understand the charts well and know how to notice the market movements at the right point of time. Reading Bitcoin price predictions may help, too, but this is definitely not 100% trustworthy information. This of them more as extra help, not an action guide.
Where to buy Bitcoin – How do I invest?
The difficulty of buying Bitcoin depends on the service you use. The general advice here would be sticking to trustworthy cryptocurrency exchanges available in your country. If you are interested in checking more information on the exchange services we sure are working well, you can check Guarda Exchange Service selection here.
How to store your BTC securely
Bitcoin is a valuable asset – various kinds of thieves and scammer might be after your coins. Hence, BTC security is an essential part of your cryptocurrency journey.
If you have some serious thoughts about investing in Bitcoin, you need to find a secure cryptocurrency wallet first.
When it comes to safe crypto storages, we know best. Here are the criteria you need to follow to have your coins stashed in the ultimate wallet security:
- Non-custodial wallets. Third-party interference often harms the coin holders – the personal information stored by the company might be hacked and used for some harmful actions. This is where non-custodial wallets step in. Custody-free services do not have access or store any personal data of their users. Due to this, security levels drastically increase and the user remains the only person in charge of their funds.
- Rapidly developing wallets. When choosing a cryptocurrency storage service, check the company’s development pace – if a wallet you are about to choose updates often, adds new features and looks for improvements, it is definitely a good sign.
- The team is open to communication. If you are new to the cryptocurrency space, you might have lots of questions along the way. If you are experienced, you might have some questions about the wallet work. No matter how advanced your level is – you need to able to reach the developers of your wallet. Check the social networks of the service, Telegram chats and the support lines to see if your questions are addressed efficiently.
- The functionality of your wallet. Depending on your needs, your wallet needs to have various additional features. Great things your wallet may include are – speedy exchanges with good rates, cryptocurrency purchases, different handy special features and so on. If you are planning on holding multiple currencies, it is better to turn to multi-currency wallets that work across various platforms.
Before you invest in Bitcoin, you definitely need to know some basics of how the cryptocurrency market works, how the coin prices change (and how to read them), very essential crypto security rules and so on.
Bitcoin in particular and cryptocurrency in general are still relatively new phenomena, so it requires a lot of research done on the user side. Take some time, read some articles and understand Bitcoin before making your first investment.