Bitcoin is the most trending topic since 2017 and still, its trend is at the high level, it seems people actively participating in this. It has seemed that this topic had grab the newspaper headlines. Indirectly or indirectly people have shown a lot of interest in this. So if you are finding an answer to the question that you should invest in this or not so the foremost thing you should know about it is What is Bitcoin ?
What is bitcoin ?
So the most trending topic Bitcoin is a cryptocurrency and it is a worldwide payment system. which is created in 2009, by the name Satoshi Nakamoto but still it is a mystery who has created it, it is created by the group or an individual person the actual identity is still a mystery. Bitcoin is a first decentralized digital currency, which works without any bank or system.The transaction can be possible anytime and anywhere.
One thing that you should keep in your mind is that it is not a stock nor a company it is a currency.It is not controlled by no one and it is an open source. It is a fundamental software and you need a laptop, mobile to use it. Bitcoin is handled by the Blockchain software. It is known as second best invention after the internet. Due to the blockchain, it is considered as a most secure network.
The idea of investing in Bitcoin is very good but you have to keep a focus on following things:
Buying and Holding
It totally depends on you when to buy the currency you only have to take the decision and decide when will the prices will increase. If you think it is the good time to buy, so go for it. Don’t take anyone advice to buy or when will price increase don’t get the advice with people use your own brain and work on it have an eye daily understand the concept and deal your own.
Points that you should keep in mind before buying it:
So basically Bitcoin is really a risk factor and you have to keep this in your mind so be alert and invest smartly and invest only that much which you can afford to lose. Don’t go with a huge amount.
As soon as you buy the bitcoins transfer them in your bitcoin coin never leave them for the exchange purpose. We also suggest you go for the hardcore wallet but in case if you can’t afford it so go for the paper wallet.
Go only for those bitcoins who have marked their reputed positions in exchange.
Prefer to buy the bitcoins in a dollar.
Trading in Bitcoins
The trading in bitcoin is really very different as compared to another trading system. Trading in Bitcoin simple means, that you are willing to buy bitcoin at a lower price and ready to sell it at higher prices in a short interval. Trading in bitcoin requires the knowledge and practical experience. This trading market is occupied by a large number of players and they are in wait that new ables should come and invest their money.
Investing in Bitcoin mining
It has been seen that a large group has been like to invest their money into bitcoin mining and it is noticeable that from last few years mining bitcoin could be profitable if it done on large scales. But you required a expensive mining equipment as well as the free electricity.
All the people who have been interested in the bitcoins must have heard of all types of sites that allow you to mine Bitcoins through them this is known as cloud mining and these sites have to face one situation among them:
There could be a complete scam and they can run away will not allow you to mine the bitcoin.
It is also possible that it could not proof it as a scam and it can be a bad investment since you can get more bitcoins if you will just use that money to purchase the bitcoins rather than paying the site.
Invest in Bitcoin companies / grow your Bitcoins / HYIPs
We have seen that most companies comes with new deals and new promotions each day and claims that it will double your money or it is beneficial in other types includes the company which will later be declared as a scam or HYIPs (high yield investment programs). so these promotions can be fake. So basically, there some companies from which you have to be alert and they are fake promises, they launch their site will show you the big dreams and beneficial promotions and they have some referral system so you can bring your friends to and later after 3 to 4 months they will close the site and declare as a scam and people will in search of them and having regret. If some sites are providing you the huge profit so be alert. There can be chances that they are fraud.