In this article, we‘ve selected some great tips if you’re new to the world of cryptocurrencies.
Currently, there is a lot of hype around bitcoin, mainly because bitcoin has been on a bull run, and in November, the price has reached $17,000. Moreover, it is predicted that the price will surpass $20,000 by the end of the year. Hence, it’s unsurprising that more people want to become bitcoin investors than ever before. In this article, we‘ve selected some great tips if you’re new to the world of cryptocurrencies.
You need a bitcoin wallet in order to send, receive BTC, trade on exchange platforms, and purchase goods and services from businesses that accept BTC payments. So, to put it in a nutshell, you need a bitcoin wallet to store and protect your assets and to make transactions. There are different types of wallets, including desktop, mobile, hardware, and online wallet.
Generally, a hardware wallet is considered the safest option, while a mobile wallet is a good option for offline purchases. The web wallet is also very convenient as you can sign up and trade from your mobile and desktop devices that are connected to the internet. So, based on your budget and preferences, you need to pick a safe option that works for you and your needs.
Online Exchange Platforms
When it comes to online exchange platforms, there are many options. But, always do your own research and choose a trustworthy exchange site. A great site is Bitcoin Digital, where you can start trading with a deposit of $250. Another advantage is that the registration process on https://bitcoindigital.io/ will take about 5 minutes of your time. Then, all you need to do is click the ‘live trading’ button, and you can potentially earn up to 6 times your initial investment in just one day of trading.
This is an award-winning platform that has won great rewards, including the Best Performing Robot 2020 award by the UK Association of Robo-Traders (UART). Moreover, this site is suitable for you if you don’t have any experience in this field because they also offer detailed instructions to help you start trading.
Set Clear Goals
Before you start trading, take some time to familiarize yourself with your financial situation and budget. Based on your financial situation, you need to set clear profit targets that you want to achieve in a certain period of time. Keep in mind that biotin is a volatile cryptocurrency, and your results are affected by changing market conditions.
So, make sure you have a clear idea, based on your budget, what you can earn and lose, if you invest a certain amount of money. Also, it is important to take some time to learn more about bitcoin and the blockchain network. You can also take a look at bitcoin’s price history.
If you are venturing into the world of cryptocurrencies, you need to be aware of a single event that affects every user on the platform. That is bitcoin halving. Bitcoin halving happens after 210,000 BTC are mined, or roughly every four years. It halves the reward that miners get; hence, in 2020, their reward went from 12.5 BTC to 6.25 BTC. This means that the supply of BTC will subside.
And as the demand increases, the price of BTC goes up. If you research and check the prices of bitcoin from previous bitcoin halvings, you’ll notice that the price has increased after this event. Hence, there is even greater interest in bitcoin after its halving in May, and as we know, the prices soared and continued to rise in the next months. So, if you’re a beginner, this is important information to take into consideration when you’re making decisions and setting your goals.
Diversify Your Portfolio
Thanks to bitcoin, there are many other cryptocurrencies that exist today. So, you don’t have to invest your money only in BTC. You can also explore your options and diversify your portfolio by investing in other cryptocurrencies.
Even though bitcoin is still the largest and most popular cryptocurrency, there are also others that you should check out, like Ether, Bitcoin Cash, Monero, Litecoin, to name a few. This will help you minimize your overall risk and potentially can help you maximize your returns.
Bitcoin is the largest cryptocurrency by market cap, and the number of people that own bitcoin keeps growing each year. What’s more, there are over 15,000 businesses across the world that accept BTC payments.
As we mentioned earlier, after the halving that took place in May, the price has risen significantly, so now is the perfect time to learn more about it and become an investor. But, always make sure you have proper strategies in place that work for your situation and help you manage the risks and reap the best results.