It is not uncommon for an intending bitcoin investors to try to seek answers to the following questions; What is bitcoin? What do I need to invest in bitcoin? How can I invest in bitcoin in 4 steps? Is bitcoin a good investment? What are the different ways to invest in bitcoin? Yes, it is possible to make a lot of money by investing in cryptocurrency.
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In an attempt to provides answers to all the questions above, and other related questions, we decided to come up with this article which serves as a guide that guarantees you make a lot of money informed bitcoin investment and earn money from your investments.
Bitcoin is usually considered a highly volatile investment (whether you want invest in it as a short term of long term investment). By following this guide, you can invest in cryptocurrency and make a lot of money with your bitcoin investment.
Guaranteed Ways to Invest Bitcoin and Make Money With Trusted Bitcoin Investment Sites
In recent years, you have probably seen “bitcoin” suggested as a cutting-edge investment option. There has been a lot of debate about Bitcoin and other cryptocurrencies. With its supporters arguing that it is the future of currency and investing, while the people who lack confidence in it argue that it’s a risky investment option that is not likely to generate big returns.
So how can you determine whether bitcoin is the right investment for you or not? Read this beginner’s guide on how to successfully invest in Bitcoin and make money.
What Do You Need to Invest in Bitcoin?
You don’t need a lot for you to be able to invest in Bitcoin! You only need the following:
- Personal identification documents
- An account
- A secure internet connection
If you are going to be buying bitcoins through a stockbroker, you may not need to supply your personal information or financial information because your stockbroker is likely to have all that information on record.
How to Invest in Bitcoin in 4 StepsHere’s how to invest in Bitcoin, in 4 easy steps.
- Join a Bitcoin Exchange: You will have to determine where you want to make a buy bitcoin. Most Bitcoin investors use cryptocurrency exchanges or trading platform. There is actually no official “Bitcoin” company since bitcoin and other cryptocurrency use open-source technology. However, there are a lot of different exchanges that facilitate Bitcoin transactions. These bitcoin exchanges serve as middlemen of cryptocurrency investing.
If you decide to purchase from an exchange, you will have to decide which exchange you want to buy from. Here are a couple of the popular options:
- Coinbase: This is popular cryptocurrency exchange that insures losses in the event of a security breach or fraudulent transfers
- Bitfinex: Bitfinex is the longest-running cryptocurrency exchange that is optimized for advanced traders and lenders. Unfortunately, Bitfinex doesn’t currently accept US customers.
- Create a Bitcoin Wallet: When you buy bitcoin, it is stored in a “wallet,” which is where all your cryptocurrency is stored. There are two types of wallets you can get: a “hot wallet” or a “cold wallet.”
A hot wallet is usually operated by either your cryptocurrency exchange or by a cryptocurrency wallet provider. Some exchanges will automatically provide you with a hot wallet when you open your account. In any case, hot wallets are convenient because you will be able to access your coins through the internet or a software program.
Some popular examples of hot wallets are:
- Electrum: Software that enables you to store your coins on your computer
- Mycelium: A mobile-only app for Android and iPhone users
You should note however that hot wallets are not the most secure ways to store your digital currency. If the hot wallet provider is hacked, then your cryptocurrency is automatically at risk.
A cold wallet is the safest way for you to store your coins. A cold wallet is an actual piece of hardware wallet that stores your coins. It is usually a portable device that most times looks like a flash drive. Some popular cold wallets are:
- Trezor
- Ledger Nano
If you are only going to purchase small amounts of coin, then you might be fine holding the bitcoin in a hot wallet with an insured crypto exchange. But if you are going to be trading bitcoin in large volume, then a cold wallet would be well worth investing in.
- Connect Your Wallet to a Bank Account: When you have your wallet ready, you will need to link it to your bank account. This enables you to buy and sell bitcoins. Alternatively, your bank account may be linked to your cryptocurrency exchange account.
- Place Your Bitcoin Order: Now you’re ready to purchase bitcoin. Your cryptocurrency exchange will have everything you need to buy. The big question is, how much bitcoin should you purchase?
Some coins cost thousands of dollars, but exchanges often allow you to buy fractions of a single coin – your first investment could be as low as $25.
Investing in bitcoin is very risky, and it is important that you carefully determine your risk tolerance and review your investment strategy before you purchase any bitcoin.
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Different Ways to Invest in Bitcoin
You can invest in bitcoin without actually purchasing any cryptocurrency. There are two different methods.
First, you can invest in a company that utilizes bitcoin technology. Although bitcoin is a risky investment, there are plenty of companies that are selling successful products that incorporate bitcoin and blockchain technologies. You can find several exchange-traded funds (ETFs) that include shares from a variety of blockchain-related companies, like the Amplify Transformational Data Sharing ETF (BLOK). You’re not directly investing in cryptocurrency but in corporate stocks of companies that utilize bitcoin. It’s safer and most ETFs in this category outperform the market.
Second, you can participate in bitcoin mining. Bitcoin mining is simply allowing your computer to be used as a node for the public ledger. It’s a topic that’s worthy of its own blog post, but you should know that bitcoin miners are rewarded with actual bitcoin for their contributions. You could receive free bitcoin without actually ever purchasing it.
Is Bitcoin a Good Investment?
Here’s one of the most commonly asked questions about bitcoin: is bitcoin a good investment?
Bitcoin is a popular type of cryptocurrency that utilizes a large chain of interconnected computers to store and protect your digital assets. Bitcoin is a highly volatile asset that’s prone to large and fast swings in value, which presents an opportunity for large returns but also poses a tremendous risk. If you’re going to invest in bitcoin, be sure to diversify your investment portfolio to protect yourself from the marketplace volatility.
Well, no investment is truly “good” or “bad.” It depends entirely on your risk tolerance, your investment strategy, and your financial goals. Before you consider bitcoin as an investment, you should carefully consider your own goals and determine what you want to accomplish in your investment activities. Do you want to develop a passive income? Become a full-time investor? Save for retirement? Answering these questions will help you figure out whether bitcoin is the right investment option for you.
Best Bitcoin and Crypto Investment Sites Investing in Bitcoin is all the rage but how exactly does a beginner get started? Do you need to already have bitcoin to invest? Or do you transfer money from your bank account to somewhere and convert it to Bitcoin? What does that look like?
If you just want to earn a high return with crypto, you might consider a crypto savings account. These accounts pay up to 12%, but do come with risks (just like regular crypto investing). Check out the best cryptocurrency savings accounts here.
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How to Manage Your Bitcoin InvestmentsAfter you have purchased bitcoin, you can:
- Use your coins to make online transactions
- Hold your coins for a long period in the hopes it’ll appreciate in value
- Perform day trading with your coins—that is, buying and selling coins with other bitcoin owners, which can be facilitated on the cryptocurrency exchange
Your cryptocurrency exchange will provide you with everything you need to buy and sell coins.
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