Why buy and sell bitcoin when it is so unstable and so unreliable? Why buy and sell bitcoin when it is just a fad? Well, the fact is that bitcoin is safe. People who buy and sell bitcoin have no guarantees that their investment will make money, and it is obvious that there is a lot of manipulation when it comes to people trying to invest in bitcoin. Nevertheless, bitcoin is going to be around for a very long time. In fact, at this point, the only genuine threat to bitcoin, and people who wish to invest in bitcoin is quantum computing, and despite Google’s overblown claims, we are still 100 years away from inventing it.
How Does One invest in Bitcoin
It is very similar to buying regular currencies. You find a company that allows you to buy and sell bitcoin, and you invest in bitcoin by spending your fiat money (dollars, GPB, etc). In many cases, the best place to buy bitcoin online is the website with the most users and popularity. Buying from tiny retailers who buy and sell bitcoin is not inherently bad, but they have less of an online reputation and less to lose if they rip you off.
When you buy and sell bitcoin, you are given a conversion rate for your money and bitcoin. When you invest in bitcoin, you will notice how the price seems to fluctuate quite a bit. In some cases, people who buy and sell bitcoin in the morning will have lost money by the evening. Yet, bitcoin is safe because it is going nowhere, and hence will keep rising in price slowly as it becomes more popular.
When you invest in bitcoin, they are going to give you your own online wallet/account. When you buy your bitcoin, it will sit within the account you set up with the exchange. Your money/bitcoin is pretty safe when you invest in bitcoin and your bitcoin is deposited into your account. However, it is not advisable to leave your bitcoin in the exchange. After all, you do not know if the exchange will be hacked, or close, or be sold to a scammer.
The Best Way to Store Your Cryptocurrency When You Invest in Bitcoin
When you invest in bitcoin, you should set up your own wallet and transfer your bitcoin to your wallet. Ideally, when you invest in bitcoin and move your bitcoin to your wallet, it is a wallet that you control. This is good because you have a place to put your cryptocurrency when you buy and sell bitcoin. It is also fully under your control, so people cannot buy it out or steal it.
If you are smart about security, then nobody can hack it either. However, there is an even better tool for people who buy and sell bitcoin. You can have an offline wallet. This looks like a flash drive, and it stores a document (in essence). Your offline wallet is un-hackable, making it impossible to steal your bitcoin unless they have physical access to your offline wallet.
What About Other Cryptocurrency’s?
The best place to buy bitcoin online will allow you to buy and sell bitcoin and buy Cryptocurrency’s assets. These are types of currency that are similar to bitcoin, but they are independent. Many of them are based off of another cryptocurrency called Ethereum in the form of ERC20 tokens.
For example, you could buy Cryptocurrency’s assets like OMG (OmiseGo), Funfair, Etc. and even though it is not bitcoin, and even though it is based on Ethereum, it is its own currency. Just like the US dollar and Canadian dollar are similar and yet distinctly different in their own ways.
If you are looking to buy Cryptocurrency’s assets and other investments, it is the same as buying bitcoin. The only difference is that each exchange stocks their choice of cryptocurrency. There is a chance that when you wish to buy or sell Cryptocurrency’s assets, the exchange you are using may not accept them. In many cases, if you want to sell Cryptocurrency’s, you have to go back to the place where you bought them in the first place. Though, this is not true of the most popular cryptocurrencies because many exchanges will probably allow you to sell Cryptocurrency’s assets to them.
Should Bitcoin be Part of Your Investment Strategy
When you consider that the cryptocurrency markets run 24/7, and that bitcoin prices are expected to go upwards for the next 100 years. It is fair to say that bitcoin and maybe other cryptocurrency’s should become part of your investment portfolio. Plus, there is the added benefit that the markets are so volatile that you can make profits within a few months rather than a few years. Plus, even if there is another large drop, all you have to do is hold onto your bitcoin until it eventually climbs again (which it always will).
