Learn Bitcoin Investing in 6 Easy Steps
If you are not new to investing, you probably have heard of Bitcoin Trends quite recently. The craze of bitcoin investing has gone up significantly from the last few years as people have become aware of the amount of return. Thus, all new-age investors have flocked to invest in bitcoin.
Earlier it was possible only for techies only, how many startups have come up in this space and made bitcoin investing much easier. Venture capitalists always look forward to investing in this kind of startup.
What is bitcoin, and why you should invest?
Bitcoin is the first cryptocurrency. Also, it is the most famous one among all the cryptocurrencies existing. It can be used for investment as it can be stored and digital transactions. Blockchain technology is at the core of it. It is fully secure and decentralized; it cannot be controlled or altered by anyone or any organization.
As bitcoin has become one of the most sorted new-age asset classes, if you are keen on multiplying your money, you should consider bitcoin once in your portfolio. In this there is indeed no clear-cut mandate by the Indian government about bitcoin investing, but it never called it illegal. If your risk-taking capability is good enough, bitcoin investing can make you rich in just a decade.
Why is bitcoin considered an alternative hedge to inflation?
Cryptocurrencies have shown tremendous potential in the past years and outdone all other investment instruments. Bitcoin is the most popular and controls 69% of the market. The price of cryptocurrencies is very much volatile.
But if you notice, its price became zero from 30 lakh in just a decade. Earlier, people used to invest in gold to bypass inflation, but the place is getting replaced by bitcoin. Here is a simple guide to learning bitcoin investing in 6 easy steps.
How to invest in bitcoin in 6 easy steps:
1. Select your preferable crypto exchange: To start bitcoin investing, you need to select an exchange from where you can operate. There is no clear mandate on bitcoin regulation right now, but some of the names mentioned here can be your place as they have gained popularity because of their easy-to-use features and reliability. WazirX or coinDCX are the most popular amongst all. A simple app is needed to download, and you can trade with a touch.
2. Opening of trading account: To trade in any exchange, you need to open an account to the exchange. In a bank, you need to submit your KYC documents like PAN card, Aadhar card and address proof. The exchange will then verify all your documents in due time and set up your trading account. It should be noted that these exchanges work round the clock throughout the year.
3. Funding: You need to have money in your trading account to start bitcoin investing. You can transfer the funds from the bank to your trading account, but before that, you need to link it with the bank. After buying, you may need to wait for some time, varying from exchange to exchange.
4. Investing in crypto: Bitcoin is a cryptocurrency amongst all others. It would help decide whether you want to invest only in bitcoin or all other cryptos like Dogecoin or Ethereum.
5. Storage of cryptocurrency: After buying, you need to store the coin in a preferable safe place due to fear of hacking. There are no formal institutions that back the exchanges. But you can keep your crypto code in a crypto wallet.
6. A clear investment path: You need to have a clear-cut strategy for bitcoin investing. Just because you have the money, you should not invest right away. Study the market well and analyze the moods of the investors. Preferably, take the advice of any financial advisor.
Bitcoin trading market can be a great chance for you. The market is highly volatile. It also moves very fast. Therefore, you must have understood that it has the power of fetching you great returns or to grasp all your money. The risks are tremendous which makes the chances of winning tremendous. Therefore, the blockchain technology or bitcoin is worth giving it a try. However, it is never advised to put all your lifesaving at once.
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