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Great Tips To Follow If You’re A New Bitcoin Investor.

February 1, 2018 by  
Filed under Business, Opinion, Weekly Columns

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(ThySistas.comIn recent years, more and more people are hearing about Bitcoin and other types of cryptocurrency. You might not know what it really is, especially if you have only heard the terms in passing on the news, but if you’ve paid attention, then some of the amazing success stories might have spurred you on to learn more. The decision to dive headfirst into the crypt world is certainly a scary one, and there is a lot to learn before you start investing. If you’re still not really sure what you’re doing and feel like a little advice would make you feel more comfortable, then keep reading.

  1. Do Some Research

Even if you have spent hours researching Bitcoin and other cryptocurrencies and reading articles like this one, it won’t hurt you to spend a few more. Bitcoin has grown in popularity because of the hype around its success stories, but you have to understand that there have also been some huge failures. Bitcoin is an interesting and exciting thing to get involved in, but if you don’t really know what you’re getting yourself into, then you could end up losing a lot of money. Cryptocurrency is often difficult to understand, which can lead to a great deal of confusion, and if you invest more money than you can afford to and something goes wrong, there is no one that can fix it for you.

  1. Keep Coins In Wallets

When it comes to storing your coins, you should keep them off the exchanges (after all, they are for exchanges, not for storage). Keeping them there could make a hacker’s job a whole lot easier, and you could end up with a lot less money than you started with. Instead, once you have bought your currency on an exchange, move it to a wallet that you are in sole control of. There are lots of different types of cryptocurrency wallet, such as the Trezor hardware wallet. If you want to be even more cautious, then there is no harm in dividing your currency between a few different wallets.

  1. Be Cautious

As with any other type of investment, investing in Bitcoin comes with a large amount of risk. Unfortunately, this risk is only amplified by the fact that these different types of digital currency are relatively new, and are still in their early stages of being developed. Once you’ve read a Bitcoin success story or two, it can be tempting to be bold, and probably a bit mad, and start throwing money around, but this really isn’t sensible, especially if you don’t have the money to waste. Instead, start small, and then build your way up, as you would do with any investment. There’s no need to go hard and try to make millions overnight. It’s just too risky.

Bitcoin and other types of cryptocurrency can be hard to wrap your head around, but once you have, it can seem like an amazing investment. Just be sure you do your research and listen to the advice above before making any big decisions.

Staff Writer; Latasha Day


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