Everyone is talking about Bitcoin these days. People want to know if they should invest in Bitcoin. A simple answer to that question is… Yes. You definitely should invest in Bitcoin. Bitcoin trading is legal, fast, and easier than ever. Also, don’t be reckless and sell your house or something insane to buy Bitcoin (BTC).
So you’re curious and have some extra money sitting in your big checking account? Well, the price is Bitcoin is steadily rising and no one knows where it will stop so why not take a risk and invest in Bitcoin. I’ve been invested for a few months and plan to hold (or HODL as some of the awesome Reddit users will say) long term.
Why Should I Invest in Bitcoin
One reason to invest in Bitcoin is to say that you did it and conquer your fear of missing out on something potentially rewarding. Losing money sucks but so does missing out on a great opportunity. And even though Bitcoin’s current price is $18,000+ these days, you can buy percentages of a Bitcoin. This means you can use a digital currency exchange website or app such as Coinbase to buy 0.25 of a Bitcoin, so it’ll only cost %25 of Bitcoin’s current value. This is what I had to do and it paid off.
Who Controls the Value of Bitcoin?
Not the banks!!! There isn’t a government or banking authority so the value is determined by the people of the world and what we are willing to pay for it. This is one of the reasons why there is so much fear when it comes to investing in Bitcoin.
How Do I Buy Bitcoin?
If you are okay with taking this Bitcoin risk, as you should, then you should look into a digital currency exchange such as Coinbase, CEX, or Changelly. I currently use all three sites because if one site is congested (thanks to Bitcoin going mainstream) I simply hop on another site to buy Bitcoin during any dips, similar to the stock market. If you decide to invest in Bitcoin, then you’ll want to have a plan.
What Do I Do With a Bitcoin?
You can use your Bitcoin to buy stuff from one of the many websites that accept Bitcoin. You can sell it for a short-term profit. Or you can take a risk and hold it and see where the price will be in 1 year, 2 years, or even 5 years from now!
How Do I Sell Bitcoin?
You can sell your Bitcoin using Coinbase, CEX, Changelly, or any other digital currency exchange that you have verified is legit. There may be small fees for converting your Bitcoin back to currency (or fiat money) and doing a deposit back to your bank account so make sure you read before you submit anything as fees can change based on system load/peak times. You probably want to read up on the fees associated with each digital currency exchange to another to get the best rates. Also, Fiat money is the currency that the government has declared to be legal tender.
Tip: If you used Coinbase to invest in Bitcoin, you can sign up with GDAX.com (Coinbase parent company), then you can transfer your Bitcoin to GDAX.com, and you’ll be able to deposit it back to your bank account for a lower fee (sometimes).
How Do I Hold Bitcoin?
You can let it sit in the digital currency exchange account (not recommended) or you can move it to a wallet. Although these digital currency exchange websites are quite safe, hacking is possible. People in the Bitcoin community believe in storing your Bitcoin in wallets.
What is a Bitcoin Wallet?
Just like a wallet people carry around, a Bitcoin wallet is used to store digital money. A Bitcoin wallet stores a collection of private keys with your digital money information, in order to keep it EXTREMELY secure. This is the best way to prevent any unauthorized access to your digital money. To keep things interesting, there are many types of these wallets as well such as mobile wallets, web wallets, desktop wallets, paper wallets, brain wallet, and hardware wallets. From my research, the professional Bitcoin holders rule is that those that invest in Bitcoin should invest in a hardware wallet. Since I’m not a pro when it comes to Bitcoin wallets, I’ll simply refer you to these resources so that you can get official information about Bitcoin wallets and see a list of Bitcoin wallets.
How Do I Send Bitcoin?
Sending people Bitcoin is easy, all you’ll need is their wallet address (or email if you’re using Coinbase). The wallet address will be a long alphanumeric string.
Where Can I Learn More About Bitcoin?
If you’re still reading then you’ve probably stopped asking should I invest in Bitcoin. And now you’re hooked and want more Bitcoin information.
These are a few of the Bitcoin pages I review daily:
While Learning About Bitcoins I Saw… Altcoin?
What is an altcoin? An altcoin is similar to a Bitcoin, as it is a digital cryptocurrency. The term altcoin means alternative to Bitcoin. Some altcoins are created by companies using the fundamental rules of the Bitcoin network while other altcoins are created by companies from scratch (really smart people). This is where all of this Bitcoin and cryptocurrency stuff gets exciting. There are thousands of altcoins out there now with several of them with an actual future.
How Do I Get Altcoins?
The easiest way to get altcoins is by using a Bitcoin exchange website such as Binance or GDAX. To keep things simple, you’ll use the Bitcoin exchange website to send Bitcoin from your wallet/website/app to their website. Binance will provide you with a Bitcoin (BTC) wallet address so you can exchange your Bitcoin for other currencies such as Ripple, Monero, or Litecoin.
Read more about altcoin, the digital cryptocurrency alternative.
Security reminder: Always make sure that you are logging into the correct website by looking for the security lock in the browser and checking the actual domain name in the browser address. Additionally, you can click on the security lock to get certificate information. If the site offers 2 Factor Authentication, use it. Save your key, QR code, or passcode somewhere safe, like a fireproof file cabinet. Thanks!