Investing in Bitcoin: What you need to know
Today we all live in the rapidly developing world and it’s extremely important to move with the times if we want to succeed. Well…not so long ago I also tried to do that.
Probably, most of us have already heard about the most popular and widely used cryptocurrency of nowadays – Bitcoin. Known for its volatility, Bitcoin and certain other cryptocurrencies represent an interesting investment to diversify its asset portfolio or take its first steps in trading. For this reason, I also decided to buy Bitcoin.
Before that I’ve made a deep research and now would like to share with you some tips from my own experience.
Despite some slack periods when Bitcoin prices can sink into the abyss, investing in these assets has so far proven to be good business in the long run. Of course, investing in Bitcoin is not without risk, but it has to be said that profits have often been there for those who did not sell during periods of depression.
But beware: Investing in cryptocurrencies is quite risky. First remark when arriving in this universe: Bitcoin has no official price. This is explained because each exchange platform offers its own according to the supply and demand it observes between its users. There are significant variations between platforms, sometimes several thousand dollars. Therefore, be careful before buying.
There are two main reasons for the price differences. First, liquidity: some platforms do not record the same trading volume. This can affect the price because it is calculated on the average of internal transactions. Second, no establishment has yet referred to the sector. There is no Nasdaq to arbitrate, as is the case in the market for technology stocks
Investors should also keep in mind that the price, in dollars or euros, displayed by the platforms is probably higher than the real price. Indeed, these are remunerated by taking commissions on each transaction: the greediest, therefore, have an interest in displaying a high price.
Where to Buy Bitcoins?
There are a plethora of platforms offering to buy bitcoins. And I’ve made a complete comparison with the strengths and weaknesses of the main sites (costs, level of experience required, etc.). You will find trading spaces reserved for confirmed investors (Binance, Kraken, Bitstamp, etc.) and more intuitive brokers (Coinbase, Coinhouse, etc.). The latter ones are generally easier to use but have higher costs. As for me, I’ve chosen the Coinbase and have no problems with buying there at all.
Using Bitcoin for Transactions and More
So, one may then logically ask what to do with the cryptocurrency after buying and how to spend it? There are enough ways and platforms to spend it. For instance, you already can pay with Bitcoins at KFC, Burger King, Subway and some of the international airline companies. At last, you can simply wait for a while and convert your Bitcoins into cash. Who knows, maybe its price will increase again. But there’s also another way to spend Bitcoin. And, as you all know, I’m a risky person, so I spent my first bitcoin in online bitcoin casino – 7bitcasino. And that was not accidental I’ve chosen this particular casino.
I’ve checked out lots of casinos and I think 7Bit is the best bitcoin casino in USA. After reading reviews on the Internet I’ve realized this one is the most reliable for the following reasons:
- 7BitCasino is a licensed online casino operator, focused on crypto gambling innovations.
- It was renowned in 2014, it has established itself as a leading choice of eGaming industry.
- Powered by the reputable gaming providers 7Bit is off the scale in the online gambling market with its vast choice of games and the best welcome bonus packages.
Moreover, I’ve finally tried to play my favorite online games without using a credit card! The one very important thing for me when playing in online casinos is anonymity and fast withdrawals. All of these are guaranteed when playing for bitcoins.
So if you’d ever decided to invest in cryptocurrency, especially Bitcoin, here are a few more tips from me.
I’d recommend avoiding payment by credit card. Commissions are very high (up to 10%). Bank transfer is the most economical solution but will require a slightly longer validation process (around three days in total if you count the validation of your identity). It is also possible that your bank may block the transfer. It will then be necessary to claim to sign a disclaimer stating that you are aware of the risks involved in this investment.
Depending on the added value realized, it may be interesting to obtain a “hardware wallet” a physical electronic wallet. It will prevent you from leaving your assets on the platforms. These are exposed to hacking attempts. A hardware wallet looks like a USB key and allows you to store cryptocurrencies in an offline space.
And the main advice from me – make your own deep research on everything before buying Bitcoin.