Investing in Bitcoin: A Complete Guide

  • 17th Feb'21
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"The future of money is the digital currency" - Bill Gates

Do you even Bitcoin? This is something that you can soon expect to see printed on a T-Shirt or your comfy hoodie. Such has been the journey of bitcoin over the last month or last decade for what it is worth, it is tough to not get asked about it, especially, on the internet. Cryptocurrency after all these years, with many world leaders backing its implementations and many against it, continues to be one of the toughest nuts to crack.

And at the end of the day, whoever is thinking about is wondering if Bitcoin is a good investment? So, if you are one of those people then here is a complete guide to help you figure out if you should invest in or not?

Is it Risky to Invest in Bitcoin?

Simply said, the answer is yes. But again, what kind of investment doesn’t involve any direct or indirect risk? So, just like any other investment bitcoin too carries some well known risks such as its price dropping abruptly or how a single online hacking or crashing incident could lead to your complete bitcoin stash going without leaving anyway to recovering it.

Truth be told, such incidents have occurred where bitcoin has experienced some instant drops after a great increase in price due to the unfortunate crashes. The heart of its crashes and gain has often signaled towards the retention of the significant portion of gains after every plummets. In fact, bitcoin was the one to have inspired the current ecosystem of cryptos where a lot of investors are deeming it as future currency. The one that will challenge and replace the current monetary system.

Hence, whether you like it or not, investing in Bitcoin completely depends on your abilities to digest the risk factors that are involved in it.

Where to Invest in Bitcoin?

Now, that you have made up your mind on investing in bitcoin, it must have come to your senses as to where you should invest in bitcoin. To answer that, it is just like investing in stocks. However, owing to its daily swings, unlike the stock market, the daily swings in bitcoin can be very unstable.

Either way, here are some simple step-by-step guides to help invest in bitcoin.

  1. Create a brokerage account for crypto investments.
  2. Deposit funds into your brokerage account.
  3. Use those funds to buy your bitcoin.
  4. Sell your cryptos as per your convenience to either make a gain out of it or suffer a loss.

Note that a lot of bitcoin exchanges is depended on the trading platform you are using. Below is a list of some of the top brokerages through which you can safely invest in bitcoins. They are:

 

 

eToro

It is one of the popular cryptocurrency trading platforms where you professionally get your portfolios managed and connect with traders. Currently, eToro has the support 0f 15 unique coins in terms of both purchase and sales. These 15 unique coins include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Dash (DASH)
  • Ethereum classics (ETC)
  • Ethereum (ETH)
  • Litcoin (LTC)
  • MIOTA (IOTA)
  • NEO (NEO)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • Tezos (XTZ)
  • Tron Coin (TRX)
  • Zcash (ZEC)

Coinbase

It is a mobile trading app that is both simple and safe to use. Here you both buy or sell as well as hold your bitcoin. In this, you can comfortably create an account, do its identity verification, and buy your cryptos.

BitcoinRA

It is a proprietary bitcoin trading platform where you can self-trade cryptos anytime. All you have to is go through some easy steps such as creating an account followed by funding your accounts and finally trading with just buy, sell or swap options.

Advantages of Investing in Bitcoin.

The extraordinary, even though the volatile, performance of bitcoin has sparked some serious debates amongst both the traditional and institutional investors. We all know, investing in bitcoin has its own risk that involves both the advantages and disadvantages in bitcoin investment. First, let’s look at the advantages:

Liquidity

Owing to its worldwide establishment, bitcoin undoubtedly is one of the most liquid investment assets. It has trading platforms that facilitate both exchange and online brokerages. Due to its association, bitcoin serves as a great investment method for some quick short-term profits. Also, trading bitcoin is way easier than one would think. For example, You can trade bitcoin for both cash as well as valuable assets such as gold at an unbelievably low charge.

Lower Inflation Risk

The fact that bitcoin, unlike world currencies, cannot be regulated by our government makes it immune to inflation. What makes this more worth it is that because of blockchain your cryptos are protected against losing their values.

New Opportunities

Like it was mentioned, both bitcoin and cryptocurrency trading are fairly new things the world has known about. There are still many people who are trying to know about it. Here, the new coins become a mainstream thing in no time daily. With this and its unpredictability in swings, there is ample room for massive opportunities to make huge gains.

Disadvantages of Investing in Bitcoins

Coming to its disadvantage, there are five major disadvantages to investing in bitcoin while are present due to the risk factor involved in it. Let us have a brief look at these disadvantages.

Volatility

As it has been established, the price of bitcoins can quickly move from high to low and versa in no time. Therefore, it can become tough to make good returns from it. Moreover, there is always an outside chance of facing a huge loss.

Online Hacking

While blockchain technology has provided the much desired security against the online hacking of bitcoin. Nevertheless, you can’t rule out the possibilities ever. Also, bitcoins that are held on exchanges are considered uninsured by FDIC.

Lack of Regulation

While our government not having any control over its regulation is a welcome aspect, the overall lack of any responsible body of regulation can make a lot uneasy because of the possibilities of crashes or online hacking.

Limited Use

Bitcoin being fairly new to a lot us has some major limitation as only a handful of online merchants accepts bitcoin as an exchange. Many companies still see it as an illegitimate exchange.

Wallets can be Lost

Imagine your hard drive crashes or your system gets corrupted by a virus. The outcome is the loss of your bitcoins. Any incident as such could turn a millionaire into a bankrupt person in no time.

Bitcoins as Real Money

One of the major doubts surrounding the bitcoin future is if it can be converted into cash. The answer is, as you can receive cash in your account directly in return for exchanging your bitcoin in cryptocurrency exchanges such Coinbase and Kraken.

Also, although it is extremely rare, there are bitcoin ATMs available where you collect cash in exchange for your bitcoin.

Recommended: 7 Reasons Why Bitcoin Will Hit $50,000 In 2021

The Future of Bitcoin

Owing to its volatile nature and both agreements and disagreements of the various governments and world leaders involved, the future of bitcoin is more like tossing a coin. Although, there are several highly positive predictions have been made, there are equally negative things been said about bitcoin. So, if you ask me about the future of bitcoin, I would simply suggest that it depends on your risk taking abilities with immense quickness to grab on any window of opportunities.

We at, OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Sunny Samanta, OpenGrowth Content Team

A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.


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