Bitcoin is the first digital currency and to date, it makes up almost 34% of all the cryptocurrencies in the world. Bitcoin gained popularity particularly because it isn’t restricted in 124 countries out of 251. In the last 3 months of 2017, there were at least 321,775 BTC confirmed online transactions.
These statistics show that Bitcoin’s year of emergence was 2017. Its popularity grew dramatically by 1400% and early adopters, young Bitcoin investors and cryptocurrency billionaires experienced substantial growth in Bitcoin.
Although, the Bitcoin’s popularity has somehow decreased in 2019, but still it is a lucrative darknet market to invest in. in fact, there are various Bitcoin investment plans put forward by the Bitcoin investors for the beginners.
6 Steps for Having the Best Bitcoin Investment Strategy
If you are a novice when it comes to making a potential Bitcoin investment strategy, then you can follow these 6 steps to have an effective Bitcoin investment plan before being a cryptocurrency millionaire.
Consider Setting Up a Regular Purchase Scheme
The future of cryptocurrency is brighter than any other digital business. If you are not a regular Bitcoin investor but this time, serious about a good Bitcoin investment plan, you can devote a small fraction of your salary to cryptocurrency. This is a good trick to amass a huge amount of BTC but with the one-major expense.
Many BTC wallet sites offer services for regular withdrawals. You just have to specify a devotion of money and then, that money would be withdrawn to purchase bitcoins automatically from your real bank account.
Consider Buying Bitcoin Locally
If you need a good Bitcoin investment strategy, you can consider buying Bitcoin locally, especially if you want to invest your money in the local community. There are many services which offer you various options like these.
Rather than pairing internationally, these sites allow you to pair up with local people near your area or in your neighborhood. You can contact them online or even meet them in person so that you know your Bitcoin investment is in safe hands.
Websites like Local bitcoins allow you to search up local bitcoin markets that are prominent among the Bitcoin investors. This site displays more than 200 countries and over 6000 cities, including the United States of America.
Consider Buying a Bitcoin Investment Company
This option is one of the less risky options. It is better to invest money directly into a Bitcoin investment company rather than by buying and selling BTC. These investment companies allow you to sell and buy the stock just like any other real-world company.
The company’s share depends upon the current price of Bitcoins. Many professional Bitcoin investors prefer buying into a Bitcoin investing company as a good Bitcoin investment plan.
Bitcoins are created through mining. Mining is basically a complex computing process. In easier words, your computer works with other computers to solve complex problems. Hence, mining Bitcoins whenever your computer solves one problem.
One advantage of this Bitcoin investment strategy is that you are making Bitcoins for yourself without giving in real-world money.
[ Also Read: Benefits of Bitcoin ]
Buy Low and Sell High
If you want to make your Bitcoin investment plan successive, it is better to buy the BTC when the dollar exchange rate is low and selling when the dollar exchange rate is high. However, the investment here is riskier as you can’t always know when the market is high.
Staying Up to Date on All the Bitcoin Market Trends
It is nearly impossible to predict accurately when the Bitcoin market will rise. So, the best way for planning a Bitcoin investment strategy is to keep updated about the current BTC market trends.
BTC markets fluctuate and spike up much more frequently than the real-world markets. So, there can be many opportunities for making easy money. It is better to keep an eye on the dollar exchange rate if you are a beginner Bitcoin investor.
Summary of How to Invest in Bitcoin
- Learning the basics of selling, buying and storing Bitcoin
- Creating a BTC wallet
- Purchasing BTC from a real-world bank account or considering alternate options
- Investing BTC in stable investments such as buying a BTC investment company
Following up with the BTC market trends so that you can invest when the dollar exchange rate is low. You may also look into dedicated bitcoin hardware which may prove to be a good option as well.