Bitcoin is a cryptocurrency that revolutionized the market. It has stirred in a positive wave of disruption through the world. With the surge of Bitcoin trading platform and decentralized transactions, the world is now looking forward to a new way of handling such transactions. It has had a global impact. However, we have to agree that Bitcoin is quite new in the market, and hence there is a certain controversy surrounding cryptocurrency. Answering a few questions about it will simplify your investment journey.
Is Bitcoin worth the hype?
A common question that many newbies have is whether Bitcoin is hype or not. Today everyone wants to grab a share in Bitcoin. The best part is that if you don’t have the money to buy a Bitcoin, you can buy some portion of it. But is that whopping amount and money worth it all? Well, the answer is yes. Many people consider Bitcoin as akin to gold. Initially, Bitcoin was not valued much, but today, Bitcoin holds a strong position in the market. Moreover, Bitcoin investment is a long term investment. Hence, if you are ready to put that trust and money in a digital asset to earn high returns in future then you can choose Bitcoin.
Which crypto trading platform would be good?
How would you choose the best platform for investing in Bitcoin? With so many crypto exchanges making tall claims about their features and offers, finding the best one can be challenging. To overcome the perplexity, you must emphasize on studying the market. Start exploring popular options like the Bitcoin Era. See what the common and most useful features offered by such platforms and choose the best one based on their reviews and security features.
A crypto exchange should have the following features, but it is not limited to just these:
1. Ease of use
2. User-friendly interface
3. They do the KYC
4. Assures you of the security and safety of your information
5. Availability of different crypto assets
6. Gives you all the news and updates about cryptocurrency
There are other features that you may come across, but these are the common ones that a trustworthy and credible crypto exchange platform must exhibit.
Is a wallet necessary?
You must have a wallet where you can store all the crypt assets. The options are many, but choose the one that is safe. Since you will be using it quite frequently, make sure that you keep the private and public keys safe. Do not share the details of your wallet with anyone. You can choose a hot wallet and install a wallet in your mobile. But, hot wallets are vulnerable and cybercriminals can easily hack your app. To keep your assets protected, you can choose a hardware based wallet called cold wallet.
Should I only invest in Bitcoin? Are other cryptocurrencies not profitable?
Well, when we say Bitcoin, we are talking about a pioneering currency. You cannot compare it with others, but that doesn’t mean that there aren’t other cryptocurrencies that should not be on your radar. A professional trader will always have a diverse portfolio of cryptocurrencies. Some of the popular options that you have are:
- Dogecoin and others
The value of other cryptocurrencies may not be as high as Bitcoin, but that doesn’t mean that they will not offer you good results and outcomes. A critical analysis of the market and the various cryptocurrencies will simplify your task and you can reduce the risk of loss by adding such cryptocurrencies in your portfolio.
Is Bitcoin good for long-term investment?
Well, if you are a beginner and starting your crypto trading journey, we advise that you must invest in Bitcoin for the long term. Most investors expect a quick result. The crypto market is vulnerable and hence the fluctuation in prices can be seen. Hence, the best is to make a long-term investment. This is a safe strategy to get rewarding results.
Bitcoin or any other cryptocurrency, your focus should be on the result. Knowing what you are looking for and choosing the right crypto exchange platform will define your crypto investment journey in the future, and hence you must make the right decision and smart investment today.