Do you remember where you were when the first news reports about Bitcoin began to circulate? In 2008, a mysterious figure operating under the name Satoshi Nakamoto released a White Paper on his concept for a cryptocurrency. A year later, Bitcoin would be brought to market. The cryptocurrency would eventually take over the world in a big way, skyrocketing in value so far that people were becoming millionaires seemingly overnight. Now, a decade later, the coin has held steady. People are still investing in cryptocurrency and Bitcoin is still the biggest name in the business. The question we have now is this: did you miss your shot to invest? Is it too late?
Investing In Bitcoin The Easy Way
While most of us may have missed the early adoption phase of Bitcoin, the time when people were turning pennies into ten-dollar bills, that doesn’t mean that the window has completely shut itself. In fact, the cryptocurrency market has been booming over the years with more and more coins coming to market. As we know, competition is great for progress and this has Bitcoin working day-and-night to stay ahead of the competition as THE definitive cryptocurrency for our generation. With that being said, what is it that you need to do in order to start investing in Bitcoin so that you can try and find your fortune?
1) Get A Wallet – The first thing you are going to need to do is go to a reliable Wallet creator, such as Abra, in order to set yourself up for the receiving and sending of Bitcoin (BTC). A wallet operates as your own personal bank account that is protected via encryption. You’ll want to store your wallet OFF of the internet so that it cannot be compromised. Consider a flash drive or something like it. With a wallet, you’ll be able to buy and sell coins as needed.
2) Skip BTC Mining – We are at a point in time where mining simply isn’t viable for most average individuals. In the early days, you might have been able to compete with people so long as you had a strong computer. Nowadays, entire companies exist for the sole purpose of mining Bitcoin. Put plainly, you aren’t going to out-compete any of these businesses in the gold rush for BTC. Instead, you are going to want to invest in fractions of BTC to start, waiting for the market to move in a favorable direction before making your trades.
3) Start Following The Trades – Finally, you need to stay keyed in to the world of cryptocurrency. Moves made by one coin can have a huge impact on Bitcoin. Additionally, politics can play a huge role in relation to the value of Bitcoin. Governments make decisions every day that will tank or boost the value of our favorite cryptocurrency.
It’s never too late to start investing. Approach investing Bitcoin in the same way that you would with stocks. Assume that there is risk involved and then focus on staying ahead of the curve.