Bitcoin investment sounds exciting as well as intimidating to new investors. However, it can just be a calk walk if you know some tips on how to trade smartly, you can easily earn a huge amount of profit.
Now, if you are thinking about where to start, you are in the right place! In this article, I will list down the top Bitcoin investment tips that every newcomer should know.
Do the homework
Whenever you step into anything new, you should be prepared for it, to get the best outcomes. The same goes for Bitcoin. If you do your research and study market before you start trading Bitcoin, trust me it will be a much easier ride for you and you will enjoy Bitcoin trading.
Expect the “Unexpected”
You must have already known by now that Bitcoin is a very volatile and unstable currency if you are closely following the market trends. So, if you have decided to trade Bitcoin, prepare yourself for the worst. Accustom yourself to see the abnormal market swings that are a rare sight in the traditional market.
The experienced traders are mentally prepared for the worst and act rationally during unexpected price drops.
Shut the noise of the surroundings!
You are going to find a lot of trade gurus on social media preaching you bitcoin investment tips. How does the market look? Which cryptocurrency‘s value is going to hike in the future? All this creates a lot of noise and may even mislead a skilled and experienced trader.
It is best to ignore all these noises and trade with your mind. Buy the cryptocurrency and hold on to your plan regarding how to trade it, instead of following someone else’s advice.
Don’t place all your eggs in one basket
One common problem with any crypto-trader is that they often fall in love with a certain currency. However, trading should not be done with heart, but head instead. The experienced Bitcoin trader advice that you should never just trade one kind of crypto but it is a healthy habit to make small investment in various cryptocurrencies. You can never trust in the market, when you are trading crypto-currency and especially never rely on any one crypto-currency.
When you are in an unknown place, it is better to travel in a group instead of going solo!
Store all your coins in wallet
Guys, currency exchange are a place to exchange your currency and not to store your Bitcoin. You should store your Bitcoin in the digital wallet. You will be shocked to know that many people who had stored coins in exchange, never found them again as it was stolen by hackers. Exchange is a place where hackers can easily get hold of your coins.
So, once you have exchanged the Bitcoins, remove all the rest of your fund to a cold wallet. It is secure there as the cold wallets are not connected with the internet and thus it saves your coins from the clutches of hackers.
Use a personal email address
Using a regular email address can put the trader in danger. There can be a huge risk of data getting stolen. So, it is in your best interest to create a private email account just for trading and does not forget to put 2-FA password security. It will keep your account safe and secure away from the eyes of prying hackers.
These are some of the tips that will help the beginners in trading Bitcoin efficiently.
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