Tuesday, August 20, 2019

How to Invest Your Bitcoin Cryptocurrencies

If you own a fraction or a whole Bitcoin, then you can either store it till its value increases, use it to make payments, gift it to others, or invest with it. If its the case of the latter, then you may be looking out for ways on how to invest with Bitcoin. Having several use cases ensures that a holder is not tied down to one and that is why you too can invest with this cryptocurrency.

We’ve had questions like why, where, and how to invest with Bitcoin and make money in the U.S., Australia, Canada, Singapore, and several other countries. While there are lucrative opportunities, great care has to be given before settling for one.

Things to Know Before Investing With Bitcoin

In the same vein, you need to know the basics of Bitcoin, why you should invest in the first place, and how to safely store the profits made from such investments. You also need to be equipped with the right info such as when is the right time to buy Bitcoin. In any case, never invest more than you can lose because each way is not a sure banker even though their level of risk is low.

These aside, let’s take a look at how to invest in bitcoin with small or large amount.

Investing on Cryptocurrency Exchanges:

Cryptocurrency exchanges can be used to trade Bitcoin for a profit, however, a great deal of knowledge is required before venturing in. The latter is as a result of the volatile nature of Bitcoin’s price which is why many rely on professional traders or tools to help them to trade. You can also find exchanges that are targeted at your area where you deposit and withdraw using your country’s fiat. An instance of this is Canadian Bitcoin exchanges.

As a caution, not all exchanges are safe to trade on, that is why if you do choose to invest in them, it must be reputable ones that serve both local and international customers. These are those that do not manipulate their trading volume in order to give people the impression that they are popular.

Bitcoin Mining:

Bitcoin mining involves confirming and adding transactions to the Blockchain in order to obtain a reward. While you will not need to buy Bitcoin itself to begin, a hardware such as ASIC, FPGA, and even a computer with good processing speed will be required. The ASIC rig, for instance, demands a great deal of energy and there also hardware costs to consider. Moreover, as a small scale miner, this may translate into more cost than profit.

Related Article:  Coinshares Report Concludes Mining Is A Green Industry

However, you can avoid the hassle of setting up a rig that may consume half of your household’s energy by trying out cloud mining platforms. If you’ve opted to mine Bitcoin for profit, here is a guide to the best cryptocurrency mining software that you can run on your Mac, Linux, or Windows computer in order to mine Bitcoin.

Earning Free Bitcoins:

Another query popular among cryptocurrency enthusiasts is how to invest in Bitcoin for free or without money. While it may sound impossible, there are actually several ways you can earn Bitcoins for free to begin your first investment. For starters, you could accept the Bitcoin in your online or offline store or buy from other stores that reward customers with Bitcoin. You can also check out our guide on how to earn fee Bitcoin the legit way.

Hodling:

One more way you can make a profit with Bitcoin is to hold on for the long term. It is less risky and all you’ll have to do is find one of the most secure hardware wallets to store your private key. Many cryptocurrency analysts have predicted that in two to three years from now, Bitcoin’s price will significantly hike from its about $4,000 price today.

Arthur Hayes, Co-founder & CEO of BitMEX and Mike Novogratz, a former Goldman Sachs partner have predicted a price of $10,000 and $8,000 respectively for this year. Other predictions have set Bitcoin’s price at $30,000 by 2021, and $102,000 & $67,193 in the next bull run.

These are some of the ways you can invest with Bitcoin in 2019 and as such, which you settle for will be determined by the resources you’re willing to invest, expected returns, and its level of risk.

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