Dean

Owner, Editor, and lead writer for Cryptorials.

Cryptocurrency writer and trader since 2014.

AMA Anytime: 21.co/cryptorials
Dean

Curious about Concurrency? Find out what it takes to start Bit Coin Investing.

Despite its dramatic ups and downs, Bitcoin still enjoys a lot of popularity among young investors. Perhaps this is because young people see the value and future in Bitcoin and other cryptocurrencies.

You may have friends telling you to jump in. Others may tell you to stay as far away as possible.

You have the freedom to make your own choices based on your own knowledge of the world and the market. If you’re thinking about it, you need a good place to start.

Below you’ll find a quick beginner’s guide to bitcoin investing to get yourself started in the game.

Beware of Loss

You should never invest any money you aren’t 100% willing to lose. This may be the most important piece of investment advice you can receive. Before you invest, consider the potential for loss.

Bitcoin occupies a highly volatile corner of the market. Prices are subject to huge fluctuation, even over the course of a day.

Keep this in mind before you throw any of your cash at any cryptocurrency.

Bitcoin Investing 101

Okay, so you’ve decided to start making your investments. You’ll need a few things to get started.

  • a funding source
  • a crypto wallet
  • a trading platform (exchange) If you’re still looking for an exchange, you’ll have several options. Check out thinkorswim fees forex, Coinbase, and others. Each exchange has its pros and cons, so you’ll need to think carefully and make a decision.

Once you’ve gotten yourself situated with an exchange, you can buy bitcoin and other cryptocurrencies.

You can use a debit card, credit card, or ACH transfer. You can even use personal loans if you wish to leverage your investments this way.

Keep in mind if you use borrowed money to make investments, you could end up on the losing end. Interest rates on credit cards and personal loans could exceed your returns.

Why Cryptocurrencies?

If you decide to invest in bitcoin, you’ll be taking a leap of faith along with many others. Many people believe bitcoin and other cryptocurrencies are the money of the future.

The emergence of cryptocurrencies could spell out the end of centralized banking as we know it. One of the biggest benefits of digital currencies is decentralization. All transactions are stored on a blockchain.

The blockchain is stored across servers all across the world and makes it difficult for hackers to steal money. This increased security is desirable for many folks for obvious reasons.

Get Started Today

If you think you’re ready for bitcoin investing, get started. What are you waiting for? It may seem complicated and intimidating at first, but you’ll get the hang of it.

Just make sure you’re not investing money you don’t have or aren’t willing to lose. The crypto market is an unregulated one.

Proceed with caution.

That being said, be safe and have fun. That’s all anyone can ever ask. If you’d like to learn more about bitcoin and why you might invest, visit our section on the topic.