About 46 million people in the United States today own Bitcoin. It’s one of the hottest investments today, and many experts are including it on the list of blue-chip investments, like real estate and stocks.
Digital currency holds tremendous value but is still in its infancy. Because of this, you might have some reservations about taking the plunge into cryptocurrency. We’ve got you covered with the information that’ll give you a head start.
Consider these tips as your Bitcoin for Beginners 101 crash course.
Learn the History and Foundation of Bitcoin
Before building on more advanced concepts in this Bitcoin guide, you need an understanding of the history and foundation of this blockchain-based token. Bitcoin came about in 2008, around the time of the real estate market crash.
It was created to act as a decentralized currency that isn’t dependent on any existing paper currency. This form of currency is exchanged across Peer to Peer (P2P) networks, and runs on several blockchain networks.
Having this foundational understanding will help you when it’s time to make investing decisions.
Digest all the Information You Can About Bitcoin
Once you make a decision to buy Bitcoin, it’s almost like you start to go down a rabbit hole. There’s a wealth of information you can learn, and this journey never stops.
When you’re learning how to invest in bitcoin for beginners, find some go-to investment publications that regularly break down the crypto markets. These publications staff experts that can regularly give you information on Bitcoin trading for beginners, in addition to advanced information on things like:
- Investing in Bitcoin options and day trading
- Scalping and range trading Bitcoin
- Understanding your risk management tolerance and investor personality
Buying bitcoin for beginners is just the start. It’s a never-ending journey of strengthening your investment positions, so set aside a little bit of time to learn every single day.
Sign Up for an Investment Account
After you’ve become an absolute sponge for Bitcoin information, it’s time to create your investment account. This brokerage account should have a dashboard you feel comfortable navigating. Compare fees so they don’t chew up too much of your investment profits.
The mobile app should be bug-free and works seamlessly. It should also deliver up-to-date information on exchange rates and market capitalization. Once you have an account and get some skin in the game by investing your cash, you can start executing a strategy that fits your sensibilities.
Set goals for your investment portfolio so that it’s more than just numbers on a screen. You could invest in Bitcoin to pay for your child’s private school, or to make sure you can retire comfortably. Think of it this way, and use that discretion to pick an investment platform that can steer you toward those goals.
Bitcoin for Beginners 101
Now that you’ve internalized this beginners guide to Bitcoin, you’re in a far better position to invest. Let this guide help you get the necessary chops to enter the market each day informed, educated, and excited about generating wealth.
Don’t stop here. Check out our several other articles when you need Bitcoin for beginners advice that will make crypto make sense.