What do you know about Bitcoin is the most common question I have been getting recently from many people interested in Bitcoin. Have you been asked the same question? or have you asked the same question? Well, if you want to know what Bitcoin is or how to invest in Bitcoin, please read through this, I will try to explain it in a very simple way.
Bitcoin is a cryptocurrency, also called digital currency. It is a form of online money or means of transaction done with numbers and not cash notes.
The Price and value of Bitcoin is highly volatile, which means it is very risky and works just like the stock market; the price can go up anytime and can go down anytime. The most interesting thing about it is that the more people demand for it or buy it, the more the increase in value and price; the simple law of demand and supply.
Through the year 2017, Bitcoin price increased by more than 1,500 percent. I would say the reason behind it was because more people were investing in it. Just like buying shares in a company, the more shares people buy and the more people demand for the shares, the higher the value of the company.
So right now, Bitcoin is one of the best investments to make, however, past performance here is not a guarantee for future result. But my advice is, do not put all your money into it. If I had $50,000 savings, I will divide it into 3 and invest one part of it in Bitcoin. Also, when you invest this money in Bitcoin, you need to keep watching the market to see how the price rises and falls. If the price starts falling too much, you can decide to sell it so you don’t lose your money or you can use your Bitcoin to Buy things from many marchants accepting Bitcoin.
How to start investing or Buy Bitcoin
To invest in Bitcoin, you need what is called Bitcoin Wallet.
Bitcoin wallet is a free account online, where you can store your Bitcoin and through which you can buy or sell Bitcoin.
To Create a Free Bitcoin Wallet Account, visit any of these two websites and follow the instructions;
- Bitcoin.com https://www.bitcoin.com/choose-your-wallet/bitcoin-com-wallet
10 Websites to follow to help you Stay Informed about Bitcoin
To get all the regular information you need about Bitcoin, visit these websites and subscribe to their newsletter;
There are many other popular and good resources out there on Bitcoin, I believe this little information about Bitcoin will help you start using and trading Bitcoin.