As you have no doubt noticed, bitcoin has become wildly popular. As of this writing, it is valued at $53,047—an all-time high. Cryptocurrency is highly valuable, but also highly volatile, and if you want to buy or sell it, you should make sure you do your homework.
Does it Fit Your Goals?
Bitcoin is wildly volatile, leading some financial experts to say that it can never be used an alternative currency. That doesn’t mean that you shouldn’t invest in it, however. It does mean that you should do so with caution and thought. You have to ask yourself this important question: does bitcoin fit your overall financial goals? What are your financial goals? These are questions you should review with a certified financial planner or financial professional. At a bare minimum, use the internet to do some digging into what your retirement goals should be, and how much you should be investing. From there, back out how much you could afford to invest into bitcoin.
Do Your Homework
Bitcoin is still relatively new and has seen wild swings in its value before. There are, of course, no shortage of experts on the subject. However, as Warren Buffet says, never invest in something unless you fully understand it. Do your research into what bitcoin is and where you think it is heading. Understand its value, how the crypto market works, and if it is truly the right investment vehicle for you. Thankfully, Google and other websites offer all of the information you can ask for.
How to Buy Bitcoin
So, you’re ready? Good news: the internet offers many solutions. A slew of apps, like Robinhood, Coinbase, or eToro all offer various methods by which you can learn how to buy bitcoin in your area. However, all come with various pros and cons that may impact your financial situation differently. These apps may offer varying ways of purchasing bitcoin, including giving you access to a bitcoin wallet, which is necessary in order to purchase bitcoin. However you chose to buy bitcoin, you’ll need a wallet first.
As this article has hopefully made clear, investing in bitcoin is not something you should do with the blink of an eye. It is easy and safe if you find the right method of doing so, but that doesn’t mean that you should. Approach a bitcoin investment with calm, methodical research and preparation. You may determine it is not right for you, or you may determine that it is well worth the risk and make yourself a handsome profit in doing so.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.
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