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Four things to know before investing in cryptocurrency

A cryptocurrency is a form of investment that has taken the world by surprise, and now many investors are thinking about putting their money in coins. The most significant example we have so far is Bitcoin, which has reached the remarkable price in the last year. But, are you willing to risk and put your money in something that is unstable and one day it can go up, but the next day it can ruin you. So, if you are serious about cryptocurrencies, here are some things you should know before you make the final decision.

Why are digital currencies attracting attention?

post4aConsidering that we live in the era of digital revolution, it shouldn’t surprise us why digital currencies have become so popular and claimed the interest of investors. First of all, this form of investment is open to everyone and second, this is an entirely a new asset that has appeared on the market. Even though this entire situation might seem scary and it takes a lot of time and effort to learn the basics, the results can be remarkable and more significant than any other investment.

Why invest in digital currencies?

If we take the example of bitcoin, it seems silly that only one coin can be worth thousands of dollars. But, what makes it valuable? Bitcoins are scarce and useful, and there is a limited amount of them. If we compare it with gold, we know that it’s a valuable resource, but it’s very hard to find it in nature, the same thing is with bitcoin. This is the only reason why bitcoin is expensive, and there are only 21 million of bitcoins on the market. Now the price of bitcoin is around $10,000, which is a considerable amount if you are thinking about investment. But, you can choose some other cryptocurrency and start building your portfolio because many experts predict that digital currencies will be the future of world’s economy.

The price of digital currencies

post4bThere is no official price for cryptocurrencies, and they are set by whatever people are willing to pay. The price is generally shown as the cost of one coin. On the other hand, when you register with one exchange, they will let you buy any amount you want. But, before you make an initial purchase, make sure to research the market to find the best deal.

When is the right time to buy?

No one can tell you that because as with any market, nothing is for sure. If we compare the previous prices and values, so far, cryptocurrencies have only increased in price and at a very fast pace. You can use tools like Bitcoin Wisdom and Cryptowatch to analyze the charts compare the prices through history. Considering that digital currencies aren’t bound to any government nor state; the value can be unstable and depends on people who invest in them. In this case, you should find a balance and avoid investing when the price the highest.