Entrepreneurs of this young generation, including women, see bitcoins as a means to achieve financial freedom. With the underlying technology, BitCode AI have emerged as a new investment class and taken a significant role in today’s financial market.
The bitcoin market is highly volatile, so if the price increases by ten rupees, it can fall by 10 rupees within seconds. The number of people investing in bitcoins is increasing at a high rate reaching $3 trillion in 2021.
Before investing in bitcoins, which have a lot of categories under them, one must study the details and be well versed in the factors that affect the market. Internal rate of return (IRR) would be considered the best when comparing bitcoin investment options with similar characteristics. Read on to know more in detail to have an overall better understanding!
Don’t Miss Out! Bitcoin Trading Tips For New Investors
- Educate Yourself
The underlying technology that has real-world utilities is known as the blockchain. According to a study, 58 big industries, to transform their operations, can adopt blockchain technology in the future. Thus, relying on blockchain technology cannot be a bad idea. However, as the Bitcoin market is extremely volatile, you need to be well aware of the rumors and disturbing news on the same.
The crypto market is sensitive to rumors and fake news that lurk around on the social media platforms. Thus, you need to educate yourself on the various news lurking around the internet and then instead of withdrawing your investments or selling away your share, you need to verify the truth behind the rumors in the first place.
2. Prepare for extreme Volatility
Extreme volatility is one factor that sets the bitcoin market apart from all the other needs. This is because your invested money can have a profit of rs.100 at this moment, and within just a few seconds, it can also face a loss of rs.100.
3. Buy the dip
The key to maximizing your profits is by buying the dip. Every dip should be considered as an opportunity to grow your investment. Investing in the bitcoins that are already pumping is advised to be ignored and avoided. To spot a dip, one must go through the price history and price points of the past six months or one year, and investing all your money at once should also be avoided.
4. Select a Legit exchange
Bitcoin exchange is a platform where an investor can buy or sell bitcoins, such as cryptocurrencies. To find a legitimate and trusted service provider, ensure going through its official website, read customers and proceed accordingly, if seems to be legit.
5. Security concerns
As soon as you sign up for your bitcoin exchange, you are in charge of securing your investment. To connect your account, you can enable the 2FA. Sharing your bitcoin verification code or private keys may no longer keep your money or investment safe. Signing in to your account from any public networks such as offices, hostels, etc., is strictly prohibited as it may cause harm to your security.
One must maintain multiple accounts, keep splitting your funds, and change passwords regularly. It is also advised not to open your account when connected to public Wi-Fi to maintain security. Keeping your funds in one exchange also should be avoided.
5. Get on your journey on your own
Sudden pumps, along with a lot of opportunities, are a part of the bitcoin market game. Always focus on growing and gaining more profit rather than thinking about the pumps. Keep a five-hand distance from those who predict the future of tokens. Always set a target on your mind and try to reach your goal daily.
6. Beware of Scammers
Scammers are always at service to rob the excellent profit makers. Beware of the fake messages, airdrops, pumps, dumps, some unordinary schemes, and signals from social media handles. Check the exchange website thoroughly to avoid scammers and download the trading apps from assured authentic sources such as google pay.
Conclusion
Gaining knowledge and educating yourself about the bitcoin market can make you a good investor in the future and can yield you a good income. Every step from securing your account to gaining the knowledge of playing the right trick to the game is required as a new investor.
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