things to know before buying bitcoin reasons not to buy Cryptocurrencies
In Buy Bitcoin Or Other Cryptocurrencies? we outline information that many of our friends or family didn’t know about Cryptocurrencies, to help others make better investment decisions.
Bitcoin isn’t finite, as it’s supply can be increased, but it is thought that wouldn’t favour its creator/s, Satoshi Nakamoto, as it is believed the creator/s still hold a vast sum of bitcoin.
Currently there can only be 21 million bitcoin in supply, once all have been mined, though fractions of bitcoin can be bought or sold. This undermines the theory that bitcoin is worth more because of it’s limited supply since you can buy or sell a Satoshi, which is 0.00000001 of a bitcoin.
If you plan on buying and holding bitcoin or any other Cryptocurrencies for the long term, it’s in your best interest to buy safe storage equipment, as it’s possible for your wallet or exchange account to be compromised. For more information on this topic visit https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/
Many early Cryptocurrency investors have become extremely wealthy, but on the flip side there are those who have bought in at the wrong time and have either sold their Cryptocurrency holdings for a loss, or are still unprofitable after years of holding. Always remember, only invest money that you are prepared to lose.
A few months after Bitcoin’s past halving events bitcoin has entered a upward trajectory. According to past analysis bitcoin’s average daily price tends to be the lowest on Sunday and Monday.
Be sceptical of new Cryptocurrencies or ones that you haven’t heard of before, as according to Coinopsy there is, at least 1,730 Cryptocurrencies have failed up to November 9, 2020. So if you invest into Cryptocurrencies be prepared to lose your whole investment.
Remember your passwords, pins or secure codes as many investors have forgotten their’s and are unable to gain access to their Cryptocurrency holdings.
We think one of the biggest threats to Cryptocurrencies is regulatory change. As some countries have already prevented buying and selling of certain Cryptocurrencies or even banned them altogether, unless they are state-owned and controlled. So keep up to date with countries’ regulations regarding Cryptocurrencies, as this effects their prices or could prevent you from being able to access them.
Buy Bitcoin Or Other Cryptocurrencies Conclusion
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