Investing in Bitcoin in 2017?
Whenever a new method of transferring wealth is introduced, it leaves a good number of questions on people’s minds as to how beneficial it is at present, and of course in the long-run. A lot has been said about investing in Bitcoin but what people or, rather, investors need to know is whether it is wise to consider it as an investment tool.
Bitcoin in 2016 and 2017
2017 is the year that has brought incredible news to all investors. Bitcoin has smoothly hit the $1,000 mark, and it is showing no signs of slowing down. Potential investors are skeptical – “Is it a good idea to invest in Bitcoin?” Now, it’s a known fact that it is not a traditional investment tool, not a stock, or an organization, but a cryptocurrency. So, if you are planning to invest in Bitcoin, there are a few things to keep in mind.
As the history of Bitcoin’s market price shows, Bitcoin will only continue to rise in price, even with the occasional short-term price drops. The price of Bitcoin was around $430 in January 2016, and $970 at the end of December. Even though the first six months of 2016 were pretty stable where Bitcoin market price was concerned, it took off and nearly doubled in value in six months.
Points to Remember
Whether you’re a savvy investor, or someone who is just starting out in the world of digital currencies, and planning to invest in Bitcoin, Litecoin, Ethereum, or any other crypto, please remember the basics rules of investing.
All investments pose risks. Bitcoin, Litecoin, and other cryptocurrencies are all risky investments. Whether you’re ready to take on a risk of investing your money in crypto is only for you to decide. Decide how much you can lose without getting ruined, and make your choices wisely.
Choose the right cryptocurrency wallet for your needs. While options are plenty – hardware wallets, desktop wallets, paper wallets, remember to keep your wallet safe and secure. Also, do not leave your Bitcoin exposed to the market unless you’re ready to take on large losses. Trade wisely.