Bitcoin is said to be the investment currency of the century. It is free from the government. Hence it is not influenced by the fluctuation of inflation rates. It is also not owned by a certain company. Hence it is not dependant on stock rates or the economy in general.
You can check how this IRA investing works by doing some research online and consulting to finance experts that are tech-savvies. Before you jump on the bitcoin bandwagon, there are a few things you need to consider. Here are a few of those things.
How it works in your country
Yes, we did say that bitcoin is not influenced by the government. However, countries are beginning to get worried about how free the bitcoin world is. It is intimidating for States to know that billions of money are wired everyday digitally in the form of bitcoin, so fast that it is almost impossible to track. Some countries already have regulations for bitcoin, so you need to find out if your country has those regulations as well.
Keeping it safe
Anything kept in the interwebs is at risk of being hacked. There are already a few cases where hackers try to scam and steal bitcoins from people who don’t know how to keep them safe and is easily lured by false bitcoin advertising. We recommend going offline as much as possible, sure you must have an online wallet, to begin with, but only use it when necessary. Withdraw every single profit you’ve gained into cash and store it in your real bank account.
Finding a credible source
You will need a source to buy your Bitcoins, and there are plenty of those in the interwebs. It can be overwhelming, but the only way to overcome this is by asking around to your real friends, and finding out if one has a successful and trusted source. You can buy your bitcoins from those who have a long history of satisfied customers and generally has good credibility. Take your time in researching and only use an exchange that has a good reputation.
Taking it slow
Investing in bitcoin is the same as investing anywhere else, you need to take it slow. Never buy all at once and risk everything that you have. Try dollar cost averaging, or don’t go all out at once. When you get profit, don’t get all excited and invest every single penny you have.
