What should you never do when investing in bitcoin?

in #mgsc4 years ago

Bitcoin is a piece of stellar technology and undoubtedly one of the best investment options out there. Of course, it’s not a low-risk investment, but if you’re smart about it, it pays off well. In the past one month, the price of Bitcoin has grown by 130%, which is remarkable.

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If you have not started investing in Bitcoin, then you should really consider doing it now. If you don’t have a lot of cash with you, you can always buy a small amount of Bitcoin to start with. Like any other systematic investment, you can invest a small amount every month.

There are many ways by which you can invest in Bitcoin:

Use investment companies ( e.g Coindilate . com )
Learn to day trade (high risk).
Invest in Bitcoin mining (I don’t recommend this).
Lend out your bitcoins (again, high risk).
Buy bitcoins and hold them for a few months or a few years.
The best thing to do is number 1 – Using investment companies that can always guarantee your returns. They have experts that predict prices and trade on your behalf. I recommend Coindilate . com as they’ve always delivered for me.

I’ll highlight a list of things you shouldn’t do when investing in bitcoin

DON'T let others store your bitcoins - Many Bitcoin newcomers have the habit of storing bitcoins in online wallets where they bought their coins.

DON'T invest more than you're willing to lose - If you are going with option 2 (Learn to day trade),

It may sound like a good idea to buy with all you have because Bitcoin's past volatility has made many people filthy rich, but it has also made many people equally poor.

DON'T tell anyone the amount of bitcoins you own - I think this is pretty self-explanatory. When people realize you're rich, they usually get jealous and you will become a target of all kinds of fuckery.

DON'T reuse your wallet addresses - When only using a single address for multiple transactions it links to all yours and any participant's future transactions. This link then can be used in a taint analysis to compromise everyone's privacy and security.
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About don’t tell anyone how much Bitcoin you have—good point. I’ve had buddies in the past ask me “how much do you have? C’mon, just tell me.” I respond with “Would you ever ask me how much money I have in my bank account?”

They don’t understand what they’re asking is all.

90% indians are of that types.
For eg. If you ask about how much rupees they have in their account, then they tells only two answers,
None, my bank is empty or its full of cash and thats uncountable.
Plzz resteem my post so I can grow on steemit fastly.
In return I will also do the same.

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