5 things you ought to know before investing in Bitcoin

Bitcoin is currently king of all cryptocurrencies with is current valuation of over $6,000 per coin. For this reason alone, many people are trying to get as much money together to try and get a share of the cryptocurrency, with the hopes of it making them rich beyond their wildest dreams. But rather than going in blindly, what are some of the things that you should know before investing in Bitcoin? In this article we will be looking at the 5 things you ought to know before you invest in Bitcoin.

Don’t invest if you’re not sure
Investing requires a whole bunch of research into a particular asset, which can take weeks, months and sometimes years depending on what it is. When it comes to cryptocurrencies like bitcoin, not even professional investors know what to completely make of them and so based on this advice, investing in bitcoin should be met with extreme caution. People can often be advised by their friends because they “think” it is a good idea, but what makes them think it is a good idea. Don’t go solely off what one person says, make sure you conduct your own research.

Where is the demand for bitcoin coming from?
We are constantly bombarded with marketing messages all over the internet and on social media platforms, they have even made it into our email inboxes even though we might not remember joining an email list about it. The fact of the matter is, we are being fed messages that bitcoin is in high demand. But from “whom”? This is the question that needs answering before you decide to part with your money in a risky investment like bitcoin. Because bitcoin is now in the public eye we are now seeing demand for the cryptocurrency, but is the demand being driven by speculators or real users?

Bitcoin is highly speculative
No other asset has experienced quite the rapid acceleration in growth like bitcoin did towards the end of 2017. It rose from approximately $3,000 to $19,000 in the space of 3 months, which is literally unheard of, it is so unheard of that it sent institutional investors running scared from it. The lure of money might be clouding your judgement at times but if you are being told you make large sums of money from bitcoin, you can also lose large sums of money too.

Find reputable platforms
Most reputable platforms will require you to go through identity checks where you will be asked to upload photographs of your official documentation, such as your passport of driving license. Lesser known platforms won’t be as picky because they want YOU to trade on their platform, and this should be an immediate red flag. If they aren’t conscious about their security then what else are they hiding?

Where are you going to store your bitcoins?
Bitcoins aren’t like fiat currency that you physically touch, they are digital coins and so you need somewhere to store them. There is the option to purchase hardware wallets that store your coins in an offline environment, but these can be quite costly and can be lost quite easily. Software wallets are downloaded to your computer and can be free but this leaves you open to cyber attacks.

The fact is that cryptocurrencies like bitcoin are highly speculative investments that should be left to professional investors, rather than trying to do it yourself. Apex Coins are a wealth management firm that specialize in cryptocurrencies like bitcoins, and offer weekly returns of up to 10%. They have a wealth of experience and have demonstrated their capabilities, and because of this they manage funds totalling over $50 billion, some of which are portfolios of billionaires and other high net-worth individuals. Try Apex Coins Kenya here

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