The whole premise behind an investment is to turn a profit. Why invest in something if you do not intend to get more back than you initially put in? Bitcoin has proven to be a quality investment for tens of thousands of people. Many others, though, have not been so lucky. Just how do you go about maximising your Bitcoin investment? What are some best practices that you can abide by?
Any investor will tell you that there are many different tracks to success. Bitcoin investment is no different! You can turn a profit via Bitcoin trading whether you have a short or a long-term view. It all comes down to how you handle your investment, the tools you have to assist, as well as the commitment to a dedicated strategy.
Either way, you will need a Crypto wallet. I suggest Coinspot for those just starting out.
You need to make sure you authenticate properly and right away as it takes over 1 week to get authenticated – they are inundated with requests!
Determining the Investment Amount
You need to start out maximising your Bitcoin investment by determining the initial investment amount, to begin with. Bitcoin has risen in value this year from $1,000 to get over $20,000 at one point. You should not assume that these gains are going to continue. The growth seen this year is unprecedented. It is possible it could keep, but from an investment perspective, you should not bank on it.
Determine an investment amount of Bitcoin you are comfortable with. When you invest, it should be an amount that you want to risk, but also that you oddly be perfectly fine losing out on. Investments are risky, no matter what you are buying into. Bitcoin is just as unsafe as any other stock on the market. You want to be sure the Bitcoin investment is one that is safe from your standpoint and responsible. Only invest what you prepare to lose should everything turn south.
Deciding on a Platform
You also need to determine the proper platform to manage the Bitcoin investment. There are many different platforms available, all over the world. They are not all created equal. Some will give you the right tools to conduct an adequate analysis, while others may leave you in the dark.
You need to sign on with a platform that sets you up for success. There have been significant advancements in automated platforms. Companies like USI-Tech have taken the guesswork out of Bitcoin trading, making it all automated and ready for you. However there are many Nay sayers who are not fans of USI tech, how ever I have seen first hand how it works and I personally like it. Yes, it is a bit of a multi level marketing system – you don’t get forced into that though.
Having information along with a platform that lets you make trades at home and on the go is pivotal. The power needs to be in your hands at all times, with information at the ready, to empower you to have the impact that you seek. Your Bitcoin investment is only as good as the information and platform that powers it.
Commit to a Strategy
To maximize the Bitcoin investment, you need to have a strategy that you stick with. Committing to a plan when talking about cryptocurrency is very important. Take a look at the last 12 months of activity regarding the value of Bitcoin. The value has risen to over $20,000 and then dropped significantly, all in a 24-hour period.
It is essential to determine as to where you want to go with the investment. If you’re going to make the most of a Bitcoin investment, there has to be a method to the madness. Do you intend to be in it for the long-term? Do you believe that the value of Bitcoin is only going to rise that much more ultimately? If so, be committed to riding out the price fluctuations, even if they dip from time to time.
Short-term investors are going to be in a much different and more active situation. It is the short Bitcoin investment professionals that decide to hop in and out of the currency with high frequency. They buy in, wait for a gain that they determine is reasonable, then sell. They continue the buying and selling process to turn incremental gains into big profits over an elongated period.
More Than Just Bitcoin
One of the better ways to maximize the Bitcoin gains is also to explore other currencies. There are plenty of other cryptocurrency options in the market. Look at things like Bitcoin Cash, Dogecoin, Litecoin, Ethereum, among others. So many of these exist, and they are all experiencing gains as well over the last 12 months and beyond.
Th values of the other cryptocurrencies may not be at the same level of Bitcoin, but that does not mean you can’t maximize profits with them. Buying and selling in and out of Bitcoin and the other cryptocurrencies can give you an entire market to work, all to your gain and benefit.
It comes down to having the knowledge, the information to make powerful moves that will positively impact your portfolio. There is more to the cryptocurrency world than Bitcoin and those that take advantage make some serious profits.
Time to Start Investing
The Bitcoin investment game is one that is just waiting for a new mass to jump in and participate. Recent news stories on Bitcoin have revealed that it is as popular as it has ever been. Awareness of cryptocurrency is at an all-time high. It is not too late to start investing, though. The ship has not yet sailed! If you want to maximize the investment, think about all of the factors we have detailed above.
Expand beyond just Bitcoin, find that ideal platform to work off of, and trade responsibly. Doing all of this can help you turn your Bitcoin investment into a profitable venture!