It’s hard to know if Bitcoin is really for you isn’t it. If you’re an investor with a big chunk of your own money in Bitcoin, or another cryptocurrency then you’ll know that indeed, Bitcoin is your jam, but for many new and aspiring investors, cryptocurrency on the whole can be quite an intimidating industry, something that many want to be a part of, but they aren’t sure if they are ready to indulge.
So, how can you tell if Bitcoin is really for you? Our first advice would be to make sure you have the money to invest. As you know, Bitcoin isn’t a cheap investment. Whilst many other cryptocurrencies can be purchased for cents, in order to see a significant return on your investment, you’ll need to put quite a large sum of money in, in the first place anyway.
Only invest money that you can afford to lose. In order to make the most of this industry, you’re probably going to see a few loses during your journey. Don’t let this put you off… the best thing to do is hold on and be prepared for a bit of a rollercoaster, the only way to protect yourself against this is of course, to only invest what you can afford to lose.
So, you’ve got the money, but have you got the time? Investing in bitcoin and cryptocurrencies can involve very little time. You can push your money in and simply just keep an eye on the rates, ready to with draw at some point. This is fine, but if you want to really make the most of this industry, you’re going to need to have time to explore the markets in order to make sure you see a return on your investment. You need to take the time to do your research and you need to take the time to get to know the major tokens in the markets.
Moreover, crypto is more than just currencies. You’ve got a lot t learn about the blockchain and the entire blockchain economy too, so, if you don’t have a lot of free time to spare, maybe hold off on your investment, for now at least.
Bitcoin probably is for you, providing that you are able to be sensible with it. Trade safely and take your time to learn about the industry, that way, you can’t go far wrong.