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With all of the news stories of the highs and low of bitcoin pricing, it is getting the attention of those who formerly didn’t think twice about bitcoin or any other cryptocurrency. One of the most popular questions people ask related to bitcoin is “is it too late to invest in bitcoin?” and while I won’t give you investment advice, I will share some insights and personal experiences.
What is Bitcoin Anyway?
Many still aren’t 100% sure what bitcoin is, so I will start with a simple definition. Bitcoin is a form of digital currency (also known as cryptocurrency). There are many other cryptocurrencies out there; some good and some not so good. Because it is digital, you cannot see it, hold it, or touch it… incidentally people fear that, but how much of our money to we touch today? Between direct deposit, checks, and debit cards, I don’t know about you, but I don’t touch much cash personally.
Should You Invest In Bitcoin?
Again, I am not giving investment advice, so you will have to answer that question yourself. I believe the real question to ask is “should I invest in cryptocurrency?” The reason I say this is because bitcoin is currently the most expensive cryptocurrency (currently valued at roughly $11,600 USD per coin). At it’s most recent high price it was over $19,000 per coin and at it’s most recent low it dropped to just under $10,000.
There are other valid cryptocurrencies that you will hear of, and most notably are Litecoin, Etherium, Ripple, Bitcoin Cash and TRON. I am just sharing these to you are familiar with the names if you hear them. Just last week, the Wall Street Journal had an article titled, Which Digital Currency Will Be the Next Bitcoin? and it mentioned Litecoin as an up and coming cryptocurrency (it’s far less expensive, valued at roughly $200/coin.) Personally, I own more Litecoin that Bitcoin, so I’d love to see it grow to a fraction of what Bitcoin did. Truth be told, I own more of several cryptos than bitcoin because I was pretty late to the party myself.
Do I recommend personally investing in cryptocurrency? Only if you are comfortable with speculative investing with money that you can afford to lose. Also, if you won’t obsess about watching the price all day. 🙂 I also believe that you will see higher returns on the lower priced cryptos than bitcoin. For example, I bought a coin called TRON after watching it at $0.03. I was frustrated that I delayed buying it until it was at $0.08.Â It rose to $0.25 and after the recent dip (which was expected based on the last few years patterns), it is back down to $0.08.
How to Invest in Bitcoin or Other Cryptocurrency
If you are interested in investing in cryptocurrency, it’s really simple. There are several exchanges where you can purchase cryptocurrencies, and the one I use and recommend for starters in called Coinbase. Using Coinbase you can only purchase Bitcoin, Litecoin, Etherium, and Bitcoin Cash. They even have an app so you can watch the market on your smartphone. If you use my referral link you will actually get $10 in free bitcoin if you invest at least $100 USD. One thing you also need to know if that you do not need to buy whole coins. One bitcoin would cost you around $12,000 right now. You can literally invest $100 and own a fraction of a bitcoin or other cryptocurrency. All it takes is a credit card 🙂 If your bank has strong security measures as mine does, you may have to call them to verify the first payment.
If you want to purchase other cryptocurrency such as Ripple, TRON, or a host of others, the site that I have used is called Binance. The best way to fund your Binance account is by depositing money at CoinbaseÂ and purchasing Bitcoin or Etherium then sending a payment from Coinbase to Binance in the form of Bitcoin or Etherium.
It’s been a wild ride of late, so I don’t have to tell you it’s totally a speculative investment. As one friend told me when I was getting started, never invest what you can’t afford to lose.
Wising you the best!