It is obvious that the world is becoming digital. More people from all over the world now have access to the internet and all kinds of businesses are going online to make money.
As the world increasingly relies on the Internet, the need for a global, secure and digital currency is becoming frivolous. This is exactly what bitcoin and other cryptocurrencies offer. Bitcoin is open to anyone who is willing to invest in it.
However, unlike traditional investment opportunities that are simple and well understood, investing in bitcoin requires time and effort to understand how it works and to achieve it properly. Due to the lack of knowledge and a lot of conflicting information on the Internet, investing in bitcoin is frightening for many people.
This article will take a look at whether it is really safe to invest in bitcoin in 2019 or not, but before that. “
Why invest in Bitcoin?
Only 21 million bitcoins are available globally; and as people continue to mine, coins are becoming rarer. In essence, then, that means bitcoin is valuable. Take gold for example. A limited amount of gold is available; and as more is dug, it becomes rare and therefore more valuable.
The same goes for bitcoin. Anyone can check the value of bitcoin. You can know when new bitcoins were created and how many are in circulation. You can send your bitcoins globally and no bank, government or financial institution can freeze them.
Bitcoin has an impact on the global economy; and as more and more people appear on the Internet, its usefulness increases.
How to secure your Bitcoin
Investing in bitcoin is a serious endeavor that should be understood as such. Hackers and fraudsters predominate on the internet looking for valuable information and cryptocurrencies from people who do not suspect anything.
As this type of investment is online and the most valuable investment on the Internet, it is exposed to a large number of risks. It is only reasonable to take steps to secure your investment.
There have been cases in the past when hackers hacked bitcoin wallets. There are a few best practices you can follow to make sure your bitcoin is safe. Here are some things to do:
Store only a small amount of bitcoin in each wallet
Encrypt your bitcoin wallet for an extra level of security
Use a password that is extremely difficult to reveal even to people who know you
Always keep your software up to date
Back up your wallet and store it in various secure locations
Use an offline wallet to save your bitcoin
Before you invest in bitcoin, take the time to understand how it works, how you can secure your bitcoin, how it differs from conventional currency, and how bitcoin affects the world. With all this in mind, you will be able to make the right decision about whether investing in bitcoin is for you or not.