Ever since Bitcoin became almost $20,000 in 2017, another rise is expected to happen. This makes it a lot attractive to many investors whether they are interested in cryptocurrencies or not. Regardless of how much you invest in Bitcoin, there is still a high chance that you will make a profit out of it. However, many experienced investors such as Mark Cuban—who is also in the tech field himself recommend investing no more than 10% of your income in cryptocurrencies. Not just Bitcoin.
With that said, you should be careful when you think about investing in Bitcoin. Surely, there is a high chance that you will be able to make more out of your money but it may take more time than you anticipated.
Every year, Bitcoin is expected to become more valuable but it doesn’t meet the expectations. So if you have some cash laying around and have time, investing in Bitcoin can be a great deal.
Buying Bitcoin and Other Cryptocurrencies
There are lots of platforms where you can purchase Bitcoin online with your credit or debit card. Even Robinhood, the fee-free stock brokerage allows you to buy and sell Bitcoin in 2020. However, if you’re going to invest in other cryptocurrencies, it may not offer the deal you want.
A few of the places where you can buy Bitcoin, only a handful of them are in the business of buying and selling Bitcoin for many years. This includes platforms like Coinbase and Binance. While Binance is going to be haven for other cryptocurrencies, if all you care about at the moment is Bitcoin, Coinbase might be a better place to invest.
On the other hand, if you’re going to trade often, Coinbase Pro or formally known as GDAX might be what you’re looking for. What’s best about Coinbase is you don’t need to worry about your Bitcoin or cash stolen. Both Coinbase and Coinbase Pro store coins in physical form which mean offline to prevent theft.
Selling Bitcoin and Other Cryptocurrencies
Just like buying Bitcoins or other cryptocurrencies, selling is easy. Although selling your Bitcoins can take longer than buying, it shouldn’t take more than 5 days for the money to be in your account. You can cash out Bitcoins using a broker exchange. The places where you can buy Bitcoin such as Coinbase or Binance also allow you to sell Bitcoin.
All and all, you can buy and sell in most places where you can buy Bitcoins. As for the fees, they are very small. Especially compared with Forex. If you’re just beginning with trading cryptocurrencies, we suggest taking a look at other posts about investing.