I would like to share with you my bitcoin investment strategy.
Have you been questioning whether you should buy bitcoin & other cryptocurrencies? If so, I’m here to give you my perspective on it.
I’m not an expert on the topic, but my bitcoin investment strategy may help guide you in the right direction.
Bitcoin is a form of digital currency that has gained popularity in the last few years. It is the first example of a growing category of money, known as cryptocurrency.
In the words of Nassim Taleb, “Bitcoin is the beginning of something great. A currency without a government. Something necessary.” Are you ready to learn about what my bitcoin investment strategy is?
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Personally, I see bitcoin as a risky and volatile investment to make, as the government has yet to regulate it. As many of you know, who follow me, the investments that I make are ones that are more conservative in nature.
That being said, I do feel that there is a place in someone’s investment strategy for more risky investments that have the potential for a very high return or reward.
Because of this, I have recently been investing in bitcoin, ethereum, and litecoin.
I invest a certain amount of money into these cryptocurrencies that I can afford to lose. I think of bitcoin as my “Vegas money.” If I lose, it’s okay, but if I win, and it ends up begin a large amount of money. I want to be a part of it.
If you want to invest in bitcoin, you need to ask yourself, “Am I comfortable losing this money?” Even though bitcoin has the potential to become massive, there is a lot of risk in doing it.
I’m not looking to get an immediate return on the money that I invest in, nor am I looking to sell it. I’m holding onto that money for the future. Why? Because that is the long-term approach that I adopt for all of my investments.
This is my bitcoin investment strategy.
In order to purchase cryptocurrencies, you need an online wallet. I use Coinbase, which is a web-based platform that allows you to buy and sell bitcoins.
The great thing about investing in Bitcoin is that you can purchase portions of a Bitcoin. For example, if a coin is worth $4000, you can purchase 10% of it.
If you have a lot of money in crypto, I recommend getting a Trezor Wallet, which is a USB-based hard wallet that allows you to store your bitcoin. I bought it online. It is expensive, which is why I only recommend it if you have a significant amount of money invested in cryptocurrencies.
A hard wallet is great because it provides an extra level of protection that ensures that nobody can hack and steal your cryptocurrencies.
If bitcoin explodes, this could be a game changer for anyone’s life. However, at the same time, you need to understand that this is a risky investment to make. Be smart, understand the risks, and put aside money that you can afford to lose.
If you want to learn more about bitcoin and other cryptocurrencies, I highly recommend that you watch the documentary on Netflix titled, “Banking on Bitcoin.”
It will help you better understand what bitcoin is, and what the advantages and disadvantages are of investing into this form of digital currency.
This is my bitcoin investment strategy. I am by no means an expert on the topic of investing, however, I hope that what I have shared helps to inform your decision as to whether you should buy bitcoin & other cryptocurrencies.
In the words of Warren Buffett, one of the world’s most successful investors of all time, “Someone is sitting in the shade today because someone planted a tree a long time ago.” Make smart investments and build the financial foundation for your future today!
Do you want to learn the 7 online business models that have made me an Internet millionaire in less than 3 years? CLICK HERE for instant access to my free course!
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The post My Bitcoin Investment Strategy: Should You Buy Bitcoin & Other Cryptocurrencies? appeared first on Project Life Mastery.