Bitcoin’s recent rise is once again attracting a bunch of aspiring investors. Are you too interested in investing and trading in Bitcoin? That’s great, but you can’t forget that Bitcoin investment is a serious affair. Nobody is discouraging you here. The only fact is the coin is extremely volatile and demands due diligence during investment and trading. In fact, amateur investors are often found to fall prey to certain grave mistakes that cost them pretty rough. The post here intends to jot down these mistakes before aspiring investors so that they can save themselves from the catastrophe.
Investment without research
Whether you plan to invest or trade in Bitcoin, you must do your homework. Bitcoin is a complex concept. If you just jump in randomly without research you will soon find yourself lost in midway. You have to have a clear notion about the technology (blockchain) behind the coin, the crypto industry in general, BTC market cap, mining and other related factors. Next you should research on BTC exchanges or trading apps such as Bitcoin Profit and Bitcoin wallets. Try to get in touch with seasoned investors and traders to discuss your research findings. They might also help you to clear your doubts, misconceptions and queries about Bitcoin.
Investing an amount you can’t afford to lose
Bitcoin is extremely volatile. No wonder, it plummeted to a shocking low just after reaching its ATH. The golden rule of investment here is to allot only that much of amount which you can afford to do away with. If you invest randomly you would be putting yourself right on the side on the edge.
Expectations too high
Yes, Bitcoin carries extremely high profit potential. But if you set your expectations to an overwhelming high, you would end up disappointed. As per the experts, it takes a certain amount of time for the profit margin to go. You have to bank on your patience here.