It is obvious that the world is digitizing. More people around the world now have access to the Internet, and all kinds of businesses go online to make money.
As the world becomes more dependent on the Internet, the need for a global, secure, digital currency becomes obvious. That 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 straightforward and well understood, investing in bitcoin requires time and effort to understand how it works and to do it well. Due to the lack of knowledge and the large amount of contradictory information on the Internet, investing in bitcoin is scary for many people.
This article will help you decide if it is really safe to invest in bitcoin in 2019 or not, but before that”
Why invest in Bitcoin?
There are only 21 million bitcoins available in the entire world; and as people continue to mine, the coins get rarer. In essence, therefore, it means that Bitcoin is valuable. Take gold for example. There is a limited amount of gold available; and as more is mined, it becomes scarcer and therefore more valuable.
The same is true for bitcoin. The value of bitcoin can be verified by anyone. You can find out when new bitcoins are 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 effect on the global economy; and as more people go online, its usefulness continues to increase.
How to secure your Bitcoin
Investing in bitcoin is a serious business that should be taken as such. Hackers and scammers are prevalent on the internet and are looking to get valuable information and cryptocurrencies from unsuspecting people.
Since this type of investment is online and is the most valuable investment you can have on the Internet, it is exposed to many risks. It is prudent that you take steps to secure your investment.
In the past, there have been cases where bitcoin wallets were breached by hackers. There are several best practices you can follow to ensure your bitcoin is safe. Here are some of the things you should do:
- Store only a small amount of bitcoin in each wallet
- Encrypt your bitcoin wallet for an extra layer of security
- Use a password that is extremely difficult to crack even for people who know you
- Keep your software always up to date
- Take a backup of your wallet and store it in different secure locations
- Use an offline wallet to save your bitcoin
Before you invest in bitcoin, take some time to understand how it works, how you can protect your bitcoin, how it differs from conventional currency, and how bitcoin impacts the world. With all this in mind, you will be able to make the right decision on whether investing in bitcoin is for you or not.