There has been a lot of buzz surrounding cryptocurrency these days. Bitcoin, Litecoin, Etherum are the most prominent reasons that have been creating the craze. They are more likely to be digital cash which you can use to buy services or goods from any place. The most attractive thing about cryptocurrency is that it’s totally independent. It doesn’t rely on any financial organization or any government to run its value. The blockchain technology is the main reason behind this decentralization of cryptocurrency. You only have your block number, address, and transaction hash visible. Otherwise, nobody sees any other detail. In case if you are thinking about investing in a cryptocurrency, the best choice for you would be the Bitcoin. It’s the most favorite cryptocurrency in the world right and the previous BTC trends will enable you to gain knowledge about the whole industry. Let’s know why you should still invest in Bitcoin in 2019.
- Valuable Trading Software
The buzz about the cryptocurrency has just been created over recent years. Mining or trading helps you to grow your digital funds once you invest in them, and then you can set your assets up for sale at a higher price when the tide soars. Mining can be done by solving complex mathematical problems as it helps the blockchain to prepare the transaction. On the other hand, trading is a method of buying cryptocurrencies such as Bitcoin or Etherum with fiat money and sell them when the optimal time comes. Most individuals have been profiting in this way from cryptocurrency for long. Here are some tools that help you to accomplish your cryptocurrency trading:
- Coinbase: A digital currency wallet which is very reliable is needed to start your trading procedure. Coinbase helps to get into the market. With 30 million of its users, you can exchange your digital assets with ease.
- CoinTracking: CoinTracking is basically a crypto portfolio manager which monitors your cryptocurrencies in a better way. It helps you with charts and graphs so that you have a clear view of your trading.
- Bitcoin Profit: With this tool, you can monitor market prices and make your decision to purchase or sell your bitcoin at the right time for a higher profit margin. In fact, there are numerous sites on the internet that allow you to earn bitcoin online by completing some simple tasks.
- Swiftness, Easiness, and Better Security
It’s very simple to transfer the currency to the recipients. It all needs a few clicks on the buttons and a confirmation of the transaction. You also get to receive the payment in real-time as thousands of miners are working actively to conduct these computations. In fact, each transaction that you make is secure and safe as it can only be done through public and private keys.
You will have no problem while trading your digital money at any time of the day as no organization or government holding up the transactions. It doesn’t matter from which corner of the world you are trying to make your transaction, the peer-to-peer transfer will take place and make the transaction successful.
Along with these three top reasons to still invest in Bitcoin, there are also some drawbacks to highly depend on cryptocurrency such as price fluctuation, theft risks, etc. Every merit has a demerit, and bitcoin is no different. Let’s know what are they.
- Volatility: As we have mentioned above, price fluctuation is one of the most hazardous demerits of cryptocurrencies. Maybe it happens because of its being new to the people and people have not yet taken this fully reliable. Though no organizations govern it, news reporters can make a huge difference in the value of cryptocurrency. Volatility can be a problem for you when it comes to trading with low risk and achieves higher profit in the long-term. However, you can still stock the assets when the price gets low and sell them when the price increases in a short span of time.
- Complex Concept: Most people don’t understand the concept of cryptocurrency as it’s very tricky. Being a bit technical, users need to study about its ins and outs to gain knowledge on the subject. You have to learn to make use of charts and graphs so that you can use them to make the right investment.
- Risk of Thieves: Cryptocurrencies are indeterminate, but it doesn’t ensure 100% of security when it comes to hacking. Professional hackers utilize strong tools that can get into the trading platforms and bitcoin wallets and steal the funds. Hence, it’s very important to have a safe exchange channel which will save you from this type of hazardous situation. Never share your information to a shady site or to any stranger. It’s very wise to have online safety habits in your hand so that you can ensure a secure connection on your trading site.
The valuable trading software has made investing in bitcoin very simple. In fact, you don’t have to depend on anyone, or any organization to make your transactions anywhere, anyone, anytime. Then, the instability of the market is a detriment alongside the difficult idea just as the dangers for robbery through hacking.