It is clear that the world is becoming digital. Now there are more people around the world who have access to the internet and all kinds of businesses connect to the internet to make money.
As the world becomes more dependent on the Internet, the need for a global, secure, digital digital currency becomes an unequivocal issue. This is exactly what bitcoin and other cryptocurrencies offer. Bitcoin is open to anyone who wants to invest in it.
However, unlike traditional, simple, and well-understood investment opportunities, investing in bitcoin requires time and effort to understand how it works and do it well. Due to lack of knowledge and a lot of conflicting information on the internet, investing in bitcoins scares many people.
This article will make you think about whether it is really safe to invest in bitcoin in 2019 or not, but before “
Why invest in Bitcoin?
There are only 21 million bitcoins available worldwide; and as people continue to mine, coins become rarer. In essence, therefore, it means that bitcoin is valuable. Take gold for example. There is a limited amount of gold available; and as it is exploited more, it becomes scarce and therefore more valuable.
The same goes for bitcoin. Anyone can verify the value of bitcoin. You can find out when new bitcoins are created and how many are circulating. You can send your bitcoins worldwide and no bank, government or financial institution can freeze them.
Bitcoin has an effect on the world economy; and as more people go online, their usefulness continues to increase.
How to insure your Bitcoin
Investing in bitcoin is a serious business that should be taken as such. Hackers and scammers are common on the Internet looking to obtain valuable information and cryptocurrencies from suspicious people.
Because this type of investment is online and is the most valuable investment you can have on the Internet, you are exposed to many risks. It is only prudent that you take steps to secure your investment.
In the past, there have been cases where hackers have infringed on bitcoin wallets. There are several best practices you can follow to ensure that your bitcoin is safe. Here are some of the things you need to do:
Store only a small amount of bitcoins in each wallet
Encrypt your bitcoin wallet for an extra layer of security
Use a password that is extremely difficult to discover even for people who know you
Always keep the software up to date
Back up your wallet and save it to different secure locations
Use an offline wallet to save bitcoins
Before investing in bitcoins, take the time to understand how it works, how you can insure it, how it differs from conventional currency, and how bitcoin affects 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.