For almost every newcomer it is difficult to get their head around something like bitcoin. That is mainly because they don’t really understand bitcoin. They don’t know how to treat it, how to look at it. We are here to let you know that investing in bitcoin is not as daunting as you think at all. So will the real newcomer please stand up?
The first step and most probably the most difficult one is to change your view towards bitcoin and for that you must be interested in it which in fact, you are or you would not be even here reading this. Let us begin.
What is bitcoin?
It is a digital asset. So you have to stop looking at it as only an investment and please always keep in mind that bitcoin is money and try to treat it as such.
The most common questions that we always encounter when educating people about bitcoin, are questions like: “Where exactly can we spend it?” You are probably asking yourself the same thing. Money is used in many different ways and this question indicates that most of the world only sees one of money’s many uses, which is spending. Why not broaden your horizons and think about a function that bitcoin is the best at? Why not consider saving? Bitcoin has proven to be the best hedge against inflation.
Another thing that leaves most newcomers struggling and keeps them awake at nights is that they don’t know how to acquire or store their bitcoin, which is very crucial because it can directly impact how much you ultimately end up with. Bitcoin is known as a volatile asset and tends to move sharply, either downward or upward and that is mainly why people take different approaches to accumulating it. Now there is a big BUT here! People’s perception of bitcoin’s price (whether cheap or expensive) causes emotional responses. Emotional responses make you make decisions that leave you with less bitcoin.
In this stage many ask: “What is the best way?”
The best way to get rid of the effects of emotion in your purchase is going with a strategy called DCA (Dollar Cost Averaging) and make regular purchases over time.
This strategy helps you expand your knowledge while you accumulate and both your bitcoin education and balance grow as time passes.
Every giant investor in the bitcoin space started exactly where you are right now. So go for it!
We truly hope that we have helped you make a good decision.
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