The rise and fall of Bitcoin throughout the years
The leading cryptocurrency has had quite an amazing year so far. Bitcoin reached incredible heights in mid-April, breaking the $64 000 barrier. A couple of months later, however, people saw it plunging to around $30 000. But long-term investors are not worried, as the King of Crypto has risen many times from the ashes like a phoenix. And they were right, because in mid-October, the digital coin reached $57 000 again. When will we see another breathtaking Bitcoin rally? Analysts say it’s just a matter of time.
What are the main risks when investing in crypto?
Investors are interested in cryptocurrencies now more than ever. But so are the criminals. Since 2016, reports of cryptocurrency crimes have soared a staggering 312% per year on average. The crimes have a broad range and include pretty much everything from hackers stealing traders’ coins to people being scammed on the internet with false trading platforms , ads, etc. Of course, Bitcoin has the most crime reports because it has been the oldest and most traded digital currency. The other main concern investors have is volatility, as cryptocurrency prices can fluctuate really fast, even on a daily basis. So, there are a few things to consider before investing in Bitcoin or in another crypto.
How to tackle fraud and turn volatility to your own advantage?
Keeping your coins safe is the investors’ biggest concern. In traditional investing, you need to actually own the underlying asset in order to gain from it. This makes it difficult for safekeeping as well, as most traders try to store them on offline devices or ledgers to prevent hacking. But any people cannot recover their coins as they forgot their passwords or had other issues. The alternative is to use safe and transparent online trading platforms. Trading cryptocurrencies has never been easier, as you do not have to own the coin to profit from it. Instead, you can just speculate on its price no matter if it goes up or down, which solves the volatility issue as well. You can even use it to your own advantage!
Should you invest in Bitcoin and other crypto online?
To make the most of Bitcoin’s volatility and use it for your own good, you may consider trading it on a leading platform online. This means secure deposits and withdrawals, elaborate research tools to help you trade and, in most cases, a Personal Account Managers to show you around the platform. But the most important part is that you do not have to own or pay for an entire Bitcoin. Instead, you can use the power of leverage which can turn even an ordinary trader into a superinvestor.