Everyone wants to invest and even many people invest in different investment assets. Well, investing does not reward you much when you play a safe game always. You must have some guts to take risks. If you are only investing in mutual funds or fixed deposits then you can’t get significant profits. To get higher returns you have to take some risk, that doesn’t mean you put your money without knowing the risk. It simply means you should put your money in the assets that can give you higher returns even if they include high risks by taking necessary steps to minimize the risk.
That’s why bitcoin and other cryptocurrencies are those assets that can give you high returns. With high volatility, it offers you the opportunity to gain profits within minutes. Because the value of cryptocurrencies goes up and down multiple times during the day. But is it for you?
Should you Invest in Bitcoin?
Even though it looks very exciting and rewarding to invest in bitcoin, should you invest in it? Well, let me share the other side of bitcoin and cryptocurrencies. As bitcoin and cryptocurrencies are a comparatively new form of investment there is no proper infrastructure and regulations to invest in this.
Secondly, the value of cryptocurrencies is highly volatile as it depends mainly on emotions and very less on fundamentals. So, cryptocurrencies are very risky investment assets.
Finally, there are many fraud cases and money laundering cases that occurred in the past due to a lack of regulation.
With all of the above risks, if you are ready to invest then you can. I recommend you to see the crypto market as a speculative investment option because really it is. So, invest the amount that you can lose without any disappointment.
How Much Money is Required to Invest in Bitcoin?
Now you might be thinking how much capital do you need to invest in Bitcoin. The current price of 1-unit bitcoin is around $9000, so how can you try it if you don’t have money to buy even 1-unit bitcoin? Well, the good news is that you can start with $1 to invest in bitcoin. But the problem is with the exchange which allows you to invest with a minimum amount of $20. So, you require at least more than $20 to invest in bitcoin. With $100, obviously you can try luck in bitcoin. But crypto-bull-app investing in bitcoin? Here is a simple step by step process to invest in bitcoin.
Steps to Invest in Bitcoin
You need to follow the steps below to get started with your bitcoin investment at $100.
- Open a Bitcoin Wallet: First, you need to create a bitcoin wallet to store your bitcoin. The wallets actually don’t hold any coin or currency; it stores an access code that can be accessed via a private key. There are software wallets and hardware wallets. Software wallets can be accessed through software or application or from a website. Whereas a hardware wallet is a hardware device that can be connected to the computer. Hardware wallets are very secure but software wallets are vulnerable to cyber attacks and other risks. So you need to be extra careful while managing a software wallet. Now, choose your bitcoin wallet according to your safety requirements.
- Connect Your Bank Account: You need to connect your bank account so that you can buy bitcoins to your bitcoin wallet. You can buy bitcoin using debit card, credit card, or net banking. So choose your preferred method to buy one. It’s better to use debit cards or credit cards to buy because you can buy them instantly but banks may take time.
- Join an Exchange: An exchange is the trading platform where you can invest your money to buy and sell cryptocurrencies. Connect your wallet with the exchange. Most of the exchanges come with a wallet, so you can use the wallet offered by the exchange.
- Invest in Bitcoin: Now you can actually buy and sell bitcoin with the exchange. You are all set to put money in bitcoin with $100. You can’t buy a whole one unit of bitcoin but you can buy some fractions of it.