Bitcoin is one of those topics that is occasionally brought up by the gaming community. This is because it’s a part of the technological world that gaming is also a part of. In many cases, people that buy Bitcoin are usually well integrated in the world of digital technologies. This can help them understand how cryptocurrencies work and they might have friends and acquaintances that also delve into trading now and then.
But should you invest in Bitcoin yourself? Is it worth considering given all of the potential dangers of investing in something you don’t understand? We’ll be discussing these points in this post to help you decide if it’s worth investing in Bitcoin in 2021.
Bitcoin is easy to understand, but hard to master
Most people will have a decent understanding of Bitcoin and how it’s used and generated. The basic concepts are simple to understand and there are loads of videos and guides explaining how Bitcoin actually works. These days, trading platforms and exchanges have full support for Bitcoin and other cryptocurrencies. This makes it extremely easy for you to get started with trading and you don’t need prior experience to begin. You don’t even need to watch a video or read a guide as most exchanges have apps that make it easy for you to get started.
However, mastering Bitcoin is another story. You could essentially think of it as a video game that is easy to understand by very difficult to become an expert in. there are lots of small concepts that can be tricky to grasp, such as knowing the right periods for selling Bitcoin and when you should buy. At the end of the day, it’s going to take a bit of trial and error and you’ll want to learn from the mistakes of other people.
Bitcoin has (so far) always recovered
One of the most fascinating things about Bitcoin is that it’s always managed to recover from dips. For example, Bitcoin prices peaked at the end of December 2017 but dropped sharply by the beginning of 2018. It dropped to its lowest point in November 2018, but then rose again at the start of 2021 to reach a new peak. This constant up and down can be stressful to watch if you’re holding on to your Bitcoin, but it’s also a testament to how resilient Bitcoin is and how quickly it can rise in price.
This means that if you’re going to invest in Bitcoin, you better be prepared to go through a lot of stress as the value rises and drops over the years. If you’re a believer in Bitcoin and cryptocurrencies in general then you’d be wise to hold on to them. You need to know when to sell, how long to hold on for, and when you should exit. For some people, trading Bitcoin becomes their job, but for others, it’s just a side hustle that helps them pay for luxuries. If you’re willing to invest some time into it, then you can easily turn it into a full-time job.
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