BTC or bitcoins are known as digital currency. It is money but not in the physical form. Technically, Bitcoins or cryptocurrencies cannot be stored anywhere. It would be best if you had crypto wallets that come with private keys and secret codes, which are used to allow the clients to access their accounts. These are also used to access your Bitcoin address and the signature of your transactions to ensure your cryptocurrencies’ safety and security.
A bitcoin transaction will only be possible if both the recipient’s private key and your private key are present. Various forms of Bitcoin wallets can accommodate the clients’ diverse needs when it comes to storing their cryptocurrencies or Bitcoins. These wallets vary in terms of accessibility, security, and convenience. This article will help you know how much money do you have in your wallet of choice as well as the things you need to consider before investing.
The Minimum Amount Of Bitcoin You Need To Buy
If you are a newbie in the world of cryptocurrency, you should know how much money do you have in your wallet. In other words, you must know how much Bitcoin you need to invest. Speaking of investing in Bitcoins, there is actually no minimum amount required for you to get started.
The platform where you would get or buy your first Bitcoin is the one that will tell you how much money do you have in your wallet or how much Bitcoin you should invest as a beginner. A particular example is Coinbase, a platform that allows its clients to purchase Bitcoins for as low as 2 dollars.
It is not recommended that you invest such a small amount of money simply because these platforms have charges for transferring, selling, or buying cryptocurrencies. It will only kill your investment in an instant.
Your Investment Decisions
You do not have to be wary in making decisions. If it is your first time investing in cryptocurrency or Bitcoin, here are some pieces of advice that could help you:
- Make a decision as soon as possible. You can invest even 5 dollars in any advised cryptocurrency exchange platform. This idea will help you invest in cryptocurrencies and help you have a better understanding and a glimpse of what it is like to be a cryptocurrency or Bitcoin investor.
- Allocate the budget you already have in mind and consider investing it. It could be a month, five months, a year? It all depends on your decision. By doing so, you can avoid making expensive mistakes and can save your investment.
- Do not worry too much if you are new in the world of cryptocurrency. You can continually re-evaluate your future decisions and learn from them to help you in your future investments.
Ideal Amount You Should Invest In Bitcoin
Some clients who are already considered veterans when investing in cryptocurrency or Bitcoin would advise you to invest somewhere around 5% to 25% of your initial investment capital. It is recommended to have 5% as your beginning investment because it is the safest, while 25% is already considered risky.
If you are okay with losing money and willing to risk it all, you can go with 15% to 50%, but it is not recommended. Eventually, the final verdict is yours. Although market factors play some role, personal factors should still come first, such as your willingness to risk and the amount of money you are willing and can afford to lose.
Possible Problems You May Encounter
The type of crypto wallet you choose to go for can cause you various possible problems. Here are some:
- If you are using cold storage crypto wallets, malicious software can cause your Bitcoins to disappear if it catches malware, which eventually finds your private keys.
- Trojans or a kind of malware can encipher all the personal files in your hard drive, and it can even find the links to your crypto wallets.
- Your money or investment can be made off by digital transactions or exchange.
- It may cause more significant problems if you lose your devices, such as mobile phones or laptops, where your wallets are stored or installed.
Bits of Advice
The type of crypto wallet you choose to go for can cause you various possible problems. Here are some:
- Wallets that require you to have Internet connections must be avoided. You can use cold storage options instead.
- Be mindful and cautious at all times and make sure to double-check everything. In case you would receive a mail from Blockwallet, but you are not sure if it is really from BlockWallet, once you authorize it, it can make your investments or Bitcoins disappear. So always keep track of how much money do you have in your wallet. Learn more about crypto wallets here!
Conclusion
Investing in cryptocurrency might be risky at times, especially if you are new to this platform. You still have a long way to master this field, but it is not a reason for you to stop yourself from exploring. It is hoped that this article served as a guide for you to avoid the possible risks of investing in cryptocurrency as well as to help you keep track of how much money do you have in your wallet and eventually grow it in time.