In 2009, Bitcoin, the first open source currency came into the world. Since then, there has been a slew of addition digital currencies that have popped up on the market, challenging the concept of a centralized banking system and beyond. As with most innovations, there are always those who are willing to invest. In the case of Bitcoin early adopters, who were purchasing coins for as little as one cent, there have been some enviable success stories, as the cryptocurrency is currently selling for around 2,000 US dollars.
Before you go rushing off to buy Bitcoins in the hopes of making some quick cash, there are a few steps you should take that will allow you to understand about the Bitcoin market and whether or not making an investment is right for you or your company.
Currency trackers allow you to keep on top of Bitcoin’s current value
While Bitcoin’s current spike in value is a great sign for current investors, it’s also not ideal for those who are just entering the world of cryptocurrency. Bitcoin has fluctuated dramatically over the years, so there very well may be a chance you get your foot in the door sooner rather than later. For personal investments, it’s always vital that you keep your eye out for fluctuations on the market. This may seem obvious, but it’s important to know where to look as some resources are more reliable than others:
- One of the most accurate Bitcoin trackers around is Bitcoin charts, which will help you break down the current value and price in various currencies
- CoinDesk provide their own price in relation to several other Bitcoin exchanges helping you make price comparisons with other competitive platforms
- For tracking the price of Bitcoin, Coinbase is a great reference, as it also offers the price of transaction value and allows you to set up a custom time range
Keeping up to date can take time and effort, but if you are serious about purchasing or investing in digital currencies, diligence is vital. These are just a few of the top places, but rest assured there are many others that will help you accurately track the Bitcoin marketplace.
Consider investing in blockchain companies and startups
For big name investors, one of the best ways to get your finger on the Bitcoin pulse is to invest in a startup or business that specializes in blockchain technology. Blockchain is a software that acts as a digital ledger that securely records digital records and transactions with the aim of replacing a centralized system. For investors of all variety looking to invest in Bitcoin startups, here are few important things to know:
- Major financial institutions are adopting blockchain technology thus introducing a growing number of public blockchain stocks available today
- Like many other types of startups, those specializing in Blockchain often utilize crowdfunding campaigns and investors can find potential companies to fund through platforms that specialize in blockchain technology
These companies are pioneering the blockchain movement, which doesn’t only affect digital currencies but the technology needed to securely compete with centralized banking and industry.
Speak to a professional
As technology is becoming an integral part of our daily lives, from the Internet of Things to advancements in blockchain, professionals from all industries are now adapting to these changes. Once educated in traditional investment practices, financial analysts and experts today have branched out, with updated skill sets:
- Companies like BTL specialize in the Interbit platform, in addition to providing consulting services in finance, energy, and gaming
- Freelance financial consultants have a wide variety of updated skills sets under their belt thanks to their ability to work flexibly with a diverse range of clients
Whether you reach out to a company or an individual that is versed in all things digital currencies to help guide you in the right direction, taking on a professional opinion can help point you in the right direction, while also giving you the appropriate knowledge to continue making smart investments in the future.
As with all new technologies, making an investment is equal parts good timing and strategic planning. Understanding why and when cryptocurrencies increase in value will help you decide if investing Bitcoin is the right choice for you or your business.
|Lisa Froelings is a business and productivity consultant with over 4 years of experience in human resources working for a major retailer in the country before she decided to build her own business. Her interests include technology, mindfulness as well as time management.|