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If you have a suspiciously large bitcoin wallet, do yourself a favor: Get rid of it. Bitcoin’s up! The currency is up more than 300 percent in value in the past year. But if bitcoin continues to rise, you could wind up losing hundreds of dollars – if not thousands – in bitcoin values on one big dollar loss. Here’s how it would go down.
Step one: Calculate your bitcoin holdings (it’s safe to do this yourself by searching Google for “how to calculate bitcoin balances”).
Step two: Know that you’ve grown bitcoin exposure. If you haven’t, you’re doing something wrong.
Step three: Start buying bitcoin. Many amateur investors have done so via the popular “bitcoin futures” contracts.
Step four: Expect rapid losses. In many cases these are likely to be huge: Bitcoin is in for a big fall in the near future. You can’t think about this now: Bitcoin trades from $2,300 to $6,400 in under a month. If you’re willing to take a dive, know that by that point you’ll have many thousands of dollars at stake. The price is going down.
Step five: Shop around to find an insurance plan for your bitcoin. I like the gold option (which includes various kinds of insurance and limits) because, obviously, bitcoins can’t be mined easily and there’s a very low chance of it being confiscated. You can look at the Bitcoin Crime Insurance, to find out about bitcoin insurance.
Yes, I know that bitcoin is a “virtual currency” — but even if we get into the hypothetical world of bitcoin cash, I think you’re in good shape on bitcoin.
One possibility: You think that bitcoin is not really going to tank, and you want to save up some extra money for some exotic experiences like trips or furs or pizza. If so, you could try to sell your bitcoins for a few dollars apiece. But this process could take weeks — and possibly months. Instead, let’s say you want to learn more about bitcoin, or potentially invest some of your bitcoin into something a little less risky (or maybe more timely). You might try to put bitcoin to work in your investment portfolio. But be forewarned: Such a move could be a lot more complex than it looks.
If you decide to invest some bitcoin, here’s what to do.
Step one: Start with a simple product. Whether you’re lucky enough to be invested in real bitcoin or you’re jumping into bitcoin futures, it’s best to go for a product that uses bitcoin to purchase an asset with its value directly based on the bitcoin market price (like the intraday commodities market for for example). Many bitcoin exchanges – including those that do investment banking and financial advisory work – even offer a bitcoin EFT. If you’re interested in these products or just get a sense for the industry, you could do a lot of due diligence online. Get advice and guidance from industry experts in a chat or a chatroom. This could be the way to get started, and even if you’re starting small it’s still good advice to explore bitcoin’s trail.