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You would have to live under a rock to have never heard of Bitcoin. The cryptocurrency giant is the unquestioned leader in an industry that has grown to unthought of popularity and financial viability. It has led to millions already invested with millions more hoping to do the same.

Tracking the price of Bitcoin can be simple with the help of Bitcoin live chart, it helps to know how to get started. Before long, you can start following trends and put yourself in the best position to rise along with the price of Bitcoin.

Before you can begin investing in Bitcoin, it first helps to know about what you are getting involved in. Bitcoin is the godfather of cryptocurrency, created in 2009 by Satoshi Nakamoto (though that identity has never been confirmed thanks to the anonymity of the blockchain technology). The goal became to create a decentralized banking method where users could conduct transactions securely and without the need for central banking or governments.

Since its creation, it has also become one of the most volatile investment avenues there is. In November 2021, the price of Bitcoin hit an all-time high of $64,000 but has since come back to earth, trading at roughly half that price now ($30,135).

Before you begin investing, it is important to know just what you are stepping into. We have all heard about people getting rich on Bitcoin but that is the anomaly. The reality is closer to that of the great crashes that Bitcoin has had in the past where many lost thousands.

It is one of the most volatile investments there is. For those who dont enjoy getting into the riskier areas of investment, cryptocurrency in general is probably not the best option. Be prepared for price swings and have a long-term strategy before getting involved.

Since cryptocurrencies are digital assets, you need to have a place where you can safely store them. It is important that any option you choose has an encryption to keep your coins protected. There are two main ways to do that: the hot or cold storage wallet.

Hot wallets mean that they are online at all times. These are generally available from software providers and crypto exchanges. These provide greater convenience when it comes to buying, selling, or trading your cryptocurrencies. That said, if the software or exchange is compromised, your information and coins could be compromised as well.

Cold wallets, meanwhile, are totally offline. While it may be a bit more difficult to make transactions using your coins, you can ensure that they are a lot safer. They stay out of the reach of hackers but beware, physically losing them can prove catastrophic.

Approaching cryptocurrency investing depends on what your goals are. Do you want to make a little money in the short-term or hope for bigger growth in the long-term? That strategy can be a difference-maker when it comes to investing in not only Bitcoin but cryptocurrencies in general.

Crypto has shown a penchant for rising and falling. If you have skill and experience as a day-trader, it may be possible to ride those waves and make some money in the short-term. The preferred method is to hold in the long-term and identify a time to sell while things are on the higher end of the spectrum.

With a sound strategy and the utmost patience, you too can get involved in the world of cryptocurrency. Know your risk level and have a plan and you can avoid the pitfalls of fly-by-night investors.

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Investing in Bitcoin - Cryptocurrency - Analytics Insight