Bitcoin is a trending coin because it is decentralized, and there are no other coins like bitcoin because bitcoin is limited in supply, and the price of bitcoin is rapidly increasing. It creates the curiosity amount of people to earn through bitcoin. It is not a simple process to earn through bitcoin. You can create your mindset before you start investing in bitcoin. So, in this article, we will talk about the nine suggestions that will help you change your mindset before going to the next step that is earning through bitcoin. So, without wasting time, let’s make the mindset to be a good investor in cryptocurrency.
9 Suggestions you must follow to get better results:
There are following nine suggestions you must follow to get better results through bitcoin by investing in it given below:
1. Believe in bitcoin technology:
You must believe in bitcoin technology before going to the investment. Some people say bitcoin will be banned in the future, it can be hacked, and there are other sayings, but if you want to invest, you must have to believe in it. Bitcoin is a decentralized system and cannot be hacked because many nodes are working behind the functionality of bitcoin. It is like hacking the internet.
2. Keep your private key secret:
Your private key is the spending power. There are two keys. The first is the public key, and you can share it anywhere because you can only receive money through it; it is like a UPI id. The second key is the Private key, which is like your UPI pin used to spend bitcoin through your bitcoin wallet. It means if anyone knows your private key, he can easily spend your bitcoin, which will cause a huge loss. So, keep your private key secret or safe where no one can access it.
3. Research Your Own:
There is the biggest mistake many people make before investing, and after suffering loss, they said investing in bitcoin is the worst thing, I have lost my money, this or that. But they do not know how to invest. Media is the biggest reason for wrong decisions because people follow trending news or headlines that create curiosity to invest in bitcoin. This headline is like, “bitcoin will touch $1,00,000 in the next five years” these are just assumptions, not facts. So instead of believing someone, do your research and make the right decisions.
4. Never panic in the down market:
Market means up, and downs and it is necessary. Up and down is a common thing in cryptocurrency, and people panic when the market goes down, and they start selling the bitcoins and suffer loss, and when the market goes up, they regret their bad decision. So, the simple rule in a down market is to buy more bitcoins at a low price because the price will go up. Buy more and wait patiently.
5. Safely store your bitcoin:
Many exchanges provide many facilities like easy to operate, easily deposit money in your currency and easy to withdraw, graphs of up and down and at a certain level of security, but it is not safe at all because they are centralized system and if the center got hacked, all the people could lose the bitcoins who are using that exchange. So, it is good to buy through an exchange, but you can transfer the bitcoins to other wallets that are safe such as paper wallets, and hardware wallets are the safest wallet in cryptocurrency. So, buy bitcoin through the exchange because there is no other option to buy bitcoin and then transfer it to the other wallet if you want to hold the bitcoin for the long term.
6. Don’t check every hour:
Many people check the price every hour, minute, and second to check the fluctuations that will cause headache, fear, anxiety, and other more diseases. Instead, you can hold your bitcoin for the long term because the price of bitcoin will increase in the future.
7. Do not use regular computers to mine bitcoin:
Mining of bitcoin requires more electricity and computational power 24/7 hours, which will cause heating, so mining on a regular computer can harm or destroy your computer.
8. Invest as you can afford:
Do not invest in bitcoin if you cannot afford the loss. It is not recommended because many people follow the trend of trading or some news and then start investing in bitcoin by borrowing money from friends and parents.
9. Share the knowledge:
If you know more about bitcoin than a person who wants to invest money in bitcoin or another cryptocurrency, then help him by sharing knowledge about bitcoin. It will motivate you to research more about bitcoin when a person asks a question and you do not know the answer. In conclusion, as time passes by the bitcoin trends vary so if you can share information that will help other traders that would be great.