Every time bitcoin makes headlines, my inbox lights up. Questions from old friends, my high school math teacher, someone I handed a business card to at a gas station, everyone that doesn't want to miss out.
Should I buy bitcoin?
Being a crypto enthusiast my answer is always, YES! After all, I make a living off this industry and have a passionate love affair with everything it represents.
Next comes my warning, don't invest more than you are willing to lose. This is of course an experimental computer code whose value is highly speculative. It was designed to thwart centralized control over monetary transactions and allow us to proceed without adhering to control, censorship or allegiance. Many powerful people want it destroyed. Its easy to lose, or have stolen.
So if you you still want to buy something that could become worthless tomorrow… smart move! Because one way or another, this is the future.
My recommendation is don't try to time the price movements and buy in at the perfect time, you probably wont get it right. A great method thats worked for me is, Dollar-Cost-Averaging. Simply, buy a fixed amount, on a fixed schedule, over a period of time.
If you can afford to spend $1 a day on bitcoin, Coinbase has a great feature that allows you to “repeat this buy” daily, weekly or monthly. Just sign up for an account with them, set it, and forget it.
Alternatively, other USA bitcoin exchanges exist, itbit.com, kraken.com, gemini.com, genesistrading.com ( for large otc trades), or localbitcoins.com ( p2p trading, including cash meet ups)
Make sure to always enable whats called two factor authentication. This can be found in the security settings of any site that holds bitcoins, it allows your smartphone to generate a secondary, one time use password that will help thwart hackers.
For those that are not technically savvy, leaving bitcoins on your exchange might be better than storing them elsewhere. But don't forget that if you aren't storing the bitcoins yourself, you are trusting the exchange to store them safely. Several exchanges have had bitcoins stolen(mtgox, bitfinex, btce) and it will probably happen again.
So how do I store bitcoins myself?
https://steemit.com/bitcoin/@galianotiramani/how-do-i-store-my-bitcoins-safely
Thanks for reading!
Galiano Tiramani