5 Kinds Of Research A First Time Bitcoin Trader Needs To Do

Bitcoin Trader

Are you thinking of investing in Bitcoin?

But before you make a major decision, which might change your financial status, you should do some basic and essential research. Whether you have decided to invest in Bitcoin or any other Cryptocurrencies, research is an immense part of Crypto investment.

Being an investor, you might know the key importance research holds in the investment sector. Whether it is the usual stock investment, or real estate investment, or Crypto investment, without research, you should not take a step forward.

Investing In Bitcoin

Due to the volatility of Bitcoin, investing in Bitcoin is considered really risky. Thus, Crypto investors always do complete research before taking a single step towards investing in Crypto. Whether you are just starting your investment or you have already spent a few months in this Crypto world, research holds great importance.

We all are fully aware of the volatility of investing in Crypto or Bitcoin. Though the Graph of Bitcoin is going upward, at the same time, it is also experiencing some serious turmoil. So, check the bitcoin revolution review to develop a proper understanding.

5 Kinds Of Research A First Time Bitcoin Trader Needs To Do

Here are the 5 kinds of research you should conduct being a first-time Bitcoin trader. Knowing these things will not only help you to make the right investment decision but also help you to keep yourself out of any wrong decisions and the potential risks of Crypto investments.

1.     All About Bitcoin

When you are investing in Bitcoin, Isn’t it obvious that you will get the idea of each and every detail about it? Yes, you should. When we are saying all about Bitcoin, we literally mean it. Know about the current market price, technology working behind it.

Here are some of the essential pieces of information. In the year 2009, a pseudonymous figure, Satoshi Nakamoto, invented Bitcoin with the intention of making payments easier. The technology used here is Blockchain.

2.     Trading Platforms

When you have decided on the Cryptocoin where you want to make your very first investment, your next research should be on which Crypto exchange you should choose. Here you have to check for the Exchanges or trading platforms that deal with Bitcoin.

Check for the most popular exchanges; it is quite obvious that they will be more reliable. Apart from that do not forget to consider your requirements as well. For your reference, here are some of the best Bitcoin Exchanges.

  • Coinbase.
  • Binance.US.
  • Kraken.
  • Crypto.com.
  • Gemini.

3.     Crypto Wallet

After choosing the Crypto wallet, from where you can buy your Bitcoin and do the necessary trading, it is time to look at the wallets to store your Bitcoins. You can choose either a soft or a hard wallet for storing your Bitcoin.

When you are choosing the Bitcoin wallet, you have to consider whether the wallet is compatible with the exchange you have chosen. Here you have to pay more attention to the security as you are going to store your Bitcoins here.

Some of the popular Bitcoin wallets are as follows.

  • Exodus.
  • Electrum.
  • Mycelium.
  • Ledger Nano X.
  • Opolo.

4.     Risk Factors

Every investment holds a certain level of risk factors, and it is worth having an idea about. Bitcoin investment is full of risks. But you can minimize the level of risks by making the appropriate decision.

When you are thinking of eliminating or at least reducing the risk, you have to know about the potential risk factors and understand them well. This part needs a lot of research. You also can go for some experts’ advice if it becomes really challenging for you.

5.     The Performance

The right time is very important in the Crypto or Bitcoin investment space. So, you have to keep proper track of how Bitcoin is performing in the market? When will be the right time to invest? Whether it is the night or the noon when you can get it most cheaply?

So, check the Bitcoin value-price graph on a regular basis. Try to understand the trait and make a firm decision on the basis of your understanding and the current situation, what the graph is showing.

Manage Your Investment

Ensure that you are researching all these things before investing your money in Bitcoin. Investment is not the only thing; you have to manage it. So, follow the investment strategies of popular and successful investors, learn from them and then invest.