What is Bitcoin?
Bitcoin was first introduced in 2009 as a digital currency and is governed by a decentralized authority. The creator of Bitcoin is Satoshi Nakamoto, who still remains a mystery.
Bitcoin is a type of cryptocurrency that has no physical form. A decentralized ledger called blockchain is used to create, distribute, store, and trade bitcoins. Every transaction is recorded on this blockchain and it offers lower transaction fees than traditional online payment methods.
The bitcoin price has continued to rise in recent years due to strong demand and reached a new all-time high (ATH) of $ 64,863.10 in April 2021. In the same year, El Salvador became the first country to accept Bitcoin as legal tender. Therefore, many people believe that Bitcoin is the future of money.
Who is Brandon Shanil?
Brandon Shanil is an entrepreneur, investor and businessman from Sri Lanka. He is the owner of the renowned RB Organization, which is primarily based in the United States, France, Great Britain and Sri Lanka. This erudite entrepreneur loves cryptocurrencies and stocks because he believes they are a great way to generate passive income.
Brandon has many years of experience with cryptocurrencies. Now he is ready to share his valuable knowledge of smart investing in Bitcoin.
Invest only what you are ready to lose
This is an important fact that every investor should remember. Keep in mind that the cryptocurrency market is extremely volatile. He can make millionaires overnight, and people bankrupt overnight. Therefore, every investor should be well aware of the risk.
The main goal of investing in cryptocurrency is to increase our wealth, not completely lose it. Therefore, we should only invest the amount of money that we can afford to lose.
Maintain a healthy crypto portfolio
Bitcoin is indeed the king of the cryptocurrency kingdom, but there are many altcoins that have huge potential. Since the market is highly volatile, investing in just one coin may not be a smart choice.
Investing in more than one coin will help you maintain a healthy portfolio. Moreover, it helps to maximize profits while minimizing losses. Diversifying your crypto portfolio is a smart way to manage your risk.
Professional traders look out for diversification, as winning some and losing some is better than losing everything.
Don’t invest based on hype
When it comes to Bitcoin, keeping an eye on the hype is not the smartest decision. Unfortunately, many people follow the hype and invest for fear of missing out (FOMO). But what actually happens is that when the hype ends, people start selling, and those who have invested in the hype lose their money.
Buying on hype isn’t really an investment, it’s called gambling. Therefore, the investor should stop making decisions on HYIP and FOMO. The hype is too risky because you never know when it will end. When the hype is over, the price can suddenly collapse, causing investors to suffer terrible losses.
Patience and knowledge are required to make a profit in the market. Therefore, before investing in cryptocurrency, it is important to study the market, calculate risks, keep abreast of the latest news and conduct technical analysis. This will help you find the best time to invest and make a profit.
Keep your assets safe
Safety should be one of your top concerns, because in just a second you can lose everything we have. Many crypto exchanges have been hacked in recent years. As such, it is vital to ensure the security of the cryptocurrency trading platform you intend to invest money in.
Alternatively, you can buy a hardware wallet and store it in a safe place. Some investors keep a backup of their original phrase out of the reach of others. Also, don’t fall into the traps of scammers and never share your credentials with third parties.
These tips from Brandon Shanil are valuable to every investor in the market and will help them maximize their profits by working smartly.