Akindele Victor

INVESTING IN BITCOIN FOR 2021 Bitcoin, a term you must have been somewhat familiar with by now as it is trending everywhere now. You also must have heard many stories of people who invested in this digital crypto currency only a few years back. In today’s video we will be talking exclusively about bitcoin and what if you invest it in 2021. Lets dive in this video! Now they are millionaires just by selling the bitcoins they invested in earlier. These vast profits were because this crypto currency value has been on the rise since its creation in 2009. In the last few years, its peak became even more rapid, and experts claim that this rise will continue even more rapidly. You can get an idea of the magnitude of this rise in value by comparing its cost in 2011, which was only $1, and as I am speaking now, 1 Bitcoin costs a booming value of $37,509. This rapid rise in its value brought bitcoin to the attention of economic experts, investors, and the whole world in general because no one had observed such a phenomenon before in history. After hearing all of these alluring success stories of bitcoin investment, did you ever think of investing in them too? Due to a lack of knowledge about investing in them and fearing the risks involved in this, you decided against this idea. Worry no more because, in this video, we will be explaining everything about investing in bitcoins in 2021. We will look towards the benefits of this investment and the risks involved in it, and how to avoid them. Hopefully, after watching this video, you will be able to put all your fears aside and start investing in bitcoins for good. First of all, we will look at the benefits of investing in bitcoins. Is it even a good investment in 2021 when it is hitting all-time high prices? Well, the answer is yes, and there are many reasons to support this claim: Continuation of Bull Run: In simple terms, a Bull Run means there is an upward trend in the crypto markets for an extended period. In 2017, Bitcoin had an incredible year, with a bull run that rewarded investors with a 1,350 percent return and an all-time high of $20,000. In 2018, however, this Bull Run did not continue as bitcoin lost over 70 % of its value. The bear market lasted throughout 2018 and 2019. But then, at the start of 2020, Bitcoin investors began the year in a bullish mood. The bear market was over. However, the COVID-19 pandemic resulted in the decline of bitcoin's value and somewhat destroying the bull market hopes. Despite these unprecedented events, Bitcoin once again outperformed all other asset classes, including gold, in 2020. Indeed on almost any time frame during the last ten years. As 2021 begins, it continues to do so. 2) Increasing Bitcoin adoption: The adoption of bitcoin for practical applications is increasing day by day. Many businesses are now ready to use bitcoin as their primary currency. In addition to that, many big companies have started accepting bitcoin as a form of payment. These companies include technology companies like Microsoft, Wikipedia, AT&T, and Twitch, fast food outlets like Burger King, KFC, Subway, Pizza Hut, and Starbucks, and travel companies like Virgin airline, Norwegian Air, and Cheap Air. This list includes many reputable companies of the world, which is proof of increasing bitcoin adoption. This increase is that conventional fiat currencies are becoming obsolete now as they cannot fully cater to the modern world problems in the future. International transactions take many days at times in the case of fiat currencies. Moreover, the use of fiat currencies brings more worries like taxes, etc. Unlike fiat currencies, a crypto currency is a decentralized form of money. So it does not need a middle man like banks for transactions, which makes international transactions faster. It is also not controlled and regulated by any government, so there are no issues with taxes. 3) Learning about investing is free: In conventional investments and the stock market, many years of learning must support and earn effectively. Many people spend their entire lifetime mastering investing, and a beginner cannot get into this immediately and try their luck. However, in the case of bitcoin investments, learning and making profits is relatively very easy. Using platforms like Coin Desk, Crypto Head, and many others, one can easily learn how to invest in bitcoins effectively and quickly. Despite all the pros of investing in bitcoin, there are still some risks involved in this. But by acquiring prior knowledge of these risks and the ways to avoid them, you can easily avoid getting caught up in them. After going through all the benefits of bitcoin investments, it would be unfair not to bring the risks and methods to prevent those risks to your knowledge. Some of these risks are: 1) Volatility and fluctuation in the market: The bitcoin market is unpredictable as it is continually rippling back and forth. The reason for this volatility of bitcoin is speculation. The large majority of people do not use bitcoins for payment but for investment purposes. This buy cell cycle disturbs the demand and supply gap, and so the prices keep fluctuating. The cost of bitcoin is continuously changing, and with such unpredictability, sometimes it gets difficult to know whether you will get a return on your investments or not. But massive losses in assets can be avoided by keeping a vigilant eye on the market. Another way to prevent heavy losses is making small investments instead of pulling all eggs in one basket. This strategy will be more beneficial in the longer run. 2) Lack of Regulation: As of now, the bitcoin market is functional without any significant protocols or regulations. The governments don't have an exact position on crypto currency. Although almost all developed countries have made crypto currency legal, some countries still restrict the use of bitcoins. Crypto currency is not taxed, which can make it appealing as an investment opportunity. This could lead to problems as bitcoin poses competition for conventional fiat currency issued by the government. This makes the status of the bitcoin market in the future unpredictable. 3) Hacking and Cyber theft Since crypto currency is technology-based, there is a risk of cyber-attack in investments. Hacking is a severe risk because lost or stolen bitcoins cannot be retrieved in any way. Exchanges are more likely to be hacked even if you have the protection of a smart wallet. Additionally, if you have a wallet and forget or misplace your key, there is rarely a way to retrieve your coins. This can be avoided if you carefully research your crypto currency wallets to ensure you have the most reliable option. Now that you are entirely aware of the bright side and benefits of investing in bitcoins and the negative aspects and risks you can encounter during your experience, you must be ready to start investing finally. And so now we will show you how it is done step by step and the platforms you can use for buying and selling bitcoins. PLATFORMS 1) COINBASE: The first platform that we will be taking a look at is Coinbase. Founded in 2012, Coinbase is a fully regulated, licensed Bitcoin exchange. It allows you to buy and sell Bitcoin and other crypto currencies. Its buying process is one of the easiest and fastest available. It supports several payment methods, including wire transfer, debit card, and credit card. STEP 1: CREATING YOUR COINBASE ACCOUNT: Haven't you created an account at Coinbase yet? No need to worry – we'll walk you through every step. Just head to www.coinbase.com. Get started and fill out your details like name, address, and other personal information. The site will also ask what you will use Coinbase for and your source of funds. This info is only for Coinbase to track users, so your experience will be the same regardless of what you answer. Verification codes will be sent to the email you registered and to your mobile phone. STEP 2: BUYING BITCOIN: Once your account is verified, you will be shown the option of adding a payment method. You will have to select from these options:     Bank Account PayPal Debit Card Wire Transfer If you don't see that screen, you can scroll down to the bottom of the page, and you'll see 'Add a payment method.' We recommend using Debit Card to buy Bitcoin since this is the fastest method. 1. Hit Debit Card 2. Enter your billing address 3. Enter the card details 4. 5. 6. 7. 8. 9. 10. 11. Hit Add Card With your card now linked to Coinbase: Go to the Trade section in the top right corner. Hit Buy (If it is the first time you are buying Bitcoin on Coinbase, you'll be asked to verify your ID first) To do this: o Hit Submit ID + Photo Verification o Choose your ID type and upload a photo of your ID o Upload a picture of yourself. It should take just 2-3 minutes for your ID to be verified by Coinbase. With your ID now verified, choose the type of crypto you are buying (e.g., "Bitcoin") Enter the amount in USD you want to spend on the purchase. Hit Buy Bitcoin, and then Preview purchase. Hit Buy Now After you've made your choice, click "Preview purchase" and then confirm. From there, you can review your account balances and, if desired, transfer crypto to your wallet. 2) GEMINI: STEP1: CREATING YOUR GEMINI ACCOUNT: Haven't you created an account at Gemini yet? No worries, it's straightforward. Just head to https://gemini.com/, hit the Get Started button, and follow these steps: 1. 2. 3. 4. Under Personal Account, press Get Started. Choose your country/state and hit CONTINUE. Please enter your personal info, choose a strong password, and hit CREATE MY ACCOUNT. The site will then give you a 2-minute security quiz to complete. After the examination, you can enable 2FA (two-factor authentication). Next, enter your Social Security number and date of birth. STEP2: LINKING TO YOUR BANK ACCOUNT: To link your bank account on Gemini, a dialog pops up informing you that Gemini uses Plaid to connect to your bank. Plaid is the technical infrastructure API for consumer bank account access used by everyone from Venmo to American Express. Your information is encrypted end-to-end, and Plaid users like Gemini never get to see your bank credentials. To link your bank, you'll need to... - Select your bank. - Enter credentials, then another security code that is sent to your phone. - Next, select the account to link to your bank. STEP 3: ADD FUNDS TO YOUR EXCHANGE ACCOUNT On the web Exchange, you can navigate to your "My Account" function and add funds. When you click, the bank account you entered pops up. You'll then select the amount you want to transfer. Even though it takes a couple of days for the transaction to settle (i.e., when Gemini receives the funds from your bank you deposited), Gemini makes the funds immediately available, meaning Gemini "advances" your money so you can buy bitcoin instantly. This is why you cannot withdraw funds until the money you deposited from your bank into your Gemini account clears. STEP 4: BUYING BITCOIN: Gemini facilitates the trading of various tokens, including bitcoin, ether, litecoin, Zcash, Chainlink, and more, all listed on our crypto currency exchange. Once you select the crypto currency you want to buy—let's say you want to buy bitcoin—two big buttons will appear: "Buy" and "Once"—both of which are part of a pull-down menu. That would be it for today’s video guys. Don't forget to drop us a like and scroll down to turn the Red Subscribe Button to Grey to help the channel grow. While you're at it, tap on the bell icon to be the first to know when we drop a new video. Comment below what your favorite side hustle is. Be sure to comment on your experiences if you are already working on one of these or share something the viewers might benefit from. Until then, goodbye and Peace!