Top 5 Strategies To See When You Find The Best Place To Buy Bitcoin Canada

Top 5 Strategies To See When You Find The Best Place To Buy Bitcoin Canada

We will discuss investment strategies for Bitcoin. Yes, we’re in a bull run but investing in crypto isn’t always easy. It can be damn right stressful. Even if things are going well, you can become obsessed. But there are a few ways to take the emotion out of investing. Not least by delegating: that is, putting decisions and processes in the hands of others so you can go about with your day and not worry about those sudden price crashes that make the cryptocurrency industry so fun. Let’s find out about the best place to buy Bitcoin Canada.

1. Never Invest More Into Bitcoin Than you Can Afford to Lose This one may sound obvious but it needs reiterating, especially in a bull run. When people think they can make a lot of money, they do crazy things like take out mortgages to buy Bitcoin. But this is unwise and can cause unnecessary stress. Therefore, it’s best to only put in what you can afford to lose.

Money that could otherwise be used for emergencies will be at risk and this will dramatically put you in a high-stress zone. Whether it’s Bitcoin or Ethereum, never invest more than you can afford to use. It could also be the best place to buy Ethereum.

2. Consistent Recurring Buys of Bitcoin This is an interesting one that can take the pressure off tremendously. As timing the market can be very hard, a cryptocurrency exchange has come up with a solution; recurring buys. It takes the edge off by using dollar-cost-averaging (DCA) to invest a fixed amount at regular intervals. The automated programming allows investors to let their portfolios grow over time and not have to worry about making stressful decisions.

3. Don’t Borrow To Buy Bitcoin To know about Investment Strategies for Bitcoin in Canada checkout Netcoins. You should not borrow to buy bitcoin. Like not investing more than you can afford to lose, this is also one to avoid like the plague. Taking on a debt to possibly have an even bigger debt is a bad idea.

And we all know that crypto can be volatile.

Sure, borrowing greatly increases your gains when you win, but it also amplifies your losses if you lose. It’s not worth it even in the long-term, taxes and interest can be costly and the risk is too high.

4. Vary From Bitcoin into Other Cryptocurrencies This can make things less stressful, too. By having a varied portfolio, you will minimize risk. Risk can be spread along Bitcoin, Ethereum and Bitcoin Cash, for example, rather than just putting all your eggs in one basket with, say, Bitcoin. It can help maintain capital, too, and by varying what you invest in, when one of those volatile coins comes crashing down, you can focus on others.

5. Set Up A Cold Storage Wallet for Your Bitcoin This is an important point in Investment Strategies for Bitcoin. The way you store your crypto is also important for minimizing stress. Carrying your investments around on your phone, for example, is a bad idea especially if you’ve invested a lot. Having it spread out in cold storage will put your mind at ease, especially if you lose a device.

6. Have A Trusted Institution Do The Heavy Lifting For You This one is becoming more popular: you could just put your investments in the hands of another organization entirely. As institutional investors become more interested in digital assets such as Bitcoin. When the stress of private keys, how to buy crypto and how to sell is taken off one’s shoulders, stress can be reduced, too especially if you’re new to the game.

SOURCE CREDIT: https://medium.com/@bitcoinwalletcanada/top-5-str ategies-to-see-when-you-find-the-best-place-to-bu y-bitcoin-canada-8fa31e726ab5

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