Should You Invest in Bitcoin? The do's and don'ts of Bitcoin

T he world is reliant on the Internet these days and bitcoin has attracted the interest of global investors, making it an ideal way to invest your money. Bitcoin is a secure digital currency and has been gaining traction globally in the last few months. Bitcoin's market share Bitcoin sellers calculate market capitalization by multiplying the bitcoin price by the number of bitcoins in circulation. In the third quarter of 2017, bitcoin increased to 71.95 billion USD. Bitcoin profitability Profitability calculators calculate bitcoin profitability. The calculators use various parameter like electricity cost to determine the profitability. Uses of bitcoin - You can exchange bitcoin for other currencies, products, and services. - Donating to worthy causes anonymously - Gambling - Keeping the value of your assets private - Transferring asset to other countries Do's of bitcoin - Use Bitcoin Trezor, a secure storage store for your bitcoins. - Ensure that you hold the corresponding private keys for your bitcoins. - Always do a backup of your wallet. - Use strong passwords to protect your wallet. Don'ts of bitcoin - Never link your bitcoin purchases to your bank account. Such direct payments could leave you prone to money laundering. - Don't store your bitcoins in an online wallet because of hacking and unscrupulous traders. - Don't invest a higher amount than you're willing to lose in case things go wrong. - Avoid online scams like "Bitcoin Doubler and other Ponzi schemes." - Never reuse wallet addresses. Should you invest in bitcoin? The do's and dont's of bitcoin will help you make an informed decision.