5 things you must know before putting your money in Bitcoin
You should know these before putting your money into digital currency or block-chain trading
Investment opportunities in Nigeria are relatively scarce, as they are usually out of the reach of most low-income earners in Nigeria and many African countries.
Due to poor financial literacy in the continent, many smart guys play on this to lure people to put their monies in unproductive investment purse.
Just like people lost their money to similar channels – Nasepco, Wonder Bank, MMM e.t.c, the harp being created around Bitcoin calls for more cautions.
These are important things to know about Bitcoin.
1. Underlying philosophy of Bitcoin
The underlying philosophy of Bitcoin is just the prices. It is the only real number you can act on. There is pretty no order thing that should concern you expect the price.
For finance, this is tricky and a lot of cautions need to be taken.
2. Key Drivers
The main driver of Bitcoin is the demand for it. This demand is driv mainly by mood and momentum of buyers.
3. Key personality traits needed
Trading in Bitcoin requires the following traits from invented investors or buyers; i. market amnesia, ii. Quick acting and iii. Gambling instincts.
4. Biggest danger
The biggest danger is the momentum shift occurs quickly and can wipe out profits or gains within few hours.
5. Effect of information
Incremental information about Bitcoin serves as major price pusher for the instrument.
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