By the end of 2017 Bitcoin had reached peaked heights, unlike anyone expected. The staggering loom of its value had escalated to 19783.06 dollars on the 17th of December 2017. But at its peak, the slipping depreciation of its face value was just as uncommon and unexpected for many as the next economic collapse. Many people called it a a Ponzi Scheme or a Bubble. But I have a different term for it: Bitcoin is more like a deflating balloon. That it is until December 2018.
From experience I had known many students who invested too greedily or too late in hopes of making a quick buck. But we may have reached a point where history could repeat itself. Because cryptocurrencies are going up again.
Investing a bit of our wealth to test out how this market works is quite easy. I am constantly on the lookout for big fluctuations on Coinmarketcap, where you can get a detailed, yet simplified overlook on all cryptocurrency’s value. But for actually opening your wallet and placing money into a cryptocurrency, I would suggest Coinbase.
Coinbase is a US based platform, currently available to users in more than 30 countries, also is the largest broker of bitcoin. Customers have various payment methods to purchase cryptocurrencies – via a bank account, SEPA transfers and other modes of payment. It is important to note that after every investment or withdrawal, you get a 5% deduction fee.
1, Easy and comfortable ways for new traders to buy and sell
2, Higher liquidity and buying limits
3, Currency stored here is backed by Coinbase insurance
4, High level of public trust
1, Mediocre customer service support / or almost none at all from my experience
2, Payment methods are limited
3, Limited countries supported
4, Limited crypto options: Bitcoin, Litecoin, Ethereum, Bitcoin Cash and some smaller ones
What you should know!
Crypto markets are insanely volatile. One day you will be celebrating your early retirement plans in your early thirties, the next you are panicking that your investment had taken a new undertow. With Coinbase, you can invest smaller amounts, therefore if you’d like to get a taste of this, I would suggest investing no more than 50 to 100 dollars at once. Now that the market for cryptos is going up again, we might see new peaks we haven’t observed in many months. Just be always ready for a downturn and remember:
“Never invest more than you are willing to lose!”
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