So I am new here. I would like to get some financial advice from you all regarding investing in Bitcoin. Bitcoin is a cryptocurrency that I have been hearing so much about but still having cold feet to invest in it. I have some funds fixed in my commercial bank for almost 3 years now that will be due soon. For the past three years, the interest gotten from that fixed money is not much to call that a wise investment decision so I'm thinking of investing in Bitcoin. 12 percent per annum is not that okay for me, just left it there to avoid spending it. Even though, I will just invest a little from that amount to see how it will turn out.
I was introduced recently to this forum and I must say, it's an incredible place to learn about Bitcoin. I have learned a lot these past few days. If I had joined this group earlier maybe I would have gotten some Bitcoins to my name.
Please, what do you advise I do?. Thank you as I read your responses
It's great to hear that you're exploring Bitcoin and learning more about it! Investing in cryptocurrency can be a bit daunting, especially when you’re just a newbie, but the truth is that it can also offer opportunities for growth. There are some very important points to consider as you think about investing in Bitcoin and other cryptocurrencies, because it can be very volatile. Prices can fluctuate significantly within a short period, so it is very essential to be prepared for the possibility of losing some or all of your investment in the process. So, since you're considering investing a little to test the waters, then I think it is a good approach. Put into bitcoin what you will not cry if it gets lost. This way, if the market doesn't go in your favor, it won't have a devastating impact on your finances.
One very important factor to note is that you need to continue learning about Bitcoin and the cryptocurrency market. Understand how it works, technologies like blockchain, and the factors that can influence its price.
The cryptocurrency market is constantly evolving. So, staying updated on news and market trends that could affect Bitcoin's price.
Ultimately, the decision to invest in Bitcoin should align with your financial goals and risk tolerance. If you're still feeling uncertain, it might be helpful to consult with a financial advisor who understands cryptocurrency.