Things to Know Before Buying Bitcoins in 2024
The recent increase in the value of BTC has made people turn their heads towards it. We can see that 2024 has been the year when Bitcoin witnessed the biggest rise in its history. However, some things preceded the whole thing. In March 2024, the price declined from $11k to just $3k. At the end of 2024 and the beginning of 2024, we can see that the price has skyrocketed to $40k.
When you calculate it into a percentage, we can see that 2024 was the year when BTC’s price grew by 288%. Surely, these numbers were bound to turn some heads at some point. Are you a person who just started getting interested in investing in it? You can be absolutely sure that you are not the only one.
At the same time, we can see that Bitcoin is not the only crypto that has accumulated a lot of interest in the last couple of years. Also, we can see that Ethereum has taken a pretty serious spot in the last couple of months.
Surely, any trader needs some tool that can provide all the essential features for participation in the market. Thankfully, there are more of these than we can count. With all this information in mind, we would like to point out a couple of different things every trader needs to be aware of before investing in BTC in 2024. Without further ado, let’s get a look at these things.
1. Determine Your Goals
As you probably know, before you make any moves in the financial world, you will need to be absolutely sure of your goals. For example, the goal is to accept BTC as a method of payment in your business, or you are looking to be responsible for online transactions. Whatever’s the reason, you need to establish your goals before you make any move. In case your goal doesn’t require you to invest in Bitcoin, you should avoid it. Thankfully, finding this information is now easier than it ever was. So, start your research and see what’s the conclusion at the end.
2. Limit Your Investment
Sure, we all know that all digital currencies represent a pretty risky investment. The price of BTC, Ethereum, and all other digital currencies is extremely volatile. Therefore, it surely doesn’t represent a solid investment that doesn’t have any perks in its modus operandi. According to experts, every trader should limit their investment into BTC to around 5% of the portfolio. That way, the portfolio will be represented as versatile which surely adds a whole new quality to it. For anyone to invest in this, every trader needs some help. Therefore, if you are new to the whole concept, be sure to take a look at the-bitcoin-traders-app.com/login.
3. A Transparent Crypto
The next thing we would like to talk about is the transparency behind the BTC. According to the experts in this field, we can see that it is probably the most transparent payment option of them all. The reason is that it is supported by the technology called the blockchain system. The same can be said about all other cryptos. However, since the BTC is the most popular one by far, we can see that the highest percentage of the knowledge about this concept revolves around BTC. It needs to be said that all the transactions are traceable, immutable, and above all, all of them are public. At the same time, it doesn’t require any kind of personal information on behalf of the trader.
4. It is Taxable in Some Countries
In the last couple of years, we can see that some countries have imposed taxes on BTC transactions. Not only that, every profit on this market means that the owner will need to pay some percentage to the government like is the case in the US. Therefore, you need to be absolutely aware of all the regulations your country has about this concept. Some countries consider the profits made in this market as capital gains. So, the trader needs to declare the gains for tax purposes. Otherwise, the trader can face some serious allegations by the financial institutions in their own respective countries. The process is pretty much the same as in the case of not paying any other kinds of taxes.
5. Know All the Risks
It goes without saying that being aware of all the risks involved in this market is an absolute must. One of the best-known risks about BTC is that its price is halved every couple of years. Some people argue that the massive loss which occurred back in March 2024 was, in fact, a halving, not a consequence of the global pandemic of coronavirus which started a couple of months before that moment. We are talking about an activity that occurred a couple of times from 2009. At the same time, we can see that its price can decline at any moment. While this decline is not high most of the time, it needs to be said that sometimes they can hurt someone’s investment severely in some cases.
6. It is Way Easier Than You Think
To invest in BTC or no? Well, this is a pretty complex question. At the same time, it needs to be said that the answer totally relies on you. We can see that there are a lot of different scammers who are waiting for someone’s bad move to rob them of their money. However, it needs to be said that all-in-all, this process is much easier than you might think. However, you shouldn’t be too relaxed while performing some of these activities.
In Conclusion
Looks like 2024 is the year when we will see a massive change in the world of BTC. Therefore, there are some things anyone interested in investing in this highly-popular crypto should know. This was the reason we’ve decided to provide you with a couple of these. We are absolutely sure they will provide you with essential help to understand this whole concept and how you should navigate through it in 2024.
