Is It Possible to Lose All Your Money in Bitcoin in 2021?
Digital currencies apparently have no plants whatsoever to slow down their continuous growth in value. Since the end of 2020, they have been rapidly growing and more and more investors are pouring in from all sides. What experts and investors were estimating to happen is currently happening as bitcoin, the absolute leader of the cryptocurrency world, is reaching new heights and going deeper into uncharted territory.
However, just like ten years ago when the first virtual currencies started appearing and when the industry was just beginning to take shape, most people are wondering whether and when they could lose all of their money. This fear of ending up penniless, or at least without your initial investment however big or small it may be is the leading cause of hesitation and unwillingness of people to start investing more. Trusting something that changes so much over so little time is not in the nature of human beings which is why there are still nowhere' near as many investors among regular people as there should be.
On top of all that, in recent days and weeks there have been new reports causing fear and further dividing the community. We mainly we those that claim how people will lose their money if they continue to support bitcoin and other cryptos and continue investing in them. In this article we will try to determine whether or not it is possible to lose all your money in bitcoin during 2021. There you can learn the easiest and safest way of transforming your cryptocurrency game and become a pro bitcoin trader.
Current State of Affairs
As of the writing of this article, a single bitcoin token is worth more than $58,000. This sum is astonishing considering the record for the better part of last year was still around $20,000. That happened in December of 2017 and until the recent surge of value, bitcoin was way below the 20K mark. Then from the start of 2021, it has never stopped. The new all-time record from a few days ago is $61,283. Considering how quickly it has been growing, it is not an overestimation to say that it will reach the once thought impossible $100,000 by the end of this year.
With such a favorable market conditions in which most digital currencies follow suite, there is no sating what could happen in the next eight or so months. One thing should be clear however. Whatever happens it will surely be favorable for the investors especially the ones who already have bitcoin assets. They are passively rising in value and that is always a welcome scenario for any investor and any type of asset. Predictions say that 2021 will be the year of digital currencies, so why is there this new wave of concern claiming people will lose their money and that bitcoin will crash like never before?
Well, first of all, they are mostly targeting the bitcoin schemes that are trying to persuade people their way of trading with cryptos is the right one to go. Those who promise high returns and say they have inside information are usually fraudsters only looking to rob gullible investors form their hard earned money and valuable digital currency assets.
Knowing Who to Trust
You have to remember that cryptocurrencies exist on the web. And anything that exists online, things that you cannot physically touch and hold, are prone to cybercrimes, hacking, and scams. The internet is becoming less and less trustworthy by the day as an alarming number of reports of scams and frauds appear all the time. Knowing who to trust is crucial when safe and prosperous crypto business is concerned.
If you are wondering who you can trust and to conduct business in such a dangerous -environment, do not worry. All it takes is a good platform and a little knowledge about the usual ways in which bitcoin business works. You will become educated in no time and have all the right tools to perform well in your daily bitcoin activity. In the following section there will be a few words about the basics to pay attention to in the digital currency game.
Basic Things to Know
First and foremost, you will need an account on a good crypto exchange. These online services are your one-stop destination for all things crypto. From buying, selling, and trading, to staying in touch with all the recent news, price changes, and trends, crypto exchanges exist to make sure experienced and beginner investors have the means to be successful and become richer than they were.
On the exchange you will also get access to your electronic wallet. These hold your balance and protect it against hackers and scammers through different forms of identifications and internet security like passwords and unique codes. They also provide anonymity during transactions.
In order to finance your business, you need a proper way of paying for new digital currency with traditional money and withdrawing money when you convert it from a crypto. All top-tier exchanges allow credit cards and bank transfers for these actions and they make it easy for the investors to utilize their assets. The best thing about all of these things is that accounts are usually free and you instantly get everything you need right from the start.
Getting in on the Game
There has been word about the existing investors who really have it good right now. Bitcoin is always jumping in value and the people who bought it on time are passively getting richer. The more attention the leading crypto gets and the more people invest in it, the higher its value will go. If you are looking to get in on the fun, make sure to do it as soon as possible because there is no telling how much higher it will go and when. It may reach $70,000 next month and become easier for you to buy. It is already too expensive for most people to buy a whole bitcoin, but fractions are enough to start you off. Trading other cryptos for it is also possible. Whatever your tactic, do it now and reap the benefits soon after!