Crypto assets are now breaking resistance to reach new highs. This long-awaited bull run means many investors are considering forgotten assets, including the humble Bitcoin Cash. So, there is no better time to invest in Bitcoin Cash, but the approach remains a crucial point of discussion. Here are eight steps to ensure a profitable Bitcoin Cash investment journey:
- Decide which Bitcoin Cash Investment choice to go for
- Pick a reputable exchange
- Create a Bitcoin-Cash wallet
- Read up on various investment strategies
- Start small
- Keep learning
- Practice low-risk investment
- Regularly review your strategy
How to Invest in Bitcoin Cash in this Crypto Bull-Run
1. Decide Which Bitcoin Cash Investment Choice to Go for
Crypto investments come in different shades. When planning your entry strategy, you must choose an investment option. You can buy Bitcoin Cash to HODL or trade. If you decide to trade, remember the technicalities involved.
Hodl is when you buy Bitcoin Cash low, hold onto the asset, and sell when its value gets high. On the other hand, trading speculates BCH’s price movements against other assets. It would help to compare the different investment types before considering the other steps on the list.
2. Choose A Reputable Exchange
You need a crypto exchange when you want to invest in any cryptocurrency. This rule also extends to Bitcoin Cash. Some of the best crypto exchanges on the markets are Binance, Bybit, and Coinbase. You can use these platforms to buy and hold your Bitcoin Cash assets. Once you want to sell your Bitcoin Cash for some profit, opt for Breet. They offer a straightforward path to selling Bitcoin Cash for fiat currency in no time.
3. Create a Bitcoin-Cash wallet.
You can create an account for Bitcoin Cash transactions on crypto exchanges. You can also opt for software wallets like Bitcoin.com Wallet App and Trust Wallet. Note that the two main ways to open a Bitcoin-Cash wallet are to install a wallet app on your phone and create an account with a cryptocurrency exchange. But you can also choose hardware and paper wallets, especially if you opt for HODL and deal with a large sum.
4. Read Up On Various Investment Strategies
Dealing with a Bitcoin Cash investment comes with different investment strategies. When you want to profit, you must choose what strategy to play. Common strategies are dollar cost averaging, HODLing, scaling, and arbitrage. And while Bitcoin Cash is excellent for a lone investment, diversification is a common strategy. Many investors opt for assets with different use cases to ensure minimal loss and maximum profit.
5. Start Small
While the crypto market is in its bull run, it is crucial to tread carefully as cryptocurrency’s very nature is volatility. The appropriate way to approach the market is to start small and watch how it performs to see if you are ready to risk more of your portfolio to the coin.
6. Keep Learning
The cryptocurrency space is dynamic. Many strings are being pulled, and several economic forces are at play. When investing in Bitcoin Cash, you need to remain knowledgeable. Learning helps you make informed decisions and gives insights into how the market will move. Staying informed with news and other crypto tidbits can tell you when to sell or buy more coins, which is integral for investment.
7. Practice Low-risk Investment
Crypto’s nature is typically high-risk. However, minimizing the risk is the best way to treat this investment. You can mitigate the risk by opting for Dollar Cost Averaging and making a small investment. When you practice low-risk investment, you stand to lose less. But remember, it is vice versa, and you gain more with a bigger investment.
8. Regularly Review Your Strategy
Investment is all about trial and error. You take a logical approach to ensure maximum return. So, when you have gone through cycles, review the strategy and see if you can get a better return with a different approach. It is vital that you know what works and what doesn’t.
Frequently Asked Questions (FAQs) About Investing In Bitcoin Cash Investment
Is Bitcoin Cash the Same As Bitcoin?
Bitcoin and Bitcoin Cash are different. The significant difference is in the block size. The Bitcoin block size is 1 MB, and the block size is 32 MB with Bitcoin Cash. The block size means that BCH transaction fees cost less than a penny, and the speed is 200 transactions per minute. Also, the popularity of Bitcoin means it has more trading pairs and more positive market sentiment.
Where Can I Get Bitcoin Cash?
You can get Bitcoin Cash at the Bitcoin.com wallet and other reliable exchanges. To get Bitcoin Cash, choose the Buy Crypto option. You can get the crypto asset with credit or debit cards or by making swaps.
Does Bitcoin Cash Make for A Good Investment?
Like most cryptocurrencies, Bitcoin Cash has its risks. Yet, BCH’s high market cap, sturdy technical foundation, and potential usability keep its price afloat even if the market crashes. Hence, Bitcoin Cash is a relatively good investment.
How Much Is One Bitcoin Cash In Naira?
You can check the real-time value of Bitcoin Cash by using the Breet App rate calculator. Here, you get the real-time value of Bitcoin Cash.
What Is BCH Used for?
BCH is used primarily for peer-to-peer payment between people. It serves as cash in the digital world. More so, BCH transaction fees are typically less than a penny, making it an ideal payment cryptocurrency.
Conclusion
Bitcoin Cash (or BCH) is a profitable crypto investment. However, the investment approach is the most vital factor to ensure you make gains from it. Important questions to ask yourself are: What investment do you want to opt for? What’s your risk tolerance? We answer the questions in this article. Stay safe, and invest wisely!
