With global markets spiraling across the board from oil and stocks to crypto you may not want to invest in bitcoin right now. That said, if you believe in its long-term potential, pro-investors will always tell you to buy the dip.
Warren Buffett maintains that the best time to invest is in a climate of fear–and it’s pretty scary out there right now. He may not be rushing out to buy Bitcoin, but you can bet he’s eyeing up other assets at a knocked-down price. If you want to take his lead, check out these top five tools to help.
Helping You Invest in Bitcoin
1. Telegram
Hands down, if you’re going to invest in bitcoin or any other cryptos for that matter, you need to have a Telegram account. There’s a myriad of information on this behemoth social media platform and you can join a specific group, get news, ask questions, and find out the general market sentiment.
Check out some of the top Telegram crypto groups here for trading, chatting, trolling and, most of all, for seeing what to expect when you invest in bitcoin.
2. TradingView
Arguably, if you just want to invest in bitcoin and hold for the long term, you may not need to get too deep into TradingView.
But if you do want to understand more about what caused certain volatile moves, find out what price calls top analysts are making in the space, and even become part of a community, this is a top tool for all that.
3. Google Authenticator
Google Authenticator is a must-have app on your mobile phone if you open up an account with an exchange like Coinbase and activate 2FA. It’s much more convenient than receiving a text message to your phone number since you may change the sim or be unable to receive texts when you travel.
With Google authenticator, you won’t have that problem. It’s free and you just scan the QR code once to receive a unique code each time you log in, adding protection to your funds.
4. Ledger or Trezor
While enabling 2FA is definitely a good start, it’s much better to keep your funds in cold storage if you’re going to invest in bitcoin for the long haul. Some folks prefer Trezor with its wide touch screen while others are firm believers in Ledger.
Being able to link the Nano X with your mobile phone and make transactions on the go is definitely a cool feature. But Trezor’s Gray Corazon is definitely a thing of beauty. Ultimately, which interface you prefer is down to personal taste, but the correct storing of your bitcoin is essential.
5. Twitter
Love it or hate it, Twitter is an absolute must if you want to stay informed about the latest going on in the cryptocurrency space. You’ll find out so much from reading the comments of key players in the industry and take part in some heated debates.
Give a man a bitcoin and he’ll spend it in a day, teach a man to hodl bitcoin and he will spend the rest of his time on crypto twitter talking about disintermediation, fall of nation-states and rise of sovereign individuals.
— Blockfolio (@blockfolio) February 19, 2020
Watch out though! Crypto Twitter is not for the faint-hearted. In fact, it can be downright toxic at times–and addictive. So just like with bitcoin, never invest more time (or money) than you can afford to lose.
What tools do you use when investing in crypto? Let us know in the comments below!
Images via Shutterstock, Twitter @blockfolio