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Investing in Bitcoin is a very important thing to do, especially now that its value has increased tenfold. Bitcoin is the future of money and if you want to be an early adopter and help Bitcoin succeed, this article will show you how...

1: Decide on your investment strategy: 

A large number of people decide they want to invest or trade Bitcoin but don't have a specific goal or strategy. This is dangerous as without a clear objective, such as investing for retirement with "buy and hold", you may impulsively sell out of fear during times like December 2017 when Bitcoin was losing 40% of its value within 10 days. If you're more risk-tolerant then consider day trading (this requires experience) or simply buy Bitcoin at regular intervals to save Bitcoin for the future. Bitcoin's value is expected to keep increasing long term, but this doesn't mean you should invest money you can't afford to lose. Bitcoin has the potential to become a million-dollar currency in 10 years' time or be worth nothing if it fails, similar to how Pets.com failed during the Dot Com crash of 2000-2002 . 

Bitcoin may fail due to its technical limitations preventing mass adoption (lack of scalability), regulatory crackdowns by governments or being replaced by another cryptocurrency with better features that competes directly with Bitcoin such as Bitcoin Cash. Bitcoin will continue to have volatility in price until many years when it becomes more stable and transaction fees are kept low enough so billions of people can use Bitcoin Revolution instead of Bitcoin Cash as Bitcoin Cash is too expensive for microtransactions. 

Bitcoin will one day become a global currency and store of value like gold or other precious metals, but Bitcoin cannot fulfill all the same functions as gold such as storing value because Bitcoin's fixed supply can make Bitcoin's price very volatile relative to its limited use cases and Bitcoin isn't recognized by nearly as many countries, businesses or people yet. Bitcoin may be used more frequently in the future than it is today. If you're buying Bitcoin simply to hold for long-term savings then buy Bitcoin and forget about it, treat Bitcoin like your retirement account.

2: Get some Bitcoin: 

You can purchase Bitcoin from exchanges. There are other ways to get Bitcoin such as mining (requires technical knowledge and expensive hardware), Bitcoin ATMs (requires verification), or Bitcoin faucets (time-consuming). Buying Bitcoin with fiat currency is risky because Bitcoin's price could drop while your payment is processing, in which case you'd lose money and not get any Bitcoin. 

Some stores, such as Overstock, will sell you items for Bitcoin but few big companies accept Bitcoin yet due to its volatility. To save Bitcoin for the future, simply buy it at regular intervals like £200 worth every month. This takes advantage of dollar-cost averaging where if the price drops considerably one day, you'll be buying more Bitcoin than what you would've bought at that high price.

3: Secure your Bitcoin: 

For long-term storage of Bitcoin use cold wallets like the Bitcoin Trezor or Bitcoin Nano S . This keeps your Bitcoin safe and secure as you'd lose all your Bitcoin if your computer or phone was hacked and stole your Bitcoin. If you're looking to hold Bitcoin long-term then purchase a hardware wallet, if not consider using an online wallet such as Blockchain Wallet, Mycelium Wallet for mobile devices, or the Exodus desktop wallet. For day-to-day spending of Bitcoin use hot wallets which can store any coin on the Ethereum blockchain including Bitcoin.

4: Buy some more Bitcoin: 

Once you've got some Bitcoin that's great, but now it's time to save even more by buying even more Bitcoin! Each month I buy about £200 worth of new Bitcoin. At first, this might seem like a lot, but Bitcoin's price could double or triple in the next few years and Bitcoin might become mainstream which would make Bitcoin extremely valuable. If Bitcoin reaches $100,000 each then £200 each month will only buy you 0.5 Bitcoin per month (compared to about 1 Bitcoin today). You can also save Bitcoin by using Bitcoin faucets such as this one or simply playing games on SatoshiBones or Bitsler. Don't waste your time on Bitcoin dice sites because the house edge is way too high so it's not worth depositing any significant amount of money there for gambling purposes.