The most hyped new investment option, bitcoin has fast gained the attention as well as interest of investors not only in overseas markets but in Indian shore as well. So, in case despite the risky environment surrounding them you want to dig into it, here is a few pointers to take a safe bet in this cryptocurrency.
1. Invest only a small amount: Refrain from taking huge position in bitcoins as there is no legal framework regulating them and also since their launch the investment option has seen high volatility. Experts suggest parking just 2-3% of their total investment corpus in them.
2. For maintaining your bitcoins use an offline wallet: Instead of storing your cryptocurrency on bitcoin exchanges or exchange wallet keep them in an offline wallet. For this purpose you can use either an SD card or an USB key.
3. Try to redeem principal amount of your investment in bitcoins: Bitcoins are fast gaining in price with increase in the number of users or traders in it i.e as it exchanges more and more hands, the price has moved only higher. So, profits are accruing to investors in a matter of few months time. Thus it makes sense to book profits as and when possible and withdraw the initial capital invested in them.
4. Always keep a back up to avoid any chance of loss of bitcoins: As bitcoins are maintained on digital devices, you surely need to keep a back up as any system failure or theft may lead you in a situation where you won't be able to access your held bitcoins permanently.
Also, keep the private keys provided to access the wallet that holds your cryptocurrency safely.