How to Invest In Bitcoin
It’s never too late to invest in Bitcoin no matter what is the Bitcoin price.
The number one rule to follow is to do dollar cost averaging when buying Bitcoin. You’ll spread your Bitcoin investment overtime and ensure you don’t overpay for them. Bellow are the 4 best ways to invest.
1.Buy Bitcoin on an exchange
You can buy bitcoin on an exchange and just store them on your own Bitcoin wallet. This is the easiest way to invest in Bitcoin. It’s called Buy and hold.
The most important part is to choose a trustworthy exchange. I curated a list of the best cryptocurrency exchange open today.
Once you chose an exchange, you can transfer your money directly from your bank account into the exchange and start investing in Bitcoin as soon as your funds are made available.
The next step after your purchase is to transfer your Bitcoin onto a cold storage device like Trezor, Ledger or keep key. This is a very important step to not overlook. The safety of your invested Bitcoin depends on this.
Bitcoin has been the best investment opportunity for the past eight years and I think it will keep its place at the top of it’s category for the upcoming years.
More and more businesses are using Bitcoin. Countries around the world are now legitimizing the use of Bitcoin and even planning into merging it into the economy like the Malta islands in the mediterranean.
If all your money is already invested in Bitcoin or other assets, earning Bitcoin could be your next best opportunity. There’s two main ways you can earn Bitcoin. You can work in exchange of Bitcoin or you can sell things.
If you want to sell products, my favourite platform to use is called OpenBazaar. They let you sell anything to anyone in exchange of Bitcoin.
Open Bazaar have been open since April 2016 and has more than a hundred vendors. Open Bazaar is similar to e-bay but with Bitcoin.
If you have anything you want to get rid of around your house, just list them on OpenBazaar and you can start earning Bitcoin right away.
Another great way to earn Bitcoin is to do task with the 21.co platform. 21.c0 created the first Bitcoin computer. You can use their device for many things including earning Bitcoin.
With the 21 computer, you can get paid for doing micro-task like reading other people email, sharing files stored on your computer or doing any one of the thing listed on their growing marketplace.
If you’ve already purchased all the Bitcoin you can afford, earning bitcoin with the two above solution will help you increase your invested Bitcoin.
3. Buy or Sell Bitcoin in Person
Another great way to earn Bitcoin is to sell or buy Bitcoin in person. Ever wonder why banks are so rich? If you can add a 5% spread on every transaction you do, you too will soon be able to afford an office on Wall street!
But don’t worry, you don’t actually need an office to do buy or sell Bitcoin. You’ll meet with someone in your city and exchange money for Bitcoins. Some people like better to buy and sell Bitcoin in person over the counter (OTC) because of the added privacy.
You can meet at a coffee, restaurant or even at a bank. Small or big transaction are possible depending on the bankroll of the person with which you deal with.
You can get your first customers by joining a platform like Abra or Localbitcoin.
The volume of transaction on LocalBitcoin.com has been doubling every year for the past three years. so buying and selling bitcoin over the counter is becoming more and more popular. I can only see this trend increase with the latest price spike of Bitcoin.
Buy some Antminers, plug them into your basement and join a mining pool. Soon, you’ll be mining your first Bitcoin!
But before launching yourself into a Bitcoin mining business, you’ll need to do some calculation. The cost of electricity, internet and mining hardware need to be taken into consideration when deciding to start mining.
Very few people can make mining Bitcoin a profitable endeavour because of the high cost of electricity.
This could be a good investment if you live close to a very cheap source of electricity like an abandoned Chinese electrical dam or if you have access to the free Venezuelan state sponsor electricity. Otherwise, you might want to look into one of the other Bitcoin investment strategies listed above.
Also, the difficulty of the mining algorithm double every year. So your profits start going down as soon as your start mining and you’ll soon need to replace your outdated hardware.
Mining was an easy way to earn Bitcoin 7 years ago, but today it is a real business and you’ll need a solid business plan to make it profitable.
Those are the 4 best ways to invest in Bitcoin.
As you can see, buying Bitcoin on an exchange is in my opinion the easiest way to invest in Bitcoin. You can setup an automatic withdrawal from your bank account using Coinbase or you can simply do a monthly purchase.
The bitcoin ecosystem is growing at a rapid pace. If you haven’t got your first Bitcoin, it’s never too late to get started. Most people thought that they missed the boat when bitcoin was a $3. Today with the price well over a 1000$, Bitcoin is set to beat every other class of assets available to the average investor.
That is why I created Crypto Investing Pro, to teach people just like you how to successfully invest in Bitcoin and cryptocurrency. Click here to learn more about the course
J Guzmán says
Dear Alex, maybe I missed it, but I don´t see the date of any of your post of this blog. Is that your intention?
Thanks for all the helpful information anyway. Looking forward for the next post.