A common lie that is often used is people are buying cryptocurrency for the sake of investing. Well, that’s not the case.
Especially with Bitcoin. It has so many use cases, that it’s often hard to mention them all without forgetting at least 1 or 2.
During this short guide, we’ll show you how to buy crypto in a couple of steps, how to follow the cryptocurrency market to get the best deals, and also check the cryptocurrency prices before executing deals.
Why is Bitcoin so popular right now?
Bitcoin is not just an investment asset – it’s way more than that. And probably it is why it’s popular among the masses now. You can use Bitcoin to book holidays, saving you both time and money, as more travel agencies now accept it. We can’t imagine life in 2023 without the convenience of quick international transactions that Bitcoin offers.
Want to start a new business? Bitcoin mining is a real deal – or at least for many geeks. It’s a lucrative field with a huge potential for growth, especially if you own top-tier mining rigs. If privacy matters to you, Bitcoin allows you to enjoy higher anonymity compared to traditional financial transactions. It’s especially helpful for those who like online shopping and even sports betting (although we don’t recommend the latter).
Another big perk is the ease with which you can exchange Bitcoin for local currencies. Traveling abroad? You can switch to the local currency in no time, avoiding the cut-throat fees often seen at currency exchange bureaus or airports.
How to buy Bitcoin with a Bank Account in a few steps?
Buying cryptocurrencies has never been easier. Let’s see how to do it in a few short steps.
Visit a crypto exchange that offers quick exchange services.
Set the amount you want to buy in USD, EUR, GBP, JPY, or other currency that you own.
When it comes to buying Bitcoin, there’s no such thing as a right or wrong time, honestly. Your ideal buying window largely depends on your intended use for the cryptocurrency. If you plan to use Bitcoin for immediate shopping, you can’t really lose much. The value might fluctuate, but it won’t significantly impact a short-term purchase.
However, if you’re eyeing Bitcoin as a long-term investment, timing does play a role. You need to follow the crypto market closely and compare prices. Historically speaking, September and October are usually good months to buy Bitcoin with PayPal. Prices are often lower, making it a relatively safe time to invest. On the flip side, it’s wise to avoid buying in November and December when prices tend to skyrocket due to increased demand and trading activity.
Common mistakes with first-time buyers
Bitcoin’s been on the market since 2009, but we need to be real. It was until 10 years afterwards that it finally started to get adopted. Let’s see some mistakes newcomers often make.
Mistake 1: Using a credit card for purchase
Buying Bitcoin with a credit card may seem convenient, but it’s a wrong move. Credit card purchases often come with high fees, and you’ll also pay interest in fiat currency. Dual costs can quickly erode any gains you might make in the crypto market.
Mistake 2: Storing It for ‘Better Days
Holding onto your Bitcoin and waiting for a perfect time to spend it can lead to missed opportunities. If you see a shopping deal or something you wish to purchase, go ahead and use your Bitcoin.
Mistake 3: Avoiding Peer-to-Peer transactions
Bitcoin is designed for peer-to-peer transactions. If you avoid using it to split a bill with friends or pay them back, you’re missing out on one of Bitcoin’s core advantages.