A month ago I published the article 3 Reasons You Should Invest in Bitcoin. In that short period of time Bitcoin has already jumped more than 20%!
I simply can’t stress it enough that we are on the cusp of a cryptocurrency revolution. Therefore, I recommend you get in sooner than later.
But today I’m not here to tell you why you should buy Bitcoin, but rather where and how to do so. The best option by far I’ve come across is Coinbase.
Why You Should Buy Bitcoin with Coinbase
One of the initial reasons I was slow to buy into Bitcoin was because of the barriers to entry. I’m not a tech-savvy guy, and all these steps about creating a Bitcoin wallet and swapping coins was too much. And if it was too complex for me, then it’s going to be much harder for the average person to get on board who isn’t up on these types of things.
Yet, when I heard about Coinbase, I was quick to buy in. Coinbase was a simple way to purchase Bitcoin without jumping through a ton of hoops. For me it was as easy as it looked!
To some, Coinbase defeats the purpose of Bitcoin as it erases the aspect of anonymity. They also charge a fee (1-1.5% for bank transfers) when purchasing Bitcoin. But these are only small inconveniences for me.
While anonymity would be nice, it is not my primary reason for using Bitcoin—profits are. Therefore, I am more than happy to provide personal information to Coinbase. If you plan on engaging in some *cough* *cough* illicit activity (that for legal purposes I totally don’t condone) than Coinbase will leave a ‘paper trail’ and is probably not your best bet.
As for the transaction fee, this is standard practice for investments. I use E-trade for buying ETF’s and stocks (albeit rarely), and they charge $9.99 per trade. If I want to buy $500 worth of stock, that is already a 2% loss!
Bitcoin does not punish you based on the amount, rather it takes a standard percentage. Plus, since Bitcoin’s price has been climbing, a 1% fee is nothing compared to exponential gains. Again, Bitcoin is already up 20% since 1 month ago!
Here is what the dashboard looks like on Coinbase (or at least part of it).
It’s sleek, easy to read, and has everything right in one place.
My one criticism is that it was hard at first to find a complete history of my transactions. But after reading through their FAQ’s I found it under the ‘Tools’ category.
How to Invest in Bitcoin with Coinbase
As for actual investment strategies, I would only recommend putting a small amount in at a time. As of now, I am purchasing about $50 per month in Bitcoin. Coinbase has a handy automatic investment tool, so that I can conduct a bi-weekly transaction on the site. This is perfect for me, as I’m not interested in short-term trading, just long term investing.
My rationale is if Bitcoin skyrockets, then even just having a small amount will yield a huge return in the long-run. If it crashes and burns, not a huge loss.
At this point, the potential for returns is significantly higher than potential losses. My first purchase of Bitcoin is up 50%–and that’s only since June! Despite the big correction that happened recently, I’m still up big, though I was up 70% at one point last month!
I’m not concerned about the day-to-day trading of Bitcoin. It is fun to watch, though not beneficial as I already have a strict schedule for buying the cryptocurrency. Again, I hope to wake up a few years from now, check my Bitcoin funds, and be giddy at how much my investment has grown.
Don’t wait until it’s too late to invest in Bitcoin! Even just a small investment in Bitcoin will go a long way.
To get started, there is no better choice than Coinbase. As previously mentioned, Coinbase makes buying and selling Bitcoin easy.
If you open an account with Coinbase and make a $100 purchase or more, you will receive a $10 bonus! For disclosure, this is an affiliate program and I will also receive $10 worth of Bitcoin. So we both win!
Start your Bitcoin investment today by using the link below. You will see my name, with an invitation below to receive your $10 bonus after signing up. Then you’ll finally be a part of the digital currency revolution!