If you are a technology-savvy and familiar with the modern technological advancements, you’ve probably encountered the word ‘Bitcoin’ over the years. Bitcoin could be defined as a decentralized digital currency. Moreover, it has a strong community. To look more closely, its money is not on the hands or not controlled by any governments. It has experienced incredible upwards price movements in the past. It is because of these reasons, including the fact that is has a limited supply of 21 million. Various people, who are having an interest in buying might question: “When really is the soundest and the best time of day to buy Bitcoin?”
You can’t know when. It is because the price changes on a daily basis and has limited predictable patterns. Moreover, the price could also fluctuate oftentimes, dependent on the news. Thus, it is not possible to determine which time of day is the soundest or best to buy Bitcoin.
Having thoughts in buying Bitcoin? Continue reading.
When should you buy Bitcoin?
Despite the sad fact that there is no best time to go buy Bitcoin, there are some ways in order for you to buy it at such a good price.
The best you can do is to watch the price of Bitcoin closely. You can buy when the price goes down quickly. When this happened, this is usually caused by fear and it gives a good opportunity to enter the market for some people.
There is also an alternative way. Numerous people are making use of what is called DCA (Dollar Cost Averaging). This one involves buying little bits of Bitcoin in a frequent manner. For instance, you buy $20 every week.
How does DCA work?
Over time, you will eventually acquire a broader average price since you are purchasing parts of Bitcoin. Sometimes, you’ll purchase high and sometimes you’ll purchase low. There are studies that show that this is definitely a good way to invest in Bitcoin. However, other users are saying the opposite – that buying bulk Bitcoin at once is safer and better. Well, there is a lot of conflicting and contradicting evidence. This way is also dependent on other factors just like the market state (bullish/bearish) and any news events that are taking place.
Now, if you are thinking of using DCA Bitcoin (purchase small bits weekly/monthly), you can register a free Coinbase account. You can then set up ‘recurring buys’.
The best way to keep track of Bitcoin’s Price
You can also ensure that you will avail of the best Bitcoin price by keeping a close eye on the price. As said above, this will provide you the opportunity to buy when people are selling, especially when they sell at a low price. You can be updated with the Bitcoin’s price with a lot of mobile apps out there. Here are some apps you can make use of:
You can also set alerts on most of the apps mentioned above. Those will tell you when Bitcoin trends up or down by a percentage or value that you want. Apps like Binance even has a feature called ‘Limit orders’ that will let you automatically buy when price foes down.
Where to buy Bitcoin
There exist many different options in terms of Bitcoin exchanges or brokers. They differ in fees they require, popularity, and regulation they provide. The top 3 places you can buy Bitcoin worldwide are listed below. Those are all available as mobile apps.
How to store Bitcoin
Upon purchasing Bitcoin, of course, you will need somewhere to keep it. With a similar concept to what you keep physical money in, you put your Bitcoin in a Bitcoin wallet. It’s that simple.
Below is the list of hardware and mobile wallets. If you want to see a full list of Bitcoin wallets, you can visit this page.
It is of importance to notice that most Bitcoin brokers will let you store your Bitcoin. However, it is not usually considered a safe choice. Unless they are insured just like Coinbase.
How to sell Bitcoin
This is definitely inevitable. The day will come that you would want to sell your Bitcoin. These days, it is very easy to dispose of your Bitcoin. The only thing you have to do is to send your Bitcoin to an exchange like Coinbase. Then, you will sell it for your currency and lastly, you will withdraw it to your bank or PayPal.