With the crypto market being so new and having a high degree of volatility, making your first Bitcoin purchase can be overwhelming.
But it doesn’t have to be – buying Bitcoin is as simple as placing a stock trade from any online brokerage account.
Unlike with individual stock investing, dollar cost averaging (DCA) is the best way to continuously buy Bitcoin.
As you buy every month, week, day, or even hour on one platform we’ll discuss, you can take advantage of Bitcoin’s high volatility by automatically purchasing larger amounts when it’s cheap and smaller amounts when the price goes up.
When you consider just how violently Bitcoin can move in one day, you want to be buying as frequently as possible, rather than all at once.
In 2021, the price ranged more than $10,000 every month. That trend has continued through the first quarter of 2022, and there’s good reason to believe it will continue for the foreseeable future.
To put it simply, it is quite likely you will get more Bitcoin for your dollars through DCA-ing than you would making lump-sum purchases… And with less risk!
Even with all its volatility Bitcoin has increased 200% per year on average, after all.
So with that in mind, here are the two best ways to buy Bitcoin.
The 2nd Best Way to Buy Bitcoin: Coinbase
There is something to be said for Coinbase’s simplicity…
It feels just like any online brokerage you’ve ever used.
The process of making deposits into your Coinbase account is very easy to understand. All you have to do is connect your bank account with your username and password.
Then, you should be able to buy up to $25,000 worth of Bitcoin daily. You can even set up daily, weekly, semimonthly, or monthly recurring purchases.
Unlike many other crypto platforms, Coinbase can be used on desktop. That makes it preferable for most of us who don’t manage our finances through our phones.
Coinbase is quite easily the largest publicly traded crypto exchange, with a $37 billion market cap and easier access to financing than many of the others.
While Coinbase isn’t the platform I use the most often, for reasons we’ll get to in one second, it is my favorite exchange out there for making one-time large purchases.
The only drawback? Fees are quite high. For instance, a $100 BTC purchase will run you a fee of $2.99. While that doesn’t seem like a lot on one purchase, if you’re buying daily, 3% fees can add up and eat away at your gains.
Instead, you should use Coinbase Pro. Many doing know this, but when you make a Coinbase account, the company automatically gives you Coinbase Pro for free – where the fees are only 0.5%.
The Best Way to Buy Bitcoin: Strike Mobile App
If you want to KEEP most of your money and avoid fees, Strike is easily the best platform.
Developed by Bitcoin legend Jack Mallers, Strike saves on fees by using the Bitcoin Lightning Network instead of making on-chain transactions. What that means exactly is outside of the scope of this article. But, all you need to know is that you’re not paying fees. At all.
There are two main drawbacks to Strike, however. The first is that you’re limited to depositing $3,000/week.
This may sound like a lot – and it is – but if you want to rush to purchase Bitcoin during a serious drop in price, this limitation makes it hard to buy large amounts.
The second is that there is only a mobile app. There is no desktop feature. Having said that, the lack of fees and the strategies that it allows makeup for those two drawbacks.
The fact that there are no fees allows for my personal favorite DCA buying strategy.
Personally, I have set up an HOURLY purchase of Bitcoin that allows me to constantly accumulate Bitcoin throughout the day – at every price.
This harnesses the power of Bitcoin’s volatility like no other exchange I’ve ever used. And over time, as Bitcoin’s “number go up technology” continues propelling the price higher, this should be the most effective strategy to build and store long-term wealth.
The Best Way to Safely Store Your Bitcoin
There’s a saying in the Bitcoin community, “Not your keys, not your coins.”
That means, if you keep your Bitcoin on an exchange like Coinbase or Strike, you’re susceptible to “exchange risk.” If the exchange gets hacked, goes out of business, or loses your private keys, you lose your Bitcoin.
So, after you buy your Bitcoin on Coinbase or Strike, you should immediately take it off the exchange and hold your Bitcoin on a device called a hardware wallet.
This device has only one purpose: Bitcoin. It can’t be used to access the internet or do anything else that opens your Bitcoin to attacks from hackers.
My personal favorite tool to store your Bitcoin offline is the Coldcard.
When setting this device up, make sure you NEVER store your private keys (passwords) anywhere digitally, online connected to the Internet.
Once you buy, you’ll have an easy-to-follow tutorial to make sure your money is stored safely.
Click here to start truly owning your Bitcoin.
URGENT: Get Your Money Out of U.S. Banks Immediately
Sponsored
A Wall Street legend has warned 8.4 million Americans to prepare immediately.
“A historic financial reset in 2023 could cause a run on the banks unlike anything we’ve seen in our country’s history,” he says.
Marc Chaikin has already appeared on 30 different TV networks to share his warning. Even CNBC’s Jim Cramer has taken notice.
But few people realize this could actually happen on U.S. soil. Or what a sizable impact it could have on your wealth, especially if you have large amounts of cash in the bank right now.
Chaikin is best known for predicting the COVID-19 crash, the 2022 sell-off, and the overnight collapse of Priceline.com during a CNBC debate. In his 50-year Wall Street career, he worked with hedge funds run by billionaires Paul Tudor Jones and George Soros.
But today, he is now urging you to move your money out of cash and popular stocks and into a new vehicle 50 years in the making.
“This is by far the best way to protect and grow your money in what will surely be a very difficult transition for most people,” Chaikin says.
