The king of cryptocurrencies, bitcoin, has cooled off lately. After hitting an all-time high price of over $63,000 in August, the digital currency has taken a step back in value, falling around $30,000 today.
With bitcoin’s cash price trading at such a discount, many investors are asking themselves,” is it a good time to buy bitcoin?” and similar searches. However, we understand your apprehensions. We will discuss this in this article so that you form a better understanding of the conundrum.
Is It A good time to buy Bitcoin? Present Scenario
Is it a good time to buy Bitcoin? This is not only a question for you but thousands of people. However, there is not a one-line answer to it. What we will be doing is trying to understand the situation so that it helps you form your personal opinion.
You may form an idea that Bitcoin is prone to price volatility. The most recent downturn triggered fear and apprehension in people’s minds.
The value of Bitcoin has rattled the last few quarters. In mid-September, it was about US$26000. But it will reach US$73,000 by the middle of March 2024.
Several notable events, such as the launch of the first U.S. spot Bitcoin Exchange Funds, also impacted the price of Bitcoin. Bitcoin continuously received highs and lows, putting in question marks on the buyers.
Is It a Good Time to Buy Bitcoin: May Be Predictions Can Help You Out
Lets try to understand the right time to buy Bitcoin with not only the present scenario but also the future prediction.
We have already mentioned that Bitcoin has received significant upward momentum. As of August 2024, the BTC was trading at $ 59,228 with a market capitalization of $1.17 Trillion.
Bitcoin surged to an impressive height in March, reaching $70000, which reflects its exceptional performance.
Experts predict that Bitcoin’s value will touch the $100,000 figure by 2025. Yes, you can say that there is high performance and future hopes for Bitcoin investment. We hope you can find an answer to the question, “Is it a good time to buy Bitcoin?”
Where Can I Buy Bitcoin?
If you really want to buy bitcoin then you should know the best places where you can. This article will help you know better, we have divided it into different steps.
Step 1: Select a Platform
The first thing you will have to do when you are looking to buy bitcoins is decide which platform you would like to use to facilitate the investment. You have two primary options available to you. These include either:
- An exchange
- Or, a brokerage
There are several different cryptocurrency exchanges you can use to buy or sell cryptocurrencies, such as bitcoin.
However, these exchanges will vary in terms of the services they offer and how much they charge for their services, so be on the lookout.
On the other hand, brokers are also beginning to offer users the ability to buy and sell bitcoin.
Popular stockbrokers like Robinhood and TradeStation provide cryptocurrency services to their clients, while others are planning on offering them soon.
One last option you have available is to buy bitcoin through a bitcoin atm, such as ByteFederal, and skip the sign-up process.
Step 2: Fund Your Account
To buy bitcoin, you will need to fund your account with a currency that you can convert to cryptocurrency, such as the U.S dollar.
If you sign up for a brokerage or exchange, they will often prompt you to fund your account immediately after the sign-up process.
Some companies will offer you incentives to fund your account, so be on the lookout for these offerings that can save you money.
Step 3: Decide When It’s the Right Time to Buy
Just because you funded your account and the funds clearly doesn’t mean that it’s a good time to start buying bitcoin.
This is the time to start doing your due diligence and finding a price level you are comfortable buying at. Beware of any “guru” that says their bitcoin prediction is going to happen.
Bitcoin, like most cryptocurrencies, is volatile and can change values in a matter of seconds, making your purchasing price critical.
Step 4: Storing It
Now that you know how to buy bitcoin, you will need a place to store it. The idea is like keeping cash in a wallet, except bitcoin will be held in a digital wallet.
There are two kinds of digital wallets:
- Hot
- And cold
A hot wallet will secure the bitcoin in a trusted server that can be accessed via the cloud and provided by an exchange.
On the other hand, Cold wallets will be removable devices that can store the bitcoin in an encrypted offline wallet.
Where Can I Buy Bitcoin: Making Your First Purchase
Now that you can answer the question “where can I buy bitcoin?” it’s time to make your first purchase and start investing in digital assets.
It’s best to start with small investments to learn the process. Then, once you feel comfortable, you can start putting more money towards the investment.
For more information on Bitcoin and other cryptocurrencies, check out the rest of our blog!
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