Where to Buy Bitcoin?
There are many ways to Buy Bitcoin. Everything from large exchanges that list hundreds of ‘crypto-currencies’ (Kraken, Coinbase, Binance etc.) to direct from a friend that already holds some and is willing to part with it.
This guide however, will focus on the Bitcoin-Only businesses. Specifically, those that allow you to buy little and often. Although it’s entirely up to you, I believe that the best way to learn about Bitcoin is to buy a little. You will then have ‘skin-in-the-game’, your knowledge will grow quickly and you are less likely to make silly newbie mistakes.
Please remember, Bitcoin regulation varies from country to country. Do your own research of the options listed below to ensure they are appropriate for you.
|Australia||Bitaroo||Web-based Bitcoin Only exchange that also offers daily, weekly, fortnightly or monthly recurring buys (DCA).|
Withdraw Bitcoin or Lightning.
|Australia||HardBlock||Bitcoin Only exchange that charges No Fees for depositing fiat or buying/selling Bitcoin (HardBlock earns via the spread).|
Automate your funding and withdrawal to cold storage.
The link (left) will give you 6 months of free withdrawals, so you own your Bitcoin and have no 3rd party risk.
|Canada||Bull Bitcoin||Web-based Bitcoin Only exchange offering recurring buys (DCA), giftcard purchase and Canadian Dollar payments on the Liquid sidechain.|
Available in these 34 countries
|Get Bittr||Web-based and Bitcoin Only. Transfer fiat and receive Bitcoin straight to your own wallet.|
Unavailable in these countries
|Apple and Android app-based service. One-time or recurring investments (DCA) without any KYC requirements. Use referral code REL8179 for a 0.5% discount on your transaction fees.|
|Nigeria||bitnob||iOS and Android app, based in Nigeria but servicing the wider African market. Automatically buy Bitcoin from as little as $1 per week.|
|UK||CoinCorner||Bought out Coinfloor (my previous best option). DCA available. Earn Sats Back on your online purchases, and buy Gift Cards with Bitcoin. Web & App. They list 2 shitcoins, but are phasing them out.|
|USA||Swan Bitcoin||Lowest fee, one-time or automatic recurring buy (DCA) platform. Perfect for those buying Bitcoin for the first time. Get $10 worth of Bitcoin when you sign up.|
What, Why, Where, When and How to DCA
You may be wondering what DCA means, as I refer to it a lot in the table above. It stands for Dollar Cost Averaging – you could change the word ‘Dollar’ for your currency – and put simply just means that if you buy small amounts regularly, the Bitcoin exchange rate becomes less relevant.
Here’s the thing. Human nature – fear and greed – lead us to buy high because we have a Fear of Missing Out (FOMO), and sell low because we think we’re about to lose everything.
Obviously Buy High, Sell Low is a bad strategy for any investment.
DCAing will remove – or at least reduce – your predisposition for acting on your emotions rather than acting logically.
I’d highly recommend visiting DCABTC.com to see for yourself just how effective the strategy of DCAing into Bitcoin is. For fun, think of when you first heard of Bitcoin, and use DCABTC.com to see how much your Bitcoin would be worth if you’d invested $10 a week since then til now.
I warn you however, you’ll be shocked at what you’ve missed out on!
Ask any Bitcoiner you know, and I’m guessing they will all tell you they wish they’d ‘got in’ earlier. The good news is, you’re still very early if you’re reading this.
Why you should Get Off Zero?
Imagine for example that you have a total wealth in the world of $10,000. It could be $10 or $1m, but we’ll use $10k.
Although I strongly believe in Bitcoin, no-one – including me – can tell you that it is going to succeed. It is still a binary Yes or No. If No, at worst it goes to 0, if Yes, it will go to $1m a coin (actually I think a lot more, but let’s not get ahead of ourselves).
So, let’s take $500 – 5% of your $10k – and invest in Bitcoin at a price of $50k per Bitcoin. If it goes to 0, you lose $500. If it goes to $1m, you’ve got $10k. Are you willing to ‘risk’ 5% of your wealth to protect your current wealth if your fiat currency goes to zero?
In this example, I would argue that it is financially irresponsible for anyone to not have at least 5% of their total wealth in Bitcoin. I also believe that it is irresponsible for anyone to invest too much in Bitcoin until they fully understand how to buy and store their Bitcoin securely.
See for yourself at DCABTC.com and then Get Off Zero.