How to buy Bitcoin
“I bought bitcoins at like $2300 and had an immediate double on my hands. Then I started saying “I can’t buy more of it,” as it rose, even though that’s an anchored opinion based on nothing other than the price where I originally got it. Then, as it fell over the last week because of a Chinese crackdown on the exchanges, I started saying to myself, “Oh good, I hope it gets killed so I can buy more.” Vijay Boypati – The Bullish Case for Bitcoin
In order to know “how to buy bitcoin”, it is important to understand what bitcoin is. For me, Bitcoin acts as both: a unit of account and a store of value. Whenever I want to buy something, I ask myself, would this money be better of kept in bitcoin ? Whenever I want to do an investment, I ask myself, is it going to outperform bitcoin ? This made me be much more aware of my spending habits and financial decisions. I measure everything against bitcoin (unit of account) and I store my wealth in bitcoin (store of value), because I know there will never be more than 21 million bitcoin.
Besides bitcoin, the only scarce resource that exits in the universe is time. It is no coincidence that we claim “money is time”. We are being rewarded with money for our time, by working. Inflation, which is the loss of purchasing power of money, robes us of our time, because it wastes the time we spent making money. Bitcoin preserves time, because it is scarce and thus appreciates in value, honouring the time we spent ‘making’ it.
I believe this is where the power of bitcoin is. Creating an economy that is based on quality not quantity and allowing the individual to securely store wealth over time and space. The easiest and best way to buy bitcoin is by “price averaging” to balance out the volatility.
If you want to use bitcoin to store your income, you can buy bitcoin on a regular bases (weekly or monthly) and further increase your bitcoin position by buying on market dips. In case you saved money and want to buy a larger quantity of bitcoin, let’s say 10.000 USD (EUR) worth, you could do an initial buy for 6.000 on the next price dip and then further increase your bitcoin position by buying on market dips. In this way you exchange fiat currency for bitcoin when the price is low, rather than high and you will end up with a satisfactory overall price, without having to worry about the price every time you by bitcoin.
There is no need to buy “a bitcoin”, as a bitcoin is divisible in 100.000.000 base units. A SAT (satoschi) is the smallest denomination of bitcoin, equivalent to 100 millionth of a bitcoin. One satochi equALS 0.00000001 bitcoin.
These services will allow you to place a recurring buy order with little KYC: Relai, Get Bittr, Swan Bitcoin (US)
You may acquire bitcoin without KYC Person-2-Person via Bisq or HodlHodl
dcabtc.com is dedicated to help you “dollar cost averaging into bitcoin”.
The best exchange to buy large quantities with KYC is Kraken
Once you bought bitcoin, you have to store it.
I explain how in “How to store Bitcoin“.