Buy Bitcoin during bear markets.
Yeah, that’s right. That one simple rule will help save you lots of money.
There’s a sale going on right now and this is only the 3rd time in its rich 10 year history that bitcoin is going on sale.
Investing is the only thing people run away from when there’s a sale going on.
It beats the hell out of me why people run away when there is an 80% sale.
On Black Friday, people kill each other for such steep discounts for the latest flat screen TVs.
People rush to throw their money at buying cheaply made plastic goods from China.
And yet with Bitcoin, the majority are running away instead.
When it comes to investing, don’t follow the herd.
They’re generally blind.
Bitcoin is not going to Die. It is not broken.
It’s neither Tulips or a pyramid scheme.
What I’m so excited about, with respect to Bitcoin, is the ability to incentivize a lot more people to store, save and transact their hard-earned wealth without needing a bank or a centralized monetary system.
Nations and states today have a complete monopoly over your money. Using inflation and debt, they can easily steal roughly 6-8% of your hard-earned money annually without ever needing your permission.
And because the effects are so slow and gradual, most people stay ignorant or are simply disillusioned by the debt they’re in.
This is like slow-boiling a frog in water. The frog doesn’t realize it until it’s too late.
At least in countries like Venezuela, their people have already woken up to the impacts of government-controlled currency.
Inflation brings you only temporary prosperity. Sooner or later everyone’s gonna have to wake up and ask for the check.
That check today costs $247 trillion dollars. The global debt bubble that continues to grow exponentially.
If time were money
Suppose you landed a job paying $1 per second, or $3,600 per hour. (I assume your actual pay, like mine, is a tiny fraction of this. Indulge the fantasy!) For simplicity, assume you’re paid 24/7.
At this rate, it would take one million seconds to acquire $1 million. How long is that in familiar terms? In round numbers, a million seconds is 17,000 minutes. That’s 280 hours, or 11.6 days. At $1 per second, chances are you can retire comfortably at the end of a month or few.
At the same job, it takes 11,600 days, or about 31.7 years, to accumulate $1 billion: Doable, but you’d better start young.
To acquire $1 trillion takes 31,700 years. This crummy job doesn’t pay enough!
This analogy gives a taste for the absolute size of a billion, and perhaps of a trillion. It also shows the utter impossibility of an ordinary worker earning $1 billion. No job pays a round-the-clock hourly wage of $3,600. – How to make sense of Numbers
You have the ability to give yourself an upside bet than most people if you decide to move some of your money away from fiat based currencies today.
If you have something that can potentially 50x your fiat currency over a decade, you must have 98% conviction that it’s NOT going to happen for you to NOT put any money in.
Do you really have that much conviction in the dollar 10 years from now?
What gives Bitcoin value?
You see, Bitcoins are extremely rare.
Even rarer than gold.
21 Million Bitcoins is it’s fixed monetary supply.
It is the antithesis of the dollar you’re keeping in your wallet.
There are approximately 7 billion people on earth.
For every individual alive and well, that would mean 0.00225764 Bitcoin per person.
Bitcoin is a commodity. A revolutionary new digital asset.
The other day the NYSE chairman reaffirmed this belief that Bitcoin is here to stay.
Just think about it.
Bitcoin is not some made-up scheme. It has real fundamental value, including traits like:
- Self-sovereignty of your assets (you control your assets, not some bank).
- Tamper-proof accounting (data on the blockchain can’t be corrupted or falsified).
- Censorship resistant (governments cannot stop you from sending your assets in anyway).
- The ability to verify authenticity (without the need of a “trusted” third-party).
- The ability to transfer assets worldwide and records nearly instantaneously and at low costs.
These are massively valuable attributes. And Bitcoin developers have barely scratched the surface when it comes to building new layers of application on top of the Bitcoin blockchain.
Lightning Network is just one of the many applications that’s enriching Bitcoin’s value.
What’s more the Bitcoin network has had a decade-long track record and trialed by fire.
Nobody has been able to hack into it’s network and create chaos, double-spend or spam it.
The network effect ensures that Bitcoin cannot simply be copied & overtaken by some other form of cryptocurrency.
They can certainly try, but Bitcoin got a great head-start, and many who tried to bet against bitcoin has been severely punished, losing money invested into trying to pick the next Bitcoin.
This is the 2013 & 2015 Marketcap , Take notice of the coins missing in action. pic.twitter.com/mlcvAONmls
— Winson Ng (@WinsonNg12) November 26, 2018
That’s why while retail investors are running away like headless chickens because of the medium term price trends, we’re seeing widespread institutional adoption like JP Morgan, NYSE, Ohio State, Goldman Sachs, Northern Trust, CBOE, Citigroup and so many others.
If you’re a good student of history, you’d notice that mass public reaction always lags for their own good.
In 2011, when Mt. Gox, a giant Bitcoin exchange that traded more than 50% of the Bitcoins in the entire planet was hacked, Bitcoin’s price crashed more than 90%.
Huge media outlets, the ones you’re getting your daily dose of reality, were reporting and calling Bitcoin a pyramid scheme.
It was declared dead by almost everyone.
What happened next surprised even the most ardent skeptics.
It bounced back to new All-time-high prices exposing even more users to bitcoin.
Bitcoin is an entirely new asset class. It’s understandable that most people are in it to make a quick buck. But they don’t understand the underlying purpose of Bitcoin and the importance of the technology it brings.
Hence, they panic buy and sell for all the wrong reasons.
It’s not so easy to comprehend investing via the hive mentality.
Investing requires discipline and long-term mindedness.
Traits that are unique and rare when it comes to handling money.
If you’re in for a quick buck, Bitcoin will efficiently separate you from your money.
The Best Timing to Buy or Sell Bitcoin?
When the prices are sky-high, and the optimism is glowing, that’s when you should back-down.
Last year, when Bitcoin was increasing by $500 each week, people continued buying in at $12k, 13k, 15k and even 19k.
They assumed they could quickly sell and make a quick profit. That’s where it quickly goes south.
Generally, retail investors cannot bear the loss of 50-90% of their investments. That’s because they invested more than they can afford to lose.
Some even took mortgages to invest, swipe their credit cards and completely turned all their fiat into bitcoin.
If you just invested say 5-10% of your savings, that’s easier to bear and ride out the volatility.
If you can ride out the volatility like the investors who hodled from 2011 – 2017, they were rightly rewarded with 100x gains their initial investment.
But it was no easy ride. Within that period, they had to experience two massive crashes like the one we’re experiencing now.
The people who sold during this bear market, will be the same ones who will be buying bitcoin at its new All-time high in a few years time.
— Peter Brandt (@PeterLBrandt) November 21, 2018
in 2013 – 2015, there was an 80% drop in the price of Bitcoin.
It went down from $1300 to ~$200 gradually within a 2 year period.
Many sold out their Bitcoins at huge losses. Today those that kept, made unbelievable returns.
This is not a game of roulette, it is a game of patience.
And people wonder why they were lucky enough to have bought bitcoin when it was dirt cheap.
Make no mistake, Bitcoin is here to stay… And if Bitcoin is here to stay, what are you still waiting for?
Buy some discounted Bitcoin for your future.
Don’t let your government and banks dilute and dictate the terms of your money.
If the mass majority of the people woke up one day and find Bitcoin to be the only thing to have fixed value over time when compared to fiat currency, which one would they instantly switch to?
It’s only logical to switch to the one that preserves it value over it’s supply of 21 million btc.
If I have 0.1 btc today, it will still be worth 0.1 btc in 10, 20, 50 years from now over it’s supply of 21 million btc.
It’s so deceptively simple.
Remember, don’t invest more than you can afford to lose, because you have to ride out those long hard days when the bears emerge.
If you can survive those ugly days like the one we’re experiencing right now, then you will emerge victorious on the other side.
Ready to Buy Some Bitcoin? (A Quick 3-Step Guide)
Step 1: Get a Bitcoin Wallet
COMMON MISTAKE: Buying Bitcoin before getting a Bitcoin wallet.
There are 2 main types of Bitcoin wallets. .
Bitcoin Hardware wallets
I would suggest getting hardware wallets if you have more than $1000 invested.
Free Software and Mobile Bitcoin wallets
Suitable if you’re just playing around with Bitcoin and you don’t have a whole lot of BTC to risk or lose.
These wallets may be free of charge but are considered hot wallets (constantly connected to the Internet), therefore susceptible to all kinds of malwares, hacks or phishing attacks.
Check out some of the Best Free Bitcoin wallets right here: 10 Master Bitcoin & Cryptocurrency Wallets That’ll Instantly Empower You.
Step 2: Buy Bitcoin
Changelly is one of my first exchange sites I used. Its extremely popular (2 million registered customer), easy to use and facilitates exchange to over 100 different coins aside from Ether.
With 15,000 daily transactions and a turnover of ~60,000 BTC, you can rest assure that Changelly is a reliable exchange platform.
Most wallets partner with Changelly in order to offer them access to purchasing Cryptocurrencies. Examples include, Coinomi, MyCelium and even Binance, the #1 Crypto-to-crypto exchange.
It took me about 15-30 minutes to receive my Bitcoin. (pick a wallet before you purchase Ether)
You’ll be paying fees of around 7-10% for the convenience of using your credit/debit card. But you’ll be capitalizing the price points instantly. It also saves you the hassle of identity verification and various delays on alternative platforms.
When you’re talking about 20x to 100x returns over the decade, these fees will turn out insignificant.
Daily limits are up to $20,000, and $50,000 a month.
Tip: $1000 USD to exchange to Ether, ( $1000/1.05 = $952 ) – 5% fee
Coinmama allows you to purchase up to 150 USD/EUR with your MasterCard/VISA Credit or Debit card without needing to provide any ID verification. You still need to fill up your basic details.
If you want to increase your purchase limit, you will need to verify your ID. (pick a wallet before you purchase Ether)
Coinbase supports only 32 countries, but is one of the most established exchange sites backed by institutional investors. (How to Buy with Coinbase)
If you’re buying through Coinbase, you do not need to get a wallet, but it’s still comes highly recommended considering the fact that many big exchanges eventually gets hacked. Having your own wallet means having your own keys, not your keys, not your wallet.
Coinbase fees: ~1.49%-3.99%
You could avoid paying coinbase fees, if you sign up for a pro.coinbase account (formerly known as GDAX). When depositing funds, just connect your Coinbase account.
Coinbase also allows you to buy with your Credit Card, but if your country is not part of the 32 supported countries, you can’t.
You need to complete a photo ID verification before you can buy Bitcoin on Coinbase.
Are you looking to buy some bitcoin but end up getting anxious with all the steps, verification and complexities?
Well, One of the Easiest ways to buy or even sell Bitcoin is with Square’s Cash App. *Link works only with your Mobile internet access.
*Only Available in certain countries. Check out this CashApp Quick Start Guide here.
Wirex (No fee, no fuss crypto purchases)
If you are sick of paying fees when you buy bitcoin, then look no further.
Unlike other exchanges, Wirex charge zero fees on Bitcoin purchases made with a credit or debit card. In fact, buying bitcoin by credit or debit card is cheaper with Wirex than any other platform.
No fees, no fuss. Here’s how they compare with their competitors:
Wirex is supported in many countries across the globe, and if you click the link below, you can purchase Bitcoin take advantage of the current low prices, buy your BTC at instant live exchange rates with Wirex – in-app or on your browser.
Because they never charge commission or fees on Bitcoin purchases, you get more coins for your hard-earned dollar.
Don’t store your bitcoins on Wirex!!!
Just Bought bitcoins on Wirex? Don’t leave them there! Leaving bitcoins on exchanges are risky:
There are only two types of exchanges, the ones that have been hacked and the ones that WILL BE HACKED.
CEX is a solid Crypto exchange that allows you to buy/sell Bitcoin using a Credit Card or Bank Transfer Worldwide.
It is much more complicated than Coinbase & for the average buyer.
You can Deposit money via Bank Transfer, CEX charges zero fees for this but when you buy there is a Trading fee. If you use a credit card on this platform, it charges you a much higher fee.
- Maker: 0-0.16%
- Taker: 0-0.25%
- Instant buy: 7%
Try not to buy Bitcoin instantly on CEX, bid at a price lower than the asking price until someone is willing to meet yours.
Binance (Crypto to Crypto Exchange)
If you’re currently keeping other Altcoins and cryptocurrencies, you can use Binance to exchange those to BTC easily.
Get to your Altcoin wallet, send it to your Binance account:
- First Register a Binance account
- Go to your BTC receive address > Copy
- Go to the site/wallet where your BTC is
- Paste the BTC address as the destination
- Proceed to make the transfer
Let’s say you have Ether denominated by ETH.
Send it to your Binance account.
Then, you can Click on the “BTC/ETH” Trading pair to start exchanging your Ether for Bitcoin, BTC.
Choose the price you’re willing to pay for your ETH, and voila, you should instantly receive your BTC within your Binance Bitcoin address. (Check out: How do I Trade Cryptocurrencies on Binance?)
With LocalBitcoins, you’re allowed to purchase Bitcoins using all kinds of options like PayPal, Gift Cards, In-person and even cash deposits.Prices listed by sellers on this website remains on the high end. And if you’re looking to buy Bitcoins with Cash, make sure you transact in Public places & make sure no ones following you home. Seriously!
- Find Out more How to buy Bitcoins with PayPal using LocalBitcoins
LocalBitcoins, is a bitcoin marketplace where you can buy BTC from individual sellers.
You should always do a thorough research on the trustworthiness & credibility of the sellers you find on the site and remember not do conduct huge transactions here.
The benefits of an peer-to-peer marketplace is privacy and decentralization.
Step 3: Transfer Bitcoin into your Wallet (Conclusion)
Now its time to send your BTC to your Bitcoin wallet.
This address is easily obtainable from the receiving end of your wallet. Just tap on receive BTC on any of the wallets your have, copy and then paste that into the “Bitcoin destination address”.
Exchange sites like Coinbase remain susceptible to all kinds of risks internally or externally. No matter how big they’re, always learn to take responsibility for your own money.
Cryptocurrencies like Bitcoin is set to change how we communicate value over the internet. Banks and centralize third party corporations made billions offering us a way to trade over the internet. But they’re highly insecure and rely on tons of B.S. to keep us using them.
With Bitcoin, you now have the freedom to choose one sovereign currency over your country’s failing economy.
At some point in the near future, you may be forced to choose between the bankers and politicians that brought you the Great Depression or the Geeks and Scientist who brought you the internet – I hope you will make the right choice.
- Best Asian Bitcoin Websites To Buy Bitcoins [The Ultimate Guide for 2019]
- The Best Cryptocurrency Exchange 2018 (+7 Bonus Categories )
- How to Buy Bitcoin In Different Countries [+International Infographic Guide]
- Buy Bitcoin With Paypal Instantly on these sites (Explained Step-by-step)
- CoinMama Walkthrough Guide for Beginners: Buying BTC and ETH with USD/EUR Cards