For the last 12 years since its creation, Bitcoin has become one of the best emerging cryptocurrencies. It might not be the best investment, but it is most likely here to stay for the longest time. Today, it is the most used digital currency globally as it has more than half a million users who engage actively in 300,000 transactions daily.
Moreover, it’s the best investment when it comes to crypto assets. There is reason to believe that more people will use crypto and continue gaining value as time passes by. It’s worth noting that the prices come with dips. Considering the world we are living in right now, the value generated is not necessary. It’s just a part of the global economy. When investing in crypto, the big question on everyone’s mind is usually when is the right time to start buying?
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When to start buying bitcoin
The price of crypto dropped in March 2020 during the pandemic-induced collapse. This can be the best time to buy crypto at prices that cannot reappear in the future. When there are new drops in the future due to panic selling, it will be worth the risk to buy the dip. You can later sell and make a profit sometime later when the prices of crypto are favorable.
It’s not advisable to time the market while investing unless there is a looming macro event such as the COVID-19 dip that took place in March 2020. While investing, it’s advisable to look 5-10 years ahead. You can also think about the value that your investment will generate within your chosen timeframe.
Any price point is a good point to decide and buy bitcoin. Many people are blinded by the fact that it’s best to buy crypto during the dip. However, the only problem is that the dip may never come to pass when you want to buy cryptocurrencies. If you don’t feel comfortable on the specific price point to start investing in, you can consider investing periodically in a fixed amount.
You can choose to invest monthly. This way, you will get to know about any drastic price variances and this way, you will be building your crypto portfolio steadily. The only disadvantage is that the crypto might take a sharp upward move unexpectedly. Be sure to buy bitcoin instantly.
What can you buy with cryptocurrencies?
Crypto coins have become part of our daily lives as we can now use them to buy everyday items. Most companies today have introduced a payment method where people can now purchase products using crypto. Below are some of the areas in which people can buy services or goods using crypto.
1. Online gift cards
People can purchase goods from companies that haven’t accepted crypto as a payment method using third-party services. For instance, Purse and eGifter are third-party payment services that allow customers to make purchases using crypto payments.
Customers can buy gift cards with cryptocurrencies and later use them to buy products using the third-party payment services mentioned above. While buying gift cards, it will be much easier to do your shopping online.
2. Pay bills, video games
It’s exciting that people can now buy video games using their crypto wallets. For instance, Microsoft accepts crypto wallets as a payment method to purchase games, apps and other digital content.
3.Ordering food, airline tickets and hotels
There are many hotels out there that allow crypto in their reservations. Some Android and Apple stores now allow customers to buy airline tickets by use of crypto. People can also make food orders from specific KFC, Pizza Hut and Burger King branches.
4. Donations
Besides making purchases, people can also make donations through crypto.
Final thoughts
For a would-be crypto investor, it will be advisable to take a close look at the investment carefully, practice patience while investing and it will pay off hopefully.
