So, you’ve taken a closer look at Bitcoin and decided that it’s time to begin your journey, great!
But how do you get started?
Overcoming some of the more technical aspects can be hard, especially in such a noisy space, but this blog should help you every step of the way.
You’re probably very excited and are most likely thinking about how bitcoin can protect your wealth over the long term. This is why it’s crucial to keep a cool head and take things one step at a time.
Before we begin, it’s worth clarifying a few points, as they will help you more easily understand why we support the ability to buy bitcoin automatically, and why FastBitcoins is bitcoin-only…
What is Bitcoin?
Bitcoin is a digital currency that cannot be controlled by a single entity or person. It allows people to save and spend at the same time, without the need for any third parties, such as a bank or government.
Bitcoin has a finite supply – there will not be more than 21 million bitcoin created.
Don’t think you can afford one bitcoin? All good! You can buy a fraction of a bitcoin (as little as $1.00), these smaller units are called satoshis. Our services and product recommendations are built around making it as easy as possible for everyone to begin buying bitcoin.
While the value in your local currency will fluctuate as Bitcoin experiences volatility, the money will not be subject to manipulation that causes it to lose purchasing power over time, as fiat money does.
What is bitcoin Auto-buying?
DCA stands for dollar-cost averaging, which is a fancy term often used to describe the process of making regular purchases of an asset over a set period of time. By making smaller, consistent savings in bitcoin, you can easily accumulate without worrying about market conditions and other things that often scare speculative investors.
Auto-buying automates this process, so you can accumulate satoshis (smallest unit of bitcoin, like cents are to dollars) without having to lift a finger. You decide the frequency and amount of your purchases, keep your FastBitcoins account topped up, and we make it happen for you.
For example, you may decide to buy $50 worth of bitcoin every month, week, day, hour… even every time a new Bitcoin block is created (roughly every 10 minutes).
As mentioned above, Bitcoin is money, so that’s why we want a savings plan – except these savings aren’t going into a piggy bank or a regular bank… you are the bank!
Remember, the problem isn’t saving… it’s what you’re saving. If you save money that’s designed to lose its value over time through inflation, as all fiat currencies are, your savings will be worth less in the long run.
Our goal is to make it easier than ever to buy and save bitcoin for the future and being able to Auto-buy consistently proves to be the most viable option for both most ‘newcoiners’ and experienced Bitcoiners.
1. Avoid market panic
Most of us are drawn to Bitcoin because of its unprecedented growth, in fact, bitcoin was the best performing asset of the last decade, which is great… but it’s not all roses and rainbows.
Bitcoin has been incredibly volatile as it fights to earn its place in a new financial landscape and make no mistake, it’s got a long way to go (you’re earlier than you think). But if you plan on holding it for a long time, day to day volatility will become much less of an issue.
People’s emotions play a huge part in the markets and investments. FOMO (fear of missing out) and panic can often come hand in hand for many newcomers to investing in general, this is why it’s so important to focus on education and taking small steps.
Again, we cannot reiterate how important learning more about Bitcoin is. We support Bitcoin because we believe it can offer financial inclusion for the world. We offer bitcoin only because nothing else comes close to supporting this goal. This is a decision based on logic, research and reason. We are here to save for the long-term.
If the price dips and the fundamentals of Bitcoin haven’t changed, you’ll eventually see it as a great opportunity to accumulate more sound money, rather than a signal that Bitcoin is dead. If you’re new to Bitcoin, we encourage you to take a 4-year minimum ‘hodl’ mindset when buying.
2. Staying in the green
Even if this is for the long-term, we all like a deal and we all love to see our bitcoin value go up, even if it is measured in fiat currency which we don’t expect to hold out over time.
As mentioned, dollar-cost averaging is buying on a recurring basis – this means that you buy automatically at many different price points, rather than just one. This takes away the stress of trying to ‘time the market’ and get the right price point as you’re automatically buying at multiple price points, evening out the volatility.
Auto-buying bitcoin is so effective because it’s, well… automatic. You don’t need to constantly look at charts and create new buy orders. You can simply decide on a plan and get started – you’d be surprised by how fast the sats can pile up without you even realising!
Ready to begin?
FastBitcoins users can easily create a new Auto-Buy order deciding how much and how often you want to purchase bitcoin using your chosen funding method – we do the rest!
Bitcoin has never been easier.