When and how to invest money into bitcoin?

[Raffy]

Hello, I am really new to cryptocurrencies in general and I'd like to better understand at least the basics and maybe one day even try to make some real money from it. I already made a verified account on blockchain though, I'll be purchasing bitcoins on this platform for now but any tips are appreciated

All I know is that before purchasing btc, I should wait for its value to get really low (maybe when 1BTC equals $1k or so?) and then invest some money on it. About reselling, it should be done when the btc value gets on its peak ($7k-8k?). If I'm wrong I'd like to get a better explanation about it, and maybe also some general tips or personal experiences that could help.

My main questions are:
1) When should I start to buy?
2) How many time is there between the lowest value and the highest? Also, can it be different from the last one?
3) Is bitcoin the best to start with?
4) What's the best platform on which I should create my wallet? Is blockchain good enough?

[Allura]

1) When should I start to buy?

Like you said, when you think the price is low, thats when you buy. Bitcoin hasn't been at $1,000 in about 2 years. I have doubts that it will get that low in the near future. The fact that you don't know that means you have a long ways to go (not trying to be mean). People think crypto is this get rich quick thing. It can be at times, but its just like investing in the stock market. Its all about luck and having the bigger stack of money. No one in the world can predict the price accurately. Its all luck and making educated guesses. I recommend you first paper trade. Meaning, just pretend like you have $10,000 and try and make pretend trades with that $10,000. See how you go.

4 great resources to use is, trading view (for bitcoin charts), coinmarketcap (simplified data about lots of coins), google trends (see how popular crypto currency is, worldwide) and cryptocurrency reddits (to see how everyone else is feeling).

2) How many time is there between the lowest value and the highest? Also, can it be different from the last one?

In cryptocurrency there can be a 5% difference in price in matter of minutes.

3) Is bitcoin the best to start with?

Its the well known coins with the littlest room for growth in terms of price. For example, the price of bitcoin essentially 20x in the year of 2017, but ethereum 100x. So even if bitcoin hits $20,000 this year, its essentially just a 4x this year. The other top coins have the biggest room to grow in. Usually the trends is, when bitcoin goes up in a bullish market, the alt coins go up by more.

4) What's the best platform on which I should create my wallet? Is blockchain good enough?

The best place imo is a hardware wallet like Trezor or Ledger. However, blockchain is still good. Wouldn't recommend a hardware wallet unless you have lots of money.

[ice732]

when it drops

[sciflee]

1) When should I start to buy?

It's up to you. Do more research on the crypto you're interested in and if you personally believe it's undervalued, buy it. I highly recommend you to buy only when price is going down (retracement/pullback) and not when it is going up (FOMO fear of missing out). Also, since you're new I suggest that you split your money and buy at different price points. This method is known as DCA (dollar cost average) and this method is used because you do not know what the lowest price will be before it goes up. For example, assuming you have $10,000 to invest, and 1 BTC cost $10,000, you can buy 1 BTC. If the very next day price went down to $9000, you have already lost $1000. However, if you split the $10k into 4 different purchases, buy $2500 worth of BTC @ 10k/BTC, you will have 0.25 BTC. Next day, BTC went down to 9k. You buy another $2500 worth of BTC at 9K/BTC, you will get 0.278 BTC. Another day passes and it continues going down to 8k/BTC. You buy another $2500 worth of BTC and you'll get 0.3125 BTC. BTC continues going down to 7K/BTC. You spend your last $2500 and you'll receive 0.3571 BTC. If you add up all 4 of your purchases at different price points, you will have a total of 1.1976 BTC or ~1.2 BTC.

So, having 1 BTC @ 10K/BTC means you will make $1,000 if bitcoin goes up to 11K/BTC.
But, having 1.2 BTC by splitting your purchases, you will make $3,200 if bitcoin goes up to 11K/BTC.

With the same 10k investment, you can make more profits by DCA! The only downside is that there's a possibility price will not continue to go down and you never get to spend the rest of your money, so you miss out on profits if price continues to go up.

2) How many time is there between the lowest value and the highest? Also, can it be different from the last one?

Sorry I don't quite understand the question.

3) Is bitcoin the best to start with?

I'm not sure what you mean by best. Best profits? Best crypto? But then again, no one knows the answer to those questions because no one knows how high/low bitcoin can go and whether bitcoin will be the most known and used crypto for years to come. However, I can talk about what to expect if you invest in bitcoin. Bitcoin is very volatile. Meaning, price can go up or down drastically. It could be $5000 today and tomorrow it could be $6000. You could either make a lot of money in a short amount of time or you could lose alot of money! Are you mentally prepared to see your investment go up and down 10%+ daily? Please invest only what you can afford to lose and make sure you aren't relying on bitcoin to pay for your lifestyle. You will hear a lot of good and bad news about bitcoin. Please make sure to investigate yourself to see if those news are true. Lots of people spread false news in order to manipulate others into buying/selling bitcoin which will ultimately affect the price. You will hear alot saying bitcoin will go to $100k by end of year!! or something along those lines. Please don't listen to others and buy into a crypto without doing your own research. There are many other good cryptos besides bitcoin.

4) What's the best platform on which I should create my wallet? Is blockchain good enough?

There are different exchanges you can use. Some exchanges don't allow certain locations so make sure to read their FAQ before signing up with them and using their services. Some well known exchanges are blockchain, coinbase, binance, bitstamp, bitrue, and kraken. Find an exchange that's compatible with where you live and has low fees. There are different types of wallets. I know of 3 types. First, wallets provided by the exchanges. Second, hardware wallets. Third, paper wallets.

Wallets provided by exchanges - Exchanges have their own wallets that will hold your crypto. HOWEVER, I advise you to never leave your crypto on exchanges. There is always a possibility that exchanges could get hacked. Since you do not own the secret key to the wallet, if something happens to the exchange, all your crypto is gone. I won't explain what a secret key is in detail but generally it means that if you don't have the secret key to your wallet, the crypto isn't in your hands. It's like having a wallet but telling your friend to hold onto it for you. The only time you should use wallets provided by exchanges is when you have a small amount of crypto (a few hundred worth) and you trust the exchange's security. If you have thousands or money that's worth alot to you, I would suggest buying a hardware wallet.

Hardware wallets - They are physical wallets (usually looks like a USB). The most known ones are trezor and the Nano S. I personally use the Nano S and it's easy to use and I haven't had a problem with it. They do cost ~$50 so only use a hardware wallet if you hold a significant amount of crypto. Make sure if you buy a hardware wallet, you buy directly from the company site. Do not go on ebay to find a cheaper one. People could tamper with the hardware wallet and put in some kind of virus that will steal your crypto. This wallet is the safest and most secure way to hold your crypto. The only downside with it is you are fully responsible for it. If you forget the secret key, you will not have access to the wallet. If you wrote the secret key and someone got access to it, they can steal your crypto.

Paper wallets - I don't know too much about this type of wallet because I never used it before. However, I believe it's a wallet that you can access on your phone or computer and you have access to the secret key unlike wallets on exchanges. This is probably the 2nd safest way to store your crypto since you have control of the secret key. Unlike the hardware wallet, this usually doesn't cost you anything. If you don't have a lot of crypto but you also care about safety and security, this is your best bet.

[dustnfox]

Well, for me it's too late to buy BTC.

[mTZBMf]

The current price is already high....

[HondaSE]

My main questions are:
1) When should I start to buy? If you are holding long term, you can buy at any price. Do not invest more than you can lose as this will play with your emotions.

3) Is bitcoin the best to start with? Yes bitcoin will always be king, immutable, the oldest coin, close to impossible to hack.
4) What's the best platform on which I should create my wallet? Is blockchain good enough? I recommend using either ledger hardware wallet which is the safest or a desktop wallet.

[zoran_dj]

There are different exchanges you can use. Some exchanges don't allow certain locations so make sure to read their FAQ before signing up with them and using their services. Some well known exchanges are blockchain, coinbase, binance, bitstamp, bitrue, and kraken. Find an exchange that's compatible with where you live and has low fees. There are different types of wallets. I know of 3 types. First, wallets provided by the exchanges. Second, hardware wallets. Third, paper wallets.

Which of these except coinbase do not require you to identify yourself?

[Allura]

Which of these except coinbase do not require you to identify yourself?

Only on forums (like MPGH). Haven't seen a website that doesn't require verification. This is because if you send irl money via the internet, you can always reverse that transaction. Once the bitcoin is sent, it cant be retrieved back.

[sciflee]

Which of these except coinbase do not require you to identify yourself?

Not too familiar with exchanges that don't require KYC. But heard some things about BISQ so check them out. I haven't had any personal experience with them so make sure you research customer reviews on BISQ before using their services.

[vertigoman]

I do not know a lot about bitcoin as I am a newbie in this field. But I was told to look for the predictions to know how to invest money and when you should do this. I have found this article https://changevisor.com/blog/bitcoin...020-2025-2030/ and according to this article the bitcoin will raise and in 10 years it will cost much more than we have it now. So, I can make the conclusion that you have a great chance to start investing right now to get an incredible income in the nearest future.

[helyjas]

when it come 3K to 4K .. it is good invest ..