As the world’s largest cryptocurrency by market capitalization, Bitcoin still attracts many investors. Because it’s the pioneer in the world of crypto and has become entrenched in the market, it’s likely to maintain its number one spot for years to come. Arguably the best platform to buy Bitcoin is Coinberry, and it has experienced similar growth and popularity in recent times for its fast and efficient service. Read on to learn more about how it has become one of the top Bitcoin platforms out there.

How to buy Bitcoin

If you want to invest in Bitcoin because it’s still the number one crypto and you’ve heard about its huge backers and supporters, it’s good to first learn about the basics so you can make a smart decision.

First, Bitcoin is digital money. You can use it as payment for goods and services. In other words, it can or may totally replace the traditional money we use. Or, it can complement what traditional money does by expanding financial inclusion. This is possible because Bitcoin is permissionless and decentralized.

What this means is that anyone can take part in Bitcoin. You don’t have to go through a middleman or central financial institution to use Bitcoin. That’s because it’s a direct peer to peer network where there’s no central regulation.

In its early years, that decentralized nature was Bitcoin’s strongest selling point. But recently, its strongest selling point has been in investing. In other words, many who get into Bitcoin now are not interested in its blockchain technology and its potential to disrupt the financial system. Instead, they just want to buy some Bitcoin and wait for its value to rise. It has been especially the case when riches were made during Bitcoin’s all-time high last year (2021).

Because more and more people now want to get into Bitcoin, huge firms have made it simple and easy to buy the cryptocurrency. This way, more people can quickly invest in Bitcoin without figuring out its technical details. It’s especially for those who just view Bitcoin as an investing instrument.

If you view Bitcoin as an investing instrument, the easiest way to buy some of the cryptocurrency is through a crypto trading platform. You can also earn Bitcoin through your credit card with products like the Blockfi card or Gemini card. It’s like an online marketplace where people can quickly buy and sell crypto. Through a crypto trading platform, you can actually get started within minutes, buy some crypto, and start your crypto investing journey.

How to choose a Bitcoin platform

You can find several crypto platforms today. If you want peace of mind and get the best value from investing, it’s recommended to choose the best platform that suits your needs. For example, you can start with Coinberry, one of Canada’s top crypto platforms. Through Coinberry, you can start for as little as 50 CAD, and you can start right away with little risk involved.

Many Canadians have chosen Coinberry because of how easy it is to buy Bitcoin. Another reason is that it’s insured, PIPEDA-compliant, and OSC and FINTRAC registered. With these registrations, insurance, and compliance, investors can feel confident about where they put money in.

More than 220,000 Canadians have already signed up to Coinberry. In addition, the platform has already surpassed $1 billion in crypto trading. This means they have the capabilities to handle huge transactions and help secure the investors’ money. Moreover, you can also quickly switch to or buy other cryptocurrencies aside from Bitcoin.

If you decide to go long term in your crypto investing, it’s good to save money on transactions. This way, you can put that money instead into buying more crypto. When you save money on transactions, the savings can accumulate as well as the amount of crypto you can buy.

Through Coinberry, you will save money because there’s no CAD withdrawal or deposit fee. Coinberry makes money by buying crypto at lower prices from their network of liquidity providers and then selling them at the listed price. This happens behind the scenes where investors can just focus on buying and selling crypto.

Should you invest in other cryptocurrencies?

Aside from Bitcoin, you might have also heard about other cryptocurrencies such as Ethereum, Cardano, and Dogecoin. Although these cryptocurrencies also have billions of dollars in market capitalization, Bitcoin is still number one partly because it’s the first and it’s already entrenched. In addition, Bitcoin is still undergoing major upgrades and developments especially when it comes to scalability and Bitcoin’s energy requirements (right now it’s still expensive to mine Bitcoin and process transactions).

Other cryptocurrencies may already have better scalability and greater energy efficiency. As a result, investors put their money on those other cryptos. They also try to spread the risk by investing some in Bitcoin as well as in other digital currencies. They wait for the winner and invest more or cash in and take the profits.

When to buy or sell Bitcoin

To take the maximum profits, timing is critical, which is why investors constantly watch the news and trends about crypto. One huge news can make Bitcoin’s value skyrocket (or drop precipitously). Monitoring the news and trends also help investors decide whether to buy or sell crypto (and capitalize on peaks or avoid huge losses immediately).

However, this approach may be far from sustainable. It also requires too much time and energy because the crypto market is highly dynamic. There’s always news here and there and it’s hard to figure out which ones can actually affect Bitcoin’s price and future.

If you want a sustainable or a systematic approach, you can try the dollar cost averaging strategy. In this strategy, you can just consistently buy some Bitcoin each day, week, or month regardless of the trends. In other words, you don’t have to watch the news and trends about crypto. Instead, you take a passive and automatic approach in crypto investing.

This can help you save time and spare yourself from emotional decisions. Instead of reacting to every dollar drop or rise of Bitcoin, you can just always go on about your day or pursue other money-making opportunities.

After several weeks or months, you would have accumulated a sizable amount of Bitcoin. Because of your systematic approach, you can avoid the huge losses (the rise and drop averages out). Also, you reduce the risk because you’re not investing a huge lump sum all at once.

In investing, it’s always good to pursue a safe and consistent strategy that helps you minimize your losses and reduce your risks. This way, you can go far in investing and perhaps find a winner if you commit to the field long enough.