Should You Buy Bitcoin? 10 Reasons to Invest in Bitcoin in 2024

An increasing number of investors are seeking exposure to Bitcoin – the world’s largest cryptocurrency. First-time investors seeking guidance should read on.

In this guide, we answer the question – Should I buy Bitcoin?

We explore 10 reasons why Bitcoin is here to stay – alongside some tips on how to enter the market safely and cost-effectively.

Should I Buy Bitcoin in 2024? Key Takeaways

Bitcoin is one of the best-performing assets in recent years. When it was launched in 2009, Bitcoin was virtually worthless. Fast forward to today, and Bitcoin is trading at approximately $30,000. This translates into growth of millions of percent – far outpacing traditional assets like stocks and real estate. While CoinMarketCap data shows that Bitcoin is already valued at over $550 billion, many analysts believe the digital asset has plenty of upside.

Its underlying technology – the blockchain, increases the investment thesis for Bitcoin. For example, Bitcoin is suitable as a medium of exchange. Cross-border transactions take just 10 minutes and rarely cost more than a few dollars. Bitcoin is also transparent, with transactions being posted to the blockchain ledger.

There is also an argument for Bitcoin’s use as a store of value. It has a limited supply of just 21 million tokens. Currently, 19.4 million tokens are in circulation. Bitcoin cannot experience inflation either. Just 6.25 new Bitcoins enter the market every 10 minutes. This ensures complete predictability of Bitcoin’s supply. Bitcoin is also decentralized. It is not controlled by any single entity and it isn’t backed by a central bank or government. Moreover, transactions do not need to go through a third party.

This ensures that Bitcoin is inclusive and censorship-free. But what really appeals to investors is the price potential of Bitcoin. During the most recent bull cycle, Bitcoin went from lows of $4,800 to highs of over $68,000. This represents growth of over 1,300%. Bitcoin is now trading at a bear market discount of approximately $30,000. This enables investors to enter the market 55% below its prior peak. That said, Bitcoin is still a risky investment. As such, investors should do lots of research to answer the question – Should I invest in Bitcoin?

10 Reasons to Buy Bitcoin Now: Our Analysis 

Still not sure if Bitcoin is a suitable investment? How many people even use Bitcoin today? In the sections to follow, we discuss 10 reasons why Bitcoin remains one of the hottest asset classes for 2024.

1. Price History – Bitcoin has Generated Significant Growth

Bitcoin attracts many investors – especially those targeting life-changing gains. The numbers speak for themselves – very few assets have outperformed Bitcoin since it was launched in 2009. According to Investing.com data, Bitcoin was trading at just $0.10 in 2010 – which is the earliest recorded price provided. Just three years later, Bitcoin had already hit highs of $250. This represents growth of over 250,000% for early investors.

It would take many centuries for the stock market to replicate similar returns. At the turn of 2017, Bitcoin was trading at $1,000. By the end of the same year, Bitcoin hit highs of $20,000. In just 12 months of trading, this amounts to growth of 1,900%. Since then, Bitcoin has hit all-time highs of over $68,000. So those investing in early 2017 would now be looking at gains of over 6,700%.

Bitcoin vs stocks vs gold

The key point is that Bitcoin’s growth has been significant. Long-term investors, in particular, have generated gains that cannot be rivaled by the stock market. For example, the Dow Jones index – which tracks 30 blue-chip stocks, has grown by 38% over the prior five years. The Russell 2000 – which tracks 2,000 small-cap stocks, has grown by 17% over the same period. While gold has performed better in the prior five years, it has still only returned 58%. In comparison, Bitcoin’s five-year growth stands at 317%.

That said, while Bitcoin’s long-term trajectory has been positive, it goes through many bearish cycles. Volatility levels are much higher than traditional assets, so investors should bear this in mind. Nonetheless, risk can be mitigated by investing in other assets and building a well-balanced portfolio.

How Much Would $100 Worth of Bitcoin be Worth if I Invested 10 Years Ago?

  • Bitcoin was trading at approximately $100 per token in July 2013
  • Therefore, an investment of $100 would have yielded 1 BTC token
  • 10 years later, the same 1 BTC is worth approximately $30,000
  • This represents gains of almost 30,000%
  • Over the same period, the S&P 500 has grown by 170%

2. Bitcoin is a Decentralized Asset

Decentralization is an important part of the Bitcoin ecosystem. In basic terms, this means that Bitcoin has no single point of failure. In turn, no single personal, entity, or organization has control over the Bitcoin network. This is in contrast to most financial assets. For example, traditional currencies like the US dollar and euro are controlled by central banks. The respective central bank will determine economic policy, such as interest rates and supply levels.

Similarly, banks and financial institutions are also centralized. This means that if the institution goes bankrupt, savers could lose their deposits. Bitcoin is not backed by any government or central bank. This means that by holding Bitcoin, investors control their wealth. This is especially the case when holding the Bitcoin in a non-custodial wallet. The only way to access the wallet is with a password or private key. In other words, Bitcoin cannot be seized or frozen by a third party.

Bitcoin decentralized

Decentralization is also important when sending and receiving Bitcoin especially for those looking to buy BTC anonymously. As there is no intermediary, transactions do not require third-party approval.  Instead, transactions are verified by ‘miners’. In a nutshell, Bitcoin miners keep the network safe and decentralized. Every 10 minutes, a new block of Bitcoin transactions must be validated. Miners will attempt to verify the block by solving a complex mathematical equation. The miner that successfully validates the block will receive a reward of 6.25 BTC. They also receive transaction fees that are paid by senders.

3. Bitcoin has a Fixed and Finite Supply

How many Bitcoins are there? A question most experienced crypto investors have asked over the years.

One of the biggest challenges facing traditional currencies is inflation. This increases the cost of living and is often a result of central bank policies. For example, when a central bank creates new money, this is known as quantitative easing. In more simple terms, central banks ‘print’ new money, which increases the supply. This devalues the currency, meaning savers have weakened purchasing power. Over the course of time, traditional money becomes less valuable as inflation increases.

Bitcoin solves this issue in a number of ways. First and foremost, the Bitcoin supply is determined by code. As there is no single point of control, the Bitcoin supply can not be manipulated by governments and central banks. Instead, new Bitcoin enters circulation every 10 minutes. As we mentioned above, 6.25 BTC is rewarded to miners after verifying a block. This translates to 900 new BTC every day, or 6,300 BTC weekly. This ensures that the Bitcoin supply is predictable and protected against hyperinflation.

Bitcoin market cap

Most importantly, there is a finite supply of Bitcoin. While new Bitcoin enters the circulation every 10 minutes, this will no longer be the case once the supply hits 21 million tokens. This is expected to happen in the year 2140. The finite supply of Bitcoin can help the digital asset appreciate over time. This is on the proviso that there is demand for Bitcoin. If there is – and the supply is finite, Bitcoin’s price can rise organically.

Additionally, we should mention that the mining reward halves every 210,000 blocks, or about four years. The original mining reward was 50 BTC, subsequently reduced to 25 BTC, 12.5 BTC, and now 6.25 BTC. In 2024, the mining reward will halve to 3.125 BTC. This means that every four years, the supply of new Bitcoin tokens is reduced. This ensures that Bitcoin becomes more scarce over time. This is similar to other commodities. After all, there is only so much gold and oil that can be extracted.

4. Bitcoin Can be Used as a Medium of Exchange 

When asking the question – Should I buy Bitcoin? – Investors should also explore its use case as a medium of exchange. Currently, the most common medium of exchange used globally is fiat money, such as dollars, pounds, or euros. In other words, a medium of exchange enables people to buy and sell products and services. But unlike fiat money, Bitcoin transactions do not go through third parties.

This enables people to send and receive Bitcoin across borders without regulatory barriers. For example, consider a worker in the US sending money to their family in Africa. The worker will need to use a financial institution or a remittance agent like Western Union. Both options will attract high fees and slow transaction times. Not to mention countless forms and depending on the amount – a KYC process.

World Bank remittances costs

According to the World Bank, the average remittance fee now stands at 6.25% of the transaction amount. So for every $1,000 transferred to friends and family, $62.50 goes to third parties. Now compare this Bitcoin. Irrespective of the amount sent, Bitcoin transactions have a fixed fee – which is determined by network conditions. Currently, Bitcoin transaction fees average $0.70 to $3. So, the same $1,000 transaction would cost between 0.07% and 0.3%.

Naturally, the percentage fee reduces as the transaction amount increases. Nonetheless, Bitcoin is significantly cheaper for cross-border transactions when compared to traditional methods. Moreover, Bitcoin is also a lot faster in many cases – especially when sending funds to an emerging country. For instance, sending funds from Argentina to Indonesia via a bank wire can take several days. This is because the transaction requires correspondent banks, which sit between the sender and receiver’s financial institution.

Bitcoin, on the other hand, averages a transaction time of just 10 minutes. This is the case regardless of:

  • Where the sender is located
  • Where the receiver is located
  • The time or day
  • The amount being sent

Another reason why Bitcoin is ideal as a medium of exchange is that there are no regulatory hurdles. As we noted above, international transactions often require countless forms. The remittance agent might require proof of identification and a range of personal details. The transaction will only be approved once the agent is satisfied the transfer is legitimate and compliant.

Bitcoin transactions require no such approval. As soon as the sender confirms the transaction, it will be posted to the blockchain. The receiver should then see the Bitcoin in their private wallet in about 10 minutes.

5. Bitcoin Could Become the De-Facto Store of Value

When exploring the question – Should you buy Bitcoin? – Its use case as a store of value should also be considered. A store of value is an asset that appreciates over time. This is usually because there is a limited or finite supply of the asset, and demand remains consistent. For example, gold and oil are considered stores of value. These precious commodities have a finite supply and enable people to store wealth. This is also the case with other fixed assets, such as real estate, fine art, and even rare wines and whiskeys.

The issue for many is that traditional stores of value are not easily accessible. Nor are they easy to store, transfer, or dispose of. Take fine art as a prime example. An investor will need to ensure they have adequate storage facilities. After all, any damage to the fine art will have a significant impact on its value. This is also the case with gold, silver, wine, whiskey, and most other stores of value. Each asset has optimal storage conditions to protect its value.

Bitcoin store of value

In contrast, Bitcoin is safely stored in private wallets, usually via a mobile app or desktop software. Additionally, wallets enable investors to transfer their Bitcoin tokens at the click of a button. This is especially important when it comes to cashing out.

  • For example, consider an investor that has 1 BTC in a private wallet
  • The investor wants to sell 0.2 BTC to raise money for an emergency
  • The investor transfers the 0.2 BTC to a crypto exchange and sells it back to US dollars (or their local currency equivalent)
  • The end-to-end process rarely takes more than 10-20 minutes.

Now compare this process with a traditional store of value like real estate. The investor would not have the option of selling a fraction of their property to raise money. And, even if they wanted to sell the entire property, it can take many weeks or months to find a buyer and close the deal. Zillow research shows that it averages 55-70 days to sell a property in the US. In the UK, the market is even slower, with list-to-sale times averaging 4-6 months. This can be hugely problematic to investors seeking quick cash for an emergency.

Bitcoin is also a better store of value than traditional assets because of its predictable supply. As we noted earlier, 6.25 BTC enters the supply every 10 minutes. This reduces over time until 21 million BTC are in circulation. Once the maximum supply is reached, no new Bitcoins will be created. Although gold is also finite, its supply is far from predictable. The annual supply of gold fluctuates based on mining capabilities. This makes it challenging to predict demand and supply levels over time.

We should also note that Bitcoin continues to appreciate at a much faster rate than traditional stores of value. For instance, over the prior five years, Bitcoin has increased by over 317%. Gold has increased by 58% over the same period. Silver has underperformed gold, with growth of 49%.

6. Bitcoin can Help Savers Hedge Against Inflation

While inflation is a global issue, it is particularly concerning in certain parts of the world. For example, Reuters notes that in March 2023, inflation levels in Turkey and Argentina stood at 50% and 104%, respectively. This means that citizens continue to see the value of their wealth depreciate. For example, something costing $50 in Argentina a year ago would now cost $102. High inflation levels are also a concern in Venezuela, Zimbabwe, Sudan, and many other emerging countries.

Bitcoin offers a way to hedge against ever-rising inflation levels. In fact, cryptocurrency adoption rates in inflation-prone countries are very high. For instance, consider a Turkish investor that has $10,000 worth of lira saved in a bank account. If inflation stands at 50%, their savings are effectively reduced to $5,000 in real terms. Now consider the same investor that buys Bitcoin with their $10,000 savings. If Bitcoin remains stable or increases in value, inflation levels are irrelevant. This is because the investor can exchange their Bitcoin back to Turkish lira at any time.

Turkish lira to United States Dollar

This will be at the current exchange rate. So, if inflation is still at 50% and the Bitcoin price remains constant, the investor will get 50% more Turkish liras when making the exchange. Of course, there is also the risk that both the Turkish lira and Bitcoin depreciate in value. This is why some investors will hedge their currency against a stablecoin like Tether or USD Coin. This is because these stablecoins are pegged to the US dollar like-for-like.

7. Bitcoin Operates in a Liquid Marketplace 

Still wondering – Should you buy Bitcoin? Another benefit of buying Bitcoin in 2024 is that it operates in a highly liquid marketplace. In simple terms, this means that entering and exiting the market is seamless. Bitcoin trades on exchanges 24 hours per day, seven days per week. Most importantly, Bitcoin trading volumes are significant.

According to CoinMarketCap data, billions of dollars worth of Bitcoin is traded every day. Currently, average trading volumes sit between $7 billion and $33 billion. Moreover, Bitcoin currently has a market capitalization of over $550 billion. While this is down from its peak of $1.2 trillion, this offers plenty of liquidity for investors.

Bitcoin market cap

Crucially, this means that investors can cash out their Bitcoin for fiat money at any time. In fact, the process rarely takes more than a couple of minutes. Investors simply need to deposit their Bitcoin on a crypto exchange and create a sell order. The funds will then be added to the user’s exchange balance, which can be withdrawn to a bank account.

In contrast, the process of cashing out traditional stores of value can be cumbersome. For instance, consider the process of selling physical gold. The investor will need to sell the gold to a physical broker during standard business hours. They will not be able to sell a small fraction of their gold, as it cannot be fractionized. Moreover, the gold broker will likely offer a price below the market rate.

8. Bitcoin is Trading at a Discount 

The current bear market should also be considered when asking the question – Should you buy Bitcoin? The reason for this is that Bitcoin is still trading well below its previous all-time high. This feat was achieved in November 2021, when Bitcoin surpassed $68,000. Currently, Bitcoin is trading at approximately $30,000. This means that entering the market today offers a discount of 55%.

Seasoned investors continue to build their Bitcoin positions while prices remain cheap. This isn’t just the case with Bitcoin – but some of the best altcoins too. For example, Ethereum – the world’s second-largest cryptocurrency market capitalization, was trading at almost $5,000 in late 2021. It currently trades at approximately $1,800 – 65% below its former peak.

Bitcoin price since 2022 lows

Some of the best meme coins are also trading at significant discounts. Dogecoin, for example, hit highs of $0.74 in 2021. It now trades at just $0.07 – a drop of over 90%. Going back to Bitcoin, bear market discounts have historically generated the best returns in the long run.

For example, consider that in late 2017, Bitcoin peaked at $20,000. Bitcoin declined by 85% in the 12 months to follow, hitting lows of $3,200. Now consider an investor that bought $5,000 worth of Bitcoin at this price point. By November 2021, their $5,000 investment would have increased by over 2,000% to $100,000.

In more recent times, Bitcoin dropped to lows of $15,500 in November 2022. This represents a drop of 77% from the year prior when Bitcoin was trading at over $68,000. Since hitting these lows, Bitcoin has touched 52-week highs of $31,700. This means that by buying Bitcoin at lows of $15,500, investors have since made gains of over 100%.

9. The Next Bitcoin Halving Event is Approaching  

‘Bitcoin halving’ is a significant event in the broader cryptocurrency markets This refers to the date that the Bitcoin mining reward is reduced by 50%. As we mentioned earlier, the original Bitcoin mining reward was 50 BTC. This was then reduced to 25 BTC and 12.5 BTC respectively. Today, the mining reward is 6.25 BTC. The next Bitcoin halving event is expected in Q2 2024. This will reduce the Bitcoin mining reward to just 3.125 BTC.

Next Bitcoin Halving

This is important from an investment perspective. After all, the supply of Bitcoin is gradually being reduced – making it more scarce. Concurrently, the demand for Bitcoin continues to rise. This means that the Bitcoin halving event is often the catalyst for a new bull cycle. Since Bitcoin was launched in 2009, there have been three halving events – 2012, 2016, and 2020. On all three occasions, Bitcoin entered a bull run that lasted between 12 and 17 months. In all instances, new all-time highs were achieved.

For example:

  • 2012 Halving: The first Bitcoin halving happened in November 2012, which reduced the mining reward from 50 BTC to 25 BTC. Bitcoin was priced at $12.40 when the halving event took place. It went on a prolonged 12-month bull rally, peaking at almost $1,110. Therefore, the 2012 Bitcoin halving generated growth of over 8,700%. That’s gains of over $87,000 for every $1,000 invested on the day of the halving.
  • 2016 Halving: The second Bitcoin halving reduced the supply from 25 BTC to 12.5 BTC. Occurring in July 2016, Bitcoin was priced at just over $660 when the halving took place. A 17-month bull rally was to follow, with Bitcoin eventually peaking at $20,000. The 2016 Bitcoin halving generated growth of over 3,000% – so that’s gains of $30,000 for every $1,000 invited.
  • 2020 Halving: The most recent Bitcoin halving took place in May 2020, which reduced the mining reward from 12.5 BTC to 6.25 BTC. On the day of the halving, Bitcoin was trading at $6,600. A 17-month rally was to follow, with Bitcoin peaking at over $68,000 in November 2021. The halving event generated growth of over 900% – so that’s gains of $9,000 for every $1,000 invested.

We estimate that the next Bitcoin halving event will happen in April 2024. The specific date is yet to be confirmed, as the halving event will happen once the 840,000th block has been mined. Nonetheless, now could be a good opportunity to prepare for the next halving date. This is especially the case now that Bitcoin is trading 55% below its prior all-time high.

10. Bitcoin Price Predictions Suggest Significant Long-Term Growth  

On the one hand, Bitcoin price predictions should be taken with a grain of salt. After all, predictions are subjective to the individual. Nonetheless, many industry insiders believe that significant growth is on the horizon.

For example:

So that begs the question – Can Bitcoin really hit a price of $1 million? And if so, what would this amount to in growth and valuation?

Well, if Bitcoin was to hit $1 million from its current price of $30,000, this would translate to growth of 3,200%. So for every $1,000 invested today, a $1 million price point would generate returns of $32,000. This would give Bitcoin a market capitalization of over $17 trillion.

Bitcoin price prediction

To evaluate how realistic a $17 trillion valuation is, let’s compare this to other asset classes and markets.

Based on the above estimates, some would argue that even at $17 trillion – Bitcoin has plenty more upside to offer. After all, Bitcoin is a global asset class that is not controlled by any governments or central banks. It is not hindered by borders or domestic currencies. On the contrary, Bitcoin operates independently from the broader global economy.

For example, consider that more than 1.4 billion people still do not have access to a bank account – let alone debit/credit card facilities. Bitcoin could be the perfect solution for the unbanked. This is in addition to the billions of people that are impacted by high inflation levels and central bank manipulation. And crucially, Bitcoin can be used as both a store of value and a medium of exchange. This increases its global appeal even further.

What Does the Future Hold for Bitcoin?

  • Overall, the case for Bitcoin is very bullish – especially at current valuations.
  • But there are still many unknowns.
  • For example, the regulatory status of Bitcoin remains a hot talking point with many governments.
  • Whether regulation benefits or hinders Bitcoin remains to be seen.
  • Moreover, first-time investors should remember that Bitcoin is very volatile.
  • It goes through prolonged bull and bear cycles, so investors will need to feel comfortable with extreme pricing swings.

When Should I Buy Bitcoin? Timing the Market  

Like most asset classes, a long-term investment plan is often the best strategy. This enables investors to gain exposure to Bitcoin over the course of time, rather than attempting to time the market. A long-term strategy also enables investors to ride out Bitcoin’s volatility. While past performance does not guarantee future returns, Bitcoin has generated consistent long-term growth since launching in 2009.

This sentiment is backed up by CoinMarketCap data, which highlights the average price of Bitcoin over the prior 10 years:

  • Today: $29,137
  • 1 year ago: $21,362
  • 2 years ago: $35,350
  • 3 years ago: $9,677
  • 4 years ago: $9,912
  • 5 years ago: $8,181
  • 6 years ago: $2,576
  • 7 years ago: $654
  • 8 years ago: $289
  • 9 years ago: $601
  • 10 years ago: $97

As per the above, Bitcoin has witnessed plenty of volatility over the prior decade. For instance, those investing nine years ago would have paid $601 on average. One year later, the Bitcoin price averaged $289 – a decline of over 50%. However, by holding on for another three years, the average price of Bitcoin had increased to $8,181. From an original cost price of $601, that’s growth of over 1,200% in just four years of trading.

Over a longer period of time, Bitcoin averaged just $97 10 years ago. Today, at prices of just under $30,000 – Bitcoin has generated 10-year returns of over 30,000%. All in all, Bitcoin has historically rewarded those holding for extended timeframes. But this can be challenging for investors that cannot handle wild pricing swings. For example, when Bitcoin prices continue to decline, many investors will panic sell. While experienced Bitcoin investors will increase their holdings because of the discounts available.

How Much Bitcoin Should I Buy Today?  

Investors should also evaluate investment sizes when buying Bitcoin for the first time. There are many variables to consider, which we discuss in more detail below.

Disposable Income

An investment in Bitcoin should only be funded with disposable income.

  • For instance, suppose an investor receives a monthly salary of $3,000.
  • Of this figure, $2,500 is allocated for key expenses, such as rent, food, and electricity.
  • This leaves $500 in disposable income.

Investors should remember that Bitcoin will rise and fall in value. If there comes a time when the investor needs to sell their Bitcoin to fund an emergency expense, they might get back far less than they originally invested. With this in mind, investors should only buy Bitcoin with money that they won’t need for short-term financing.

Dollar-Cost Averaging vs a Lump Sum Investment

Some people will buy Bitcoin with a lump sum investment. But this is a risky move to take considering how volatile Bitcoin prices are. Instead, investors might consider dollar-cost averaging their Bitcoin purchases.

For instance, suppose an investor has a lump sum of $20,000. They invested the entire $20,000 in November 2021 when Bitcoin peaked at $68,000 per token. This means that the investor will only break even once Bitcoin reaches $68,000.

Now let’s consider the outcome when dollar-cost averaging. The investor decides to invest $1,000 every month for the next 20 months.

Here’s the outcome:

Investment Month Price
1 June 23 $31,395.40
2 May 23 $29,816.40
3 Apr 23 $30,964.90
4 Mar 23 $29,160.40
5 Feb 23 $25,236.80
6 Jan 23 $23,952.90
7 Dec 22 $18,351.80
8 Nov 22 $21,464.70
9 Oct 22 $21,038.10
10 Sep 22 $22,702.50
11 Aug 22 $25,205.70
12 Jul 22 $24,605.30
13 June 22 $31,969.90
14 May 22 $40,021.00
15 Apr 22 $47,435.00
16 Mar 22 $48,199.00
17 Feb 22 $45,755.20
18 Jan 22 $47,944.90
19 Dec 21 $59,064.30
20 Nov 21 $68,990.60
Average Cost Price $34,663.74

As per the above, the investor that bought $20,000 worth of Bitcoin in one lump sum achieved a cost price of over $68,000.

The investor also paid an initial cost price of over $68,000. But this was only at an investment amount of $1,000. The investor then allocated $1,000 into Bitcoin every month thereon. The result? The investor has an average cost price of under $35,000. This is because each $1,000 investment averaged out the price, aligned with the broader market.

So, if the Bitcoin markets begin to decline, the investor will reduce their average cost price further. But if the markets rise, the investor will begin seeing gains.

How Often Should I Dollar-Cost Average Bitcoin?

  • There is no fixed rule when dollar-cost averaging, but it’s important to be consistent.
  • For example, those opting for monthly Bitcoin investments should avoid skipping months. This will ensure that the average cost price aligns with the broader market.
  • Considering how volatile Bitcoin can be, it could also be worth dollar-cost averaging on a week-by-week basis.
  • After all, Bitcoin can rise and fall by double-digit percentages in a single week of trading.
  • But ultimately, investors should never invest more than they can realistically afford to lose.

Don’t Become Overexposed to Bitcoin

While dollar-cost averaging is a smart strategy for long-term investors, it is important not to become overexposed to Bitcoin. In other words, investors should avoid putting all of their eggs into one basket.

Seasoned investors understand this concept, which is why they will have a well-diversified portfolio. There is no one-size-fits-all solution to diversification. It all depends on the investor’s risk appetite and long-term financial goals.

For example, some investors will diversify into lots of different cryptocurrencies. This might include some of the best utility tokens, such as Ethereum, BNB, Solana, Arbitrum, and EOS. Some investors will also add the best penny cryptocurrencies to their portfolio. This might include XRP, Dogecoin, TRON, Polygon, and Stellar.

Another strategy is to add non-cryptocurrency assets to the portfolio. This might include everything from stocks and bonds to index funds and commodities.

What is the Best Way to Buy Bitcoin as a Beginner?  

Once an investment plan has been created, first-time investors might be wondering how to buy Bitcoin in 2024.  In simple terms, investors will need to open an account with a crypto exchange, make a deposit, and buy Bitcoin.

In our view, the best crypto exchange for beginners is MEXC. Read on to find out why MEXC is ideal for first-time investors.

MEXC – Best Crypto Exchange to Buy in 2023

Used by more than 10 million people around the world, MEXC is our top recommended cryptocurrency exchange right now. This platform offers competitive trading fees and quality features for both seasoned and beginner traders. 

MEXC home

Notably, MEXC’s popularity stems from its 0% charge on spot trading fees. Furthermore, MEXC takes just a 0.02% taker fee on futures trading – dropping to 0% for limit orders. On the MEXC exchange, investors can buy and sell more than 1,000 of the best cryptocurrency assets. 

These vary from large-cap tokens such as Bitcoin (BTC) and Ethereum (ETH) to meme coins including Dogecoin (DOGE) and Shiba Inu (SHIB). After creating a new account, investors can start trading by making a $5 investment. 

Beginners can take advantage of the numerous educational resources available. You can also copy the trades of experienced traders through MEXC’s copy trading tool. Advanced traders can apply leverage on trades, and engage in margin trading activities. They can also access advanced customization tools and view multiple charting patterns. 

By using the MEXC savings feature, investors can start generating passive income without taking much risk. On BTC, you can get up to 1.8% APR (Annual Percentage Rate).

MEXC staking

A highly secure platform, MEXC uses high-performance mega-transaction matching technology to support fast and efficient trades. The platform also stores more than $500 million worth of investor’s funds in cold storage. 

MEXC can be accessed on a desktop and through the mobile app via iOS and Android. It is important to note that MEXC is not available to trade in the US. Traders from. theUS can start trading with other popular crypto exchanges such as Binance or Coinbase.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How to Buy Bitcoin as a Beginner

Like the sound of MEXC and want to buy Bitcoin right now? Follow the steps outlined below:

  • Step 1: Register a MEXC account: Visit the MEXC website and create a new account by either connecting your MetaMask wallet or entering you email address/phone number.
  • Step 2: Upload some ID: To verify the account, upload a government-issued ID and proof of address. The documents will be verified near-instantly.
  • Step 3: Deposit funds: Next, click on the ‘Deposit’ button and choose a payment method. Type in the deposit amount and confirm.
  • Step 4: Search for Bitcoin: In the search box, type in ‘Bitcoin’ and click on the ‘BTC/USD’ spot trading option. This will display the order box to buy Bitcoin.
  • Step 5: Invest in Bitcoin: Enter an investment amount and confirm the transaction.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Are There Better Alternatives to BTC?

Bitcoin is the undisputed crypto investment, especially for those who consider it to be a store of value. However, investors and traders looking for potentially higher returns in a shorter period of time, may consider Bitcoin ETF Token or Bitcoin Minetrix.

1. Bitcoin ETF Token – New Token Presale With Over 10,000% Staking APY And Token Burn Mechanics

Bitcoin ETF Token is an ERC20 token presale designed to reward holders based on events surrounding the Bitcoin spot ETF approval by the SEC. On top of that, you can stake your tokens and earn generous APY of over 10,000% in the early presale stages.

Buy the $BTCETF token with an Ethereum-based crypto wallet like MetaMask. You need ETH, USDT or a card to complete the transaction.

Bitcoin ETF Token presale page

The Bitcoin ETF Token presale will have 10 stages, each selling 84 million tokens with a price that’s constantly increasing. The presale starts with a $0.0050 per token and goes up to $0.0068 for the final presale stage. This alone is an increase of 36%.

But even if you buy in the later stages, you can still take advantage of the generous staking APY. In the early presale stages, the APY stands at 10,000%. However, this will drop as more tokens are bought and staked, which makes it optimal to stake in the earliest stages to get the highest rewards.

Bitcoin ETF Token staking

The total supply of the $BTCETF tokens is 2.1 billion tokens. Of those, 840 million will be used in the presale and 525 million for the staking rewards. 210 million are dedicated for the liquidity pools while the remaining 525 million tokens will be removed from circulation when certain milestones around the Bitcoin ETF approval are reached, such as:

  • $BTCETF token reaches $100 million trading volume.
  • The first Bitcoin ETF is approved.
  • The first Bitcoin ETF is launched.
  • The total assets under management for all Bitcoin ETFs reaches $1 billion in value.
  • Bitcoin reaches a price of over $100,000.

Follow Bitcoin ETF Token on X and on the Bitcoin ETF Token Telegram channel to get notifications around the Bitcoin ETF and the project. Also, read the project’s Whitepaper to learn more

2. Bitcoin Minetrix – Crypto Presale with BTC Stake-To-Mine Features

Bitcoin Minetrix is a token presale that aims to simplify Bitcoin mining via staking and cloud mining features.

The presale has already raised over $3.5 million. Similar to other token presales, the token price keeps rising as time goes by, which makes jumping in such projects potentially most valuable if it’s done early.

Buy $BTCMTX tokens with an Ethereum-based wallet by using either ETH, USDT or a card.

Bitcoin Minetrix token presale page

This crypto project offers a new way to mine Bitcoin online by using cloud mining instead of expensive hardware. By staking $BTCMTX you earn mining credits, which you can use to mine Bitcoin on the Bitcoin Minetrix platform.

Whenever you want to exit the project, you can unstake your $BTCMTX tokens after meeting the minimum staking period and sell them on exchanges.

Bitcoin Minetrix stake-to-mine BTC

There will be a maximum supply of 4 billion tokens, 42.5% of which are dedicated for mining and 7.5% for staking. Early supporters may get a $30,000 minedrop on the platform.

Join the Bitcoin Minetrix Telegram channel or follow it on X (previously Twitter) to learn more and get project updates.

The Verdict  

After exploring the fundamentals of Bitcoin, the digital asset remains an attractive investment for many. That being said, investors will need to fork out tens of thousands of dollars to purchase a full Bitcoin.

A more affordable alternative is Bitcoin ETF Token, which is a speculative token presale revolving around the Bitcoin spot ETF approval by the SEC. Moreover, there’s a staking APY of 10,000% during the early presale stages.

References  

https://coinmarketcap.com/currencies/bitcoin/

https://www.investing.com/crypto/bitcoin/historical-data

https://www.dowjones.com/

https://www.marketwatch.com/investing/index/rut

https://www.google.com/finance/quote/0KZF:LON

https://www.bankofengland.co.uk/monetary-policy/quantitative-easing

https://remittanceprices.worldbank.org/

https://ycharts.com/indicators/bitcoin_average_transaction_fee

https://www.zillow.com/sellers-guide/average-time-to-sell-a-house/

https://www.chancellors.co.uk/resource-centre/useful-information-for-sellers/how-long-does-it-take-to-sell-a-house

https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart

https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/

https://coinmarketcap.com/currencies/ethereum/

https://coinmarketcap.com/currencies/dogecoin/

https://ycharts.com/indicators/sp_500_market_cap

https://www.gold.org/goldhub/research/market-primer/gold-market-primer-market-size-and-structure

https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/

https://www.worldbank.org/en/news/feature/2022/07/21/covid-19-boosted-the-adoption-of-digital-financial-services

https://www.barrons.com/articles/bitcoin-prices-crypto-markets-today-51669633171

https://www.binance.com/en/feed/post/474798

https://www.ig.com/en/investing-strategies/what-is-pound-cost-averaging–230324

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…