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- 1 Being one of the most valuable assets, Bitcoin attracts so many investors.
- 2 With the right platform and insightful knowledge, traders can make the most of it.
The thought of buying Bitcoin has crossed the minds of every investor at least once. That’s because it’s the most precious crypto and one of the most valuable instruments of investment. Many individuals who put their money into this crypto earlier have turned into millionaires. Currently, the value of this digital asset is $45,000.
Launched in 2009, Bitcoin has seen its share of ups and downs. It remains volatile and unpredictable in terms of investment. However, the asset has etched its place in the market for good. So it’s going to be a valuable investment for a long time. New investors must know the best means to buy this crypto.
eToro is one of the leading platforms that makes buying cryptocurrencies easy. With this platform, investors can finish the whole thing in just a few steps.
Steps For Buying Bitcoin on eToro
Following these steps, Bitcoin can be easily bought.
Step 1: First, users will have to download the eToro app and create an account on it.
Step 2: The next step would be to link the bank account with the eToro platform.
Step 3: After that, they will have to deposit funds into the eToro account.
Step 4: Next, they need to search for Bitcoin by typing it on the search bar at the top.
Step 5: Once bitcoin appears, they can select it and input the amount. The platform will convert it into BTC units.
Step 6: The next step involves choosing the type of order. On eToro, users get two choices when it comes to buying cryptos. They can either purchase it at the current price or they can wait for the price to go lower. In the case of the former, they can choose “market order”. If they want to buy it at their quoted price, they choose “limit order”.
Step 7: After categorizing and placing the order, they can review the details and confirm it.
Now, let’s find out the reasons to buy Bitcoin.
Reasons That Make Bitcoin A Prudent Investment
Below are the reasons that make BTC worth purchasing. However, investors must know that markets are volatile and risky. Even if there are multiple factors supporting the growth of BTC, it could disappoint traders unexpectedly.
Consistent Growth
Bitcoin’s value was nil when it was launched back in 2010. After some time, its value started to grow and it reached unfathomable levels too. That doesn’t mean that it never saw a downtrend. Bitcoin’s price went through a long-lasting decline many times. But whenever that was over, the asset rallied and its price touched new highs.
In fact, no other commodity or stock has shown such a remarkable price movement before. So, that gives Bitcoin an edge over many other assets.
Decentralized Asset
Bitcoin is a decentralized asset which means that no government or individual can control it. Additionally, it doesn’t get pegged against any other commodity or precious metal. It is created through a group of individuals who put in lots of computing resources and electricity in the process.
With that, it becomes self-dependent for its growth or failure. Moreover, it can be kept safely using a non-custodial wallet. Users just need to safeguard the private key to make the asset secure. Users can buy and sell it anonymously without any third-party intervention.
Fixed Supply
Bitcoin’s supply is fixed at 21 million. Once it reaches that threshold, miners won’t be able to create it anymore. Thus, if someone holds it, they can consider it a treasure because after reaching the limit, BTC will be treated like one.
Medium of Exchange
Bitcoin can be used as a medium of exchange as it has a real value. Although the number of companies accepting it is less, the scope is there. In the future, it’s only going to get more acceptable because governments are keen to adopt crypto. In the next few years, many countries will have regulations for the usage of digital assets.
Most probably, buying goods and services with crypto will get even easier.
Protection Against Inflation
While cryptos remain highly volatile, they offer protection against inflation. Bitcoin, in particular, does that because it doesn’t depend on any other factor for its price. A country’s fiat currency could struggle due to many factors, but BTC won’t.
After knowing these factors, Bitcoin may become even more attractive for investors. Remember, possibilities with Bitcoin are seemingly endless. Thus, it’s important to do a comprehensive analysis of it before investing. By making informed decisions, traders can make profits by buying/selling.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
