Almost everyone has heard of Bitcoin. Whether you’re involved in the crypto community or not, you’ll likely have heard of the game changing tech that Satoshi Nakamoto first developed back in 2008. Since then, Bitcoin has gone on to launch a multi-billion dollar industry, and has stayed at the forefront of the crypto market for the last ten years. With the first Bitcoin halving in four years on its way, more and more people are going to be scrambling to get into the market, with BTC as their preferred entry point. So, here’s Crypto 101: Entry into the crypto world.
It’s pretty likely that new users will use Bitcoin as their preferred entry point into the market. It’s the most popular cryptocurrency, and the most trusted in the mainstream. This is certainly not a bad idea – Bitcoin has maintained the largest market cap over the last 10 years, and is generally the coin of choice in the mainstream.
At the time of writing, just one BTC will set you back $8,529.08. As humans we tend to drift towards wanting to own a “whole” of something. An entire unit. The smallest amount you can possibly purchase is 0.00000001 BTC, also known as 1 Satoshi. However, most exchanges will have a cap on how little you can buy – usually set at around $2.
This is a problem for a lot of new users – they want to get in on Bitcoin, but they don’t want to buy anything less than 1 BTC. Unless you have a substantial amount of cash to flash, you’re in a bit of a pickle.
Oh, and then the discovery of altcoins. Major players like Ethereum, Litecoin, and Ripple are probably worth a shot, but so many new users fall into the shitcoin trap. Shitcoins are altcoins with little to no backing behind them. They’re fly by night, and will generally end up going down the toilet (hence the fitting name). Buying even the smallest amount of Bitcoin will see you do far better than buying shitcoins. Particularly if you’re strapped for cash, investing in shitcoins will certainly see you losing money on your investment rather than making money.
Of course, there likely are exceptions, but until you’ve got a handle on how the market works it’s probably best to stick to the OG.
The Bitcoin shuffle
December 2017 saw Bitcoin reach its ATH – $20,089. Thousands of budding Bitcoin users scrambled to get in on the market, believing it to be the next get-rich-quick scheme. They were subsequently intensely disappointed. Two years on, and Bitcoin hasn’t even reached near that peak. Those who bought in at the top have seen zero ROI, and have been left with a bad taste in their mouth. Buying strategically is vital, and now is probably the time to get in while you still have the chance.
According to various analysts, the next Bitcoin halving (an event where the reward that miners get for validating transactions and building blocks is halved) is going to herald a major bull run. With the halving scheduled for May 2020, you’re in the perfect place to finally get in on Bitcoin. It’s 2020 for crying out loud! If you’re not going to do it now, when will you? Bitcoin has been a game-changer, and it’s not going to slow down.
It’s time to get in
Crypto 101: entry into the crypto world, was intended to give you some insight into why you should be buying more Bitcoin, and less shitcoins. As humans, we naturally have an impulse to want to “own” something in its entirety. Unfortunately, that’s not realistic for a lot of people when it comes to BTC. What you can do is Hodl (hold on for dear life) and start accumulating Bitcoin over time. Anything’s better than losing money on a shitcoin – that’s for sure.