Cryptocurrencies have proven to be an investment that brings high returns when done properly. Despite the bearish market, interest in crypto is still growing. In their 2021 reports, crypto.com informed its readers that the number of cryptocurrency holders has grown to 295 mln, and further growth is forecasted.
According to Statista, the number of Bitcoin users has grown from slightly over 80 mln to 84.2 mln at the end of August 2022, and this is despite the bearish market and other unfavorable events that have happened in 2022.
Even though growth has slowed down, new investors still enter the market every day. However, this growth is accompanied by some strange and, at times, irritating questions.
Is It Too Late to Buy Bitcoin?
Well, the bad news is that you have already missed the chance to buy Bitcoin for 10, 100, or even 1,000 dollars. The cryptocurrency market is growing and it turned into a powerful deflationary ecosystem.
Bitcoin issuance is limited to 21 bln coins, and this is one of the reasons why we call this cryptocurrency “digital gold”. The most optimistic specialists forecast BTC growth from USD 100,000 or even up to 1,000,000. Such forecasts look odd at the moment, but if you remember, there were not many people who believed Bitcoin would ever reach the value of $68,000. So, what about having a look at the Bitcoin price chart to answer the question of whether it is too late to buy Bitcoin?
I am not advising on whether to invest in Bitcoin now or wait until it drops more (it may never do so). But one thing is for sure: digital assets are considered a hedge against inflation. That is why in the long term, their value will grow.
Please note that here, I am talking about projects that deliver real value, not the ones that are created with the aim to get some quick bucks.
How Can I Buy Bitcoin if I Don’t Have USD 19,000?
You are a newbie in the crypto world. You are reviewing projects as you look to make your first investment. Then, you see that the Bitcoin price is over USD 19,000. Of course, if you are just starting your way as an investor, this price is shocking.
Not to worry, crypto coins can be bought in pieces - that is, you can buy just a part of a coin. For example, in the case of Bitcoin, you can buy 1/10, 1/100, 1/1,000, or even 1/1,000,000 of the coin. The minimum share of Bitcoin is called Satoshi, an equivalent of 100 millionths of one BTC.
It makes investing in Bitcoin affordable even for beginners. Be ready, though, as some exchange platforms set the minimum amount for BTC purchases. In the case of Binance, this minimum is USD 10.
I’ve Purchased Cryptocurrency - What Can I Do With It?
So, you are a lucky owner of Bitcoin, Ether, or any other cryptocurrency. What can you do with it?
At this point, I will remind you once more that cryptocurrencies are developing into a comprehensive financial system. They can effectively compete with traditional currencies; we call them fiat money.
If you hold a cryptocurrency, you can do the following with it:
- Store your crypto in a wallet and wait until its price grows to the desired value.
- Stake your crypto. Lock it in a liquidity pool, lend it to other users, and earn passive income.
- Use crypto to buy goods and services. Many companies accept payments in BTC, ETH, BNB, and other coins.
In some places, cryptocurrency can be used as an alternative to fiat money. So, in New York, Los Angeles, San Francisco, and Toronto only there are over 100 businesses that accept crypto as a payment method. That’s why you can live there even if you have all your funds in crypto.
When Will I Become Rich with Cryptocurrency?
I believe you may have been attracted by YouTube communities, Instagram accounts, and Telegram channels that state that cryptocurrency is your way to financial freedom. There are also those that constantly remind you that if you had bought Bitcoin when it was USD 100, you’d have USD 500,000 in your account now. They are playing with your emotions, nothing more.
If you are going to enter the crypto market with the aim to get rich fast, you are going to fail.
Crypto assets are not a lottery or gambling. The crypto economy is evolving, for instance, El Salvador has already made Bitcoin a legal tender. Some African countries hope to become financially free from USD with the help of cryptocurrency.
Crypto investment requires deep research. If you do not clearly understand how crypto works, what its benefits compared to fiat are, and why they have potential, learn more about crypto. Start with the basic terms such as blockchain, nodes, miners, consensus, halving, smart contracts, and similar terms, and watch educational videos on YouTube.
Always remember that cryptocurrency is not about turning one dollar into one million. It is a disruptive technology that is going to change the world economy.
What Project Will Explode in 2023?
One more trick used by "marketologists" is that they love playing with different ratings such as “Top 10 coins to explode”, “Top 20 coins that will make you reach”, and so on. Such ratings do not have any solid foundation. It is very difficult, or rather almost impossible to forecast how any given coin is going to grow in price. Just think: if all ratings were correct, we all would be millionaires by now.
This is why before investing, you should always research the project on your own. Check the project’s road map. Learn about the coming upgrades. Learn about the team. And finally, make your own conclusions.
Closing Thoughts
Cryptocurrency is not just a new trend. Even though it was called a scam at the initial stages of its development, leading specialists now claim that crypto will become a serious competitor to fiat money. It is a good reason to learn about this asset in advance if you want to benefit from it in the future.