Learn the step-by-step process of how to buy bitcoin on the Bitnob app, so you can start your bitcoin journey.
Bitcoin has grown to be mainstream since Satoshi Nakamoto launched it in 2009. Since then it has been reported as the best-performing asset of the last decade with the returns being 10 times more than Nasdaq 100.
A lot of people start their bitcoin journey with the mind of either making profits from its volatility or for long-term investments through dollar cost averaging bitcoin and holding for long periods of time.
Whatever your motivation is to buy bitcoin, this article will show you how to buy bitcoin using the Bitnob app. As a bonus, I will add why dollar cost averaging your bitcoin is the best investment strategy for you.
How the Bitcoin Journey Starts: Funding your USD Wallet
On the Bitnob app, buying bitcoin starts with funding your USD wallet. The money you have in your USD wallet is what you will use to buy bitcoin on the Bitnob app. If you’ve not downloaded the Bitnob app yet, click here to download then do the following:
- Step 1: Tap on “Deposit”
- Step 2: Tap on “Fund with Local Currency”
- Step 3: Enter the amount you want to fund your wallet with, and tap on “Continue”.
- Step 4: Fill out the security questions
- Step 5: Make payment using the payment details provided. Once payment is made tap on “I have made this payment”
As you can see above, Bitnob prioritizes security and they want to make sure you’re able to securely fund your wallet so that you can safely buy bitcoin. So make sure you carefully read through the security questions and follow the instructions on the app.
How to Buy Bitcoin on the Bitnob App
Now that you have funded your USD wallet, here comes the fun part — buying bitcoin. Buying bitcoin on the Bitnob app is really easy. All you need to do is follow the steps below:
- Step 1: Tap on “Actions” on the home page and tap on “Buy Bitcoin”
- Step 2: Enter the amount you want to buy and tap “Continue”.
- Step 3: Input a transaction note to help you remember your transaction and tap "Next".
- Step 4: Review the transaction summary, then tap on “Complete Purchase”
Voila! You’ve successfully bought bitcoin.
Dollar Cost Average (DCA) Strategy — The best way to invest in bitcoin
You now know how to buy bitcoin from the Bitnob app. What’s next?
As I mentioned earlier, bitcoin has outperformed every asset you can invest in. To enjoy the long-term benefits of investing in bitcoin, you need to have an investment strategy in place.
There are different types of investment strategies, but the one that has stood the test of time is the dollar-cost average (DCA) strategy. DCA is an investment strategy where you invest a fixed dollar amount on a regular basis, regardless of the price of what you’re investing.
What this means is that, if you plan to invest $10 of bitcoin every month, you will invest that amount irrespective of the price of bitcoin. Whether the price of bitcoin goes down or increases, you will be investing $10 a month.
The beauty of this strategy is that you also get a chance to predict the returns you’d get for following this strategy. For example, Bitnob has DCA calculator that you can use to predict what your investment would have generated over a specific time frame.
Let me illustrate just how powerful the DCA strategy is. Let’s say you decided to invest $10 in bitcoin every month for 5 years starting from April 2018. By now your $620 bitcoin investment would have been $1,816.52 by April 16, 2023. Using Bitnob’s DCA calculator you can see that your investment made a 192.99% return using the DCA strategy.
Here are reasons why the dollar cost average strategy is the best way to invest in bitcoin:
- It’s beginner friendly. DCA is an easy way to invest consistently. You don’t require to learn how to do technical analysis or learn how to read charts. All you need to do is to determine how often you want to invest and how much you want to invest.
You can create a bitcoin savings plan on the Bitnob app. The Bitnob’s savings feature makes use of the DCA strategy to help you save automatically. All you need to do is ensure you always have money in your USD wallet on the app and Bitnob does the investing for you.
- You’re less emotionally attached when investing. When you don’t allow your emotions to affect your decision-making, it helps you to stick with the investment strategy.
- You avoid investing a single lump sum of money at a bad time in the market. Waiting for the “right time” to invest a large sum of money is risky because you can never know for certain if that’s the best time in the market to buy.
- You get to make a profit at different price points. By nature, the dollar cost average strategy requires that you invest consistently no matter what the price of bitcoin is. What this does is ensure you’re investing at different price points.
Time to buy some bitcoin!
Bitcoin is the best asset to buy and it doesn’t have to be difficult or complicated to get started. In this article, you learned the step-by-step process of how to buy bitcoin on the Bitnob app. We also shared with you the best investment strategy to get you started on your bitcoin journey.
Ready to put into practice what you learned? Click here to buy bitcoin.