Explore the world of Bitcoin and learn how to save effectively as a beginner. This guide covers tips like choosing a wallet, account and saving long-term.
Recently, saving in Bitcoin no longer requires some form of gymnastics as it did before. The knowledge of Bitcoin has become accessible to everyone. Although Bitcoin has captured the world's attention with its potential for financial growth and innovation, as a beginner, the idea of saving in Bitcoin can be very daunting and exciting at the same time so here’s a guide to help you.
In this guide, you’ll learn how to start saving in Bitcoin as a beginner providing a clear and concise roadmap to help you embark on your Bitcoin savings journey. Let’s discuss
A Guide to Saving in Bitcoin as a Beginner
Bitcoin is a decentralized digital currency that has gained significant popularity in recent years. So as a beginner in Bitcoin and also interested in saving, here's a step-by-step guide to get you started:
Choose the Right Bitcoin Wallet
The first thing to do when starting as a beginner in bitcoin savings is choosing the right bitcoin wallet. The Bitcoin wallet is a tool that allows individuals to store and manage assets securely. Think of it like a digital wallet for your phone, but instead of cash, it holds Bitcoin. You can't hold Bitcoin in your hand like a coin. It exists on a special digital network. The wallet doesn't store your Bitcoin, but rather secret keys that act like passwords. These keys are like passwords to a special online record (called the blockchain) where your Bitcoin is stored.
They’re known by several names—hot wallet, hardware wallet, software wallet—but come in two main types: cold wallet and hot wallet.
- Cold Wallet: A physical, hardware-based digital wallet for storing cryptocurrency that isn’t connected to the internet. They come with multiple layers of security that make them highly secure and almost impossible to hack.
- Hot Wallet: This digital-based wallet is connected to the internet and usually comes in the form of an App.
This is where the Bitnob App comes in - The Bitnob App was designed for your ease of use and security.
Create an Account
The next step to saving in Bitcoin as a beginner after choosing the right Bitcoin wallet is creating an account. Create an account on your chosen Bitcoin wallet platform and provide the necessary personal information needed. Do your KYC verification and ensure your account is verified to make it extremely secure.
Fund Your Account
On the Bitnob App, starting your Bitcoin savings starts with funding your USD account. The money you have in your USD wallet is what you will use to buy Bitcoin on the Bitnob app.
So, to fund your account on Bitnob, here’s all you need to do:
- 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 question
- Step 5: Make payment using the payment details provided. Once payment is made tap on “I have made this payment”
See, It’s that easy! If you completed the steps, then your account has been funded.
Consider Dollar-Cost Averaging (DCA)
Dollar Cost Averaging popularly called (DCA) is an investment strategy that proposes periodic and timely acquisitions of a given amount of Bitcoin. In simple terms, this means buying $10 worth of BTC on either a daily, weekly, or monthly basis, irrespective of the current market price.
Saving using the DCA strategy encourages discipline and consistent investing, which can be beneficial in the long run. As a beginner, it’s important to know that Bitcoin is volatile and the best way to stay on top of it is by investing a fixed amount at regular intervals. With this, you're buying more shares when the price is low and fewer shares when the price is high.
How to Start Saving on the Bitnob App Using DCA
Once your Bitnob account has been successfully created and funded, you can begin your Bitcoin DCA journey by following the easy steps listed below;
- Tap on “more” in the quick links section and then tap on “Savings”
- Tap on “Create Savings Plan” and Select “Bitcoin Savings”. Then, give your plan a name.
- Select an amount that you’ll be saving. You can start with as little as $1.
- Set your savings frequency. You can choose to save every day, once a week, or once a month.
- Set a lock period for your savings. It could be 3 months, 6 months, or a year.
- Pick a start date for your savings. Then select a funding source, which is your USD wallet. Then, select Start Plan, and you're all set!
Final Conclusion
Being a beginner in the Bitcoin space also means staying updated on the latest news, trends, developments, and many more, and using the Bitnob platform will bring this necessary information to you easily. Also, your funds are highly protected and safe on the Bitnob App. Download the Bitnob app and activate your account to get started.