Why You Should Set Up Your $1 A Day Bitcoin Savings Plan This Year (Part 2)

The $1 Investor is a weekly Bitnob series that delves into practical tips and habits for anyone with a desire to make smart bitcoin investments.

Remember how in Part 1 of Why You Should Set Up Your $1 A Day Bitcoin Savings Plan This Year, we told you about how saving in bitcoin is a little similar to saving in your local bank?

In this article, we will walk you step-by-step through the process of creating a bitcoin savings plan that will help you save $1 in bitcoin every day. 

Setting up your $1 a day bitcoin savings plan is made up of 3 main phases:

• Registering on Bitnob,
• Funding your wallet, and 
• Creating your savings plan

You might want to save more or maybe even save weekly or monthly instead of daily. And that’s okay. The steps we share in this article will help you customize how you want to start saving in bitcoin. 

What’s important is that you’re ready to take the step to start saving in bitcoin consistently.

Register on Bitnob

Now that you know why you should consider saving in bitcoin if you want to set up a plan to save $1 in bitcoin every day, then you need a place to do that. 

Bitnob is ideal for this.

• It's easy to set up,
• It allows you to create a bitcoin, savings plan, and
• It buys bitcoin automatically for you. 

So…

Step #1: Download the Bitnob app from your app store. 

Download the Bitnob app here. 

Step #2: Fill in your details.

In the sign-up form fill in your first name, last name, and email. If someone referred you to the Bitnob app, you can include their referral code. Once you've done, click 'Next'.

Step #3: Set your password 

The next step is to secure your account with a password. Create your password and then confirm your password. Once you're done, click on 'Sign Up. 

Voila! You have an account with Bitnob. 

Make sure you click the confirmation email that was sent to your inbox and your account is fully set up and ready to go!

Fund Your Wallet

Now that you’ve created your Bitnob account, the next thing you need to do is to fund your wallet. Funding your wallet is an important step because this is where you'll be funding your bitcoin plan. 

On Bitnob you're given two wallets

• A USD wallet, and
• A bitcoin wallet

For the purpose of creating your bitcoin savings plan, let's walk you through funding your USD wallet. 

Step #4: Click on "Deposit"

When you click on the deposit button in the quick links section of the homepage, you're immediately taken to a page with 3 options: 

• Fund with Local Currency
• USDT
• USDC

If you're funding your USD wallet on Bitnob from Nigeria, Kenya, and Ghana using your local currency, click Fund with Local Currency. That will take you to a page where you can input how much your want to fund your USD wallet with. You're then given the details of one of Bitnob's designated partners to send your currency equivalent. 

This type of funding method is called a P2P transaction or the Peer-to-Peer transaction. What this means is that you're funding your wallet with the help of another person like yourself. 

Once you've confirmed payment, your USD wallet is immediately credited. To see your USD wallet, all you is to go to the homepage of the Bitnob app.

Create A Plan

Now that you've funded your USD wallet the next stage is to create your bitcoin savings plan. 

This is how you can stay consistent when saving in bitcoin. Creating a plan enables you to make sure that you’re always saving in bitcoin without missing the next saving date. Because let’s be honest, if you’re left to remember to manually save, you’d either forget or give up on saving together. 

With a savings plan, the saving is done automatically and in accordance with how much you want to be saved and the frequency you want to save. 

For example, with a savings plan set up to save $1 bitcoin every day for the next 12 months, you’ll be able to save $1 daily without missing the next saving date. You can also create a plan to save $10 weekly or $50 monthly. This is how the Dollar Cost Average (DCA) investment strategy works. 

So long as you have enough dollars in your USD wallet, your plan will be automatically funded. This means you need to make sure that you always keep your USD wallet funded. 

Step #5: Click on "Savings"

When you click on savings in the quick links section of the homepage, the next thing you need to do is to click on Bitcoin Savings, since you’ll be saving in bitcoin. 

The next thing you’ll be asked to do is to give your savings plan a name. On Bitnob you can create multiple savings plans for a variety of different purposes. By giving a name to your bitcoin savings plan, you’re giving it an identity to differentiate itself from the other plans you might want to create in the future. For example, you can keep the rent plan different from the birthday plan by simply giving them different names. 

Step #6: Set the amount and the frequency for your plan

Once you’ve given your plan a name, the next step is to set how much you’d want your plan to be funded with. To create a plan that saves $1 a day, you need to set the amount to $1 and the frequency to every day. Bitnob allows you to save weekly or monthly too. 

After you have set the amount you’d want your plan to be funded with and the frequency you can then set the duration of the savings plan. On Bitnob you’re given 3 durations periods:

• 3 months,
• 6 months, and 
• 12 months. 

So, if you want to challenge yourself to save $1 every day for one year, all you need to do is to select the 12 months option. After 12 months your bitcoin savings plan will be mature and you can either withdraw from your plan or continue saving more for another round. 

And there you have it! A savings plan that will automatically be funded with $1 every day for 12 months.

Are you ready for a challenge?

Now that you know how to create an account with Bitnob, fund your wallet, and create your bitcoin savings plan, why not create your own bitcoin savings plan?

We’d like to invite you to challenge yourself to save in bitcoin every day for the next 12 months. You can start with as low as $1 every day. 

Will you take up this challenge?