How to Invest in Bitcoin: A Simple 5-Step Guide 2024

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You’ve heard about Bitcoin for so long.

And now, it’s finally time: you’re willing to learn how to invest in Bitcoin in 2024. 

You want to get started as soon as possible, and with minimal efforts. 

I get it. I’ve been there.

Don’t worry; In this article, I will explain how to get started with Bitcoin in just five simple steps and how to invest with bitcoin.

I will cover:

  • The best sites to buy Bitcoin   
  • How to use the best one to actually buy Bitcoin
  • How to secure your investment
  • The perfect Bitcoin investor setup
  • How you can enjoy more opportunities than just investing in Bitcoin.

And many more.

Let’s get started!

Disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries. No consumer protection. Tax on profits may apply. Investments are subject to market risk, including the loss of principal. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

If you’re a total beginner, I suggest you first read: What Is Bitcoin

#0. 4 Bitcoin Truths You Must Know

Before I show you how to invest in Bitcoin, you need to be aware of a few risks.

If you don’t need them, you can skip directly to step #1.

Bitcoin investing can be extremely profitable but also extremely risky. 

Here’s why.

A) Bitcoin is not a mature asset class -- yet

Did you know that the stock market as we know it almost never happened?

Stocks have been around for ages. You might even have a retirement savings account (401k) made of stocks. 

But since stocks were invented in the 17th century, they’ve gone through so many bubbles and crashes that they were almost banned by England and other countries. 

Bitcoin is part of what might be an emerging asset class: cryptocurrencies. 

The asset class is only ten years old and, therefore, very immature. It’s already seen some big bubbles and it could see many more.

Source: Reddit

Don’t invest more than you can afford to lose.

B) Bitcoin is very volatile

Bitcoin has often been compared to the Tulip Bubble in the 1600’s and the dotcom bubble in the late 1990’s. 

This is because Bitcoin is very volatile. Much more so than traditional assets like gold, bonds, and commodities. 

Bitcoin has historically risen by 200% to 2,500% but it’s also fallen by 40% to 87%

Such major price swings play on your emotions and you might be tempted to sell/buy on an impulse and that is not how to invest in bitcoin.

It doesn’t mean you should never buy or sell. You should make the decision rationally.

Never buy/sell on an impulse. 

C) The Bitcoin world is full of scams

Bitcoin is a new phenomenon. 

There’s plenty of unscrupulous scammers trying to con uninformed people out of their hard-earned money.

Here are a few of the most frequent scams to watch out for when you invest in bitcoin:

Fake websites

For example, a company called BitKRX presented itself as the real Korean Exchange (KRX), and scammed people out of money.

Fake airdrops 

Airdrops are real. You can sign up using your crypto address and receive bonus coins. But some airdrops are fake. Scammers will use a brand identity and legitimacy to steal your funds. It’s actually pretty elaborate. 

We deal with such scams every day on our Facebook page

Ponzi Schemes 

A Ponzi scheme will offer to invest money in something credible (say Bitcoin, p2p lending, mining ...) and promise unrealistic returns. They will pay profits to early investors with funds from more recent investors until they exit scam.

Such returns should always raise a flag.

Bitcoin is not a win-win situation. It has risks. 

The amazing returns are only for those who learn how to invest in Bitcoin properly.

Get educated on Bitcoin and investment.

D) You can make costly mistakes

Every investment class holds the potential for you to make costly mistakes when investing in bitcoin.

Buying real estate exposes you to costly repairs, buying the wrong stocks could result in loss, and Bitcoin is no exception.

If you don’t know how to invest in bitcoin properly, you become prone to making simple but costly mistakes.

Sending crypto to the wrong address. 

A Bitcoin address looks like this: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2. 

Confusing, right? 

Always, always, triple check the address you’re sending to.

Pump and dump. 

Never trust people who offer incredible returns with “little or no risk.” 

Sometimes, they try to prove a coin is legitimate by pumping its price. 

When the price is high, it will attract other speculators. 

Then the original group who pumped the coin will dump all their coins at that high price.

You should avoid investing in pump and dump schemes by doing proper research.


Malware is software designed to do bad things. 

Some malware can lock up your system and demand payments in Bitcoin to unlock your computer. 

Some malware might even steal your crypto if you have it stored on your computer.

You can avoid making this costly mistake by:    

  • Carefully monitoring the sites you visit and downloads you perform.     
  • Having an up to date antivirus software installed. 

#1 lesson when learning how to invest in Bitcoin: Keep learning!

Stay updated on the latest bitcoin news, lessons, and work on your bitcoin investment strategy on a regular basis.

Despite these truths

I believe investing in Bitcoin is worth it. 

Despite all these truths, Bitcoin may be the opportunity of a lifetime. 

Otherwise, why would I create this awesome guide? 

Read more: 7 reasons why Bitcoin is a good investment.

#1. The 3 Best Sites to Invest in Bitcoin

Let’s start with the concrete stuff.

I’ll cover the 3 best sites to buy Bitcoin, their pros and cons, and how they compare.

After all, the best site to buy Bitcoin is different for each person. 

Different countries in the world have different laws, fees, and bonuses. 

And the 3 best sites are, in my opinion, Coinbase, eToro, and Kraken.

Disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries. No consumer protection. Tax on profits may apply. Investments are subject to market risk, including the loss of principal. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

A) Coinbase

Coinbase is one of the best places to buy and invest in Bitcoin around the world. 

They were founded in 2012 and have a long list of accomplishments over the years.

They also help you learn how to invest in Bitcoin and other cryptocurrencies through their educational platform Coinbase Earn, which lets you earn cryptocurrencies in exchange for watching 1-2 minute videos.



  • Coinbase is insured. This brings incredible peace of mind.  
  • Coinbase is legal and regulated in every country it operates from.    
  • Easy to use interface. The site and mobile app are quick to understand and use.   
  • Coinbase supports over 20 cryptocurrencies and is growing!


  • You can use Coinbase at its full potential only if you’re a US, UK, or EU resident.    
  • The fees are standard. You may find cheaper options.


Coinbase is available in the U.S., U.K., Canada, Australia and almost every major country in the world except for China and Russia. 


B) eToro

eToro is a recognizable name.  

Disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries. No consumer protection. Tax on profits may apply. Investments are subject to market risk, including the loss of principal. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Did you know you can also use it to buy, sell, and trade Bitcoin?



  • eToro is licensed and regulated by every government it operates under.    
  • eToro fees are low and all deposits are free.     
  • Social trading. You can automatically copy the trading strategies of the best traders. 


  • Only 17 cryptocurrencies available.   
  • Fees are higher for altcoin trading. 


You can’t use eToro if you’re from Canada, Israel, Japan, and Turkey.

But if you’re from the U.S., U.K., or the E.U., then you can sign up and begin trading in minutes.

Disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries. No consumer protection. Tax on profits may apply. Investments are subject to market risk, including the loss of principal. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

C) Kraken

Kraken launched in September 2013 after two years of testing and development. 

Since then, they’ve grown into a world-class Bitcoin exchange offering high security and plenty of cryptocurrencies.



  • 24/7 customer service that is reliable
  • More than 30 cryptocurrencies and growing!    
  • High security.   
  • A pro trading platform for those with more experience.


  • Lengthy KYC process


Kraken is not available for residents of Washington and New York in the U.S. -- through every other state in the U.S. does allow Kraken trading.

Likewise, if you’re from Japan then you can’t use Kraken either. But if you’re from the U.K. or anywhere else in the E.U., you’re good to go!

Now, let’s get back to learning how to invest in Bitcoin through a simple tutorial.

I’ll explain practically how to invest in Bitcoin in minutes -- using Coinbase.

Want more sites to buy Bitcoin and more in-depth information on the topic? Check out our ultimate guide on the Best Ways to Buy Bitcoin.

#2. Tutorial: How to Invest in Bitcoin, Quickly

The process of investing in Bitcoin is similar, whichever website you decide to pick.  

To show you how to invest in Bitcoin with an actual tutorial, I chose Coinbase

Coinbase is available pretty much worldwide. It’s globally renowned as the go-to solution for beginners to purchase their first Bitcoin and offers a solid insurance policy. 

Which makes it perfect for this tutorial.

Step 1: Signup & bonus


Smooth signup on Coinbase
  • First, visit Coinbase. Use our special link to open an account. This link will allow you to earn an additional $10 if you deposit a minimum of $/€/£100 on the platform.    
  • Fill in the fields at the bottom. Choose a secure password, confirm that all of your details are correct, and click on “Create an Account.”    
  • Go to your mailbox, and click on the link for validation to confirm your email address.    
  • Enter your phone number, and enter the SMS code you received to complete validation.    
  • On the next page, enter your personal information. 

Important note: 

The country of residence you enter will be crucial for two reasons:    

  • The deposit and withdrawal methods you will gain access to in the future will depend on the country of residence you entered.    
  • In future steps, you will be required to provide two documents of photo ID to access all of Coinbase’s functionalities. These two IDs need to be issued by the country of residence you have chosen.

Step 2: Prove your identity

Coinbase is a regulated financial service company that is required to identify its users. 

To do this, they need to collect some of your personal information.


Verifying your identity is easy
  • Log in to your Coinbase account, click on “Dashboard” and then on “Verify your identity.”  
  • Provide one of the following three documents: a driver’s license, a passport, or an ID card. You can even try with a student card (we tried, and it worked). Choose one of them and you are good to go. Make sure all corners of your ID are visible in the picture.    
  • Your webcam will ask for permission to activate because they want to capture a selfie of you to make sure you match your ID card.    
  • Identity verification is quick with Coinbase. You should be notified within two to ten minutes upon submission.

Useful links:    

  • Go to this page to submit your ID.    
  • Experiencing problems with getting your ID verified? Check this page.

Step 3: Add a payment method

The last thing you need prior to investing in your first Bitcoin is to add a payment method.

There are multiple deposit methods, and each has its pros and cons. 

Basically, bank and wire transfers are cheap and slow while card payments are nearly instant but expensive, generally ~4%.

In order to avoid waiting for days to take action, I strongly advise you to make your first purchase using your debit/credit card. 

Plus, purchasing a minimum of $100 will release your $10 bonus, which will cover more than the fee associated with your purchase. 

Given that you used the signup link we provided.

Here are the steps to add your card:


Adding a payment method
  • Log in to Coinbase, go to your dashboard and select “Add a payment method.”    
  • Select “Credit/Debit Card.”    
  • Enter your information as requested and click on “Add Card.”

And now, it’s time for some excitement: I’ll show you how to invest in Bitcoin for the first time.

Note: the video shows the process in a different way than described.

Step 4: Buy Bitcoin

Now that you have completed the previous steps, buying your first piece of Bitcoin will be easy.

Same process for buying Ethereum and Bitcoin
  • Go to “Buy/Sell” at the top of the page.  
  • Choose Bitcoin as the asset you want to purchase.   
  • Select your card as the payment option.    
  • Choose the amount of fiat you want to convert. Make sure to buy more than $/€/£100 to get your $10 bonus.    
  • Click on “Buy Bitcoin instantly.”

You should be all set and see your purchase in your balance.


#3. Move Your Crypto to a Wallet YOU Control

Now comes one of the most important lessons as you continue learning how to invest in bitcoin: 

Moving the Bitcoin you just purchased into a wallet you control.

After all, there’s a strong saying in the bitcoin community: “Not your keys, not your Bitcoin.”

Not your keys, not your Bitcoin: myth or reality?

This phrase is simple: if you don’t control the private key to your Bitcoin wallet, then it’s not your coins.

The reason this phrase is so strong among the crypto community is because of events like Mt. Gox.

Mt. Gox was the biggest cryptocurrency exchange from the very start. But in 2014, it folded and declared bankruptcy and almost no one got their Bitcoin back.

A more recent example happened in 2018 with a Canadian exchange called Quadriga. The founder traveled to India and, unfortunately, passed away.

$190 million worth of bitcoin and crypto was lost because apparently, the founder did not share the private keys of the wallets to anyone. 

Times have changed.

These days, if you use an exchange like Coinbase, your cash is pooled in accounts with U.S. banks that may use the FDIC, and consequently its pass-through insurance may apply.

Source: Coinbase

Coinbase also has other very high security measures such as:    

  • Multisig wallets. They keep your Bitcoin in wallets that need signatures from multiple highly trusted people to open.    
  • Cold wallets. Coinbase stores Bitcoin offline to prevent hacks.   
  • KYC verification. Coinbase requires you to verify yourself. This way if you lose your password or 2FA, you can go through a verification process to regain access.

Considering the insurance and security of the top cryptocurrency exchanges, I recommend you move your Bitcoin to your own wallet ONLY if you are happy to take more responsibility.

And if you are comfortable with the technology to make the move safely. 

These days, keeping some of your money on a secure, insured exchange is no big deal. 

Plus, if the price reaches a point where you want to sell your bitcoin, then it’ll be easier for you to do so. 

The best wallets to store your crypto

Now, if you still want to store all or part of your bitcoin on a wallet you control, the next step is to choose a Bitcoin wallet before you invest in Bitcoin.

Here are some of the best bitcoin wallets to consider. (free)

They provide one of the most secure digital wallets for Android and iOS.



  • Easy to set up   
  • Highly secure    
  • QR code scanner to send and receive crypto quickly and easily


  • Your funds are accessible online. This makes it easier for hackers to steal them.

Ledger (paid)

This is one of the best hardware wallets on the market today. 

It fits in the palm of your hand and keeps over 70+ cryptocurrencies.



  • The best security    
  • You crypto is stored completely offline    
  • Better than Trezor wallets (its main competitor, which have been hacked)


  • Not nearly as convenient as a digital wallet or exchange.    
  • Paid; Between 60$ and 120$ depending on the model you choose.


Transferring your crypto to your wallet

Now that you’ve chosen your wallet, it’s time to transfer your crypto for the first time.

The process is similar, whatever the destination of the transfer.

It goes like this: 

  1. Generate an address (or copy an existing one) on the destination wallet and copy it.
  2. Initiate the transfer from the exchange (section “withdrawal”).
  3. Paste the destination address and set the amount for the transfer.
  4. Double check the information for the transfer. You wouldn’t be able to recover your funds if you sent them to the wrong address.
  5. Click “send”. 

To make sure I send funds to the right recipient, I always copy and paste the destination address. 

Then, before finalizing the transfer, I double-check that the first 2 characters and the last 3 characters are correct.

While we haven’t created a tutorial to show how to actually transfer Bitcoin yet, check out our article on how to send Bitcoin from Coinbase

It shows the different steps I have mentioned above.

#4. Learn These Security Tips

You’re not done learning how to invest in bitcoin just yet.

The crypto space is still quite dangerous. 

After all, it’s a new financial technology. Those who developed it are still improving it. So is it too late to invest in Bitcoin? No, it's not! 

Part of that improvement is learning from their mistakes and patching the hacks caused by those mistakes.

Here at Cryptomaniaks, we really care about your safety. After all, this is your hard earned money; and we’ve fallen victim to hacks, scams, and mistakes before.

So learn from our experience!

A) Never share your private keys

This may sound like a no-brainer; who would share their private key?

Well, a private key and public key can look awfully similar.

However, private and public keys have different uses. 

Your public key is similar to your bank’s account number. You need to give it to people so that they can send money to you.

Your private key is like your login password. Only you should know it so that only you can access your account and withdraw funds.

If you make the mistake of copy/pasting your private key when you should have shown your public key...then you will expose your whole wallet.

B) Enable 2FA

2FA stands for 2-factor authentication. 

It basically means that you have two independent methods of verifying your ability to access your account or wallet. 

The first method is your password. The second method is a 2FA app like Authy or Google Authenticator.

These generate a new special code of 6 numbers every 10 seconds.

You input the six numbers along with your password to unlock your account.

This is extremely important, as it makes your account much more difficult to hack.

C) Watch out for Ponzi schemes

If you fall for a Ponzi scheme, then you haven’t mastered how to invest in Bitcoin properly. 

The russian saying “don’t trust, verify” is important; there are too many scammers out there, especially with a new asset class like Bitcoin. 

If someone approaches you with an investment scheme, please verify everything they claim.

Verify who they are, who runs the company, when and how they pay.

Three clear indicators of a Ponzi scheme are:

  1. Incredible returns on your investment that seem unreasonable   
  2. No risk. This is always a big red flag. There are always risks with everything.
  3. A compensation scheme if you share it with your friends and family.     

D) Use secure connections

If you don’t use a secure connection when you’re buying, selling, or transferring your Bitcoin, you may lose it.

Take, for example, the “man-in-the-middle” attack.

In Bitcoin, a man-in-the-middle attack (MITM) is an attack where the attacker secretly eavesdrops on the information you are sending or receiving.


Source: iluli by Mike Channel

An attack like that could take your private keys and passwords.

Verify that your connections are secure. Always.

E) Use a separate email address for crypto

Your exchange accounts, like your Coinbase account, are tied to the email address you use. 

It’s how you receive newsletters and verifications. 

If you lose access to your account, your email is also the first thing you’ll need to regain access.

But if a hacker hijacks your email, then they could get into your account too.

Using a separate email address for your Bitcoin accounts will make it harder for hackers to find your important email account.

F) Use strong passwords

Did you know that over half a billion private passwords have been exposed via data breaches? 

All those passwords are now stored in databases that hackers can use.

You can even check if your password is part of them by going here.

Most of these passwords are made from people who use their birthdate, favorite pet, or other pieces of data that could be guessed from social media and when you invest in Bitcoin you should avoid those practices.


That’s why the best idea is not to come up with your own password.

Instead, use a strong password generator and manager, like Lastpass. 

G) Backup your keys, 2fa, etc.

There are three secrets to recovering your information in case you lose it or get hacked.

  1. Backups  
  2. Backups
  3. Backups

No, I didn’t stutter. 

Imagine putting all your gold in a safe, writing down the combination to the lock, but then forgetting your combination AND losing the paper you wrote it down on.

Well, losing access to your Bitcoins is much worse than that. 

Because at least, a locksmith might be able to help you unlock your safe. 

If you forget your private keys and lose your backup to your keys … 

No locksmith on earth will be able to help you break into your Bitcoin wallet. Nobody can. 

Backing up your keys, your 2FA codes, anything and everything you use to access your accounts is of paramount importance.

Back them up in 2 or 3 places and keep them safe.

One in a fireproof location. One in an offsite location. One somewhere else secure.

Reread Those Security Tips

At the end of the day, you are responsible for your hard-earned money.

Do yourself a favor and reread those security tips. 

Your future self (who loses the info or thinks twice before buying into a scheme) will thank you because you did this before investing in Bitcoin.

Read more: Bitcoin investment strategy: the 50 mistakes investors make.

#5. Use the Right Tools to Keep Track

Learning how to invest in Bitcoin also means learning how to use the right tools. 

  • Investing in stocks requires tools to track them. 
  • Investing in gold requires tools to store it properly. 
  • Investing in real estate might even require physical tools (home improvement!)

Here are the most important tools to put in your belt for investing in Bitcoin.

A) Coinmarketcap

Source:  Coinmarketcap

Everyone who begins figuring out how to invest in Bitcoin will eventually stumble upon this site.

Because Coinmarketcap is the most accurate and comprehensive database of cryptocurrency prices, all while being easy to use. 

It’s the perfect way to figure out the numbers of the crypto space.

If you want to know the current price of Bitcoin or any other cryptocurrency -- you go to Coinmarketcap. 

If you want to know the circulating supply of any cryptocurrency or on which site it’s sold -- you go to Coinmarketcap. 

It’s a handy tool and well worth your time to get to know.

Read our full Coinmarketcap tutorial for more guidance and tips on how to use Coinmarketcap. 


B) CoinStats -- Keep track of your portfolio


CoinStats supports more than 400 crypto platforms, including Binance and Coinbase.

It is an all-in-one platform for managing your crypto and DeFi assets.

The company cares about security by using military-grade encryption.

CoinStats tracks and manages more than 500 million transactions.

By using the platform, you can track, analyze and get insights into Bitcoin and more than 8000 coins.

The company also manages more than $100b in portfolios.

You can manage DeFi and crypto from the same place.

You can receive up to 20% APY (Annual Percentage Yield) on your crypto assets.

Setting up your account is possible in a few steps, and you can start managing crypto, DeFi, and NFTs instantly.

C) CoinTracking -- Your crypto tax report, easy.

Source: Cointracking

If you’re in the U.S. or in most developed countries these days, then you’re required to report any money you make from cryptocurrencies.

In fact, for the 2019 tax year, every U.S. citizen who files must consider answering the question: “Have you purchased, sold, or held any cryptocurrencies in 2019?”

It’s best to be truthful because the IRS has signed contracts with nine different agencies that specialize in cryptocurrency forensics to figure out who is using cryptocurrencies and if they are reporting them or not.

If you plan on investing in Bitcoin, then you should use a tool like CoinTracking.

CoinTracking will save you from a lot of headaches and misery calculating profits and losses. 

All you have to do is plug the numbers into the software. 

D) Blockchain Explorers

It’s important to keep track of your cryptocurrency transactions. 

Let’s say you sent a payment from one wallet to another. 

The transaction might take 10 minutes, or it may take 2 hours. Sometimes more.

You can watch its progress by using an explorer, like

If, for example, your Ethereum transaction is taking too long, you can check to see if the transaction didn’t use enough gas.


Blockchain explorers can also be useful to find out all your transactions when filing your tax return. 

To find your transaction history, put your public address into the explorer.

It will then show you the date, time, and amount of all the deposits and withdrawals from that address.

The right tools = The right trades

There are plenty of more tools that can be put in your belt. 

So make sure you check out our checklist of all the best crypto tools

You won’t need to use all of them, but some might be exactly what you’re looking for. 

Like using a flathead screwdriver to assemble a bookshelf.

[Bonus] How Much Should You Invest in Bitcoin?

“If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent [of your savings] and put it in Bitcoin or Ethereum.”

That quote comes directly from Mark Cuban, legendary billionaire investor and one of the stars of hit business show Shark Tank.

But he goes on to add a warning:  “But, if you do that, you’ve got to pretend you’ve already lost your money.”

Mark Cuban makes an excellent point. Bitcoin is a new and risky asset class.

You might lose your hard-earned money because the price plummets, or you get scammed, or you make a mistake and get hacked.

It’s important to therefore invest and amount that: 

  • Has the potential to make you enough money.
  • Won’t make you depressed or suicidal if you lose it.

If you invest $5 (the minimum deposit in some exchanges), then you won’t be depressed if you lose it, but you also won’t gain much if it goes up.

If you invest too much and the smallest price swing down makes you panic and sell it all at a loss (and then it goes up), then it’s not okay either to invest in Bitcoin with this mindset too.

Take some time to read our guide on how much to invest in Bitcoin

[Bonus] Choose Your Timing

Investing in bitcoin depends heavily on three things: timing, timing, and timing.

I repeat myself because I need to emphasize the point.

If you learn how to invest in Bitcoin at the top of a bull cycle, then you might be so excited by the shiny new technology that you buy right in. 

The correct thing to have done would be to learn first. Soak up everything you can about Bitcoin. Then use that knowledge to ask yourself: 

“Is this the right time to buy?”

But be warned: timing is tricky.

You don’t know when a bull cycle is at its peak or a bear cycle is at its bottom until they have passed.

So instead of trying to time the perfect entry or exit, make sure you’re not entering (buying) right after big uptrends or exiting (selling) after major downtrends.

If a coin has been gaining 5% or more day after day without a dip for a while, it’s in a clear uptrend that will likely correct sooner or later. 

So try not to buy in unless you have very good and rational reasons to believe the Bitcoin price will go higher.

And if a coin has been going down 5% or more for days without bouncing up, it’s in a clear downtrend. 

So try not to panic sell, because you could miss the price rally back up.

So is it too late to invest in bitcoin? No, if you respect what we said here!

[Bonus] Investing In Other Cryptocurrencies

“Diversification is the practice of spreading your investments around so that your exposure to any one type of asset is limited. 

This practice is designed to help reduce the volatility of your portfolio over time.”

That’s the best way to explain the benefits of investing in other cryptocurrencies besides Bitcoin.

And if you use Coinbase, you have access to the top cryptocurrencies on the market.

First, of course, read about them and make sure to find one that fits your investing goals and strategy of investing in Bitcoin.

Then once you find one you feel comfortable with, check if it is available on Coinbase.

If they’re not, think about using Binance.

Binance is one of the world’s largest crypto to crypto exchanges. It has over 150 cryptocurrencies to choose from!

[Bonus] Earn Interest On Your Bitcoin

Once you have all your Bitcoin tools, portfolio, and wallets set up, it may be time to start exploring how to earn interest from your Bitcoin.

People in the Bitcoin community are big-time believers in holding onto your bitcoin. 

After all, the big peaks seem to happen every 3-4 years.

But there’s no sense in just holding your Bitcoin when you could be earning interest from it.

The best Bitcoin lending sites let you store your crypto with high security while also earning interest from it; sort of like a savings account. 

You earn annual interest depending on which cryptocurrency you store (generally Bitcoin, Ethereum, or USDT). 

The interest can be paid out daily, weekly, or monthly. And you can withdraw at any time and you should consider this when investing in Bitcoin.

Give it a shot!

More Awesome Resources:

I hope you enjoyed reading my definitive guide on how to invest in Bitcoin. 

Now, I’d like to hear from you:

Which exchange from my list are you going to use? Which of my recommended tools is most helpful?

Let me know by leaving a comment below right now, and I’ll make sure to reply.