If you’re in touch with modern tech advancements; you’ve probably heard the word ‘Bitcoin’ several times over the years. Bitcoin is a decentralised digital currency with a strong community. In essence, it’s online money which isn’t controlled by any governments. For these reasons, along with the fact that it has a limited supply of 21 million, it has seen insane upwards price movements in the past. Many people interested in buying wonder; ‘What is the best time of the day to buy Bitcoin?‘.
There is no best time of the day to buy Bitcoin, the price changes on a daily basis with limited predictable patterns. The price can also fluctuate frequently based on news, so it is impossible to say which time of day is always best to buy Bitcoin.
Interested in reading more about this? Keep reading.
When should you buy Bitcoin?
I know – that answer probably didn’t help you, but since you’re here, I want to give you some valuable information.
Even though there is no ‘perfect’ time of the day to buy Bitcoin, there are some ways you can make sure that you get a good price.
The easiest way to do this is by keeping an eye on the price of Bitcoin and buying when price goes down quickly – this is usually fear-induced and provides a good opportunity to get into the market for some people (not investment advice).
Alternatively, another method a lot of people use is called DCA (Dollar Cost Averaging) – this involves buying little bits of Bitcoin (pun intended) frequently, for example, $20 every week.
But how does this work?
Well, since you are buying parts of a Bitcoin over time, you get a broader average price – sometimes you buy high, sometimes low. Some studies show that this is a great way to invest in Bitcoin, however, others argue that buying bulk Bitcoin at once is better – there is a lot of conflicting evidence. It also depends on other factors such as the market state (bullish/bearish) and any news events that take place.
If you want to DCA Bitcoin (buy small bits every week/month), then register for a free Coinbase account and set up ‘recurring buys’.
How to keep track of Bitcoin’s price
Another way that you can make sure you get the best Bitcoin price is by keeping track of the price. As I mentioned earlier, this gives you the opportunity to buy when people are selling. You can keep track of Bitcoin’s price with tons of mobile apps, here are my favourites:
You can set alerts on most of the apps listed above which tell you when Bitcoin goes up/down by a percentage or value of your choice. Apps like Binance even let you buy automatically when price goes down with something called ‘Limit orders‘.
Where should you buy Bitcoin?
There are so many different options when it comes to Bitcoin exchanges (brokers). They range in fees, popularity and regulation. If you want a full list of our favourites, check out this page. Anyway, I’ll list my top 3 places to buy Bitcoin worldwide below (all are available as mobile apps).
Once you’ve bought Bitcoin, you’ll need somewhere to keep it. Similarly to what you keep normal money in, you store Bitcoin in a Bitcoin Wallet – pretty simple right.
Now, you’ve got two main options when it comes to storing BTC (Bitcoin).
These are hardware wallets and mobile wallets. To see a full list of Bitcoin wallets, click here. To get a brief overview of the top Bitcoin wallets, check out the list below.
It’s important to note here that most Bitcoin exchanges will let you store Bitcoin, but this isn’t usually regarded as a safe option unless they’re insured like Coinbase (hence it is the only exchange wallet we’ve listed).
It’s inevitable. One day you’ll want to sell your precious Bitcoin. This is easier than ever to do now. All you have to do is send your Bitcoin to an exchange like Coinbase, sell it for your currency and then withdraw to your bank or PayPal.