There are many people who want to get into Bitcoin but think that they've missed the boat. They look at the current price of over $4,000 and believe that it's too late for them. "If only I'd bought Bitcoin this time last year," is a familiar lament.
This is understandable, as a lot of 'would be investors' simply do not have the available resources to purchase even a single Bitcoin with the price where it is at the moment. If that's you, don't worry, there are still ways that you can get into the Bitcoin market. Take a look at the steps outlined below and see if there are any that you could take today to launch your Bitcoin journey. When considering these steps and any other investing strategies, always go by the rule, 'Only invest what you can afford to lose'.
Focus on entering the market by getting some Bitcoin, rather than a whole one. A Bitcoin can be divided down to eight decimal places, so you can start with a small amount.
Regularly add to your Bitcoin holdings, even if it is a modest amount each time. Remember that those who used this strategy when the price was $1,000, and managed to accumulate even one quarter of a Bitcoin, now have more that $1,000 worth of Bitcoin.
Think of Bitcoin as a long term investment and a store of value. It can be an extremely volatile asset, with huge fluctuations in price both upwards and downwards. If you have invested only what you can afford to lose, which is highly recommended, you should hold your Bitcoin through these movements in price. If you try and trade it, you will most likely lose. Even though Bitcoin has suffered some huge crashes in price, so far, it has always come back over time to reach new all time highs. Those who bought at $1,000 only to see the price drop to as low as $200, and held their Bitcoin until now are very glad that they did.
If money is really tight and you don't have the funds for a small investment, see if you have any salable items that you no longer want, use or need. If so, get selling and use the proceeds to get your foot in the Bitcoin door.
Consider sacrificing a portion of your entertainment or discretionary spending, providing you have any, and use it to begin or add to your Bitcoin nest egg. This is not a suggestion to go over the top, cutting out all the things that you enjoy to the detriment of yourself or your family. Just look for little things that you wouldn't mind reducing for a while, or every now and then. Small amounts invested in Bitcoin add up, and as we've seen, can grow exponentially.
If you have good writing skills and/or a decent following on one or more of the social media platforms then this step might work well for you. Join Steemit.com and post good original content there. When others like what you've posted and upvote it, you earn Steem. You can then exchange Steem for Bitcoin. This is one way that you can start investing in Bitcoin even if you have no money.
Whatever you do, and this bears repeating, only invest what you can afford to lose.
This article, How to Get into Bitcoin When You Think You've Missed the Boat, was first published on 10/07/2017 at BitcoinToTheMoon.com