The world economy is being ripped to shreds by the Coronavirus. Businesses that were flourishing in the middle of the winter are filing for bankruptcy near the end of the summer. The death toll is horrendous and scary and it has the world teetering on the edge of panic. But it’s nothing when compared to the financial death tearing through the business world.
Oddly enough, there is a bright and shining beacon in the midst of this chaos. Bitcoin and its cryptocurrency counterparts are thriving in the wreckage of a once prosperous nation. And the bigger the beating the economy experiences, the better Bitcoin will succeed and attain greater levels of value and achievement.
Have you seen the writing on the wall? Are you ready to invest in this enticing digital currency? Do you wonder, “What is the best way to invest in Bitcoin?” Answering yes to any of these questions means you’re ready to take the leap. Keep your fears at bay because the water is warm, the waves are gentle, and the party’s just getting started.
4 Ways to Invest in Bitcoin
At this stage of the game, there are a few different valid ways to invest in Bitcoin. As you can imagine, some investment styles make more sense than others.
To help narrow down your choices, I’d like to share four potential ways to invest in Bitcoin and other cryptocurrencies. They include:
- Coinbase Pro
- Bitcoin ATM
- Bitcoin IRA
Each of these options has their merits. But one investment method stands high above the rest. I meant it far outpaces the other investment strategies by miles. It’s the giant among these investing styles.
What am I talking about? I’m talking about investing in a cryptocurrency IRA or Bitcoin IRA through a reputable broker. Before I get into the nuts and bolts of this investment strategy, let’s take a look at the other options.
- Coinbase Pro – The Volatile Choice
Coinbase Pro is currently the most active cryptocurrency exchange in existence today. It was built for day traders and others who like to capture the wild swings in the Bitcoin market. It’s not for the faint of heart to say the least.
Are you the kind of person looking for a quick win? It’s possible you can purchase Bitcoin on this exchange if you believe the trend is going in your favor. Do you feel strongly that Bitcoin is about to make a solid move higher? You may want to purchase Bitcoin for the short-term in this case.
Guess what? You’ll need impeccable timing to make money this way. If you get it wrong you’ll either have to hold on until the trade turns around. Or you’ll have to take a loss. It’s possible that you could lose as much is $500 or $1000 per Bitcoin in a single day.
Are you ready to battle the wild swings of this volatile market? Jump in and open a Coinbase Pro account if day trading is your investing strategy.
- Bitcoin ATM – The Inconvenient Option
Purchasing cryptocurrency through a Bitcoin ATM is a valid strategy. But it’s not the most accessible way to gain access to crypto.
At this point, there are only 3000 Bitcoin ATMs in existence. With so few ATMs available, it’s possible you’ll have a hard time finding one in your community.
Personally, this is my least favorite way to buy Bitcoin because it’s the least convenient option. Instead of purchasing Bitcoin comfortably at home, you must get in your car and drive to an ATM location.
Are you prepared to make high-value transactions at an ATM machine? It seems invasive, unnecessary, and completely lacking privacy.
Do yourself a favor and make your Bitcoin purchases online at home. It’s definitely safer, much more convenient, and easy to accomplish.
- Robinhood – The Gambler’s Preference
Millions of people now day trade stocks on Robinhood. Did you know that they offer the ability to trade Bitcoin too? They make it very easy to buy Bitcoin through their interface without much hassle. So, if you’re looking for a simple and inexpensive way to buy Bitcoin, this might be your cup of tea.
Personally, I wouldn’t touch this Bitcoin buying method with a 50 foot pole. Why? All the newbies and wannabes use the Robinhood app. Trust me I know from personal experience because I was once a Robinhood newbie too.
Do you want to know why I left the app? They’ve grown faster than they can handle all their web traffic. I’d log onto the app every day and find out that most of the features were turned off because of high-volume traffic.
Does that make good business sense? You can’t trust your nest egg with a company that doesn’t have enough servers to make their website run smoothly! That’s ludicrous and Robinhood should be ashamed of themselves.
What happens if Bitcoin suddenly begins frantically selling off during one of your day trades? If the app freezes up, you’ll get stuck holding the bag until the app works again. By that point you may have lost thousands of dollars due to faulty technology.
Forget about buying Bitcoin on Robinhood. It’s a suckers bet and I think you’re a lot smarter than that.
- Bitcoin IRA – The Winner’s Choice
Honestly, I wouldn’t invest in Bitcoin any other way. Not only is it the safest way to invest for the long term, but opening a cryptocurrency IRA provides serious tax advantages.
The benefits of a Bitcoin IRA are as follows:
- Grow your account either tax-deferred or tax-free depending on your preference.
- Bitcoin price action is on an upswing right now. It’s gone from 9000 to 11,500 in a few months.
- The US dollar is a sinking ship. Bitcoin gains benefits as another effective hedge against inflation like gold and precious metals.
- Investors including Richard Branson, Snoop Dogg, Paris Hilton, the Winklevoss twins, and others have all jumped on the Bitcoin bandwagon.
The tax benefits alone make cryptocurrency IRA investing the perfect choice. Your investments will earn more money via compounding. Why? You already paid your taxes first or you won’t pay taxes until you begin withdrawing at retirement age. This leaves more money in your account to grow your coffers to newer heights.
As I said earlier, there are many ways to invest in Bitcoin. But the only way that’s truly worth your while is to invest for the long term. And the best long-term strategy is investing in a Bitcoin IRA.
The other methods work but they definitely have their disadvantages. Cryptocurrency IRA investing leads to pure profit potential for many years to come. Take advantage of this opportunity now while the iron’s still hot. And remember to choose a reputable company to feel safe and secure as a retirement investor.
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