Buying Bitcoin In 2023: What You Should Know

February 22, 2023

Bitcoin (BTC) has seen meteoric growth since its inception.

If you bought 1 BTC for about $500 in May 2016, now that its worth has grown by approximately 4,500%, it would cost more than $23,000. Some analysts consider that the price could rise even further as blockchain technology and digital currency become a bigger part of people’s lives. Others are sceptical of crypto’s future after analysing the crypto winter, the global economy, and trends. Opinions differ, as do investment strategies – what works for one might not work for another. That’s why every investment decision in the crypto world begins with checking the Bitcoin price chart.  

Along with gains, BTC also experiences declines. But its volatility is an intrinsic feature of cryptocurrency that allows for quick profits or losses and a characteristic that traders want to exploit. 

Investing is a good choice if you want to put your money to work and gain passive income. If you invest smart, you may allow your funds to outpace inflation and rise in value. It’s more than building rainy days savings, so if you plan on adding digital cryptocurrency to your portfolio this year, you should determine some aspects beforehand. 

Where to buy BTC

To buy BTC or any other digital coin, you need to register on a crypto exchange. It’s best to go with one of your country’s largest and most popular ones. They’re vulnerable to hacks, but you minimize these risks when you go with a well-established platform. 

Because prices move fast in the crypto world, it’s equally essential to find one with enough liquidity that doesn’t charge a high markup. Binance users, for instance, take advantage of high liquidity and low trading fees. You want to see your wallet filled ASAP when the coin you wish to buy is rocketing to the moon. The same goes if your token comes back to earth. 

After you compare the fees and ensure there’s enough security, you can proceed with opening a free account. The fees differ from platform to platform, and you’ll usually find a footer where you can find the fee details. 

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How to buy BTC

Some platforms allow you to open an account to get, store, or trade Bitcoin in more ways: 

  • Via the App
  • Via the website with your email
  • Via the website with your mobile number.

Then you have to figure out your risk tolerance before you buy BTC. This means you must think objectively and unbiasedly about how much money you feel comfortable losing if your investment doesn’t turn out profitable. Try to figure out what you would do when experiencing a significant investment loss. It is a straightforward way of gauging risk tolerance. Waiting for the crypto winter to end before selling that specific coin is a common investment strategy. 

There are more ways to pay for your cryptocurrencies, including:

  • Credit or debit card
  • Bank deposit
  • P2P trading
  • Third-party payment.

Check if your exchange has a BTC wallet and determine how you’ll store your funds.

How to store BTC

You can store your cryptocurrencies in your exchange account or your personal crypto wallet. Binance Earn, for instance, allows you to stake your BTC for passive income. The location of your private keys is essential to protecting your crypto assets. If your keys are misplaced or stolen, or if the device that stores them crashes, no institution or bank can back you up or reimburse you: you lose your crypto.

Here are some options to store crypto:

  • Hardware wallets. This is considered to be the most secure storing option. It stores your private keys offline so no one can access them, removing the risk of digital hacks to your wallet. Plus, they provide certainty about your transaction details through their tamper-resistant screen.
  • Software wallets. These are applications that manage cryptocurrencies and can be installed on your smartphone or computer. Your private keys aren’t controlled or shared with a third party and are easily accessible even without internet connections. However, they’re susceptible to hacks since they’re connected to the internet, and you don’t know who might access them via your connection. 
  • Exchange wallets. Most users buy BTC on an exchange and leave them there, especially if they intend to keep trading. It’s the easiest way to manage your cryptocurrency, but you give the platform complete access to your keys.  

Is BTC a good investment in 2023?

If you check price charts, you’ll see that Bitcoin was traded at more than $50,000 in the 4Q of 2021 before its value decreased in Jan 2022. It then kept falling and plunged to $15,000 in November 2022. Every crypto owner started to worry that the crypto would only plummet lower in the future.  

Even if crypto experts believe that the weakness of the digital currency market will mark 2023, too, BTC will recover some of its value. In the early days of 2023 and amid the chaos triggered by the FTX collapse, BTC regained some of its value. Crypto enthusiasts believe that Bitcoin and the whole concept of digital currency are here to stay. However, the crypto community is divided about whether BTC’s price will go up or down. Some technical indicators suggest that the coin’s price might remain stable this spring. Paralleling them with inflation, the volatile macroeconomic environment, and stock prices, some believe the recession could last until 2024. Other Bitcoin fans state that the price might reach new heights. There’s evidence to support both arguments. 

According to some crypto experts, the buying or accumulation stage begins this year and will continue until 2024. Some evidence supports the idea that the average 80-week bear market (when stock prices, on average, fall at least 20%) will end in April this year, and BTC’s price will rise in mid-2023. 

Final thoughts 

There are several predictions and views on Bitcoin – some bearish and some bullish. But you should stay connected to see what this spring brings, as only time can tell where BTC will head next. Price charts help you understand the past of a cryptocurrency, but they can’t predict the future, so make mindful and unbiased investment decisions.

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