Whether in the EU or the USA – central banks and monetary policy are launching huge aid programs as a result of the corona pandemic, which is fuelling inflationary risks. Thus Bitcoin (BTC) forces itself upon as independent global crypto currency for investors and private people, in order to protect assets against inflation.
No day more passes, without Bitcoin (BTC) as historically first and until today most important crypto currency in the restaurant economics mentioning finds. Recently, large US companies such as MicroStrategy and Square have already been piling up The company converts its cash reserves from US dollars to BTCs to protect its assets from possible inflation. Because the maximum amount of all Bitcoin is fixed on 21 million, well 18.5 million are already generated and the mechanism of a regular Bitcoin Halving excludes inflation to a large extent. But how do I buy my first BTC and what can I do with my Bitcoin?
1. Buy Bitcoin
Buying BTC is completely legal in Germany and there are several large suppliers who make it easy. It is important to buy real BTC and not just virtual rights. Buying Bitcoin for Euros or other currencies is fair and convenient at eToro, for example, and we have detailed instructions here for you. Otherwise, the crypto exchanges Binance and Coinbase are a good place to get started with buying Bitcoin. We have compared the advantages and disadvantages of these two providers for you here. You will notice that buying BTC is much easier than some people think.
2. Bitcoin – use or keep it?
If you now have credit in BTC, the question arises as to what to do with it. With credit cards linked to crypto-credits, such as those from Binance, you can use your BTC as a means of payment converted to euros almost everywhere you go. More and more online service providers also accept direct payments in Bitcoin, for example Travala for travel and Lieferando for meals.
However, BTC owners tend to use different strategies than using Bitcoin for everyday payments. Many think like institutional investors and view their BTC as a store of value. HODL one calls this attitude in the Kryptoszene and means thereby the prognosis: Bitcoin will increase with ever larger spreading in the price still frequently. Therefore the team HODL leaves its BTC for the time being untouched. Which may happen in the world economy whatever – Bitcoin is immune against monetary policy and carries therefore also the name “digital gold”. With HODL, your BTCs are inflation-independent value stores with a good chance of increasing in value. If you want to take this approach, it is highly recommended to store your BTCs on a hardware wallet where they are safe from online criminals. Everything you need to know about hardware wallets for Bitcoin can be found here in our Special.
If you are willing to take some risk, you can go deeper into the crypto trade with your BTC. You can buy almost all Altcoins at crypto exchanges against Bitcoin, some of them are believed to offer greater profit growth than BTC itself. Currently, under the umbrella theme DeFi, Ethereum (ETH), Chainlink (LINK) and related tokens, for example, are developing better than the market average. Or you can use classic financial instruments such as Bitcoin Futures and Bitcoin Options to earn profits through accurate price forecasts.
For real gamblers, we would also like to mention: Various online casinos and betting offices accept Bitcoin. Here also dubious providers cavort, so check the reputation of a platform before you transfer your BTC there.
Conclusion: Buy Bitcoin now?
Admittedly, a good 9,700 euros for a Bitcoin as the current price sounds rather steep. But you can also buy fractions of a BTC, your budget dictates. Over the past decade, Bitcoin has dwarfed all other asset classes in terms of value growth and the uncertain situation in times of corona makes BTCs even more interesting. In the crypto scene, the slogan circulates: “Not everyone who buys Bitcoin understands money. But everyone, which understands money, buys Bitcoin. Thus it is well summarized, why BTC stepped out long from its niche and employs masses. The Potenzial of Bitcoin is still far from exhausted and at the same time the demand grows. Under these circumstances, the daily minor price fluctuations at BTC are not at all relevant if you think of your investment over months and years.
Best place to buy Bitcoin: