The best thing about Bitcoin is you can start investing with as little as $10. Bitcoin is also an asset that could have a huge potential upside due to its limited supply. This means that an investment as little as $10 could still be worth quite a bit later on. Here is how to invest in bitcoin with just $10:
Invest in Bitcoin with $10
The easiest place to buy Bitcoin in Australia is CoinSpot. I use this exchange for a number of reasons. But mainly because they have a excellent reputation and an easy to use interface.
CoinSpot doesn’t have any deposit minimums, so you can start investing with just a few dollars.
Here is how to buy Bitcoin with just $10:
- Sign up to CoinSpot here (it’s free to join)
- Complete verification – like all crypto exchanges, you’ll need to complete some verification. I found this process to be quick and painless and it’s all automated.
- Deposit AUD – Coinspot lets you deposit using PayID (aka instant bank transfer), POLi, Direct Deposit, BPay or cash deposit at a local newsagent.
- Once your deposit arrives you’ll be able to buy Bitcoin.
The Best Investing Strategy with $10
If you’re investing a small amount like $10 at a time in Bitcoin then your best strategy would be dollar cost averaging. This just means buying a small amount at regular set intervals (like once a month). If you had done this strategy over the past two years you would have made a profit.
Because Bitcoin and other cryptocurrencies are so volatile, Dollar Cost Averaging means you don’t need to worry about picking the perfect time to buy Bitcoin. As long as you invest at regular intervals you should profit over time as the value of Bitcoin increases.
This is the strategy that I’ve used over the past two years and I’ve found it has worked out really well. On CoinSpot you can setup automated purchases. So you can buy Bitcoin automatically every week or month to slowly build up your portfolio.
- Coinbase – Coinbase is one of the most popular exchanges in the world. They are available in Australia and you can buy bitcoin using a credit card on Coinbase. The only downside are the fees.
- BTCMarkets – BTCMarkets is an Australian crypto exchange. If you’re new to exchanges then the interface will be a little confusing compared to CoinSpot or Coinbase. But they do offer competitive fees. It’s targeted more towards traders rather than people looking to just invest in Bitcoin.