3 easy steps to buy bitcoin with cash

While buying bitcoin at a Coinme-powered location is simple and straightforward, there are still some very basic best practices to follow.

• Bitcoin is volatile: Bitcoin’s underlying market dynamics, and the overall size of the market, make it extremely volatile. When the price of bitcoin starts to move, the movements are often dramatic —  sometimes gaining or losing thousands of dollars in the span of hours or days. So whatever price you buy bitcoin at, be prepared for it to change. This volatility can be exciting when the price is rapidly rising, but it can also be painful when the price plummets. Be prepared for both and expect the unexpected at all times.
• Average in/out: One tactic used by stock market investors is to dollar cost average into the market. This means buying little chunks of the asset over time, instead of entering into a position all at once. The reason for averaging? It will help establish a cost-basis that reflects the market’s movements over time. In other words, it will help protect you from buying too low or too high, because you would buy consistently over time —  creating an average. This is a great tactic for long term bitcoin buying.
• Are you investing or speculating: Many people are buying bitcoin to hold for the future. If that’s the case for you it’s a good idea to think about your goals. Investing is a long term play that requires decision making and planning. Speculating is kind of like gambling where you make a big bet looking for a payday. It’s a good idea to think about strategies and tactics before big market movements and then execute the plan.
• Storage and security: Before you buy bitcoin, it’s a good idea to review some of the basic bitcoin storage and security best practices. Bitcoin is different than the traditional money and banking system (which is good), but it does require a few extra steps to make sure your assets are secure and stored properly.