I Finally Bought My First Bitcoin - Here's What I Wish I Knew

Finally Took the Plunge

I'd been hearing about Bitcoin for years but kept putting off actually buying any. "It's too complicated," "what if it crashes right after I buy," you know the excuses. Finally pulled the trigger last month. For those new to Bitcoin, Bitcoin.org offers comprehensive educational resources.

My First (Expensive) Mistake

I was so eager to get in that I just clicked "Buy Crypto" and used my credit card. Instant, easy, done! Then I looked at the fee... 2%. On a $1,000 purchase, that's $20 gone immediately.

Turns out if I had taken 5 extra minutes to deposit USDT and buy on the spot market, the fee would've been like $1. Lesson learned the hard way.

How I Buy Now

I transfer USDT from another exchange (or buy it via P2P), then trade for BTC on the spot market. With the BNREF01 referral code I signed up with, I get 20% of that already-low fee back.

It's a bit more steps than the credit card button, but on a decent-sized purchase, the savings are real.

The Timing Question

Everyone asks "when should I buy?" and honestly, I've given up trying to time it perfectly. I just buy a fixed amount every week regardless of price. Some weeks I get a better deal, some weeks worse, but over time it averages out.

Trying to catch the exact bottom is a fool's game. I've missed good entry points waiting for "just a bit lower."

Where I Keep It

Right now, most of it is still on Binance. I know the crypto purists say "not your keys not your coins," but for amounts I might want to trade, keeping it on the exchange is just more practical.

I did move some to a hardware wallet though. For the portion I'm planning to hold for years without touching, having it in cold storage feels safer.

Looking Back

Would I do anything different? Yeah - I'd have used the spot market from day one instead of paying credit card fees. And I'd have started smaller to get comfortable with the process before buying more.

But honestly, the best time to start was years ago. The second best time is now.

If you're thinking about it, just start with an amount you're okay losing (because in crypto, anything can happen). And use a referral code like BNREF01 - free savings with zero downside.