I’m excited about bitcoin. Not just bitcoin, but crypto in general. But mainly bitcoin.
I’m a relative newcomer to the world of bitcoin, having made my first purchase at the beginning of 2017. But I sure as hell have learnt a lot in the past year and a half!
But right now I’m feeling optimistic that things are about to turn again. It feels like we are close to the bottom of the current bear market. Now feels like a good time to invest.
So I have decided to start drip-feeding in some more money. Money that would otherwise be allocated to my annual ISA allowance. As nobody really knows when is the right time to buy any investment, I’ve decided to make small regular purchases to average out the price.
I started a couple of weeks ago actually and have a novel way of getting money onto an exchange with the minimum of fees. My first 2 transactions have gone super smoothly.
My plan goes a little like this:
- Every Wednesday I start by depositing £250 into my Revolut account, using my main bank account’s debit card.
- Within Revolut, I exchange the pounds for euros (at the Interbank Exchange Rate).
- Next I transfer the euros to a personal account I hold with the app-based Fire bank.
- Once received, I make another SEPA transfer (without fee) to my Coinbase account.
- Finally, I shuffle the received euros from my generic Coinbase euro wallet to Coinbase Pro (previously GDAX).
- Once in Coinbase Pro, I’m ready to set my limit order to buy bitcoin with euros. Voila! Job done (other than to move my bitcoin to somewhere more secure).
It all sounds very convoluted I know, but the process takes less than a working day from start to finish. The process should be very simple to perform in reverse too.
Coinbase Pro should soon be adding GBP support with Faster Payments, according to this article which states they are working with Barclays. This will make the process much simpler and will be a first in the UK.
What is your own experience with crypto? I would love to hear your thoughts in the comments below.
UPDATE 02/08/18: Coinbase now support GBP with Faster Payments, so the above process has been greatly simplified! I still think now is a great time to invest in bitcoin.