With the increasing amount of attention in the media and big name endorsements the positive sentiment about Bitcoin has never been higher. After being asked by a number of  friends and family what on earth is this Bitcoin thing I talk about all the time I decided to set up this information page and show how easy it is get started fast in bitcoin with or without savings.

In the next 10 minutes you’ll know why I invest in Bitcoin , where I buy my Bitcoin , which wallets I use to store and keep it safe, my investment strategy and how I multiply my Bitcoin using compound interest and earn a passive income.

For those thinking of getting started in Bitcoin I hope it will remove some of the mystery surrounding Bitcoin and help shortcut your way through the overwhelming amount of information you find in google and on youtube .

But first for those who don’t know here’s a great 2 minute video which gives a overview on what Bitcoin is and how it works.

 What Is Bitcoin & How It Works

Why Do I Invest In Bitcoin? 

After a lifetime of working I found that the little nest egg I had squirrelled away over the years as my “rainy day fund” was being eroded by inflation and pitiful savings interest rates. It was also becoming increasingly obvious that unless I was lucky enough to have a large lottery win I was never going to be in a position to leave a legacy that could truly impact on the futures and security of my children and grandchildren. Even leaving the house to your children can no longer be considered a given with the real threat of having to sell to cover rising cost of social care in our old age. So I was looking for a Plan B and the more I researched the more I was convinced that Bitcoin was the way forward.

Where Do I Keep My Bitcoin? Before you purchase your Bitcoin you need a wallet to store it safely. There are many online and offline options but I personally use a secure online wallet provided by:-

BLOCKCHAIN.INFO

They have a great reputation and in my opinion the best place to start. As your Bitcoin savings grow you should then consider storing the bulk in an offline wallet for safe keeping. There are several on the market but my preference is  the Leger Nano S.

Where Do I Buy Bitcoin? There are  numerous exchanges to purchase Bitcoin. I’ve tried a few but found if you’re in the UK” and got Fast Bank Transfer facility then for the majority of my purchases I use:-

BITTYLICIOUS.COM

it’s really fast and easy to use. Other popular sites used by many inside and outside the UK are LOCALBITCOINS and COINJAR

What Is My Bitcoin Investment Strategy?

Don’t go all in on Bitcoin . Like any investment there is risk – personally I initially invested just 20% of my savings into Bitcoin and have continued to build it from there.

Remember you don’t have to buy a full Bitcoin to get started , you can purchase 0.0000001 BTC or 1 Satoshi (smallest unit of the bitcoin currency named after the founder Satoshi Nakamoto). If you’ve got £1,000 saving then start off your with £200 worth of Bitcoin . You can even started with just £50 of Bitcoin (more about that later) , but whatever your limit my advice is just get started …in the words of Richard BransonAnyone who waits to get into Bitcoin will regret it his whole life”

Here’s the approach I’ve taken with my Bitcoin savings:-

75% Bitcoin Fund – HODL -“Hold on For Dear Life”.  This part will be kept in  a secure offline wallet as a minimum long term 10 years plus investment. Any surplus Bitcoin accumulated from the compound interest strategy I’m using for the other 25% will also be added to this wallet. I’m aiming to be in a position to gift all my children and grandchildren at least one Bitcoin each with with the rest being used to help fund my retirement. Some experts are predicting a Bitcoin price of £50,000 by 2020 and potentially £1 million by 2030. Crazy numbers I know but  what if their right or the price only achieved a quarter of that ? Wouldn’t that still be life changing?

Make 25% Of Your Bitcoin Wallet Fund Work For You But Don’t Get Greedy And Avoid The Scams. The internet is littered with advertisements asking you to invest your hard earned Bitcoin into the get rich quick mining schemes with offers of daily returns often in excess of 5% . I would say without question that the majority if not all of these are scam sites preying on the gullible investor. It pains me to say but that I have been a victim myself – not once but twice – as they say “fools rush in”. I lost just under a third of my initial Bitcoin holding in this way after their websites simply disappeared  a few weeks after taking my investment – it was my own fault , no one else’s – I didn’t do my research on the  companies and paid the price.

Having said that I knew there were reputable companies out and after tons of research I decided to join USI-Tech which provides a return of about 40% after 7 months. Interest is paid daily and it has a rebuy option to multiply your Bitcoin holding even more using the power of compound interest. So far I’ve invested 25% of my Bitcoin holdings into their scheme and like most people in the group I’m using a rebuy strategy to multiply by Bitcoin and aiming towards building a passive income stream a part of my retirement plan.

How To Get Started In Bitcoin With Little Or No Savings 

A great thing about USI-Tech is that it’s completely free to join , there’s no recruiting requirements and you can get started for under £50 making it also a great entry level option for anyone wanting to get started in Bitcoin with little or no savings. You can find more information here. Don’t worry if all sounds complicated I’ll be there to  offer all the help you need to get you up and running.

Well there you have it. I hope you found it useful and encouraged to to start your Bitcoin journey if you haven’t already. If you have any questions please feel to email me on bitcoin@planbincome.co.uk and I will do my best to help.

Best Wishes

Andy