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Who Is Still Buying Bitcoin?

2022-08-31

Main Takeaways

  • Even amid continued volatility, Bitcoin continues to dominate the crypto market.

  • As adoption has improved, interest in Bitcoin has spread from retail investors to institutional investors and mainstream entities such as Tesla and MicroStrategy. 

Bitcoin has remained the best-known cryptocurrency since its inception.

Bitcoin (BTC) has remained the world's top cryptocurrency, even on a volatile market, despite thousands of alternative cryptocurrencies having been created throughout the years.

Keep reading to learn more about Bitcoin and why people are still interested in it even when faced with a volatile market.

Invented in 2008, Bitcoin is the world’s first cryptocurrency. It’s a form of digital cash that allows users to send and receive money through a decentralized network. Unlike fiat currencies, Bitcoin has no central bank or authority controlling it. Instead, it's run by thousands of computers around the world. 

For a more detailed explanation of what Bitcoin is, check out our article What Is Bitcoin?

Who Is Still Buying Bitcoin?

With a decade-long track record and considerable influence on traditional financial institutions, Bitcoin has weathered multiple cycles of market volatility, keeping its place as the world’s top cryptocurrency.

Between 2020 and 2021, Bitcoin's price rose by over 1,200%. Now, regardless of market conditions, many Bitcoin HODLers and early proponents are making the case for Bitcoin due to its characteristics and utility. 

To learn more about the value of Bitcoin, check out our article on Why Does Bitcoin Have Value?

Public Companies With Trust For Bitcoin 

For years, the major players in the crypto space were retail investors, as those in traditional finance circles didn't consider crypto a viable investment option. Bitcoin was new and appeared complicated, and its stakes were unknown; this contrasted with the relative stability of bonds and more widely understood risks associated with stocks.

It wasn't that traditional financial institutions couldn't adapt to new technology, but rather, it was just safer to err on the side of caution and avoid new, highly volatile, and untested technologies. Although Bitcoin’s potential was recognized by a niche community of enthusiasts, the masses didn’t share this sentiment. 

A lot has changed in the decade since Bitcoin's inception. Thanks to the widespread usage of crypto for cross-border payments, adoption has increased significantly. At the same time, more mainstream companies are embracing crypto, providing crypto payment options for their customers.

Furthermore, several major companies — including Coinbase, Galaxy Digital Holdings, MicroStrategy, and Tesla — have extended their portfolios to include billions of dollars in Bitcoin. Several institutional investors are also changing their view on the crypto industry; some, like Blackrock, are even making Bitcoin available to their institutional clients. 

Tips to Safeguard and Buy Bitcoin Responsibly 

Whether you're a seasoned trader or a crypto newbie, trading responsibly should always be your top priority when buying or selling any kind of digital asset. Regardless of the market conditions, it's vital that you take responsibility for your decisions and not simply rely on news articles or other people's opinions.

Creating a robust trading plan based on an analytical outlook can help keep you accountable for your actions along the way. If you ever feel overwhelmed or affected by FUD or FOMO, take a step back and clear your head to avoid emotional trades. Most importantly, always do your own research (DYOR) and make sure you fully understand the risks involved.

To learn more about responsible trading, check out our article on How to Trade Crypto Responsibly.

How to Buy Bitcoin on Binance 

Bitcoin can't be purchased through banks or investment firms yet — though there is a possibility in the future. Here are a number of ways you can do so on Binance. You can use a credit or debit card, deposit funds into your Binance Spot wallet via bank transfer, or buy Bitcoin from other users with Binance P2P. Moreover, as part of Binance’s commitment to offering low fees, users can now trade a number of BTC pairs with zero trading fees. Below, we’ve outlined how you can purchase BTC with a credit/debit card

Buy Bitcoin with a credit/debit card

1. Log in to your Binance account. Select [Buy Crypto] on the main menu bar and click [Credit/Debit Card]

2. Select the currency you want to pay with, then choose BTC and click [Continue]

3. Confirm the fiat currency and BTC amounts on the screen, then click [Add new card]

4. Once you’ve entered your credit/debit card details, click [Next]

5 . Enter your billing address and click [Add Card]. You will be redirected to the [Pay with Credit/Debit Card] page. Confirm the transaction amount again and click [Continue]

6. Click [Confirm] to finalize your payment. The BTC will be credited to your Spot wallet.

For a more detailed tutorial on how to buy Bitcoin on Binance, check out our in-depth guide on How to Buy Bitcoin (BTC)

Conclusion 

The crypto space is constantly evolving. Although no one can predict how things will go in the foreseeable future, many agree that crypto adoption will continue and interest in Bitcoin will increase.


Risk disclaimer: Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance, and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Binance is not responsible for any losses you may incur. For more information, please refer to our terms of use and risk warning.