My First time buying Bitcoin #4

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  • In this series we talk with people from all over New Zealand about their very first Bitcoin purchase. We ask them about their journey from first hearing about Bitcoin to having their very own.

    Today we spoke with Garreth

     

    Can you tell us a bit about yourself ?

    I’m the principal of EpsomTax Limited, a property accounting specialist firm based in Auckland.

    Where did you first hear about Bitcoin?

    I saw it online and in the news, i’d wanted to get into it for about a year or two but had difficulty finding somewhere in New Zealand to buy Bitcoin without it being a major undertaking. I guess I could have persevered but it was just too overwhelming at the time.

    What made you decide to buy some?

    I’d been watching Bitcoin and other cryptocurrencies and the growth they were having. I knew there was some risk to the investment, so decided to proceed cautiously and used Bitcoin to help diversify my portfolio..

    Why did you choose MyBitcoinSaver?

    It was the ease of being able to do an automatic payment from my bank account and then everything else being sorted for me. Also trust was a big factor for me, I saw the advertisement MyBitcoinSaver did in the NZHerald and I had a friend who was a Financial Advisor that was using MyBitcoinSaver already.

    Can you tell us a bit about your first Bitcoin purchase? What was it like being the proud owner of your first amount of Bitcoin?

    It works! My first purchase was $10 to test it out and when that came through smoothly I thought, well i’ll try a bit more. It was all very straight forward and worked how it said it worked.

    What have you been doing with your Bitcoin?

    I have done a bit of diversification and have bought some Ethereum and Bitcoin Cash but largely just holding Bitcoin as an investment. 

    What is your advice for someone first getting into Bitcoin?

    My advice is to go in being aware of the nature of investing, with investing, sometimes you win and sometimes you lose so go in with your eyes wide open.

    I’d also say be well informed and keep up with the market. Don’t panic about the short term dips, look at it as 5–10 year investment.