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best way to start in bitcoin?

submitted by AugustineOfHippo2 to AskUpgoat 2.2 yearsMar 18, 2023 17:26:48 ago (+4/-1)     (AskUpgoat)

looking to buy some bitcoin. what are your recommendations?


46 comments block

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[ - ] parrygrin 0 points 2.2 yearsMar 19, 2023 11:52:08 ago (+0/-0)

App called Strike is easiest way to go from nothing to something. Zero fees below a certain threshold.

[ - ] KyleIsThisTall 0 points 2.2 yearsMar 19, 2023 09:16:42 ago (+0/-0)

travel back in time

[ - ] lolxd 0 points 2.2 yearsMar 19, 2023 01:01:54 ago (+0/-0)

Anything that isn't Bitcoin, is Fiat by abstraction.

ETH, DOGE, Stablecoins, Smart Contracts, EVERYTHING that isn't the original Bitcoin is a pretender that pretends to be Bitcoin, or attempts to be something Bitcoin will never be.

Buy your Bitcoin wherever you deem is logical, but don't leave it on the exchange.

[ - ] FacelessOne 1 point 2.2 yearsMar 19, 2023 01:05:12 ago (+1/-0)

Eshekels are the biggest fiat ever made bro

[ - ] PhantomXLII 3 points 2.2 yearsMar 18, 2023 21:55:24 ago (+3/-0)

Buy more ammo.

[ - ] AugustineOfHippo2 [op] 0 points 2.2 yearsMar 19, 2023 09:16:27 ago (+0/-0)

done.

[ - ] Spaceman84 0 points 2.2 yearsMar 18, 2023 20:44:18 ago (+0/-0)

Kill yourself

[ - ] x0x7 1 point 2.2 yearsMar 18, 2023 19:36:59 ago (+1/-0)

Kraken would be my recommendation. Then transfer it to your own wallet unless you plan to trade it actively.

For a wallet there are several good options. Exodus will give you a multi-wallet with pretty much every cryptocurrency ever created. It's a little RAM heavy though. Electrum is pretty much the most standard bitcoin only wallet. There is also a bitcoin cash fork of it for ...bitcoin cash.

I'd probably suggest the Exodus over Electrum.

Next level is to move from Bitcoin to Monero. It also has Exodus support but is a bit more annoying because your wallet has to sync before you can do anything with the monero wallet inside Exodus.

Third step is know what your flight to safety is. Every investment needs an exit strategy. If you are trying to get out of USD you might consider there are other options for when you decide its time to get out of BTC. I like PAXG because its gold pegged.

The fourth level is using bitcoin directly. You can spend it on amazon items at purse.io and actually get a better discount than on Amazon. And then you can also let me know if you are ever interested in hiring or being hired for bitcoin. I may be able to get you in contact with some people, especially if other people are interested.

[ - ] Nosferatjew -1 points 2.2 yearsMar 18, 2023 19:29:38 ago (+0/-1)

Step one: build or steal a time machine

The rest should be easy enough to figure out on your own.

[ - ] deleted 1 point 2.2 yearsMar 18, 2023 18:50:37 ago (+3/-2)

deleted

[ - ] AugustineOfHippo2 [op] 0 points 2.2 yearsMar 19, 2023 09:22:32 ago (+0/-0)

yeah, it seems that unless you are really into it and devote tons of time to it, there is a very good chance you can lose lots of money.

[ - ] zr855 2 points 2.2 yearsMar 18, 2023 18:47:22 ago (+2/-0)

Download electrum wallet. electrum.org. Install phoenix wallet on your phone.

Get a tiny amount of bitcoin, 20 bucks worth or so. Go to mempool.space and see how transaction fees work. Pay only small amounts to get a transaction in the next couple of blocks. Download the strike app. Use a credit card even though it says to use a debit card. Send some bitcoin to your phoenix lightning wallet.

If you ever invest large amounts, get a coldcard, ledger or trezor as a hardware wallet so even if your computer is hacked, your bitcoin is safe.

I can help you tons.

Just ask.

[ - ] usedoilanalysis 1 point 2.2 yearsMar 18, 2023 18:33:47 ago (+2/-1)

Build a reactor capable of of 1.21 niggawatts and go back in time. Or wait for the dip.

[ - ] x0x7 1 point 2.2 yearsMar 18, 2023 19:40:22 ago (+1/-0)

The dip just happened.

[ - ] texasblood 0 points 2.2 yearsMar 18, 2023 18:26:26 ago (+0/-0)

Buy something you can hold in your hand.
Cyber coins can not be held outside the mind.
Silver or Gold can be held

[ - ] usedoilanalysis 2 points 2.2 yearsMar 18, 2023 18:34:19 ago (+2/-0)

You don't understand why bitcoin is valuable.

[ - ] Sector7 1 point 2.2 yearsMar 18, 2023 19:38:14 ago (+1/-0)

It's because it's outside of reality.

[ - ] usedoilanalysis 0 points 2.2 yearsMar 18, 2023 20:05:07 ago (+0/-0)

It's actually the convenience that it allows you.

[ - ] Sector7 0 points 2.2 yearsMar 18, 2023 20:13:20 ago (+0/-0)

I've continuously had a bitcoin tab since it was $32 and have not yet heard of a convenience it offers. What would be one?

[ - ] texasblood 0 points 2.2 yearsMar 18, 2023 21:56:03 ago (+0/-0)

Let'em but ride the jew coin.
TOLD YOU SO is a given to millennials

[ - ] texasblood 0 points 2.2 yearsMar 18, 2023 21:54:19 ago (+0/-0)

Yup, just a retired since 35 seven figure earning fool that never understood money.
That was nearly 30yrs ago, what I have I can touch at anytime day or night.
I hit the coins hard very early and cashed out like a casino hit.
Cyber wealth couldn't be any clearer in 2023.
Wealth is held in the heart or the hand.
Cyber jew coins are what they are.

[ - ] usedoilanalysis 0 points 2.2 yearsMar 18, 2023 23:51:36 ago (+0/-0)

So you like paying taxes when you have to move your large sums of money, mr 7 figure man?

[ - ] texasblood 0 points 2.2 yearsMar 19, 2023 07:30:35 ago (+0/-0)

AGAIN you prove you do not understand money.
Be a good goy and move along please.

[ - ] usedoilanalysis 0 points 2.2 yearsMar 19, 2023 11:01:20 ago (+0/-0)

Whatever you say.

[ - ] deleted 1 point 2.2 yearsMar 18, 2023 18:23:55 ago (+1/-0)*

deleted

[ - ] Monica 0 points 2.1 yearsMar 21, 2023 08:37:47 ago (+0/-0)

How do you buy using cash?

[ - ] HeyJames 0 points 2.2 yearsMar 18, 2023 17:50:17 ago (+0/-0)

Used to be local bitcoins. Not sure anymore stopped messing with it since it became wall street controlled. If you can, buy in cash. There are lots of traders in shit holes in South America that give you much much better rates than any exchange. Exchanges will require you to give all your personal info which they then give to the IRS

[ - ] totalitariat 1 point 2.2 yearsMar 18, 2023 17:46:40 ago (+1/-0)

I'm in the same boat, about to just open a coinbase account and buy a little. If I like where it's going the plan is to start an account at another site just in case of fuckery, like the exchange gets hacked or whatever. I've never had money to save, much less invest, but now I have a little and watching the SVB bullcrap is really making me look at where to put it. I'll always keep a savings at the bank, but I'm starting to think anything over the 'rainy day, vacation, and car repair' fund are pretty useless sitting there losing value to inflation and should be invested or converted to real world items that wont depreciate over time. Plus some crypto, just because I'll be damned if I'm investing in wall street stocks.

[ - ] AugustineOfHippo2 [op] 1 point 2.2 yearsMar 18, 2023 18:10:10 ago (+1/-0)

stocks or crypto, it's all a gamble. i like @Steelerfish advice, don't invest anything you aren't afraid to lose. one reason why i want to stick with the well-known stuff, it's less of a gamble. still a gamble, but so is anything nowadays.

[ - ] x0x7 0 points 2.2 yearsMar 18, 2023 19:43:05 ago (+0/-0)

I would also recommend Kraken as an exchange. That and have a software wallet to move funds to when you are not actively trading. Then also diversify your cryptos. Then know what PAXG is for a non-fiat flight to safety when you think we are at peak and want to exit.

[ - ] totalitariat 0 points 2.2 yearsMar 19, 2023 06:56:09 ago (+0/-0)

Thanks for the info, time to do some reading.

[ - ] mikenigger 0 points 2.2 yearsMar 18, 2023 17:42:04 ago (+1/-1)

mortgage your house
put all on bitcoin
????
PROFIT!

[ - ] Sector7 0 points 2.2 yearsMar 18, 2023 19:41:04 ago (+0/-0)

It's just that #4 is probably not you.

[ - ] FacelessOne 0 points 2.2 yearsMar 18, 2023 17:34:20 ago (+1/-1)

Eshekels

[ - ] x0x7 0 points 2.2 yearsMar 18, 2023 19:47:08 ago (+0/-0)

(((Fed schekels))) aka (((Clown money))) aka (((Monopoly money))) aka (((Selling your life away for some paper printed out of a jews ass))) aka (((Slave tokens)))

[ - ] Steelerfish 5 points 2.2 yearsMar 18, 2023 17:34:00 ago (+5/-0)

Don’t spend anything you aren’t prepared to lose.
Don’t keep your crypto in an exchange’s wallet.

[ - ] AugustineOfHippo2 [op] 1 point 2.2 yearsMar 18, 2023 17:45:50 ago (+1/-0)

I was thinking of just using coinbase from the browser. small time to start off with, and sticking to the well-known cryptos like bitcoin, ethereum, dogecoin, etc. looks like thinks are on the upswing, based on the history charts...

[ - ] allAheadFull 1 point 2.2 yearsMar 18, 2023 19:03:03 ago (+1/-0)

You won't actually own any crypto like this. Coinbase is just for speculators.

If you want to own crypto get PC you don't use for anything else, put Linux on it and install the default wallet for that coin.

[ - ] Bottled_Tears 0 points 2.2 yearsMar 18, 2023 21:01:15 ago (+0/-0)

Use Pro and there are no trading fees.

[ - ] AugustineOfHippo2 [op] 0 points 2.2 yearsMar 19, 2023 09:28:55 ago (+0/-0)

is Pro an exchange? do you have a link?

[ - ] Monica 0 points 2.1 yearsMar 21, 2023 08:28:48 ago (+0/-0)

He's talking about Coinbase pro. Which is moving or has moved to Coinbase Advanced.

1. Do not buy BTC just on coinbase. The fees are insane. You want to do a limit trade on Coinbase Advanced or Pro.

2. Never use Market price. Do not buy using market. Slipage can happen. look it up.

3. Once you have your coins in coinbase transfer them to your own wallet on your own computer.

4. Backup everything the wallet tells you to backup. Usually a group of words in a specific order and your passwords and keys.

5. Don't fall for any scams. A lot of scams are out there. I like that you said you'd only buy the well-known cryptos. That's a good thing. Also don't send your coins to anyone unless you are buying something. There's scammers all over in crypto. Just be aware of it. People will say send me 1 coin and I'll send you 2. Kind of obvious to not do it but they impersonate popular people like Elon Musk and other crypto celebs.

6. Learn about Japanese candles. And how to trade the markets.

7. Don't FOMO in. Fear of missing out. Trade wisely.

8. Let the trade come to you.

9. Do not get emotional.

10. Don't be greedy.

11. Pick a trade strategy that works for you. Some people stay up 24/7 trading (day traders and swing traders) some will buy some BTC and sit on it for years not ever touching it.. maybe adding more BTC to it at regular intervals (dollar cost averaging). Pick one that works for you. you can dabble in all of them to see if you like one or the other.

12. You don't have to spend a lot to try it out. Don't go all in on your first trade. You can buy $20 worth to try out different strategies.

13. Don't let the bulls and bears scare you into selling or buying.

14. Have fun!

15. Etherium has really high costs to transfer. It could cost you $100 just to send $100 dollars worth to your wallet. Be aware of the high transfer costs. if you leave it on coinbase (which you shouldn't do because coinbase could go out of business at any moment and take your coins) you won't have a problem selling it to get USD and then transfering USD to your bank (unless the other thing I said happens).









[ - ] AugustineOfHippo2 [op] 0 points 2.1 yearsMar 21, 2023 10:24:54 ago (+0/-0)

Thanks Monica! That is way detailed and super helpful.
One of my goals for crypto is just to diversify a bit, and have a hedge in case banks crash or something.
I don't have any real hopes of making it rich anywhere, I have long ago come to the realization that I will never be anything but an anonymous worker bee. Not being self-defeating, just being a realist.

[ - ] totalitariat 0 points 2.2 yearsMar 18, 2023 17:58:58 ago (+0/-0)

Can you recommend a good way to purchase it without going through an exchange? Most of what I've been reading requires an exchange, Paypal, or bank, and even the purchase bitcoin link at bitcoin.org is hosted by a 3rd party exchange. I don't want to use Paypal, should I just buy a prepaid bitcoin card and put more on it as I go?

[ - ] zr855 0 points 2.2 yearsMar 18, 2023 18:48:27 ago (+0/-0)

[ - ] x0x7 0 points 2.2 yearsMar 18, 2023 19:39:48 ago (+0/-0)

An exchange is probably the best way with the lowest trading fees. They used to have a crypto bar in NYC where you could do it with cash with random strangers. But without that someone is facilitating and therefore taking a fee. The exchanges are invested in doing volume so have the lowest fees.

[ - ] AugustineOfHippo2 [op] 0 points 2.2 yearsMar 18, 2023 18:11:18 ago (+0/-0)

in an exchange’s wallet

so have my own wallet on my phone? recommendations please...

[ - ] Sector7 0 points 2.2 yearsMar 18, 2023 19:36:36 ago (+0/-0)

It's only safe from most hacking by having it in a 'paper wallet', not online in any way. I've been watching people lose their "crypto currency" to all kinds of schemes since bitcorn was $32 per bushel.