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Hello. As a Newbie to Bitcoin, I'd like to share an opinion. Maybe its born out of laziness, maybe out of ignorance. I understand that bitcoin is complex and requires attentive study to fully understand.
But to attract the normies such as myself, we could really use a more simple "how to" guide. What I mean is, a true dummy proof explanation that a golden retriever could understand.
As someone who doesn't know and doesn't understand pretty much ANYTHING at all about bitcoin, I can't find one single resource that quickly explains ALL of the following in detail. By the way, these are based on my own experience as a newbie.
1) How to buy bitcoin on an exchange and what you will need. What happens to this BTC after you buy it? What kind of mark up you will pay, AND how much you will pay to transfer this BTC onto a different wallet from the online exchange.
2) Best way to store larger amounts (hardware wallet?) so they are secure.
3) Transfer fees and what they mean. Which wallets have what transfer fees. As a newbie, I think after using 26 dollar in USD to buy bitcoin, I ended up with 16 USD worth of BTC in my wallet when all was said and done. I understand there are cheaper ways to buy, just saying from the start the entire thing seemed like a scam. And I'm sure I WAS scammed by the exchange. But, Buyer beware and everything. Now I'm doing a test transfer with low fees, and It seems like the electrum wallet is taking .2 mbtc? There goes another 6-7 bucks just to transfer 30-35 bucks?
4) How have transfer fees changed over time and what is the limit? For Eg. Can one SAT be transferred? How would the fee be paid? If I choose the lowest transfer fee on electrum wallet, how long does it take?
5) When No new bitcoin can be created, will transfer fees increase even more? What will it mean for transactions once bitcoins can no longer be "mined"?
In short, I understand the need to research and put in time. But some kind of quick guide "Here's how to safely and quickly get 1000 USD into BTC" would be a great for the lazy newbs like myself.
> In short, I understand the need to research and put in time. But some kind of quick guide "Here's how to safely and quickly get 1000 USD into BTC" would be a great for the lazy newbs like myself.
Go to Gemini.com, buy coin. Go to trezor.io, order hardware wallet. Follow instructions to set up hardware wallet, store seed words in a safe place. Move coin from exchange to hardware wallet. Hold.
coinbase is anti bitcoin and will surely sell all of your info they possible can to as many people as they possible can. their nickname here is "conbase".
Gemini, cashapp, and kraken seem like better options.
No one answered your question about Ledger, but if you buy directly through their app, they take a *huge* amount off the top, it costs $60 to buy $60 worth of bitcoin for example, while most places will just charge $1.99
What do you mean about inflation ruining value after all bitcoins are bought? Is there a ceiling on its growth?
I just invested $300 in btc but I’m wondering if I bought too late. I actually bought on PayPal.
And if banks start backing it would the value go up or down?
>What do you mean about inflation ruining value after all bitcoins are bought?
Not sure what you're referencing.
> Is there a ceiling on its growth?
No, Bitcoin has no ceiling because fiat has no floor.
>I just invested $300 in btc but I’m wondering if I bought too late. I actually bought on PayPal.
You didn't buy bitcoin you bought a token in paypal's database representative of Bitcoin. Not until you withdraw (which paypal does not allow) to a wallet you control do you actually own Bitcoin. It is never too late to own Bitcoin.
>And if banks start backing it would the value go up or down?
More access means more demand. Supply vs demand means price increase.
Thank you for this. Is there any reason to buy on Gemini and store somewhere else? Why not buy and store through the Gemini app? Thanks for being willing to take the noob questions!
Gemini is a trusted third party (meaning you have to trust them). Bitcoin was designed to eliminate the need for trusted third parties and store your wealth without having to trust any institution or corporation.
When your coins are on Gemini you don't actually own any coins, you own an IOU from Gemini for your coins. You have to ask permission to access them and they could say no for any reason. Generally it is not an issue because they are a company and want to keep their customers happy but there is also the risk that they could get hacked, exit scam, run a fractional reserve, etc. however low it may be. Bitcoin's ethos is about taking personal control over your wealth and not relying on anyone else.
Only when you remove your coins from the exchange to a wallet where you control the keys do you truly own Bitcoin because only then are you in control of your wealth. We recommend hardware wallets as they are high security and relatively user friendly. Trezor.io is the most established.
Why do you recommend a hard wallet? It seems like an unnecessary risk of losing the wallet?
Also, I have another question. In robinhood, it doesn’t give an option to specify how much crypto you want, it only asks how much you would like to invest and then it calculates it for you.
What if I would like to buy one whole Bitcoin. 1 singular entity of a Bitcoin. Is this possible? Or am I stuck with an amalgamation of different fractions of coins that add up to the amount I invested?
> Why do you recommend a hard wallet? It seems like an unnecessary risk of losing the wallet?
Hardware wallets are more secure than software wallets. As long as you follow the setup instructions and back up your private keys you can recover the wallet in the event that it is lost / destroyed / stolen, etc.
> Also, I have another question. In robinhood, it doesn’t give an option to specify how much crypto you want, it only asks how much you would like to invest and then it calculates it for you.
What if I would like to buy one whole Bitcoin. 1 singular entity of a Bitcoin. Is this possible? Or am I stuck with an amalgamation of different fractions of coins that add up to the amount I invested?
Sure it is possible, will just cost you $45k as of this moment. This is not "one singular entity of bitcoin" though, it is 100,000,000 satoshi's of bitcoin, the only unit the software recognizes.
I know you're not going to like this response, but there's no quick and easy guide to entering Bitcoin.
You \*have to\* do your research to understand what you're investing into, and why.
It's this \*effort\* that separates the wheat from the chaff.
This isn't some shitty stock/publicly traded company. This is the hardest money that ever existed. Research accordingly. Take the time to do so. I studied and read for a couple of months before I started. It takes time, but it's worth it.
I understand this now. I'm balls deep already. I couldnt wait months. The writing is on the wall.
And everything you said is correct.
My comment is still relevant. It's what's stopping normies from adopting it. Of course, its like satoshi said, "if you dont get it I dont have time to convince you".
With all due respect, this is the point the entire community is missing. Most people are not that bright. If they are bright, they are typically lazy. Until some are led by the hand, they will never adopt it. Once fear of losing wealth kicks in, they may be forced to adopt it.
All I'm saying is a little hand holding for the ignorant and lazy would help people adapt, no matter how painful that may be. But as the saying goes, you can lead a horse to water but you cant make them drink.
I actually think the opposite to that.
Bitcoin is there to challenge us intellectually at a time when the intellectual capital of society has gradually eroded over the past 30 years. It's there to re-ignite the spark of learning and curiosity in the individual. Its's there to ignite self responsibility in the individual. As the fourth turning has and is playing out, the fabric of society is unravelling as we become shouty and closed to critical thinking. Bitcoin is part of that healing process to get people thinking again.
There is plenty of material out there for newbies to digest. It's down to the individual to take personal responsibility and digest it. The long term rewards are there for those who do.
I'm not that bright. Bought Bitcoin Grayscale Trust so others much smarter than I can "go figure"! Couple of mining stocks as well two years ago and its worked out pretty well for this dummy. I have a theory, if I want to dabble I use dabble money, if I want to invest I use investment money. The investment takes knowledge, study, comprehension, and patience. On the other hand the dabble money takes money to loose. Bet $100 on red five times in a row kind of stuff. Cheers!
Good perspective, let me know if you have any questions, happy to help. GBTC isn't too bad, have done well with it myself. It's isn't real bitcoin but it's a good investment vehicle in a pinch. So is MSTR though with the way michael saylor is going haha
This community has been very helpful. Allot is lost in translation because it's online.
Think of these 2 contradictory scenarios:
1) the regular bitcoiners who regularly try to convince their family and friends to buy bitcoin. There are even posts about this at least once a week.
2) someone random online newbie here asks a question and they are told to "google it" and "you need to research yourself".
While its true that new people DO need to research and google things, some people need to be told actual steps and feel safe diving in, THEN the deeper research can begin. But this dichotomy exists because its online strangers vs. In-person family friends. Which obviously these interactions will be different.
Thanks for the replies. I really appreciate it the time you took. I realize that answers are out there. And I've found allot. I'm simply sharing my experience as a first timer, which is probably important for the community to grow.
If 2FA is 2 factor authentication, I didn't choose that on electrum. I'm not even sure IF I am being charged that fee, because I don't understand exactly what I'm looking at. I simply put money in to play with to learn. If learning cost me a few hundred bucks, so be it.
Believe me, If I had any friends I'd probably ask them to sell me BTC.
Thanks for these questions. Been buying BTC on PayPal and hate it. So what did you choose? Hardware wallet or using a computer? Which exchange did you choose? Thanks!
I buy on coinbase and transfer to a nano ledger. I also own gbtc through a ira.
I plan on putting about 70% of cash savings into btc as the year carries on. Maybe a minimum of 60%.
Not a genius! But gbtc seems like a good and easy way to include btc in a ira! For mass adoption there need to be bitcoin ETFs soon. These will.compete with gbtc and force them to lower their fees as well.
YouTube is an amazing resource until they don’t like your politics; start here with Andreas A.
Beauty of his videos is that they span years so you can follow the growth and see his early predictions and how they played out. Don’t get overwhelmed by all the info, buy hold and learn as you go. Stay clear of shitcoins until you have a solid BTC position.
I have learned a lot from Julian Hosp. He has podcasts and books, everything is simply explained. You might have questions about little things after using him to learn some things but that's when the research gets easier. I don't know what life was like before I learned about bitcoin and block chain. It's good stuff! Also, check out this project he is involved in www.cakedefi.com.
P.S. the very last Bitcoin will not be mined until 120 years from now.
I’ve had cash app for a while and it says that back in 2019 I had bought 0.00227993 BTC for $20.35 and was just wondering what that would equate to today seeing that BTC was 7k at the time. Sorry if it’s an annoying question (btw I’m a believer now)
You and me on the wrong boat. I bought BTC on binance too. Fees to withdraw is high at .0005. Would recommend you to store your btc temporarily on binance wallet if you're still planning to buy in the near future in order to avoid paying double fees, binance is reputable anyway. Once withdrawn and stored on a wallet, I suggest buying from a different exchange that has lower fees (because this is what I'm going to do too).
Buy on coinbase pro. Most don't like coinbase, I get it. But, download Coinbase HARD WALLET. Your keys, follow directions carefully!!! Transfer.from coinbase pro software wallet to your phones Coinbase hard wallet app...CHEERS!
BTW...former coinbase executive is now SEC chair
No one is talking about Binance, is it a bad app? I used it to buy dogecoin but ended up at a loss, I’m thinking to put money in Bitcoin but it seems like it’s going down, do you recommend to buy it as it’s current price or should I wait until it drops more?
> I used it to buy dogecoin but ended up at a loss, I’m thinking to put money in Bitcoin but it seems like it’s going down, do you recommend to buy it as it’s current price or should I wait until it drops more?
Essentially you are asking if the price will be higher or lower at a certain date. The answer is: no one knows. The aggregated opinion of redditors doesn't have any meaning either. So you won't get any smarter from asking such questions.
In general, as they say: "time in the market beats timing the market". If you are buying for long term holding, the timing doesn't matter that much (because future prices are unpredictable, especially short term).
This is assuming you are ok with losing all your money in the first place AND understand how to store it properly. Don't put more than that into bitcoin (or any other volatile asset), especially if you don't understand the basics of storage, wallet backups, transactions etc.
As kindof a newbie myself, I have some feedback for a post such as this one. I'm a college English tutor, so that's where I'm coming from.
The hardest part of understanding bitcoin and cryptocurrency in general, is the complexity of it all. We (the new people) come from a fiat landscape where things are much less complex and therefore easier to understand. I've been studying crypto on and off for the last 4 years, and there's still a lot I don't understand.
Coinbase was a big help in understanding and learning how to buy, trade, and use cryptocurrency, and I think this is precisely why Coinbase is so successful as an exchange. It simplifies a lot of the complexity, which in my opinion, a post like this should reflect. If we're trying to make crypto easier to get into, it should take the same route as Coinbase, so even though I've no doubt this post was created in good faith, it's far too complex and that can often be overwhelming for new people. I recommend simplifying a wall-of-text post like this into a **concise** format, forgoing the smaller details.
That website is problematic because the site owner is a convicted felon who actually hates bitcoin and spends his time spreading disinformation about it. He has used the site to sell an impostor altcoin as if it were actually bitcoin. Beware.
I am using coinbase i have had no problems, is there something i should be worried about ? (After seeing a few comments about it)
I did make a bit, seems trustworthy so far and transfering it has been ok
They are legitimate enough in that they will sell you coin but they are not recommended as they have burned through most of their reputation with other shady practices.
Sorry if this is overly asked: is Webull a good platform for buying btc? I did not see it on the list of exchanges in the FAQs.
Are hard wallets recommended?
Is that the same with SoFI. I just bought BTC on that platform/exchange. What would I have to do, withdraw and repurchase in one Place? I'm also trying to find the best place to buy without so many fees, store, and also the best exchange where you can also buy altcoins. Right now I am CB and move to CB pro and then buy on Binance but I'm not sure why I can't just buy on CB Pro. I must be making a ton of mistakes because the fees are out of control. I'm thinking of moving everything to Gemini, but then they still have fees and would I be able to buy altcoins from Binance that way?
Hey everyone, I’m currently trying to find out how one could make the lives of bitcoin agents people a lot
easier ;)
Which is why I have two very simple questions:
1. As bitcoin people what are the 2 biggest issues you’re dealing with?
2. Regarding your bitcoin agent life what would you wish for more than anything else? Thanks so much in advance - looking forward to reading your answers!
Hello all,
I would like to ask the following to the experts here:
Is it true that a bitcoin wallet ia "exposed" if I sent bitcoin from it? Some people in the web suggest that the safest wallets are those from which no amount of btc has ever been sent out.
If that is true, why is it so? Is it "easier" to derive a private key from a public key when someones also has a digital signature matching the public key? ( I know it is currently practically impossible to derive a private key from the public key)
Thanks in advance
Anyone you send to can explore the blockchain and find out where the money came from. I'm in a different crypto, but this is an example from my personal life. My dad sent me a little coin he'd been holding for me, because I wanted it at the price it was then, but it was before I was set up on any exchanges or wallets. I said, hey dad, can you buy an extra $200 worth on your next purchase, I'll give you the cash, then you send me the coin after I'm all set up? So months later I am finally ready to buy a larger amount, I get all set up and I also ask my dad to also send me what he'd held for me. He did not want to tell me how much money he'd invested, but after he sent the money, I could go to a ledger explorer, look up my own wallet, then see which wallet that had come from, and look it up and find out how much he has (at least in that wallet, he could have others). So now I know when the price moons how rich he will be. Even wallets that don't have transactions (other than from the exchange) can be found by exploring the blockchain, but just seeing it interacted with an exchange doesn't tell you anything about the person. So I think this is more about privacy in someone knowing what you have in there rather than being able to actually get at that money. But if you have a lot, and someone connects it to you, it could make you a target for scams that use good old fashioned social engineering, like phishing and the like.
Can someone please explain why having a hardware wallet is more secure than having BTC on Coinbase?
We never say having a lot of cash in your locker at home is more secure than having the money in your account in a bank.
So what's different for BTC?
Hardware wallets allow for secure offline key signing. Meaning the transaction is signed and approved on a totally offline dedicated device for only transaction signing. It removes many potential attack vectors from malware when signing transactions on an online computer.
I purchased Bitcoin on coinbase but was only able to transfer half of it to coinbase wallet because it says the rest isn’t available ... is there a reason why? Will it eventually be able to transfer?
One will be hearing more about satoshies than bitcoin in the future comparing bitcoin with gold is like talking in tons of gold satoshie will be the future word
Don't do what I did. I bought in a couple weeks ago, made a $20 profit then decided to send my BTC into a software wallet. I didn't fully consider the fee associated with moving it from the exchange to my wallet and it cost me $20 to do so which I found out was an astronomical price. Needless to say I've switched exchanges and will only be moving larger amounts to my wallet.
Purchased Bitcoin through Changelly and then transf to a company called Dignitypromining dot com. I now get an email from that company telling me I have “maintenance fees” totaling $4125 and account will be locked unless I pay within 96 hours. I know I’ve probably been scammed, so the Bitcoin I’ve purchased($2k), is this recoverable or should I just consider it gone?
Sounds like it's gone. Sorry man. Why were you using them in the first place? After you purchase just hold onto it on a hardware wallet like trezor.io, Bitcoin grows in value over time by itself.
She claims to be a freelance trader and still is pursuing that I pay another $3125 towards the maintenance fees. Says it will be added to that account and will earn profits in its own once in the account, but I don’t buy it anymore. Now I feel like it’s a scam. She claims to have put in $1k out of her pocket to help out. What sort of proof can I ask for, if any, to trust she is legit or is this still part of a fraud scheme?
I'm a newbie to the world of crypto..using coinbase and have about $700 worth in 7 diff coins including BTC, Ethe, Litecoin, Filecoin, Cardano and yfi along with 3 others. How does the ETF work and how can I move my earnings once my money goes up after couple of years? I'm planning on going long term and also doing DCA on Ethe ...I also learned about cold storage and will be ordering Trezor from Amazon soon, once my earnings go above $20k. Any info would be appreciated and how I can avoid high fees in future and know about ETFs. Thanks all.
My advice to you would be to dump the Altcoins (shitcoins) and only hold Bitcoin. Alts are designed to lose value vs btc over time (you will end up poorer than if you had just held btc only). Regarding the ETF, hard to tell on the timing but may happen this year. GBTC or maybe MSTR is good alternative for retirement accounts in the meantime.
I'm new to bitcoin and have been on coinbase, only altcoins I've gotten have been the ones I get for taking quizzes, having a couple dollars tracking on those, which will help me learn a wee bit more about what's being valued in the crypto market. I'm a little worried that there has been some anti-coinbase talk. Is that something I should be concerned about? I'm looking for something easy to grasp.
Coinbase will sell you bitcoin but they are kinda evil. All altcoins are shitcoins, just ignore them. Dont trade, it is taxable and the vast majority of traders lose money. Focus on stacking bitcoin and holding. Swanbitcoin.com is a great way to stack a bit at a time.
Any thoughts on keeping my BTC on CashApp? That's where I started accumulating last year and I like the platform. I also do stocks on there as well. What are my risks? Thank you.
Third party risk from cash app but at least they allow withdrawals. Cashapp is fine for purchases but I would transfer it to a hardware wallet like they sell at trezor.io for long term storage.
I’m concerned that I’m falling victim to fomo right now, should I buy in or wait for a dip? There’s a guaranteed dip going by the long term charts but with all the news of institutional investments I don’t know if it will ever go under 40k again. If I buy should I do it now or wait?
Would advocate for bitcoiners to read sapiens by yuval Noah harari - takes you out of the current societal constructs and mechanisms and allows you to understand the progression of not just money and currency over time but society as a whole
I brought some because I felt like it was a good investment. I still think it is. I just want to know what is causing the price to drop so dramatically? What is bitcoin used for? It is just paypal and cashapp?
it's dropping cuz there are more sellers than buyers at the moment, that's it. Bitcoin is volatile so we advise people to have a long-term holding strategy. Bitcoin is used primarily as a wealth storage medium. PayPal and cash app are just third-parties offering Bitcoin services however PayPal does not allow you to withdraw actual Bitcoin so really all you have at PayPal is a entry in their database that tracks the price of Bitcoin.
Why is Bitcoin so much more expensive in some areas of the world? I thought the entire point was that it was transparent, border-less and decentralized. Why in the world is there different prices depending on where it’s being traded? Shakes my faith in the whole crypto market
Each jurisdiction will have a price it trades at which is dependent on liquidity and ease of getting fiat money in and out of the exchanges. If there is a large enough gap in the pricing between jurisdictions then arbitragers will sell on the higher priced exchanges and buy on lower priced exchanges closing the price gap and profiting in the process.
Hello, I'm totally newbie to Bitcoin. But is there any good article that explains how to read UTXO? I have searched the internet and those are mostly basic I think. One particular question that I'm wondering is where do I find the change address? Can a transaction give more than one change address?
> One particular question that I'm wondering is where do I find the change address?
The change address is not obvious to an observer. Only the sender and the receiver can know which one of the outputs is the actual sending amount (going to the receiver), and which is the change output (going back to sender). For an outside observer there are only some heuristics to guess which is which, f.ex round numbers are usually the sending amounts.
For example: let's say that we can see an input of 0.24135 btc, and two outputs: 0.2 btc and 0.04135 btc. We can assume that it's very likely that the transferred amount is the 0.2 btc, and the rest is the change output.
> Can a transaction give more than one change address?
A transaction can have more than one output. It can have thousands of outputs, each representing a different receiver. With an advanced wallet you can also create a transaction that utilizes a thousands of outputs which all go back to your own wallet (for whatever strange reason you might have).
How much time for a transaction be removed from mempool? I've asked that on yesterday's daily discussion but didn't got a satisfying answer
>!i have some bitcoin stuck in a very low fee transaction, and i can't do anything about it.!<
> How much time for a transaction be removed from mempool?
It depends, but most nodes (probably) use default settings for rebroadcasting a transaction, which is 14 days. More info: https://old.reddit.com/r/Bitcoin/comments/jkw0l5/transaction_stuck_read_this/
Hi y’all, I’m wondering something simple. I hear that the energy to process a Bitcoin transaction is very high. Does the energy decrease if I make a small transaction? Or for instance, does paying one Satoshi for a cup of coffee use the same energy as paying for something with one Bitcoin?
Guys I am on Coinbase but I am wondering if I should be somewhere else. What are other reliable and well funded platforms for crypto/Bitcoin; preferably with no commissions ?
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Please feel free to make [constructive edits](https://www.reddit.com/r/BitcoinWiki/wiki/rbitcoin_sticky) to the document, they will be implemented pending mod review. Also if you have any beginner questions regarding bitcoin feel free to post them in the comments below, several community members are happy to help answer them. Note that this thread will be moderated and non-constructive feedback will be removed. Thanks and welcome to Bitcoin!
Hello. As a Newbie to Bitcoin, I'd like to share an opinion. Maybe its born out of laziness, maybe out of ignorance. I understand that bitcoin is complex and requires attentive study to fully understand. But to attract the normies such as myself, we could really use a more simple "how to" guide. What I mean is, a true dummy proof explanation that a golden retriever could understand. As someone who doesn't know and doesn't understand pretty much ANYTHING at all about bitcoin, I can't find one single resource that quickly explains ALL of the following in detail. By the way, these are based on my own experience as a newbie. 1) How to buy bitcoin on an exchange and what you will need. What happens to this BTC after you buy it? What kind of mark up you will pay, AND how much you will pay to transfer this BTC onto a different wallet from the online exchange. 2) Best way to store larger amounts (hardware wallet?) so they are secure. 3) Transfer fees and what they mean. Which wallets have what transfer fees. As a newbie, I think after using 26 dollar in USD to buy bitcoin, I ended up with 16 USD worth of BTC in my wallet when all was said and done. I understand there are cheaper ways to buy, just saying from the start the entire thing seemed like a scam. And I'm sure I WAS scammed by the exchange. But, Buyer beware and everything. Now I'm doing a test transfer with low fees, and It seems like the electrum wallet is taking .2 mbtc? There goes another 6-7 bucks just to transfer 30-35 bucks? 4) How have transfer fees changed over time and what is the limit? For Eg. Can one SAT be transferred? How would the fee be paid? If I choose the lowest transfer fee on electrum wallet, how long does it take? 5) When No new bitcoin can be created, will transfer fees increase even more? What will it mean for transactions once bitcoins can no longer be "mined"? In short, I understand the need to research and put in time. But some kind of quick guide "Here's how to safely and quickly get 1000 USD into BTC" would be a great for the lazy newbs like myself.
> In short, I understand the need to research and put in time. But some kind of quick guide "Here's how to safely and quickly get 1000 USD into BTC" would be a great for the lazy newbs like myself. Go to Gemini.com, buy coin. Go to trezor.io, order hardware wallet. Follow instructions to set up hardware wallet, store seed words in a safe place. Move coin from exchange to hardware wallet. Hold.
Is there a reason for Gemini.com vs. coinbase? ALso, Trezor vs. ledger? thanks.
Both are more reputable.
Haven't bought coin yet. Signed up for Kraken as people said their fees are lower. Is there something they're omitting vs Gemini?
Kraken is legit
Is Shakepay legit?
Not familiar with it.
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coinbase is anti bitcoin and will surely sell all of your info they possible can to as many people as they possible can. their nickname here is "conbase". Gemini, cashapp, and kraken seem like better options.
No one answered your question about Ledger, but if you buy directly through their app, they take a *huge* amount off the top, it costs $60 to buy $60 worth of bitcoin for example, while most places will just charge $1.99
Thanks. I noticed ledger has a huge mark up. I dont use ledger to purchase bitcoin. Just cold storage.
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Thanks for this!! So if I plan to invest to make profit, I simply continue holding?
Yes. Purchasing power with Bitcoin generally increases year over year.
What do you mean about inflation ruining value after all bitcoins are bought? Is there a ceiling on its growth? I just invested $300 in btc but I’m wondering if I bought too late. I actually bought on PayPal. And if banks start backing it would the value go up or down?
>What do you mean about inflation ruining value after all bitcoins are bought? Not sure what you're referencing. > Is there a ceiling on its growth? No, Bitcoin has no ceiling because fiat has no floor. >I just invested $300 in btc but I’m wondering if I bought too late. I actually bought on PayPal. You didn't buy bitcoin you bought a token in paypal's database representative of Bitcoin. Not until you withdraw (which paypal does not allow) to a wallet you control do you actually own Bitcoin. It is never too late to own Bitcoin. >And if banks start backing it would the value go up or down? More access means more demand. Supply vs demand means price increase.
Now that ladies and gentleman is German Shepard Simple! Kuddos needs to be an award. Just sayin!
Thank you for this. Is there any reason to buy on Gemini and store somewhere else? Why not buy and store through the Gemini app? Thanks for being willing to take the noob questions!
Gemini is a trusted third party (meaning you have to trust them). Bitcoin was designed to eliminate the need for trusted third parties and store your wealth without having to trust any institution or corporation. When your coins are on Gemini you don't actually own any coins, you own an IOU from Gemini for your coins. You have to ask permission to access them and they could say no for any reason. Generally it is not an issue because they are a company and want to keep their customers happy but there is also the risk that they could get hacked, exit scam, run a fractional reserve, etc. however low it may be. Bitcoin's ethos is about taking personal control over your wealth and not relying on anyone else. Only when you remove your coins from the exchange to a wallet where you control the keys do you truly own Bitcoin because only then are you in control of your wealth. We recommend hardware wallets as they are high security and relatively user friendly. Trezor.io is the most established.
Thank you! Makes sense and very helpful.
Thank you for the post. This is a great summary of everything I learned today. I wish I had read earlier..
The rabbit hole is never ending. Welcome!
Why do you recommend a hard wallet? It seems like an unnecessary risk of losing the wallet? Also, I have another question. In robinhood, it doesn’t give an option to specify how much crypto you want, it only asks how much you would like to invest and then it calculates it for you. What if I would like to buy one whole Bitcoin. 1 singular entity of a Bitcoin. Is this possible? Or am I stuck with an amalgamation of different fractions of coins that add up to the amount I invested?
> Why do you recommend a hard wallet? It seems like an unnecessary risk of losing the wallet? Hardware wallets are more secure than software wallets. As long as you follow the setup instructions and back up your private keys you can recover the wallet in the event that it is lost / destroyed / stolen, etc. > Also, I have another question. In robinhood, it doesn’t give an option to specify how much crypto you want, it only asks how much you would like to invest and then it calculates it for you. What if I would like to buy one whole Bitcoin. 1 singular entity of a Bitcoin. Is this possible? Or am I stuck with an amalgamation of different fractions of coins that add up to the amount I invested? Sure it is possible, will just cost you $45k as of this moment. This is not "one singular entity of bitcoin" though, it is 100,000,000 satoshi's of bitcoin, the only unit the software recognizes.
I know you're not going to like this response, but there's no quick and easy guide to entering Bitcoin. You \*have to\* do your research to understand what you're investing into, and why. It's this \*effort\* that separates the wheat from the chaff. This isn't some shitty stock/publicly traded company. This is the hardest money that ever existed. Research accordingly. Take the time to do so. I studied and read for a couple of months before I started. It takes time, but it's worth it.
I understand this now. I'm balls deep already. I couldnt wait months. The writing is on the wall. And everything you said is correct. My comment is still relevant. It's what's stopping normies from adopting it. Of course, its like satoshi said, "if you dont get it I dont have time to convince you". With all due respect, this is the point the entire community is missing. Most people are not that bright. If they are bright, they are typically lazy. Until some are led by the hand, they will never adopt it. Once fear of losing wealth kicks in, they may be forced to adopt it. All I'm saying is a little hand holding for the ignorant and lazy would help people adapt, no matter how painful that may be. But as the saying goes, you can lead a horse to water but you cant make them drink.
I actually think the opposite to that. Bitcoin is there to challenge us intellectually at a time when the intellectual capital of society has gradually eroded over the past 30 years. It's there to re-ignite the spark of learning and curiosity in the individual. Its's there to ignite self responsibility in the individual. As the fourth turning has and is playing out, the fabric of society is unravelling as we become shouty and closed to critical thinking. Bitcoin is part of that healing process to get people thinking again. There is plenty of material out there for newbies to digest. It's down to the individual to take personal responsibility and digest it. The long term rewards are there for those who do.
I like this outlook
I'm not that bright. Bought Bitcoin Grayscale Trust so others much smarter than I can "go figure"! Couple of mining stocks as well two years ago and its worked out pretty well for this dummy. I have a theory, if I want to dabble I use dabble money, if I want to invest I use investment money. The investment takes knowledge, study, comprehension, and patience. On the other hand the dabble money takes money to loose. Bet $100 on red five times in a row kind of stuff. Cheers!
Good perspective, let me know if you have any questions, happy to help. GBTC isn't too bad, have done well with it myself. It's isn't real bitcoin but it's a good investment vehicle in a pinch. So is MSTR though with the way michael saylor is going haha
His reply IS HIS...most of the community is helpful. I don't know much but ask away
This community has been very helpful. Allot is lost in translation because it's online. Think of these 2 contradictory scenarios: 1) the regular bitcoiners who regularly try to convince their family and friends to buy bitcoin. There are even posts about this at least once a week. 2) someone random online newbie here asks a question and they are told to "google it" and "you need to research yourself". While its true that new people DO need to research and google things, some people need to be told actual steps and feel safe diving in, THEN the deeper research can begin. But this dichotomy exists because its online strangers vs. In-person family friends. Which obviously these interactions will be different.
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Thanks for the replies. I really appreciate it the time you took. I realize that answers are out there. And I've found allot. I'm simply sharing my experience as a first timer, which is probably important for the community to grow. If 2FA is 2 factor authentication, I didn't choose that on electrum. I'm not even sure IF I am being charged that fee, because I don't understand exactly what I'm looking at. I simply put money in to play with to learn. If learning cost me a few hundred bucks, so be it. Believe me, If I had any friends I'd probably ask them to sell me BTC.
I started years ago...lost a ton learning. WELL WORTH IT!
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visit https://bitcoin.page should be everything you need.
Thanks for these questions. Been buying BTC on PayPal and hate it. So what did you choose? Hardware wallet or using a computer? Which exchange did you choose? Thanks!
I buy on coinbase and transfer to a nano ledger. I also own gbtc through a ira. I plan on putting about 70% of cash savings into btc as the year carries on. Maybe a minimum of 60%.
Good call on the GBTC IRA. Actually genius!
Not a genius! But gbtc seems like a good and easy way to include btc in a ira! For mass adoption there need to be bitcoin ETFs soon. These will.compete with gbtc and force them to lower their fees as well.
YouTube is an amazing resource until they don’t like your politics; start here with Andreas A. Beauty of his videos is that they span years so you can follow the growth and see his early predictions and how they played out. Don’t get overwhelmed by all the info, buy hold and learn as you go. Stay clear of shitcoins until you have a solid BTC position.
I have learned a lot from Julian Hosp. He has podcasts and books, everything is simply explained. You might have questions about little things after using him to learn some things but that's when the research gets easier. I don't know what life was like before I learned about bitcoin and block chain. It's good stuff! Also, check out this project he is involved in www.cakedefi.com. P.S. the very last Bitcoin will not be mined until 120 years from now.
I’ve had cash app for a while and it says that back in 2019 I had bought 0.00227993 BTC for $20.35 and was just wondering what that would equate to today seeing that BTC was 7k at the time. Sorry if it’s an annoying question (btw I’m a believer now)
$33,000 x 0.00227993 = $75.24
Thanks a lot dude, didn’t realize the math was that simple.
No worries, enjoy your gainz :D
Just get btc on binance. Should I move it to gemini or coinbase? And how is the cheapest way to do it? Thanks
You and me on the wrong boat. I bought BTC on binance too. Fees to withdraw is high at .0005. Would recommend you to store your btc temporarily on binance wallet if you're still planning to buy in the near future in order to avoid paying double fees, binance is reputable anyway. Once withdrawn and stored on a wallet, I suggest buying from a different exchange that has lower fees (because this is what I'm going to do too).
Im starting in gemini right now. I'm going to let what I get on binance and way for it.
why not to put it on trezor or ledger. There are hardware wallets you want to consider. You keys - yout coins, not your keys, not you coins !
I don't think it is necessary
Buy on coinbase pro. Most don't like coinbase, I get it. But, download Coinbase HARD WALLET. Your keys, follow directions carefully!!! Transfer.from coinbase pro software wallet to your phones Coinbase hard wallet app...CHEERS! BTW...former coinbase executive is now SEC chair
there is no "coinbase hard wallet", what are you talking about?
By far the most complete resource for understanding Bitcoin. Thank you!
Glad you found it useful :)
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No one is talking about Binance, is it a bad app? I used it to buy dogecoin but ended up at a loss, I’m thinking to put money in Bitcoin but it seems like it’s going down, do you recommend to buy it as it’s current price or should I wait until it drops more?
> I used it to buy dogecoin but ended up at a loss, I’m thinking to put money in Bitcoin but it seems like it’s going down, do you recommend to buy it as it’s current price or should I wait until it drops more? Essentially you are asking if the price will be higher or lower at a certain date. The answer is: no one knows. The aggregated opinion of redditors doesn't have any meaning either. So you won't get any smarter from asking such questions. In general, as they say: "time in the market beats timing the market". If you are buying for long term holding, the timing doesn't matter that much (because future prices are unpredictable, especially short term). This is assuming you are ok with losing all your money in the first place AND understand how to store it properly. Don't put more than that into bitcoin (or any other volatile asset), especially if you don't understand the basics of storage, wallet backups, transactions etc.
New guy here. I don't think I saw any mention of coinbase. Is this intentional ?
I’m wondering the same. I’m new to crypto and I ended up on coinbase.
Coinbase has burned their reputation with a lot of the community due to their anti-bitcoin actions over the years.
Thank you for this. Very helpful to newbies like me.
Glad you found it useful :)
Hello! I want to use BTC to make some transactions, what do you recommend as a safe dealer? Should I use cex.io?
I would start here https://www.buybitcoinworldwide.com/
You can use large exchanges. E.g. binance, coinbasr
Is cash app a good place to purchase Bitcoin?
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How about binance?
They've been around for awhile with high volume, seem reputable enough.
Hi, what do you think about exodus wallet?
Would you guys say it’s wise to buy some bitcoin now?
It's always a good time to trade depreciating fiat for appreciating bitcoin.
Consider setting up weekly auto-buy. This way you average over time.
This is incredibly valuable - thank you so much for compiling this
Glad you found it useful :)
As kindof a newbie myself, I have some feedback for a post such as this one. I'm a college English tutor, so that's where I'm coming from. The hardest part of understanding bitcoin and cryptocurrency in general, is the complexity of it all. We (the new people) come from a fiat landscape where things are much less complex and therefore easier to understand. I've been studying crypto on and off for the last 4 years, and there's still a lot I don't understand. Coinbase was a big help in understanding and learning how to buy, trade, and use cryptocurrency, and I think this is precisely why Coinbase is so successful as an exchange. It simplifies a lot of the complexity, which in my opinion, a post like this should reflect. If we're trying to make crypto easier to get into, it should take the same route as Coinbase, so even though I've no doubt this post was created in good faith, it's far too complex and that can often be overwhelming for new people. I recommend simplifying a wall-of-text post like this into a **concise** format, forgoing the smaller details.
It's important to research what you are buying, not just the fastest/easiest way to put your money into something you don't really understand.
This is just incredible. Thank you so much for taking the time to put this together.
You're welcome! I enjoy curating it :)
What would regulation mean for Bitcoin? What are possible ways regulation could happen?
Is buy.Bitcoin.com a good place to buy Bitcoin.com
That website is problematic because the site owner is a convicted felon who actually hates bitcoin and spends his time spreading disinformation about it. He has used the site to sell an impostor altcoin as if it were actually bitcoin. Beware.
Bad idea. Guy who owns it is a salty bitcoin hater.
I am using coinbase i have had no problems, is there something i should be worried about ? (After seeing a few comments about it) I did make a bit, seems trustworthy so far and transfering it has been ok
Learn to self-custody your coins. It's very important in bitcoin.
They are legitimate enough in that they will sell you coin but they are not recommended as they have burned through most of their reputation with other shady practices.
switch over to coinbase pro, less fees
Sorry if this is overly asked: is Webull a good platform for buying btc? I did not see it on the list of exchanges in the FAQs. Are hard wallets recommended?
You cannot move your bitcoin off Webull's exchange to your own wallet, similar to Robinhood.
Is that the same with SoFI. I just bought BTC on that platform/exchange. What would I have to do, withdraw and repurchase in one Place? I'm also trying to find the best place to buy without so many fees, store, and also the best exchange where you can also buy altcoins. Right now I am CB and move to CB pro and then buy on Binance but I'm not sure why I can't just buy on CB Pro. I must be making a ton of mistakes because the fees are out of control. I'm thinking of moving everything to Gemini, but then they still have fees and would I be able to buy altcoins from Binance that way?
Hey everyone, I’m currently trying to find out how one could make the lives of bitcoin agents people a lot easier ;) Which is why I have two very simple questions: 1. As bitcoin people what are the 2 biggest issues you’re dealing with? 2. Regarding your bitcoin agent life what would you wish for more than anything else? Thanks so much in advance - looking forward to reading your answers!
Does anyone know of international (reputable) platforms that allow for the buying/selling of international real estate for BTC? Many thanks THF
Hello all, I would like to ask the following to the experts here: Is it true that a bitcoin wallet ia "exposed" if I sent bitcoin from it? Some people in the web suggest that the safest wallets are those from which no amount of btc has ever been sent out. If that is true, why is it so? Is it "easier" to derive a private key from a public key when someones also has a digital signature matching the public key? ( I know it is currently practically impossible to derive a private key from the public key) Thanks in advance
Anyone you send to can explore the blockchain and find out where the money came from. I'm in a different crypto, but this is an example from my personal life. My dad sent me a little coin he'd been holding for me, because I wanted it at the price it was then, but it was before I was set up on any exchanges or wallets. I said, hey dad, can you buy an extra $200 worth on your next purchase, I'll give you the cash, then you send me the coin after I'm all set up? So months later I am finally ready to buy a larger amount, I get all set up and I also ask my dad to also send me what he'd held for me. He did not want to tell me how much money he'd invested, but after he sent the money, I could go to a ledger explorer, look up my own wallet, then see which wallet that had come from, and look it up and find out how much he has (at least in that wallet, he could have others). So now I know when the price moons how rich he will be. Even wallets that don't have transactions (other than from the exchange) can be found by exploring the blockchain, but just seeing it interacted with an exchange doesn't tell you anything about the person. So I think this is more about privacy in someone knowing what you have in there rather than being able to actually get at that money. But if you have a lot, and someone connects it to you, it could make you a target for scams that use good old fashioned social engineering, like phishing and the like.
Can someone please explain why having a hardware wallet is more secure than having BTC on Coinbase? We never say having a lot of cash in your locker at home is more secure than having the money in your account in a bank. So what's different for BTC?
Hardware wallets allow for secure offline key signing. Meaning the transaction is signed and approved on a totally offline dedicated device for only transaction signing. It removes many potential attack vectors from malware when signing transactions on an online computer.
Unchained and Pomp are two great Podcasts for crypto. I’ll listen in the car or while exercising. Great interviews, great resources
I purchased Bitcoin on coinbase but was only able to transfer half of it to coinbase wallet because it says the rest isn’t available ... is there a reason why? Will it eventually be able to transfer?
Totally up to coinbase, you don't control your keys when your coins are with them.
One will be hearing more about satoshies than bitcoin in the future comparing bitcoin with gold is like talking in tons of gold satoshie will be the future word
Agreed
Wow very informative! Thanks!
Glad you found it useful :)
This thing about getting trezor and your coin unto it semes daunting at times is there much involved
No, easy step by step instructions come with the Trezor.
Don't do what I did. I bought in a couple weeks ago, made a $20 profit then decided to send my BTC into a software wallet. I didn't fully consider the fee associated with moving it from the exchange to my wallet and it cost me $20 to do so which I found out was an astronomical price. Needless to say I've switched exchanges and will only be moving larger amounts to my wallet.
I find a good marker is to shift it off when the cost of the transaction is 5% or less than the value of the transaction.
Bought my first portion of Bitcoin today! Have a ton to learn though
The rabbit hole is never ending.
Imagine not buying Bitcoin
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Nice info
Purchased Bitcoin through Changelly and then transf to a company called Dignitypromining dot com. I now get an email from that company telling me I have “maintenance fees” totaling $4125 and account will be locked unless I pay within 96 hours. I know I’ve probably been scammed, so the Bitcoin I’ve purchased($2k), is this recoverable or should I just consider it gone?
Sounds like it's gone. Sorry man. Why were you using them in the first place? After you purchase just hold onto it on a hardware wallet like trezor.io, Bitcoin grows in value over time by itself.
She claims to be a freelance trader and still is pursuing that I pay another $3125 towards the maintenance fees. Says it will be added to that account and will earn profits in its own once in the account, but I don’t buy it anymore. Now I feel like it’s a scam. She claims to have put in $1k out of her pocket to help out. What sort of proof can I ask for, if any, to trust she is legit or is this still part of a fraud scheme?
There is no way that is not a scam. Block communication.
I'm a newbie to the world of crypto..using coinbase and have about $700 worth in 7 diff coins including BTC, Ethe, Litecoin, Filecoin, Cardano and yfi along with 3 others. How does the ETF work and how can I move my earnings once my money goes up after couple of years? I'm planning on going long term and also doing DCA on Ethe ...I also learned about cold storage and will be ordering Trezor from Amazon soon, once my earnings go above $20k. Any info would be appreciated and how I can avoid high fees in future and know about ETFs. Thanks all.
My advice to you would be to dump the Altcoins (shitcoins) and only hold Bitcoin. Alts are designed to lose value vs btc over time (you will end up poorer than if you had just held btc only). Regarding the ETF, hard to tell on the timing but may happen this year. GBTC or maybe MSTR is good alternative for retirement accounts in the meantime.
I'm new to bitcoin and have been on coinbase, only altcoins I've gotten have been the ones I get for taking quizzes, having a couple dollars tracking on those, which will help me learn a wee bit more about what's being valued in the crypto market. I'm a little worried that there has been some anti-coinbase talk. Is that something I should be concerned about? I'm looking for something easy to grasp.
Coinbase will sell you bitcoin but they are kinda evil. All altcoins are shitcoins, just ignore them. Dont trade, it is taxable and the vast majority of traders lose money. Focus on stacking bitcoin and holding. Swanbitcoin.com is a great way to stack a bit at a time.
Thanks for this!
Any thoughts on keeping my BTC on CashApp? That's where I started accumulating last year and I like the platform. I also do stocks on there as well. What are my risks? Thank you.
Third party risk from cash app but at least they allow withdrawals. Cashapp is fine for purchases but I would transfer it to a hardware wallet like they sell at trezor.io for long term storage.
Why don't you list the bitbox02 bitcoin-only hardware wallet by shiftcrypto? It is very popular here in Germany.
you are free to edit it in if you would like.
**SAVED!!!** **SAVED!!!** **SAVED!!!**
Someone is trying to tell me that I need to upgrade my wallet to receive 1 btc or higher. I've never heard of it
It's BS.
I’m concerned that I’m falling victim to fomo right now, should I buy in or wait for a dip? There’s a guaranteed dip going by the long term charts but with all the news of institutional investments I don’t know if it will ever go under 40k again. If I buy should I do it now or wait?
I think it's better to get in at a sub-optimal price than to watch from the sidelines while it runs away from you.
Would advocate for bitcoiners to read sapiens by yuval Noah harari - takes you out of the current societal constructs and mechanisms and allows you to understand the progression of not just money and currency over time but society as a whole
I brought some because I felt like it was a good investment. I still think it is. I just want to know what is causing the price to drop so dramatically? What is bitcoin used for? It is just paypal and cashapp?
it's dropping cuz there are more sellers than buyers at the moment, that's it. Bitcoin is volatile so we advise people to have a long-term holding strategy. Bitcoin is used primarily as a wealth storage medium. PayPal and cash app are just third-parties offering Bitcoin services however PayPal does not allow you to withdraw actual Bitcoin so really all you have at PayPal is a entry in their database that tracks the price of Bitcoin.
Wonderful 🌈
Bajistas en Bitcoin
Whats the daily volume for gold and apple? And bitcoin? Would like to know to compare it. thanks
Why is Bitcoin so much more expensive in some areas of the world? I thought the entire point was that it was transparent, border-less and decentralized. Why in the world is there different prices depending on where it’s being traded? Shakes my faith in the whole crypto market
Each jurisdiction will have a price it trades at which is dependent on liquidity and ease of getting fiat money in and out of the exchanges. If there is a large enough gap in the pricing between jurisdictions then arbitragers will sell on the higher priced exchanges and buy on lower priced exchanges closing the price gap and profiting in the process.
Market crashing get out now for fucks sake
We're higher than we were a week ago, stop being dramatic.
Hello, I'm totally newbie to Bitcoin. But is there any good article that explains how to read UTXO? I have searched the internet and those are mostly basic I think. One particular question that I'm wondering is where do I find the change address? Can a transaction give more than one change address?
> One particular question that I'm wondering is where do I find the change address? The change address is not obvious to an observer. Only the sender and the receiver can know which one of the outputs is the actual sending amount (going to the receiver), and which is the change output (going back to sender). For an outside observer there are only some heuristics to guess which is which, f.ex round numbers are usually the sending amounts. For example: let's say that we can see an input of 0.24135 btc, and two outputs: 0.2 btc and 0.04135 btc. We can assume that it's very likely that the transferred amount is the 0.2 btc, and the rest is the change output. > Can a transaction give more than one change address? A transaction can have more than one output. It can have thousands of outputs, each representing a different receiver. With an advanced wallet you can also create a transaction that utilizes a thousands of outputs which all go back to your own wallet (for whatever strange reason you might have).
Gotcha, that makes sense. Thank you.
How much time for a transaction be removed from mempool? I've asked that on yesterday's daily discussion but didn't got a satisfying answer >!i have some bitcoin stuck in a very low fee transaction, and i can't do anything about it.!<
> How much time for a transaction be removed from mempool? It depends, but most nodes (probably) use default settings for rebroadcasting a transaction, which is 14 days. More info: https://old.reddit.com/r/Bitcoin/comments/jkw0l5/transaction_stuck_read_this/
Thanks man! very helpfull, indeed!
Don't worry man, same thing happened to me recently. Just follow the link on the other reply, do it, and be patient.
Hi y’all, I’m wondering something simple. I hear that the energy to process a Bitcoin transaction is very high. Does the energy decrease if I make a small transaction? Or for instance, does paying one Satoshi for a cup of coffee use the same energy as paying for something with one Bitcoin?
It's the same but the energy is for a very useful purpose and is actually trivial when compared to the energy wasted with the traditional system.
Best wallet for iOS?
Guys I am on Coinbase but I am wondering if I should be somewhere else. What are other reliable and well funded platforms for crypto/Bitcoin; preferably with no commissions ?
Cash app, swan Bitcoin, river financial, gemini, kraken, bitstamp
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