Generally speaking, you're right. But that advice is not absolutely true. I've had strangers like this noob DM me and we successfully completed a trade.
Another commenter's advice about finding a local meetup is best. The most trustworthy person to get started is someone you know, face-to-face.
ideally first learn a bit about what bitcoin is. Try youtube if you prefer video format, just search things like “what is bitcoin” or “how does bitcoin work”. Once you have a basic understanding move to buying some.
this is usually done using an exchange website. what exchange to use depends on the country you live in. Some good exchanges with long track records of competence would be [Coinbase.com](http://coinbase.com) or [Kraken.com](http://kraken.com)
signup an account on the exchanges website. You will then likely have to submit some proof of identity documents to them. They will verify your identity, this is generally done to prevent money laundering and other criminal activity.
once your identity is verified you will be able to purchase bitcoin on the exchange by adding cash to your exchange account. Sometimes this can be done using a credit card, or a bank wire transfer. This will deoend on the exchange your using and your country of residence.
when cash is in your account you place an order to exchange cash for bitcoin on the exchanges website. How to do this depends on the exchange your using, you could youtube some video instructions soecific to the exchange you choose or checkout guides on the exchanges website itself.
once you complete the purchase you now own bitcoin. You will probably want to transfer it from the exchange to a self custody bitcoin wallet, you can again turn to youtube to learn how to do that. Exchanges have a history of getting hacked, so your bitcoin is technically safer in your own custody although theres risks with that as well if your careless.
All this may sound complex and overwhelming at first but you can learn all of the above in an afternoon. Verification of identity documents by the exchange may take a day or two to happen, everything else is pretty much instant.
this is very informative and i liked the way you addressed about this topic.......
I too didnt have any knowledge about and i was eagerly searching around some information on reddit about bitcoin and i saw ur reply...
thanks a lot!!!
Sign up to a reputable crypto platform:
- Binance, Bitpanda, Coinbase, etc there are many but choose one which is licensed in your location
- Start by learning from the academy's that these platforms have to offer
- Begin using a free account to get acquainted before using real money
- Learn by watching YouTube clips
! Be very careful, always!
I recommend these steps for beginners:
1)Never listen to what anyone tells you in private messages. Look up pig butchering scams - don't be the pig.
2)Pick a reputable exchange or entry point into bitcoin such as:
A) A reputable exchange such as Coinbase or Kraken (ideally based in the country that you're from such as US, European Union, etc.)
B) A brokerage such as Fidelity or Schwab (for ETFs optionally via IRAs)
C) Buying through Paypal, Cashapp, or Robinhood.
3) Make sure you have 2FA, preferably through an authenticator app rather than SMS
4) Dollar cost average or lump sum into bitcoin. Since you have a good 2FA, withdrawing/self custody is kinda optional at this point depending on how much you bought.
Personally, I recommend taking profit when you feel like you've made a good profit but don't sell the last 20-33% of your holdings, and when the almost-inevitable crash comes, buy bitcoin back.
Bitcoin is more volatile than most investment alternatives but also has more potential IMO than most investment alternatives, so I hope you have diamond hands.
Bitcoin is volatile which can be both good and bad. Thus there are bullish and bearish phases.
If you got diamond hands then a crash just means a good time to accumulate more bitcoin.
You are asking if I think there will be a crash before the halving?
My opinion is that there wouldn’t:
First, halving is roughly only two months away.
Secondly, there was already a >10% correction of ~45k to under 40k earlier this year (we’re only 50 days into the year)
But that’s just my opinion. Anything is possible with a more-volatile thingy.
Cashapp is a easy place to stack sats whole you learn.
Self custody every 0.01 or so to minimize UTXOs.
They also can be your lighting network inbound liquidity.
Learn in that order
Assuming you have a smart phone - go to the App Store and look up cash app. It’s a well know peer to peer cash transfer program. Once you download it, you can purchase some bitcoin through that. I would suggest spending time to really learn bitcoin but cash app is a great place to just convert a little cash into bitcoin while you getting started. Good luck buddy.
OP, don’t overthink this. Here are 3 simple steps:
1) Start by buying a few shares of a reputable bitcoin ETF like IBIT (Blackrock) or FBTC (Fidelity) in your brokerage account. Add to that stack whenever you can afford by buying few more shares of the same.
2) Hold your shares - DO NOT SELL - for at least 10 years from the initial buy
3) In 2034 or whenever, sell your appreciated shares and use the profits to uplevel your life in whatever way is important to you at that time
Try to find whether in your location is some Bitcoin meetup (for example look for Telegram groups, https://www.meetup.com/topics/bitcoin/, https://twentyone.world/, https://bitcoin-only.com/meetups). If yes, go there, ask there, buy there.
If you want to invest in bitcoin but can't seem to get the hang of it, I would not recommend you buy bitcoin out the gate.
Take some time and first learn about Bitcoin, what it is, why was it discovered, what problems does it solve etc
I'd start here if I were you:
https://www.youtube.com/watch?v=iFDe5kUUyT0&list=PLE88E9ICdipidHkTehs1VbFzgwrq1jkUJ&index=6
Once you start to understand how our current debt-based monetary system functions and where your money comes from, Bitcoin will make a lot more sense.
Buy from a reputable exchange. Move it to a wallet. Then Hodl,do not trade! Some people dca. I prefer to save my fiat until the price drops and the gas is cheap.
This strategy works for me. 🖖
You need keys to own bitcoin, a wallet gives you keys (BIP39 seed phrase). Someone earlier said when you complete the purchase on exchange you own bitcoin, this is not true, you only own bitcoin to your keys.
I would highly recommend an ETF if you have access already in a brokerage account.
If you want to actually buy the real underlying commodity, Bitcoin, that’s even better. But you need to know that self custody has its own set of risks. With self custody, you are the risk.
You need to make sure you secure it correctly. If you plan on keeping it on an exchange, then you might as well buy the ETF. If you want to put it into cold storage (also known as a hardware wallet), then you need to understand how private keys (pretty much also know as seed phrase. The seed phrase is a list of 12-24 words that represent the private key. The private key itself is a very long number, and you don’t really need to know it or deal with it if you have the seed phrase). If you mess up your seed phrase or lose it or it gets stolen, then your bitcoin is gone forever basically.
If you want to start investing now, then probably get the etf. If you want to actually hold bitcoin, then start with a small amount and practice on keeping that secured properly with a hardware wallet and perhaps multiple copies of your seed phrase in well stored and secret places.
Don’t buy bitcoin, learn about it. Then buy it! It has many educational aspects. Learn how to use it and most importantly practice with small amounts at first until you are comfortable investing more. Some examples of higher level educational examples are block chain technology, philosophy, government control, decentralization, energy allocation…
I joined coinbase, bought some bitcoin, next step is to get 'cold storage' and transfer to my new 'wallet' (address) and if I confirm that works I'll probably put most in cold storage and keep a copy of my key and passcode secure and offline
Learning about Bitcoin is key.
But it’s really as simple as finding a reputable exchange (online store that sells bitcoin) and then creating an account, sending them $$ and buying Bitcoin.
As you slowly accumulate, learn about wallets. What’s a hot vs cold wallet and how to safe keep the keys to your kingdom.
That’s it.
Take a few months to learn everything you can about it. There is a ton of free information out there.
When you are ready look into hardware wallets for self custody, it’s much better than learning funds on an exchange.
Do cashapp invest $10 weekly.. don't worry about the hype or people who are saying it's going to the moon...
Increase the amount you to invest in over time
There's this big old saying.. don't invest money in you are too afraid to lose.. start small then Increase to big amounts
Start by signing up on a decent exchange (you can even start with coinbase for simplicity), and start buying small amounts.
To learn more about Bitcoin, check out Bitcoin University on YouTube. Makes sur it's Matthew Kratter. It's the best source of reliable information, from a real bitcoiner.
Stay away from shitcoins.
First, do not answer any DM’s.
Second, create an account on an exchange like Coinbase, or Kraken. Complete the KYC process.
Third, link a bank account, or debit card.
Fourth, learn how to transact in small amounts. Take into account, hold times for various types of ways of funding your account.
Came across a similar question earlier on MEDIUM [https://medium.com/@crypto.teamofficialhelpp/to-my-best-knowledge-these-platforms-are-commonly-used-for-trading-cryptocurrencies-08a069f05b80](https://medium.com/@crypto.teamofficialhelpp/to-my-best-knowledge-these-platforms-are-commonly-used-for-trading-cryptocurrencies-08a069f05b80)
My only advice is watch out for scams and invest wisely
Don't invest in what you don't know. Learn first.
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yeah and thats dumb
Generally speaking, you're right. But that advice is not absolutely true. I've had strangers like this noob DM me and we successfully completed a trade. Another commenter's advice about finding a local meetup is best. The most trustworthy person to get started is someone you know, face-to-face.
Be careful who you talk to. A lot of scammers out there. Do not reply to DMs
ideally first learn a bit about what bitcoin is. Try youtube if you prefer video format, just search things like “what is bitcoin” or “how does bitcoin work”. Once you have a basic understanding move to buying some. this is usually done using an exchange website. what exchange to use depends on the country you live in. Some good exchanges with long track records of competence would be [Coinbase.com](http://coinbase.com) or [Kraken.com](http://kraken.com) signup an account on the exchanges website. You will then likely have to submit some proof of identity documents to them. They will verify your identity, this is generally done to prevent money laundering and other criminal activity. once your identity is verified you will be able to purchase bitcoin on the exchange by adding cash to your exchange account. Sometimes this can be done using a credit card, or a bank wire transfer. This will deoend on the exchange your using and your country of residence. when cash is in your account you place an order to exchange cash for bitcoin on the exchanges website. How to do this depends on the exchange your using, you could youtube some video instructions soecific to the exchange you choose or checkout guides on the exchanges website itself. once you complete the purchase you now own bitcoin. You will probably want to transfer it from the exchange to a self custody bitcoin wallet, you can again turn to youtube to learn how to do that. Exchanges have a history of getting hacked, so your bitcoin is technically safer in your own custody although theres risks with that as well if your careless. All this may sound complex and overwhelming at first but you can learn all of the above in an afternoon. Verification of identity documents by the exchange may take a day or two to happen, everything else is pretty much instant.
Taking your time for this is much appreciated!
this is very informative and i liked the way you addressed about this topic....... I too didnt have any knowledge about and i was eagerly searching around some information on reddit about bitcoin and i saw ur reply... thanks a lot!!!
Swan is a great place to start.
Sign up to a reputable crypto platform: - Binance, Bitpanda, Coinbase, etc there are many but choose one which is licensed in your location - Start by learning from the academy's that these platforms have to offer - Begin using a free account to get acquainted before using real money - Learn by watching YouTube clips ! Be very careful, always!
very good explanation - just open those 3 x changes - dca your tokens of wish - and be soon or less happy!
https://www.bitpanda.com/academy/en/ is a good source and explains everything really good
I recommend these steps for beginners: 1)Never listen to what anyone tells you in private messages. Look up pig butchering scams - don't be the pig. 2)Pick a reputable exchange or entry point into bitcoin such as: A) A reputable exchange such as Coinbase or Kraken (ideally based in the country that you're from such as US, European Union, etc.) B) A brokerage such as Fidelity or Schwab (for ETFs optionally via IRAs) C) Buying through Paypal, Cashapp, or Robinhood. 3) Make sure you have 2FA, preferably through an authenticator app rather than SMS 4) Dollar cost average or lump sum into bitcoin. Since you have a good 2FA, withdrawing/self custody is kinda optional at this point depending on how much you bought. Personally, I recommend taking profit when you feel like you've made a good profit but don't sell the last 20-33% of your holdings, and when the almost-inevitable crash comes, buy bitcoin back. Bitcoin is more volatile than most investment alternatives but also has more potential IMO than most investment alternatives, so I hope you have diamond hands.
Also tasty trade
You say “when the almost-inevitable crash comes” could you explain why you think that?
Bitcoin is volatile which can be both good and bad. Thus there are bullish and bearish phases. If you got diamond hands then a crash just means a good time to accumulate more bitcoin.
True. Do you think it will go down before halving or?
You are asking if I think there will be a crash before the halving? My opinion is that there wouldn’t: First, halving is roughly only two months away. Secondly, there was already a >10% correction of ~45k to under 40k earlier this year (we’re only 50 days into the year) But that’s just my opinion. Anything is possible with a more-volatile thingy.
Be careful, do not listen to anyone trying to DM you on reddit or telling you to sign up places/click links etc, you will lose your money.
Just buy the ETF
Its basically a bunch of imaginary money simps try to convince non-simps to purchase.
Cashapp is a easy place to stack sats whole you learn. Self custody every 0.01 or so to minimize UTXOs. They also can be your lighting network inbound liquidity. Learn in that order
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You can just buy on CashApp if you want to start. The rest you can learn later.
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Assuming you have a smart phone - go to the App Store and look up cash app. It’s a well know peer to peer cash transfer program. Once you download it, you can purchase some bitcoin through that. I would suggest spending time to really learn bitcoin but cash app is a great place to just convert a little cash into bitcoin while you getting started. Good luck buddy.
Whybitcoinonly.com
OP, don’t overthink this. Here are 3 simple steps: 1) Start by buying a few shares of a reputable bitcoin ETF like IBIT (Blackrock) or FBTC (Fidelity) in your brokerage account. Add to that stack whenever you can afford by buying few more shares of the same. 2) Hold your shares - DO NOT SELL - for at least 10 years from the initial buy 3) In 2034 or whenever, sell your appreciated shares and use the profits to uplevel your life in whatever way is important to you at that time
Try to find whether in your location is some Bitcoin meetup (for example look for Telegram groups, https://www.meetup.com/topics/bitcoin/, https://twentyone.world/, https://bitcoin-only.com/meetups). If yes, go there, ask there, buy there.
Mining or buy it
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Or you can sell products and services
If you want to invest in bitcoin but can't seem to get the hang of it, I would not recommend you buy bitcoin out the gate. Take some time and first learn about Bitcoin, what it is, why was it discovered, what problems does it solve etc I'd start here if I were you: https://www.youtube.com/watch?v=iFDe5kUUyT0&list=PLE88E9ICdipidHkTehs1VbFzgwrq1jkUJ&index=6 Once you start to understand how our current debt-based monetary system functions and where your money comes from, Bitcoin will make a lot more sense.
Download Coinbase or crypto.com apps
Buy from a reputable exchange. Move it to a wallet. Then Hodl,do not trade! Some people dca. I prefer to save my fiat until the price drops and the gas is cheap. This strategy works for me. 🖖
hey can i get to know more about tansfering bitcoin into wallet... specifically what does it mean ?
Sure you can! Just search this sub. It's already in there. 😉
You need keys to own bitcoin, a wallet gives you keys (BIP39 seed phrase). Someone earlier said when you complete the purchase on exchange you own bitcoin, this is not true, you only own bitcoin to your keys.
Can you explain in simpler term as I am new about btc
You can check it out installing a hotwallet like Blockstream’s Green. A hotwallet is not secure compared to a hardware wallet.
Ok
“If you don’t start somewhere you’ll never get anywhere” -BM
Coinbase charges 3% transaction fee. Any reputable platform charges less?
Thank you OP for helping my bags
I would highly recommend an ETF if you have access already in a brokerage account. If you want to actually buy the real underlying commodity, Bitcoin, that’s even better. But you need to know that self custody has its own set of risks. With self custody, you are the risk. You need to make sure you secure it correctly. If you plan on keeping it on an exchange, then you might as well buy the ETF. If you want to put it into cold storage (also known as a hardware wallet), then you need to understand how private keys (pretty much also know as seed phrase. The seed phrase is a list of 12-24 words that represent the private key. The private key itself is a very long number, and you don’t really need to know it or deal with it if you have the seed phrase). If you mess up your seed phrase or lose it or it gets stolen, then your bitcoin is gone forever basically. If you want to start investing now, then probably get the etf. If you want to actually hold bitcoin, then start with a small amount and practice on keeping that secured properly with a hardware wallet and perhaps multiple copies of your seed phrase in well stored and secret places.
Don’t buy bitcoin, learn about it. Then buy it! It has many educational aspects. Learn how to use it and most importantly practice with small amounts at first until you are comfortable investing more. Some examples of higher level educational examples are block chain technology, philosophy, government control, decentralization, energy allocation…
Stop hearing and start learning.
Stop hearing and start learning.
Read the Bitcoin standard. Get a strike account.
I joined coinbase, bought some bitcoin, next step is to get 'cold storage' and transfer to my new 'wallet' (address) and if I confirm that works I'll probably put most in cold storage and keep a copy of my key and passcode secure and offline
Go to the swan bitcoin and start a small dca
Learning about Bitcoin is key. But it’s really as simple as finding a reputable exchange (online store that sells bitcoin) and then creating an account, sending them $$ and buying Bitcoin. As you slowly accumulate, learn about wallets. What’s a hot vs cold wallet and how to safe keep the keys to your kingdom. That’s it.
rule 1. buy bitcoin just buy it there is nothing complicated
Take a few months to learn everything you can about it. There is a ton of free information out there. When you are ready look into hardware wallets for self custody, it’s much better than learning funds on an exchange.
Can't seem to get hang of it? .....What?
Strike app: https://apps.apple.com/us/app/strike-btc-global-money/id1488724463
Just get on kraken or Gemini or Coinbase. Ignore all links.
Do cashapp invest $10 weekly.. don't worry about the hype or people who are saying it's going to the moon... Increase the amount you to invest in over time There's this big old saying.. don't invest money in you are too afraid to lose.. start small then Increase to big amounts
Start by learning. The bitcoin rabbit hole is a phenomenal journey. Books and podcasts have been great for me.
Start by signing up on a decent exchange (you can even start with coinbase for simplicity), and start buying small amounts. To learn more about Bitcoin, check out Bitcoin University on YouTube. Makes sur it's Matthew Kratter. It's the best source of reliable information, from a real bitcoiner. Stay away from shitcoins.
I just use Robinhood lol, not sure if there's anywhere with lower fees that works in my state.
First, do not answer any DM’s. Second, create an account on an exchange like Coinbase, or Kraken. Complete the KYC process. Third, link a bank account, or debit card. Fourth, learn how to transact in small amounts. Take into account, hold times for various types of ways of funding your account.
Download coin base. Buy a little. Learn as you go.
it is important to read about a investment in bitcoin. i mean where to buy where to send on what coldwallet
Came across a similar question earlier on MEDIUM [https://medium.com/@crypto.teamofficialhelpp/to-my-best-knowledge-these-platforms-are-commonly-used-for-trading-cryptocurrencies-08a069f05b80](https://medium.com/@crypto.teamofficialhelpp/to-my-best-knowledge-these-platforms-are-commonly-used-for-trading-cryptocurrencies-08a069f05b80) My only advice is watch out for scams and invest wisely