Answered Bitcoin for Dummies

[Gentlemancorpse]

So I found a strain Ive been looking for (Solfire Grimbastard OG if your curious) but its at a bank that only takes bitcoin or money order ... and with all this USPS baloney going on .... Im debating on whether or not to try buying with crypto again despite how much I hated it a few years ago.

For those of you who already use it, what's the best crypto wallet for a total noob like myself? And why do you like it? Keeping in mind that I wont be investing or anything (think I missed that boat...) just want to make some purchases

 

[TheSadBadGrower]

Did you find them on area51?

 

[jaguarlax]

So I found a strain Ive been looking for (Solfire Grimbastard OG if your curious) but its at a bank that only takes bitcoin or money order ... and with all this USPS baloney going on .... Im debating on whether or not to try buying with crypto again despite how much I hated it a few years ago.

For those of you who already use it, what's the best crypto wallet for a total noob like myself? And why do you like it? Keeping in mind that I wont be investing or anything (think I missed that boat...) just want to make some purchases

Theres the easy way and the hard way.... Cash app now allows you to buy Bitcoin direct with cash... Its just a five minute sign up... I can send you a referral code where you get ten bucks for signing up, and I get five... Then theres the actual crypto trading platforms... I am using a relatively new one called CoinZoom, which I really like because the exchange gives you a Visa card, that you can spend crypto directly from your wallet. Coin Zoom also trades like the top 20 most popular coins. The third option, is another exchange called Binance, which is quite difficult to get signed up and verified...Wouldnt recommend that route for newbs. Only if you wanted to do some real time trading. Feel free to shoot me a PM if you get stuck anywhere... I'll walk you through .

 

[TheSadBadGrower]

Theres the easy way and the hard way.... Cash app now allows you to buy Bitcoin direct with cash... Its just a five minute sign up... I can send you a referral code where you get ten bucks for signing up, and I get five... Then theres the actual crypto trading platforms... I am using a relatively new one called CoinZoom, which I really like because the exchange gives you a Visa card, that you can spend crypto directly from your wallet. Coin Zoom also trades like the top 20 most popular coins. The third option, is another exchange called Binance, which is quite difficult to get signed up and verified...Wouldnt recommend that route for newbs. Only if you wanted to do some real time trading. Feel free to shoot me a PM if you get stuck anywhere... I'll walk you through .

I may be hitting you up for a ref code too if you would not mind...Crypto sure would make life easier.

 

[Phylex]

what's the best crypto wallet for a total noob

Coinbase. It's has a downloadable app. You can buy, sell, and use it for purchases.

It's also never too late to start investing. It barely broke the 10K resistance level it's been testing for almost a year. Now it's testing the 12K resistance level.

Here's something I posted back in Dec. 2018 on another forum when having a discussion about it's major correction and fall from the 20k ATH (all time high).

An 80-90% correction is par for the course with BTC. While we may not be at the bottom, we are close. We will see new ATH's.

In late Aug. of 2013 BTC was trading at $100. October 2013 it climbed to over $200 for a 100% gain. It's ATH for the time. By November 2013 it skyrocketed to over $1000 per BTC. Thats a 1000% return in 3 months creating a new ATH.

Every good ATH needs a healthy correction. BTC corrected back down to $200 over the course of roughly two years. Approximately an 80% correction. During this time people were screaming BTC is a scam and BTC is dead. People were shouting it was going to zero during those two years.

BTC hit it's bottom in September 2015 around $200 respectively and started it's upward trend. Since the latest ATH nearing 20k in December of 2017, we've seen another 80% correction over the last year. This is not only normal for BTC but healthy in general. It's what is truly needed to create new ATH's.

Now for perspective of how BTC can run, the last time we saw these current prices of 3k were in July of 2017. On Nov. 6th 2017 BTC was trading for $5723. BTC almost peaked to $19K on Dec. 11th 2017. One month and five days.

I personally am not convinced we've seen the bottom. Where that is, no one knows. But I honestly believe we're close. Even $2K would be a healthy bottom but I believe it will range between $2500 and $3000. Furthermore, I believe BTC will have good 2019 and at some point we'll see a new ATH.

Institutional money does not buy high. This correction is allowing institutional money to enter the market and accumulate at bottom prices.

This is not financial advise

 

[Phylex]

Theres the easy way and the hard way.... Cash app now allows you to buy Bitcoin direct with cash... Its just a five minute sign up... I can send you a referral code where you get ten bucks for signing up, and I get five... Then theres the actual crypto trading platforms... I am using a relatively new one called CoinZoom, which I really like because the exchange gives you a Visa card, that you can spend crypto directly from your wallet. Coin Zoom also trades like the top 20 most popular coins. The third option, is another exchange called Binance, which is quite difficult to get signed up and verified...Wouldnt recommend that route for newbs. Only if you wanted to do some real time trading. Feel free to shoot me a PM if you get stuck anywhere... I'll walk you through .

I used to actively trade on Binance. It was my favorite exchange. But they closed trading to US residents. At least that was the case last year.

 

[Gentlemancorpse]

Theres the easy way and the hard way.... Cash app now allows you to buy Bitcoin direct with cash... Its just a five minute sign up... I can send you a referral code where you get ten bucks for signing up, and I get five... Then theres the actual crypto trading platforms... I am using a relatively new one called CoinZoom, which I really like because the exchange gives you a Visa card, that you can spend crypto directly from your wallet. Coin Zoom also trades like the top 20 most popular coins. The third option, is another exchange called Binance, which is quite difficult to get signed up and verified...Wouldnt recommend that route for newbs. Only if you wanted to do some real time trading. Feel free to shoot me a PM if you get stuck anywhere... I'll walk you through .

Thats good to know about CashApp! I just got it for purchases from DCSE (Paul sent a referral code as well) so I think I'll start there. I'm going to check out Coinzoom and Coinbase as well though because I am feeling its time for me to educate myself on crypto a bit more... I have to admit I was a skeptic for a long time, which I regret because I have a few friends who did pretty well running raspberry pis for mining in the early days of crypto... I was always worried regulations would be imposed and tank its value but Im coming around... you won't see me dumping my retirement fund into it or anything though (they don't take Outback Steakhouse gift cards)

 

[jaguarlax]

Thats good to know about CashApp! I just got it for purchases from DCSE (Paul sent a referral code as well) so I think I'll start there. I'm going to check out Coinzoom and Coinbase as well though because I am feeling its time for me to educate myself on crypto a bit more... I have to admit I was a skeptic for a long time, which I regret because I have a few friends who did pretty well running raspberry pis for mining in the early days of crypto... I was always worried regulations would be imposed and tank its value but Im coming around... you won't see me dumping my retirement fund into it or anything though (they don't take Outback Steakhouse gift cards)

Do me a favor, if you decide to sign up for coinzoom, hit me up first, I think I have a referral code for that too... My buddy had to invite me to get that account, I am not sure what the process is for new accounts... I am happy to answer any questions you have though.

 

[Phylex]

you won't see me dumping my retirement fund into it

Good call. Don't do this. But it will break the previous 20k ATH. When? Who knows. It could be months, or years. But it will. Book it! My main point is it's never too late to start investing if you were interested. There's nothing wrong with buying a little here and there. Even if it's $100. Remember, it's always best to never invest more than you're willing to lose.

(they don't take Outback Steakhouse gift cards)

 

[GCG]

I use coinbase. Sign up, scan in photo ID, link bank account or credit card to buy the crypto. Done. Probably how they all work.
Was convinced something scewy happened to my account recently and got scared. I get fake fucking emails all the time that look exactly like coinbase emails. Never open them but thought something happened anyway.
I didn't fully understand how the inputs and outputs of transactIons work. Still don't apparently. When I view the details of some of mine they are by themselves. Like I sent $100 and it shows just that, $100 output from my address, $100 input to address I sent too. Others are lumped in with huge transfers that make up a block I guess. Still don't understand why they are different. Had coinbase shut my shit down and do a security check. Came back all good with no explanations. Still don't understand but....
Other than that I love the ease of use. I order beans and they're usually shipped within 2 days.
Beats waiting for the mail to deliver payment.
I also enjoy collecting crypto. Done alot of flipping and managed to increase the coins in my wallet substantially without coming out of pocket.

 

[Deebs]

I am still a novice myself to all of this. So this is not advice, just sharing my experience. I can count my transactions on 2 hands..

Thanks for all that Phylex, that was a very intriguing read, and going to be very useful information as I adjust some of my strategy..

I started with a coinbase account. I had to wait a few days to use the BTC I loaded into the account. I think it was a couple hundred dollars or so.

Ended up Buying a ledger NanoX hardware wallet, and a NanoS as a backup device. I forwarded the BTC from coinbase to my HW wallet (NanoX)..I felt like it was more secure and Anon, plus my wife has a backup if something happens.


This Ledger HW wallet comes with an app "Ledger Live" (Supports multiple crypto's). Anyways by the time I was going to use my crypto, I think it was an $80 purchase, I noticed I still had more than I deposited. My initial load + was still there, so I made BTC waiting. I know this isnt always the case but it was nice for a noob!.. To make transactions the Ledger HW wallet needs to be used to confirm amounts, and id's.

Now a days I just take my phone to a btc atm..put in some cash, scan my barcode (In ledger live) to receive money..boom.. easy peasy..

 

[jaguarlax]

I may be hitting you up for a ref code too if you would not mind...Crypto sure would make life easier.

No worries... Happy to help, and get free monies.

 

[Capt. C]

@Phylex i currently have both bitcoin and bitcoin cash and one other one from a split just setting in coinbase. Is it okay just to keep it there or should i move it to a wallet. @jaguarlax i will hit you up if i feel it needs to be moved to a wallet as i know NOTHING about how to do that.

 

[GCG]

Here is one of those scumbag emails. Address its sent from is not coinbase.

 

[Deebs]

How did the security review go with coinbase @GCG ?

 

[jaguarlax]

@Phylex i currently have both bitcoin and bitcoin cash and one other one from a split just setting in coinbase. Is it okay just to keep it there or should i move it to a wallet. @jaguarlax i will hit you up if i feel it needs to be moved to a wallet as i know NOTHING about how to do that.

I got your back @Capt. C, its safe to leave in Coinbase imo, if you are not worried about BTC taking a dump... I think its a very safe bet in the current climate. If its a substantial sum of money, I would look into a wallet... @Deebs would be the one to ask about that though.

 

[GCG]

How did the security review go with coinbase @GCG ?

They said account was clear with no explanation. Probably just paranoid. I have a ledger I need to take the time to set up. At minimum transfer my shit into the coinbase vault. Should have my wife set up an account and transfer the bulk to her. Then if I die suddenly she won't see all the seed purchases attached to my account. ?

 

[Gentlemancorpse]

So I'm waiting to finish verification on CashApp... kind of a pain in the ass huh? Don't love putting all my info in an app like that ... plus I'm worried the photo and ID match is gonna reject me lol... my drivers license pic is like 5 years old and I have a nice neatly trimmed beard ... now I look like a serial killer who's been hiding in Appalachia for 5 years without a razor or a mirror...

@jaguarlax so once CashApp is setup I can purchase and spend bitcoin directly within the app?

I have Coinbase as well ... apparently thats what I used when I last endeavored to use bitcoin for a seed purchase so I'm already verified with them... I could just go that route

I'm super confused about fees too ... Area51 says to make sure to send enough bitcoin to cover the wallet fees ...

 

[GCG]

So I'm waiting to finish verification on CashApp... kind of a pain in the ass huh? Don't love putting all my info in an app like that ... plus I'm worried the photo and ID match is gonna reject me lol... my drivers license pic is like 5 years old and I have a nice neatly trimmed beard ... now I look like a serial killer who's been hiding in Appalachia for 5 years without a razor or a mirror...

@jaguarlax so once CashApp is setup I can purchase and spend bitcoin directly within the app?

I have Coinbase as well ... apparently thats what I used when I last endeavored to use bitcoin for a seed purchase so I'm already verified with them... I could just go that route

I'm super confused about fees too ... Area51 says to make sure to send enough bitcoin to cover the wallet fees ...

Thats what screwed me with Pacific. I always send a tiny fraction extra so it covers the fees. Their policy is if it doesnt match the invoice exactly they ignore it. I sent a little extra, they ignored it. So my coin is out of my wallet sitting in their queue somewhere marked as unspent until they claim it. That's how I ended up down the transaction detail rabbit hole.

 

[Phylex]

@Phylex i currently have both bitcoin and bitcoin cash and one other one from a split just setting in coinbase. Is it okay just to keep it there or should i move it to a wallet. @jaguarlax i will hit you up if i feel it needs to be moved to a wallet as i know NOTHING about how to do that.

As @jaguarlax stated, I too feel like it's safe enough to leave your coins on the exchange and utilize their wallet. This is what I do. There's always a level of risk with this approach, but for me personally, the risk is minimal. I feel like for me personally, I'd be more at risk of making a mistake with a cold storage unit because the process seems too complicated for me. I don't trust myself to not make a mistake at some point during the set up, transfer, or storage. I'd rather eliminate all of those possibilities and I just leave it on the exchange. I'm also comfortable using Coinbase because they're a US exchange. If I recall, they needed to get a level of insurance for investor funds in the event of a hacking incident in order to get approved by the SEC to operate. But at the end of the day, you need to decide what's best for you and the level of risk you're willing to take.