Bitcoin

Bought my first Bitcoin today. Sold all my dumb NBA topshot NFTs ($300 from $10) and had to get it transferred in USDC. So once that transferred, I then converted it into Bitcoin. Couldn’t figure out anything that would take USDC other than Coinbase, so I had to use them.

posted by iclfan2

Bought my first Bitcoin today. Sold all my dumb NBA topshot NFTs ($300 from $10) and had to get it transferred in USDC. So once that transferred, I then converted it into Bitcoin. Couldn’t figure out anything that would take USDC other than Coinbase, so I had to use them.

Now, resist the urge to sell it for at least 4 years.

posted by justincredible

Now, resist the urge to sell it for at least 4 years.

That should be easy once you resist the first couple oppo

posted by justincredible

Now, resist the urge to sell it for at least 4 years.

I don’t need the money so I’ll hold it. Probably buy small amounts as you suggest. How much is too little to throw in at a time? I was gonna throw $5 yesterday but the Coinbase fee was a whole dollar of that, which is nuts. Do any have no fees or smaller? Is it easy for me to move it off of Coinbase and onto another platform if I wanted?

I buy through Swan bitcoin (referral link) daily. That works by them doing a weekly bank transfer for the total amount for the week and then just buying the daily amount for me each day. I went back and looked at my account and I've bought every single day since Jan 11, 2021.

Another great option is the Strike mobile app. The guy that runs strike (Jack Mallers) will be a household name at some point. I believe you can buy for no fees through Strike.

As for moving it, I'd download a mobile wallet or buy a hardware wallet (if it's more than 0.1 BTC or so) to store your keys, and move it off of coinbase ASAP. If you don't control your keys you don't technically have any bitcoin.

BlueWallet is a great mobile/desktop app for holding the keys to smaller amounts.

I have one of these to hold my keys:

https://shop.keyst.one/products/keystone-pro

so, all my shit is on coinbase. is that not the move. bear in mind i'm functionally retarded on this subject and went with coinbase strictly because of it's ease.

lol, nothing wrong with starting out on coinbase. BUT, if they hold your bitcoin, which means they hold the keys, it's not "technically" yours. You have to trust that they won't take it and run. It's probably a good bet that they won't, but if the gov't decides to engage in monkey business then coinbase will definitely act on their behalf. Because I control the keys to (almost) all of my bitcoin the gov't or anyone else can't do shit about it unless they physically take control of my hardware wallet.

Again, my recommendation of where you should move your bitcoin to depends on the amount we're talking. Something like BlueWallet on your phone is fine for small amounts. Think of it as your actual wallet. However much USD you'd be willing to carry in your wallet at any given time is fine to keep on your phone. The risk of loss is about the same. Anything more than that I'd buy a hardware device with no possible way to connect it to the internet.

I am glad to expand on this in detail if there is interest in learning more.

You can also setup automatic weekly or monthly buys, it doesn't have to be daily. Start throwing $50/week at it and forget about it for a while.

posted by justincredible

BlueWallet is a great mobile/desktop app for holding the keys to smaller amounts.

I have one of these to hold my keys:

https://shop.keyst.one/products/keystone-pro

So you need one of these $170 tablets to manage?

posted by Ironman92

So you need one of these $170 tablets to manage?

I technically didn't need one, but it gives me a lot of peace of mind.

posted by justincredible

I technically didn't need one, but it gives me a lot of peace of mind.

I want to get in on this stuff but I’m 2-3 notches below jcrazy on understanding any of it.

If I have $500 cash right now And I want to buy as much Bitcoin as I can with it ASAP…..what are my steps to get it done?

If I were you, I'd download Strike and connect your bank account or debit card to it and buy $500 worth with no fees. That's more than a million sats, which is awesome.

https://strike.me/

I just bought $1mm worth of bitcoin.

posted by ernest_t_bass

I just bought $1mm worth of bitcoin.

posted by justincredible

If I were you, I'd download Strike and connect your bank account or debit card to it and buy $500 worth with no fees. That's more than a million sats, which is awesome.

https://strike.me/

Interesting. Thanks. I may have just do a side bank account and use it for this. My wife is too nervous lol.

lol, it's all legal and legit. No different than connecting your bank to any other provider.

posted by justincredible

lol, it's all legal and legit. No different than connecting your bank to any other provider.

My wife grew up very poor and is very nervous about all levels of money. I know to only use money I wouldn’t miss. Not a big deal at all to me….I just don’t know what I’m doing.

When you buy in the Bitcoin I assume there is a transaction saying the exact price bought in at.

What about 4+ years down the road and we’ve all made zillions of $$$……then you sell and it’s given back to your account in cash?

Well, if you do decide to sell (I don’t recommend it) you would have different options depending on where it’s being stored. If it’s on an exchange you can sell it directly from there, otherwise you’ll need to move it to and exchange or sell it to someone directly from your own wallet. 

I never plan on exchanging sats for USD. I think by the time I’m ready to start “spending” it I won’t have to. People will want the Bitcoin in exchange for the Corvette, house, etc. 

If you want to sell any in 4 years I’ll buy it from you.