OT: Anyone ever bought any crypto? If so, where and how?
- Thread starter Op2
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Gemini has lower fees . Depending on how much you are investing that could be trivial or could be quite a bit. FYI….If you are planning for more than 5k, you will have to do a bank wire, which is somewhat inconvenient. Forgot to mention, when you sign up, choose the active trader account. Fees are way less, and it doesn’t cost anything to do….no minimum no of trades or anything like that.
Btw, I think this is great timing to buy in, recent dip…and a lot of reporting that there is big money coming into Bitcoin in Q1 of next year from pension funds, corporations, etc.
Good luck!
Brokerages like Robinhood and Tastyworks offer crypto that’s as simple to purchase as buying a share of Microsoft. The crypto aficionados would say the catch is you don’t actually control the asset and can’t take it offline into a cold storage wallet.
However I have yet to hear a convincing argument on why that really matters. You can still benefit from all the appreciation and easily convert back to dollars 24/7. It’s as safe as holding any other equity share with them in terms of hacking. I think it just doesn’t fit their doomsday scenario of using your Bitcoin as a stand alone asset after the financial system has collapsed.
I’m hardly an expert so I would love to hear other explanations as to why this matters .
However I have yet to hear a convincing argument on why that really matters. You can still benefit from all the appreciation and easily convert back to dollars 24/7. It’s as safe as holding any other equity share with them in terms of hacking. I think it just doesn’t fit their doomsday scenario of using your Bitcoin as a stand alone asset after the financial system has collapsed.
I’m hardly an expert so I would love to hear other explanations as to why this matters .
If you buy actual Bitcoin through an exchange vs on PayPal or Venmo, then you can take it off the exchange and put onto a hardware wallet. Then your Bitcoin is offline and theoretically safer. I say theoretically because it puts more onus on you to ensure you don’t lose your pass phrases. Pass phrases are a series of words that act like your password. This offline storage is called cold storage. This onus leads to people losing Bitcoin, which is a reason it’s a deflationary assets….despite the theoretical 21 million supply, with constant loss of coins, it’s supply will actually shrink over time in the long term.
The other benefit of having real Bitcoin is you can transfer It to Celsius or a few other companies to earn around 6 percent interest. There is some risk to this theoretically if Celsius is hacked your Bitcoin could get stolen.
Also when buying through PayPal or Venmo you again are getting hit with fees via the pricing difference between the actual price and what you are paying those companies.
There’s a lot of different ways to get some exposure to Bitcoin now between stock proxies (micro strategy mentioned….also some mining stocks…), PayPal/Venmo, BITO (spot ETF), grayscale….
I got hung up on how to buy it and missed the summer run up from 30k bottom…buying in the low 40s. It’s hard to time the market, so dollar cost averaging using any of aforementioned ways will work…with different pros and cons.
I personally think having some Bitcoin as a hedge against inflation and let’s be honest as speculation is less risky than having none at all. Feels a lot like the .com bubble, some will go to zero…..but certain cryptos I believe will dramatically rise in next 5-10 years.
I have Coinbase account (and own coinbase stock). I've owned ethereum for a few years, and much less of bitcoin, bitcoin cash, cardano, ICP, and Solana. I haven't had any issues with Coinbase other than fees are not cheap, but I don't do much trading. Have just locked some profits and letting the rest run.
I've actually owned some microstrategy stock for over a decade. Long before they started buying bitcoin. But not complaining!
I've actually owned some microstrategy stock for over a decade. Long before they started buying bitcoin. But not complaining!
To your point about it being theoretically safer I share the story of this guy who threw away a hard drive with supposedly half a billion in bitcoin and has been lobbying the local gov't to let him dig through the landfill for it.
Man seeks to excavate landfill that allegedly has half a billion dollars worth of bitcoin
Former IT worker James Howell mined the cryptocurrency back in 2013, well before its value skyrocketed.
www.cbsnews.com
Do the fees on Coinbase only happen when you trade, or are they continuous as you hold? Also, do you know roughly what the fees are? Like 1% on a trade? I have no idea what is reasonable and what is not. I've never bought or sold a stock or a cryptocurrency outside of a retirement fund.
As my financial advisor tells me - if you don't know the ins and outs of how to buy, own and trade it, you shouldn't be involved.
ETF's might be an option.
Coinbase Pro allows you to trade at up to 0.5% fee per order based on previous 30 day order volume and maker/taker status. It is possible to get down to almost zero but that level of trading isn’t for people like us.
I’ve mentioned on here that I am working on a crypto mining project - that should imply I think crypto has a strong future, especially in the uncertainty of today’s economy.
If you’re just putting your toe in the water you might want to consider a crypto ETF instead of jumping right in. If you do buy crypto, you must view it as speculative. It is possible BTC could drop in half again from where it is today but it is also possible it could rally over $100k in a few months.
Either way, it is a long term play for me as I believe it has the potential to reach $500k in five years and the crypto mining project allows me to acquire it at about $12,000 per BTC, perhaps less if BTC goes up as the mine self-funds.
It's very different from that, and while it's true most coins will go to zero , there will be winners and that technology isn't going away.
Coinbase cans Coinbase pro have issues, I use both though along with Gemini , CoinMetro , and a few others .Coinbase Pro allows you to trade at up to 0.5% fee per order based on previous 30 day order volume and maker/taker status. It is possible to get down to almost zero but that level of trading isn’t for people like us.
I’ve mentioned on here that I am working on a crypto mining project - that should imply I think crypto has a strong future, especially in the uncertainty of today’s economy.
If you’re just putting your toe in the water you might want to consider a crypto ETF instead of jumping right in. If you do buy crypto, you must view it as speculative. It is possible BTC could drop in half again from where it is today but it is also possible it could rally over $100k in a few months.
Either way, it is a long term play for me as I believe it has the potential to reach $500k in five years and the crypto mining project allows me to acquire it at about $12,000 per BTC, perhaps less if BTC goes up as the mine self-funds.
I've had my Coinbase account locked for no reason three times for app one week. All prior to dips, weird huh? Couldn't move anything except to my bank, I could buy however. Think they wanted to keep money on their exchange .
I move myself into cold storage as soon as possible. They're not fond of that .
Bitcoin? It's not bitcoins, it's Bitcoin. You have a poor understanding of this stuff unfortunately.
Overall based on past performance I'd do quite well. However there are other projects that will deliver much greater ROI than Bitcoin.
I can usually tell when someone is unfamiliar with this stuff because they focus on Bitcoin . If you said Ethereum I might think you have a clue.
Actually, you can buy crypto by many different means nowadays. You can do that even using your PayPal account. However, I recommend an excellent crypto platform like Binance or Coinbase. On these platforms, you can buy crypto in real-time for their accurate price at the actual time. However, you must be aware of many stupid platforms that will scam you. If you ask me which one is the best nowadays, I'd say it has to be Binance. There you can also trade crypto on the best terms. If you have ever worked with a forex brokers in india, trading crypto won't be so challenging for you.
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^^^THIS^^^
Options are a bit limited (Bitcoin, Ethereum, Litecoin), but it's super easy. If you have a PayPal account, you can buy crypto in about 4 minutes. No Coinbase or other associated purse situation.
Here is a great writup. Adapt or die!!!
blog.dshr.org
EE380 Talk
I was asked at short notice to fill in for a speaker in Stanford's EE380 course who had to cancel. Below the fold is a hastily updated vers...
I bought my first crypto a few months ago and used Coinbase to get started. It's really user-friendly, and the process was pretty straightforward. Recently, I've been using Immediate Edge, an AI-powered trading tool, which has made a huge difference. The AI analyzes market trends and helps me make better decisions quickly. If you’re new to crypto, starting with a platform like Coinbase is a solid choice. Once you get the hang of it, immediate edge can be a great tool to enhance your trading strategy and make the whole experience smoother and more efficient.
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