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3 Safer Ways to Invest in Bitcoin

DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 63,482 Founders Club
edited May 2022 in Tug Tavern
https://lakegenevanews.net/business/investment/personal-finance/3-safer-ways-to-invest-in-bitcoin/article_807e5300-b198-5f1b-a1fa-a23774be29ed.html
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  • dirtysouwfdawgdirtysouwfdawg Member, Swaye's Wigwam Posts: 13,040 Swaye's Wigwam
    Thanks Taft.

    #2 isn’t 100% accurate. You can go to Coinbase and not need a digital wallet to invest. You attach a bank account obviously but no different then traditional investing.

    If you’re going to get into the NFT world you do need an electronic wallet and setting it up is a pain in the ass. I was going to buy one of rose bowl quitters cards (and hope he turned into an all-pro someday) but the set up process was just a hassle that I didn’t get it done before the bidding closed.

    Oh well, I’m sure some KamFab will do a NFT series supporting Asian love when he goes pro and I’ll be all over it.
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  • BuffBuffPassBuffBuffPass Member Posts: 324
    dirtysouwfdawg said:

    Thanks Taft.

    #2 isn’t 100% accurate. You can go to Coinbase and not need a digital wallet to invest. You attach a bank account obviously but no different then traditional investing.

    If you’re going to get into the NFT world you do need an electronic wallet and setting it up is a pain in the ass. I was going to buy one of rose bowl quitters cards (and hope he turned into an all-pro someday) but the set up process was just a hassle that I didn’t get it done before the bidding closed.

    Oh well, I’m sure some KamFab will do a NFT series supporting Asian love when he goes pro and I’ll be all over it.

    You should get your BTC off Coinbase once you're no longer a novice, though. Cheap, easy self-custody is one of the benefits of Bitcoin compared to Gold and many other stores of value.
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  • dirtysouwfdawgdirtysouwfdawg Member, Swaye's Wigwam Posts: 13,040 Swaye's Wigwam
    BuffBuffPass said:

    dirtysouwfdawg said:

    Thanks Taft.

    #2 isn’t 100% accurate. You can go to Coinbase and not need a digital wallet to invest. You attach a bank account obviously but no different then traditional investing.

    If you’re going to get into the NFT world you do need an electronic wallet and setting it up is a pain in the ass. I was going to buy one of rose bowl quitters cards (and hope he turned into an all-pro someday) but the set up process was just a hassle that I didn’t get it done before the bidding closed.

    Oh well, I’m sure some KamFab will do a NFT series supporting Asian love when he goes pro and I’ll be all over it.

    You should get your BTC off Coinbase once you're no longer a novice, though. Cheap, easy self-custody is one of the benefits of Bitcoin compared to Gold and many other stores of value.
    Am I missing something? I do use Coinbase... def a novice. Here to listen if you have some nuggets of knowledge.
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  • UWerentThereManUWerentThereMan Member Posts: 3,475
    edited April 2021
    dirtysouwfdawg said:

    BuffBuffPass said:

    dirtysouwfdawg said:

    Thanks Taft.

    #2 isn’t 100% accurate. You can go to Coinbase and not need a digital wallet to invest. You attach a bank account obviously but no different then traditional investing.

    If you’re going to get into the NFT world you do need an electronic wallet and setting it up is a pain in the ass. I was going to buy one of rose bowl quitters cards (and hope he turned into an all-pro someday) but the set up process was just a hassle that I didn’t get it done before the bidding closed.

    Oh well, I’m sure some KamFab will do a NFT series supporting Asian love when he goes pro and I’ll be all over it.

    You should get your BTC off Coinbase once you're no longer a novice, though. Cheap, easy self-custody is one of the benefits of Bitcoin compared to Gold and many other stores of value.
    Am I missing something? I do use Coinbase... def a novice. Here to listen if you have some nuggets of knowledge.
    The saying goes, ‘not your keys, not your cheese.’ If the government bans Bitcoin (not likely) or Coinbase gets hacked (could happen) you can lose your coins. If you self custody your Bitcoin, you are in ultimate control of it and it is much safer in you control.

    For self custody, it’s widely agreed that a cold storage device is one of the safer methods. Cold storage is like a secure usb device like Trezor or Ledger. The benefit of these is that your private keys (essentially your money) are never on your computer at the mercy of a hacker or system crash. Check out https://youtu.be/8-kfSw5kPas for an idea of how to take your Bitcoin off the exchange.

    If you make the leap to a cold storage wallet, only buy from the manufacturer or official re-seller.
    Ledger (probably the easiest to use but not open source https://www.ledger.com/ledger-live/
    Trezor (also easy, open source) official https://trezor.io/
    > US re-seller I purchased from https://www.thecryptomerchant.com/
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  • UWerentThereManUWerentThereMan Member Posts: 3,475
    Also, I like the ETF idea for Roth IRA or company matched 401K
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  • BleachedAnusDawgBleachedAnusDawg Member Posts: 11,526
    Hasn't the ship sailed on bitcoin? The value is insane.
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  • BasemanBaseman Member Posts: 12,366
    BleachedAnusDawg said:

    Hasn't the ship sailed on bitcoin? The value is insane.

    The Mouch says Bitcoin touches $200,000 next year.
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  • MelloDawgMelloDawg Member, Swaye's Wigwam Posts: 6,710 Swaye's Wigwam
    BleachedAnusDawg said:

    Hasn't the ship sailed on bitcoin? The value is insane.

    That’s what I said at $10k. That’s what I’m saying about Ethereum now and its value could end up being greater.
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  • jecorneljecornel Member Posts: 9,727
    edited April 2021
    I transferred my bit from Coinbase to voyager as voyager pays interest. Hacking is a concern everywhere. I get it not insured. But your million goes poof from fidelity then what?
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  • jecorneljecornel Member Posts: 9,727
    Bit could go anywhere from $300k to million. Theta and avax could be two other thousand dollar coins.
    BleachedAnusDawg said:

    Hasn't the ship sailed on bitcoin? The value is insane.

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