Bit coin question


#1

I am buying a bitcoin. I would like to know how I should buy it. The exchange. And where to store it. ?


#2

@Coinfragment 10 years on and it’s still remarkably difficult or costly to buy Bitcoin. Some parts of the world (e.g. Europe) have cryptocurrency debit cards and they offer reasonably low fees for buying crypto. They also have the benefit that you can then “spend” the crypto at millions of sites around the world.

If you are planning a long term hold then someone like Coinbase and a Trezor / Ledger hardware wallet is probably the way to go.


#3

Where are you located, and where is the money coming from that you’re trying to buy bitcoin with (investing or to spend)? Answers to both those questions will help us better guide you.


#4

This has reminded me how difficult it was for me to first purchase some around middle of 2017. I was paranoid as hell thinking I would be getting ripped off.

Not much has changed, here’s a question though, why don’t bureau de change provide this service? Or do they and I’ve just not seen it?


#5

Why not just hold it on a bitcoin wallet verse Trezor. What’s the benefit. And the money is mine to spend on a bitcoin. So I feel now is a good time to buy


#6

Trezor is a hardware wallet, its more secure than leaving it on a wallet on your computer hard drive.


#7

Ok. Again, where are you located? Most fiat dollar-crypto on-ramps serve specific regions. Again, are you buying with credit card, or depositing fiat dollars to buy bitcoin?

Once you acquire your Bitcoin, then you can choose to keep them in a hardware-based wallet, an app-based wallet, a paper wallet, and a multitude of other ways. If you can use Coinbase, I would suggest buying and leaving it there (if you need a temporary custodian) until you do the research on what storage method works for you.

Your intuition is correct, this is a decent item to buy bitcoin.


#8

cash purchase. Thru a debit card. Long term hold. Don’t trust holding anything on an exchange. They get robbed and hacked. Why not just Store it on a computer. Why a trezor over a flash drive or computer ?


#9

Cash? Well now we’re making progress. Check for a Bitcoin ATM near you using Coin ATM Radar. If you’re interested in buying from a human, try Local Bitcoins.

Edit: Updated to Debit
In that case, is Coinbase available to you?

Why not store coins in a wallet on your computer? The same reason you shouldn’t keep anything of value irretrievably stored on an object of value: Floods, Fires, and Friendly neighbourhood bears looking to steal your physical and digital picnic basket.

Watch this and decide what’s best for you. There is definitely a bit of a “cool guy” tech factor to hardware wallets, like the Trezor and Ledger, but they do have some significant strengths over a standard USB drive for storage.


#10

Thanks. So how do you transfer a bitcoin to a hard wallet using a bitcoin atm?


#11

Buy the hardware wallet first. Set up your Ledger X or Ledger, and set up a bitcoin address on it. Take a photo/screenshot of the public wallet address QR code on your phone

Bitcoin ATMs vary in form, function, limits, and details you will need to provide to use them. Figure out what company owns the ATM you’re planning to use, and see if they have any instructions/information on their website concerning it’s use. Here is an example of what you can expect when using a Bitcoin ATM.


#12

I see you updated your post above stating your wanting to use debit, not quite cash just yet. The same applies above, but you’ll need to deposit cash into the ATM. You’ll need to make a stop at your bank to witdhdraw the cash. Keep in mind, your bank may limit your daily cash withdrawl amount at their ATMs, and the Bitcoin ATM you’re planning to use will have a tiered KYC system based on how much $$$ you’ll be exchanging for Bitcoin. Be cognizant of the reality that your identity will be tied to that bitcoin at some point, cloak and dagger bitcoin is a lark.


#13

If you used an ATM to buy Bitcoin, the process would have needed you to install a Wallet on your Phone.

When you deposit into the ATM, the ATM will send the Bitcoin to your Phone’s Wallet.

Using your Phone’s Wallet, you can transfer the Bitcoin to any other Wallet you wish, but it will incur a transaction fee.

You probably would not want to transfer it until you have enough to make the transaction fee seem worthwhile. However, Phone’s are probably the least secure place to store any Digital Wallets.

Stay Fishy


#14

They can screenshot/take a photo of the public address QR code they create on their hardware wallet and just send to that address when using the ATM.