Bitcoin 101

Lots of stuff to consider when you’re first getting started into Bitcoin and Crypto currencies, correctly and safely.

Especially, if you want to learn how to buy Bitcoin, and store it correctly.

In these “How to get started in Crypto’s and Bitcoin” we will be discussing how the newbie who has no knowledge of this stuff can get started.

To start off with…

A friend of mine lost $180,000 in Bitcoins back in 2013; today, that same amount of Bitcoins would be worth…

$45 Million!

 

So you need to take this extremely seriously. I believe an extreme amount of safety should be given to this subject.

I have learned all of this over the past 7-8 years, the hard way.

First off, yes, the price of Bitcoins is much higher now than when I first got started, but that is only part of the story, in my opinion we are VERY early still, as when I got started it was extremely difficult to purchase Bitcoins, as exchanges really didn’t exist.

In order to purchase Bitcoins you often had to take cash and go meet some stranger in person, and hope you got them, as you never really knew what you were dealing with and hoped you actually got them.

There were also only a few Bitcoin wallets to hold them in, at that time.

When you are first getting started here, I would say don’t worry so much about Bitcoin Fees and concentrate more on holding your Bitcoins for long periods of time. (Although this should not be considered investment advice or a buy/sell recommendation).

FEES?  The few dollars you save in fees would be better invested in validation of your Bitcoin/crypto wallet software and holding your Bitcoins for a LONG period of time, the fees will be long over looked if you hold for a long time and don’t trade…

This leads me to my next point…

Don’t trade your Bitcoins.

 

Why would I say this? As 90% of all people who trade stocks, commodities or anything for that matter, loose on their trading. Don’t believe me go ask your accountant. That MEANS 10% win.

We believe (although this should not be considered investment advice or a buy/sell recommendation) that Bitcoin has started the next revolutionary wave in the internet.

The first internet wave revolutionized the communications platforms back in the early 1990’s, such as newspapers, magazines, classified advertising, and the telephone industry. This next wave will be that of the financial systems.

History has shown if you’re willing to hold your Bitcoins for ATLEAST 4 years no matter when you bought most people have done EXTREMELY well (I suggest you look at a 4 year time horizon as a MINIMUM for your Bitcoin investments-Although this should not be considered investment advice or a buy/sell recommendation).

I do not use an “APP” to buy my Bitcoins. I use Gemini.com, to buy my Bitcoins. I no longer use coinbase.com, however if you want to immediately purchase Bitcoins with a debit card you can use coinbase to do so, since Gemini does not offer Bitcoin purchases with a debit card.

Once you buy your Bitcoin and have access to them…

You need to pull your Bitcoins out of their exchanges, and get it in your own wallet. DON’T TRUST EXCHANGES TO HOLD YOUR BITCOINS. Too many people have lost a lot of monies in exchanges as they trusted somebody else to hold their Bitcoins for them.

As a general wallet I use the exodus wallet, for small amounts of Bitcoins and Crypto Currencies. All of my long term Bitcoins is stored in the ARMORY COLD STORAGE wallet, so nobody, but nobody can get to it, except me. If you’re interested in learning more that can be found Here

As you can suspect, a lot of people also make mistakes, read my article on the 7 Things you must know before you get started in Bitcoin or any Crypto Currency you can find that article here

We always recommend verifying your wallet software prior, to placing any Bitcoins in them, as you never want to assume your Bitcoin/Crypto software is OK. Can’t verify your wallet software, our recommendation:

DON’T USE IT.

 

Doing this does take some work to verify your Bitcoin/crypto software?

Yes, but if these crypto currencies go to the prices myself and others believe they will, you do not want to be holding Bitcoins/crypto currencies, in a wallet that can be accessed by a “bad” actor as they may have installed some bad software/ malware on your computer and potentially have a back door to get access to your Bitcoins/Cryptos.

You should also have a dedicated computer that completes ALL of your Bitcoin/Crypto currency transactions AND it is only used for those purposes. The risks are far too high if you mess up.

In my opinion cell phones/APP’s are not a safe place to conduct Bitcoin/crypto currency transactions or to place into a Bitcoin/Crypto currency wallet. (Unless you have a separate phone for just your crypto transactions). Phones have too many day to day uses and we could get a virus very easily. Now with public phone charging ports being compromised…again it’s not worth the risk.

The caution here is to ALAWYS verify the software came from the developer and not some scammer. Again if you need help click Here..

A complete FREE video tutorial on getting started into Bitcoin can be found here: