How do I buy bitcoin?

FullTimeLoser

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I have decided I want that good life. Except I am completely unresourceful and unknowledgeable. Like when I first started driving I literally didn't know the road to the school my dad drove us to for 12 fucking years. like legit I have no surrounding awarness. So please need some investor cel to give me a detailed explenation.

1. how do I invest? like what do I use?

2. can I use bitcoin money to buy real life stuff?

3.How do I draw back the money into real money?
 
Diocel

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This is probably the worst time to buy crypto and especially bitcoin.


1. how do I invest? like what do I use?
Buying crypto is like buying another currency, you buy hopping it will worth more in the future, you can create a wallet to store the crypto you buy, you can buy crypto using you visa card or PayPal or directly from people.


2. can I use bitcoin money to buy real life stuff?
Yes, you can sell your crypto and use the money to buy stuff or buy directly using crypto if the seller/site accept it, some real shops in japan and africa use it.



3.How do I draw back the money into real money?
You can from the same place you bought from, but i don't understand why you would do that.
 
incelerated

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I literally didn't know the road to the school my dad drove us to for 12 fucking years. like legit I have no surrounding awarness.
That's literally me. There's places I've gone 1000 times and I still haven't the slightest idea how to drive there myself.

Regarding bitcoin I don't know much about it but there's a couple things I experienced personally:
1- You should be careful with online wallets and online exchange places because they charge fees for everything. My brother put his bitcoin in this website (I don't know if it was a wallet or exchange or what) and it was practically stuck in there because if he wanted to withdraw he had to pay a huge transaction fee.
2- Bitcoin's transaction fees (Bitcoin itself has a transaction fee other than what the websites charge) are huge, and it doesn't make any sense to actually buy anything with it. Like you want to buy something that's worth 5$ and you have to pay a 10$ transaction fee.
Maybe if you buy a 500$ thing 10$ won't be much, but in a poor country like mine a 10$ transaction fee is just retardedly insane.
 
Babica Yaga

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1. how do I invest? like what do I use?
You first make a bitcoin wallet. Use Electrum or Exodus. I recommend Exodus because it is monkeyproof and holds multiple cryptos. https://electrum.org/ & https://www.exodus.io/ . Take a look around in the Exodus wallet to get yourself familiar with some of the buttons for receiving and sending cryptocurrency. Then you buy BTC from a vendor with USD like you would buy from an online shop like Amazon. You specify how much Bitcoin you want and which address to send it to. If you press receive on Exodus it will give you an address, that's your personal bitcoin address which you will copy and paste on the vendor's website to receive your Bitcoin from. Wait till the next block is confirmed, this may take 15 mins-30 mins and voila there's your bitcoin. Now you can either put it on an exchange like Binance and Bittrex and trade it there for other coins, or just keep it in your wallet. Don't leave your funds too long on an exchange. Oh and you'll probably going to need to verify your ID to trade on an exchange/buy Bitcoin due to increasing regulation. I recommend at this stage you keep it in your wallet and start learning more about Bitcoin and all the other altcoins out there and the problems they are trying to solve, unless you're not interested in long-term investing and purely want to trade.
2. can I use bitcoin money to buy real life stuff?
Some stores accept it, some don't. In Thailand the Dash currency is pretty popular. Also Litecoin.
3.How do I draw back the money into real money?
You sell your Bitcoin back to the vendor you bought it from and they will deposit the money on your bank account.
 
FullTimeLoser

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1. how do I invest? like what do I use?
You first make a bitcoin wallet. Use Electrum or Exodus. I recommend Exodus because it is monkeyproof and holds multiple cryptos. https://electrum.org/ & https://www.exodus.io/ . Take a look around in the Exodus wallet to get yourself familiar with some of the buttons for receiving and sending cryptocurrency. Then you buy BTC from a vendor with USD like you would buy from an online shop like Amazon. You specify how much Bitcoin you want and which address to send it to. If you press receive on Exodus it will give you an address, that's your personal bitcoin address which you will copy and paste on the vendor's website to receive your Bitcoin from. Wait till the next block is confirmed, this may take 15 mins-30 mins and voila there's your bitcoin. Now you can either put it on an exchange like Binance and Bittrex and trade it there for other coins, or just keep it in your wallet. Don't leave your funds too long on an exchange. Oh and you'll probably going to need to verify your ID to trade on an exchange/buy Bitcoin due to increasing regulation. I recommend at this stage you keep it in your wallet and start learning more about Bitcoin and all the other altcoins out there and the problems they are trying to solve, unless you're not interested in long-term investing and purely want to trade.
2. can I use bitcoin money to buy real life stuff?
Some stores accept it, some don't. In Thailand the Dash currency is pretty popular. Also Litecoin.
3.How do I draw back the money into real money?
You sell your Bitcoin back to the vendor you bought it from and they will deposit the money on your bank account.
Thanks for the detailed answer. I tried using coinbase and they're still verifyinh me apperantly. Do these websites also requrie verification?
 
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Thanks for the detailed answer. I tried using coinbase and they're still verifyinh me apperantly. Do these websites also requrie verification?
dont use coinbase. Too high fees and not enough shitcoins to choose from. Use binance if you can, and then use brave browser because it has a bitcoin wallet connection to binance
 
SocialzERo

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This is probably the worst time to buy crypto and especially bitcoin.



Buying crypto is like buying another currency, you buy hopping it will worth more in the future, you can create a wallet to store the crypto you buy, you can buy crypto using you visa card or PayPal or directly from people.



Yes, you can sell your crypto and use the money to buy stuff or buy directly using crypto if the seller/site accept it, some real shops in japan and africa use it.




You can from the same place you bought from, but i don't understand why you would do that.
sheit i canr buy it bc im 17 and mommy wont let me do this, tbh high iq
 
Algeriancel

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when I first started driving I literally didn't know the road to the school my dad drove us to for 12 fucking years
That's so fuckin brutal .
 
FullTimeLoser

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dont use coinbase. Too high fees and not enough shitcoins to choose from. Use binance if you can, and then use brave browser because it has a bitcoin wallet connection to binance
Alright just got verified on binance after coinbase refused to verify me. Last thing I need explained is wallets. After I buy bitcoin from that app, why do I need to transfer it anywhere else? Can I keep it on that app's wallet to grow with the stock?
 
Appetite4Destrction

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it is not the time to buy bitcoin right now. also stay away from investing if you dont know anything about it. do not take any investment advice without learning it yourself.
 
SlayerSlayer

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Get greedy when everyone is afraid, and bearish when everyone is greedy. Don't be a fucking normie and buy in right now, waaay to risky for someone without a lot of cash. Also for the love of god, stay away from shitcoins and ICOs.
 
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FullTimeLoser

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Get greedy when everyone is afraid, and bearish when everyone is greedy. Don't be a fucking normie and buy in right now, waaay to risky for someone without a lot of cash.
hmm, I was gonna just put in a 100$ now is that bad?
 
DarkMTS_57

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Mine it.
Don´t waste your cash, unless it takes a dive.
 
SlayerSlayer

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hmm, I was gonna just put in a 100$ now is that bad?
I mean, I don't know how much money you have. I would just wait till around march when the hype dies down. You want to invest when it's NOT in the news. Also don't go into this shit unless you really want to HODL. BTC is a store of value. It's not meant to be spent flippantly.
 
FullTimeLoser

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I mean, I don't know how much money you have. I would just wait till around march when the hype dies down. You want to invest when it's NOT in the news. Also don't go into this shit unless you really want to HODL. BTC is a store of value. It's not meant to be spent flippantly.
yeah I wanna invest. could you explain to me about wallets and why i need to transfer it from from the app binance to a different wallet?
 
SlayerSlayer

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yeah I wanna invest. could you explain to me about wallets and why i need to transfer it from from the app binance to a different wallet?
I have a controversial view of wallets. I personally think wallets are a bit overkill. And I've heard way too many stories of holders losing their wallets out of neglect, or just losing the codes somewhere, or even not transcribing them correctly. It's painful how many stories out there of that one guy that has a ton of BTC in some USB that went missing . . .

I can see why uber-rich randian liberterians love it, but to me it's like having a personal vault if you're really rich.

If I had a fuckton of BTC I would absolutely put it in a wallet. I don't. So I just keep it on the exchanges until I do. When you keep it on the exchanges you run the risk of the exchange getting hacked. Last time this majorly happened was Mt. Gox. I like to keep it on the exchanges, because I like to think about it like a normal bank, as opposed to a personal vault, in the sense that the BTC is a bit more liquid in the sense I could execute trades more readily if I need to.
 
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FullTimeLoser

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I have a controversial view of wallets. I personally think wallets are a bit overkill. And I've heard way too many stories of holders losing their wallets out of neglect, or just losing the codes somewhere, or even not transcribing them correctly.

I can see why uber-rich randian liberterians love it, but to me it's like having a personal vault if you're really rich.

If I had a fuckton of BTC I would absolutely put it in a wallet. I don't. So I just keep it on the exchanges until I do. When you keep it on the exchanges you run the risk of the exchange getting hacked. Last time this majorly happened was Mt. Gox. I like to keep it on the exchanges, because I like to think about it like a normal bank, as opposed to a personal vault, in the sense that the BTC is a bit more liquid in the sense I could execute trades more readily if I need to.
Keeping it on the exchange means just leaving it as is after I buy it, right? And that way it increases and decreases with the stock?
 
SlayerSlayer

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Keeping it on the exchange means just leaving it as is after I buy it, right? And that way it increases and decreases with the stock?
it would increase or decrease in value regardless if it were in a wallet or not :feelsgah:
 
FullTimeLoser

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Alright just got verified on binance after coinbase refused to verify me. Last thing I need explained is wallets. After I buy bitcoin from that app, why do I need to transfer it anywhere else? Can I keep it on that app's wallet to grow with the stock?
Wallets is basically your online money storage. You need to transfer it (after I assume you make a profit and want to cash out) through the thing you made the account with.

if you made the account with PayPal for example, you could be able to cash out with PayPal. your money itself will not grow if it’s just your money, it needs to be in a coin

but going into btc right now is a little risky. Eth maby
 
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My friend in the office next to mine he is trading blockchain coins. He invested ~$125-150k over the last 4 years or so. He was actually down to $40k at one point last year. But now hes up to $480k.. I just asked him yesterday morning since Bitcoin was so high.
 
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Emba

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Just invest in something you do not comprehend bro.

(It's almost as if you never read; " the richest man in Babylon." Or even heard the audiobook)
 
ADepressedVirgin

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wait for the btc bubble to pop i think it will plummet back down to 20k maybe even less. i did some research and robinhood looks like a good platform to start, also thinkorswim is good they actually allow you to trade with 'fake' money although the application is pretty hard to learn if u are new and dont know what everything means already
 
El3ctr1ck

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I would buy it in BisQ or other tool to avoid goverment know you own cryptos. I also wouldnt buy right now, is pump im thinking about buying too, but i'll wait to next months
 
Robtical

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I would buy it in BisQ or other tool to avoid goverment know you own cryptos. I also wouldnt buy right now, is pump im thinking about buying too, but i'll wait to next months
You also have to mix your btc or eth before trading it or it can be detected by them. There is a site called tornado .cash that turns eth anonymous.
 
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El3ctr1ck

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You also have to mix your btc or eth before trading it or it can be detected by them. There is a site called tornado.cash that turns eth anonymous.

I sually change the btc for monero and the monero again for btc
 
Robtical

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I sually change the btc for monero and the monero again for btc
That works but it can't be done with eth. To be safer use tor or a vpn when trading on exchanges.
 
RollD20

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This is probably the worst time to buy crypto and especially bitcoin.
Yeah this. Try to buy when it’s cheap again
 
Fancy Alcoholic

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If I had a fuckton of BTC I would absolutely put it in a wallet. I don't. So I just keep it on the exchanges until I do. When you keep it on the exchanges you run the risk of the exchange getting hacked. Last time this majorly happened was Mt. Gox. I like to keep it on the exchanges, because I like to think about it like a normal bank, as opposed to a personal vault, in the sense that the BTC is a bit more liquid in the sense I could execute trades more readily if I need to.
Kinda based, I do the same, though it's maybe the less secure way of stocking coins. I also fear to lose controle over my physical wallet, while most exchanges today seem relatively secure and profressional.
 
unrelentingclownery

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This is probably the worst time to buy crypto and especially bitcoin.



Buying crypto is like buying another currency, you buy hopping it will worth more in the future, you can create a wallet to store the crypto you buy, you can buy crypto using you visa card or PayPal or directly from people.



Yes, you can sell your crypto and use the money to buy stuff or buy directly using crypto if the seller/site accept it, some real shops in japan and africa use it.




You can from the same place you bought from, but i don't understand why you would do that.
It’s at around 30k right now, how much would it have to drop to to be a smart investment?
 
Diocel

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It’s at around 30k right now, how much would it have to drop to to be a smart investment?
as much as possible, keep in mind it will break this price again at some point
 

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