Topic: My Bitcoin journey - page 3. (Read 1166 times)
I am pretty new too. I have used wire transfer to Coinbase. Funds have been available a few hours after registration of transfer on my online bank (on week days). I have like you been following bitcoin from a distance for far too long. I find myself checking values far too often, but I expect the frequency will drop I’m not too long. Good luck with your investment.
Many people start with Coinbase, as it's easy and they can buy with a credit card. But, as you watch videos/tutorials, you'll realize that Coinbase has high fees, that leaving your coins on an exchange is risky, etc. GDAX, Gemini are much better deals. Ledger Nano S is a safe way to store your coins off of the exchanges.
I’m no expert in Bitcoin, or any crypto currency, just a regular guy, with a bit of background knowledge, mostly from reading this forum over the last few days. I’m starting to experiment with Bitcoin partly to diversify my investments, but mostly out of curiosity! I thought I’d start a thread about my Bitcoin journey to help anyone else in a similar position, but also as a sounding board to make sure I'm on the right track.
Bitcoin has been in my peripheral vision for years - I’m not going to think about how lucrative it could have been to have bought some Bitcoin when I first heard about it! The value has already doubled since I put “Research Bitcoin” into my todo list a few months ago! I am not interested in learning about the mining side of things, I understand I have already missed the boat on that!
From my current investments I have come to the conclusion that I prefer to take a hands off approach to investing and that fees can eat into your profits, so need to be minimised. I’m going to take a similar approach to Bitcoin, finding a balance between returns, effort and fees and to start with - not investing more than I can afford to lose, until I know what I am doing a bit more.
It seems like my first step is to set up a wallet - there seem to be a lot of options for this. I think to start with I'll go for a web based one to start with, blockchain.info and coinbase are looking most likely at the moment - any preferences on the two? Or is it worth setting up both and seeing which I prefer?
Security wise, I have set up a new email address, with 2FA activated, to keep my Bitcoin stuff separate/private.
Bitcoin has been in my peripheral vision for years - I’m not going to think about how lucrative it could have been to have bought some Bitcoin when I first heard about it! The value has already doubled since I put “Research Bitcoin” into my todo list a few months ago! I am not interested in learning about the mining side of things, I understand I have already missed the boat on that!
From my current investments I have come to the conclusion that I prefer to take a hands off approach to investing and that fees can eat into your profits, so need to be minimised. I’m going to take a similar approach to Bitcoin, finding a balance between returns, effort and fees and to start with - not investing more than I can afford to lose, until I know what I am doing a bit more.
It seems like my first step is to set up a wallet - there seem to be a lot of options for this. I think to start with I'll go for a web based one to start with, blockchain.info and coinbase are looking most likely at the moment - any preferences on the two? Or is it worth setting up both and seeing which I prefer?
Security wise, I have set up a new email address, with 2FA activated, to keep my Bitcoin stuff separate/private.
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