Getting Started with Bitcoin - Before you Invest....
Hard Wallet? Custodial Wallet? Seeds? Hashes? Mining? Altcoins? Are you confused, yet?
Fear not!
It is getting more user friendly to use bitcoins and there are answers to all your questions! There is a 'learning curve' but I'll help you get started..
This is the classic Bitcoin Intro video from Bitcoin.org
BEWARE bitcoin.com promotes fraudulent coins & 'Bitcoin Cash (BCH)' is not Bitcoin (BTC)..
bitcoin.org is a GREAT resource!
Study Up!
Watch as many Andreas Antonopolous Videos as Possible .. Start with this one (30min)!
Wallets
Different people have different needs. Some people love the freedom and sovereignty that comes with managing your own keys while other people appreciate the comfort of trusting a 'bank' type institution to safeguard their money. There are pros and cons to each.
Hot Wallet
For small amounts of bitcoin, you can use a 'Hot Wallet'.. this is a wallet on a computer or phone. These types of devices are not secure, so DO NOT keep significant amounts of cryptocurrency on them, EVER! I keep a small amount on my iPhone using Edge Wallet but there are many options for android and iOS. They are all interoperable..
Bitcoin is not a company, it is a network and everyone is building on the network, together, like the internet.
Hardware Wallet
I recommend to purchase one if you plan to hold significant amounts of cryptocurrency. They are a dedicated hardware device, specifically designed to manage cryptocurrencies and other cryptographic keys. There are many 'Hardware Wallets' to choose from. I recommend and use Trezor wallet .. The device is used to manage your crypto with multiple factors of authentication and you will have a 'backup seed' written on paper.
BEWARE If someone has physical access to you 'Backup Seed', they can steal your cryptocurrency
Make sure to purchase your hardware wallet from an authorized dealer and the tamper seal is in tact.
Custodial Wallet
If you prefer using a custodian, there are many commercial options such as coinbase.com abra.com or uphold.com, to name a few. You can also purchase them using these services and send them to your Hardware Wallet. Note that they all have extensive identity verification processes which can be take a few days.
There are ETF and future contracts available in traditional financial markets, too. Lookup GBTC and Bitcoin Tracker One
The downside to custodial accounts is that they are a central point of attack, users have less privacy to corporate & government interests and accounts can be frozen.
If you control your keys, using a hardware wallet, you control your bitcoins.
Purchasing Bitcoins
Online
Bitcoins can be purchased online using custodial services mentioned above or on an exchange such as gemini or bitfinex
Exchanges are custodial wallets and some offer more protections than others. Be discerning, you can not do a 'charge-back' with bitcoin and it can be used anonymously, there are lots of scams.
There are lots of bitcoin knock-offs, so beware. If you want Bitcoin, make sure to get Bitcoin (BTC) and not Bitcoin Cash (BCH) or Bitcoin Gold or Litecoin or a thousand other 'altcoins'
In Person
You can buy and sell with people directly, you don't need a broker, at all! It's peer to peer, so anyone can send ANY AMOUNT to anyone, anywhere in the world, for very cheap & fast! Unlike a stock, you can send fractions like .00001btc or 1.235btc, so it is possible to be used for very small transactions as easily as extremely large.
There are online networks for meeting people in person to buy or sell bitcoins. In some towns, there are even shops and 'bitcoin ATMs'.
The best way to get bitcoins is to earn them! Make sure your customers, clients or employers know that you accept bitcoin as payment.
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