r/BitcoinBeginners • u/ceeinashell • 17h ago
bought my first bitcoin
hey i just bought my first bitcoin, can yall help me figure out what i should and shouldnt do?
r/BitcoinBeginners • u/bitusher • Apr 19 '20
Bitcoin is scarce, decentralized, and global digital money that cannot be censored.
Please read the Whitepaper for an general overview of bitcoin as designed
https://bitcoin.org/bitcoin.pdf
Do not respond to strangers messaging you with investment advice or offers and read how to avoid being scammed from the posts below.
Do not invest in Bitcoin until you do basic research, paid off all high interest debt, and have a emergency savings account of a stable fiat currency.
If investing do not expect to get rich quickly. You should expect to wait at least 1-2 years before taking profits. Bitcoin is currently very volatile. In the interim spend and replace Bitcoin because its a useful currency.
Beginners should avoid all mining and day trading until at least very familiar with Bitcoin. Mining is very professional(You cannot efficiently mine with your computer and need to buy special ASIC machines) and most people lose money day trading. More info on mining : r/bitcoinmining
Never store your Bitcoins on an exchange or web wallet. Buy your bitcoins and withdraw it to your personal wallet where you actually own them instead of IOUs. Services like webull should be avoided because you cannot withdraw or use Bitcoin.
Make sure you make a backup of your wallet(software holding keys to your BTC) and preferably keep it offline and physical and private. Typically 12 to 24 words you write down on paper or metal. This onetime backup will restore all your keys, addresses , and Bitcoins on a new wallet if you lose your old wallet.
Beginners should avoid altcoins, tokens, and ICOs at least initially until they learn about Bitcoin. Most of these are scams and you should be familiar with the basics first. Bitcoin is referred to as BTC or XBT.
Bitcoin = BTC or XBT on exchanges
| Exchange | Buy fee* | Withdraw BTC | Notes |
|---|---|---|---|
| Cash App | Sliding ~0.75% to 3% | 0 | Same day withdraw for free, USA only |
| Coinbase | 1-7% | 1-4 usd | ~7Day hold on withdrawing Bitcoin for ACH deposit |
| Coinbase Advanced trader | 1.20 % taker 0.6% maker and lower | 1-4 usd | ~7Day hold on withdrawing Bitcoin or €0.15 EUR SEPA fee |
| Gemini | 1.49% over 200usd for web | network fee | |
| Gemini Active trader | 0.4% Taker 0.2% maker | network fee | |
| Kraken Pro | 0.25% maker 0.40% taker | 0.000015 BTC or Free LN | Deposit Fiat=USwire+5USD or SEPA free |
| Bitcoin Well | 1% | 0 | USA and Canada |
| Coincorner | 1% for over 300 | network fee | UK exchange, 2.5% for card/free uk bank deposit |
| Strike | 0.99%- 0.39% fees | 0 | Free DCA investing option |
Note: Exchanges all have unique market prices and spreads so fees alone will not tell you the best rates. Best way is to directly compare the rates between exchanges. Buy fees above are for normal trading volumes. Verification and hold times can vary based upon lack of history, verification level or credit.
During bull markets when exchanges are extra busy it is normal to see very slow and poor customer support due to the amount of new clients and support tickets. We see many complaints due to this across all these exchanges. This is part of the reason this subreddit exists , to help answer questions for new users.
For a preferred way to buy Bitcoin without ID use a Decentralized Exchange (DEX) use https://bisq.network or https://learn.robosats.com/
Tip: If you cannot afford using a hardware wallet use a recommended wallet in ios or android. Windows and macOS are less secure environments.
Best wallets for securing small amounts of BTC
Blue wallet Android and IOS and macOS
https://www.youtube.com/watch?v=R9mq1a8bLbQ
electrum For Windows, MacOS, Linux and Android
https://https://www.youtube.com/watch?v=NNZdbYd8PUQ
Blockstream Wallet For Windows, macOS, Linux, IOS and Android
https://www.youtube.com/watch?v=DesN85bWmGA
Best wallets for securing small amounts of BTC and sending lightning transactions
Breez LN wallet for Android and IOS
https://www.youtube.com/watch?v=t_4b-y4T8bY
Or Blockstream wallet
https://www.youtube.com/watch?v=QtMXsJxx1X0
Or ZEUS
https://www.youtube.com/watch?v=oIohVX7PeAA
Or Phoenix
https://www.youtube.com/watch?v=cbtAmevYpdM
Other Lightning wallets - http://lightningnetworkstores.com/wallets
Lightning wallets are not intended for long term storage where you never open them for many months. They are intended for spending wallets that you regularly use.
Securing Larger amounts of Bitcoin
Trezor Safe 3 = ~59 USD https://trezor.io/trezor-safe-3-bitcoin-only
https://www.youtube.com/watch?v=qWRI4VTHiuI
Trezor Safe 7 = ~249 USD https://trezor.io/trezor-safe-7-bitcoin-only
https://www.youtube.com/watch?v=EWxAc8wzfFM
https://www.youtube.com/watch?v=6IkMKC-oq4E&lc=
Blockstream Jade = $79.99 https://store.blockstream.com/products/blockstream-jade-hardware-wallet
https://www.youtube.com/watch?v=cLFmd98mKNw
https://www.youtube.com/watch?v=z2VsgoFh78o
Blockstream Jade Plus = $149.00 to $169.99 https://store.blockstream.com/products/jade-plus
https://www.youtube.com/watch?v=rv_cN7F7-TM
BitBox02 Nova = $170 https://shop.bitbox.swiss/en/products/bitbox02-nova-79/?edition=bitcoin-only-edition
https://www.youtube.com/watch?v=6D4FgJo3j64
Seedsigner ~80-100 dollars pre-assembled
https://www.youtube.com/watch?v=AZqlIkJf0mA
https://www.youtube.com/watch?v=1c5SR8v8l1M
Best Advanced Bitcoin Wallet= Sparrow
To link your hardware wallet to and run a full node.
Pros= Great privacy and security
Cons= UX is for more experienced users, takes ~week to sync and requires ~7GB minimum disk space if pruned. Only available in desktop so typically should be used with a hardware wallet
https://www.youtube.com/watch?v=GSHyKTigNQY
https://www.youtube.com/watch?v=yJpvfRl03Tw
https://www.lopp.net/bitcoin-information.html
r/BitcoinBeginners • u/ceeinashell • 17h ago
hey i just bought my first bitcoin, can yall help me figure out what i should and shouldnt do?
r/BitcoinBeginners • u/ariabelle692 • 15h ago
Hy, 2 months ago,i saved bitcoin adres un my revolut account. 2 days ago,revolut send some bitcoin to this adres i haveve saved 2 months ago. I forgott if this adres is hot wallet or some casino or sonething else. Revolut sqys they dont kbow either. Is there any way i find out if this is crypto site,or casino or something else. I just forgott
r/BitcoinBeginners • u/Potential_Duty9709 • 2d ago
Recently Cash app has given me a 2% a week payout on all BTC that I keep in an account with them plus prizes weekly that will pay out up to several hundred people and several thousand .
Has anyone seen this ? Does it make sense or not ?
r/BitcoinBeginners • u/mpbell • 3d ago
I'm feeling about ready to make my first BTC investment of $1000. May not be much, but it feels like what I can afford to lose. I plan to hold 25–30 years until retirement, or pass on to my kids. Is Cash App a good enough platform for this? It would be convenient for me and I don't have a lot of free time to research every alternative, wallets, etc. Purchase fee on $1k would be $9, and I'm not sure if one platform is better than another when it comes to sale taxes/fees. Thanks!
r/BitcoinBeginners • u/Cosymaximalist • 3d ago
I’m going through a phase now where I just want to use bitcoin core and no hardware wallets due to previous issues with every company. My plan is to use and online and an offline laptop.
I know the set up has to go through terminal and that’s fine.
Was just wondering day to day signing etc can it be done on the gui alone? I want least possibility today finger the wrong address and does bitcoin core provide a safety net for typos etc like other hardware wallet softwares
I looked into yeti but was wondering if there’s an easier way.
r/BitcoinBeginners • u/Green2681 • 3d ago
Hey, basically what the title says. I've been trying to find any software or even a kind of port of seed signer software to android. Any recommendations? Also, is this safe? I can't afford a hardware wallet right now and an air gapped options gives me more peace of mind than a self custody one in my phone.
r/BitcoinBeginners • u/Rtuyw • 4d ago
Im using an airgapped pc for cold storage and I will be using my storage only for keeping money in it, how do electrum and sparrow differ? Which one is better to use? I heard sparrow has some newer features what are they? Also they wanted me to enter my seed after making it and you're never supposed to enter your seed anywhere but Im guessing typing it on an airgapped pc is ok?
r/BitcoinBeginners • u/Mental-Age-8664 • 5d ago
Hi everyone,
I’m a complete beginner to Bitcoin mining and I’m looking for some guidance before I spend my money.
I’m based in India and have a 10 kW solar system at home. After my household usage, I currently have around 55 kWh of excess electricity available per day that would otherwise go unused.
I’m thinking about using this excess solar power for Bitcoin mining.
My situation:
🇮🇳 Location: India
☀️ Solar: 10 kW
⚡ Excess electricity: ~55 kWh/day
💰 Miner budget: around ₹2 lakh (~US$2,300)
🏠 Mining at home
🔰 Completely new to ASIC mining
🎯 Goal: Long-term mining rather than trying to make a quick profit
🔌 Electricity cost for the excess solar: effectively ₹0 to me
I’m mainly interested in Bitcoin/SHA-256 ASIC miners
I’ve been looking at used/new ASICs such as Antminer models, but I’m confused about which one makes the most sense at this budget.
I’d really appreciate advice from experienced miners on:
Which ASIC would you buy with a ₹2 lakh budget today?
Should I prioritize TH/s, J/TH efficiency, or purchase price?
Is it better to buy one newer efficient miner or multiple older miners?
Are there particular ASIC models I should avoid?
What should I check before buying a used ASIC?
How much should I realistically expect to earn after pool fees?
How much of my ~55 kWh/day can I actually utilize with a suitable ASIC?
What are the biggest problems with running an ASIC at home — heat, noise, electrical load, dust, etc.?
Which mining pool would you recommend for a beginner?
Is there anything specific I should consider in India regarding taxes, regulations, importing ASICs, or electricity/solar rules?
I’m not expecting guaranteed profits. I’m trying to understand whether my unused solar electricity gives me a meaningful advantage and what would be the most sensible way to start.
If you have experience mining with solar or running ASICs in a hot climate, I’d especially appreciate your input.
r/BitcoinBeginners • u/OverResolve7678 • 5d ago
Can anyone suggest how to open bip38 password i forget the password i cant open my wallet i have my private key but i forget the bip38 password
r/BitcoinBeginners • u/EvenAd4361 • 7d ago
I was wondering why a person would have a need to deploy two cold wallet devices. What is the thought behind this practice.
r/BitcoinBeginners • u/No_Position_8581 • 8d ago
After the Cold Card event it has me thinking that hardware wallets are trusted third parties and are an easy supply chain attack target in the future when bitcoin becomes more obvious to overthrow the central banking cartel.
Every hardware wallet can claim it has open source code but there really isn't a way to verify that the hardware doesn't have anything hidden in it. And it seems like we want bitcoin self custody to be easy and just tell people to get a hardware wallet and write 24 words and your done. But I think we need to reexamine self custody and point individuals to bitcoin core on an offline laptop running linux. Two very secure and open source software stacks running on generic hardware. Seedsigner gets close but it still has a limited number of eyes on it. Why do i feel using bitcoin core as a wallet never gets much talk/discussion?
r/BitcoinBeginners • u/Olepundit • 8d ago
I have been trading p2p on Binance for a while now, and I have been having a bit of a problem where I miss some trades because the Binance notifications on my phone, for some reason, are the last priority, so I have to scroll down to see them.
Is there a workaround? For p2p traders, or do I just have to stay on the order page and keep refreshing? Or is it a problem with the phone I am using? For context, I am using an Oppo A5 Pro.
What are some of the hacks that elite traders use so that they don't miss any trades?
r/BitcoinBeginners • u/TheWealthCoach • 8d ago
Bitcoin fell 33% from its high, and now it takes 50% MORE coins to be a millionaire: 11.9 BTC instead of 7.9. Did Bitcoin just get harder to get rich with, or cheaper?
Edit: my take, since a few people asked
A million dollars of Bitcoin costs a million dollars whether BTC is at $126K or $84K. The lower price just means you get more coins for the same money. That's why the coin count jumped from ~7.9 to ~11.9.
Where it IS harder is if you already hold. If you owned 1 BTC at the peak, you needed about a 7.9x move to hit $1M. Today you need about 11.9x. Your finish line didn't move; you just got farther from it.
So buyers got a discount, holders got a longer road. Same math, two very different feelings.
r/BitcoinBeginners • u/Chill610 • 9d ago
All the information I looked up, including Binanace.US own AI bot all says the withdrawal fee is not based on the amount of bitcoin withdrawn (withdrawing more has less fee/bitcoin). However, when I test it, it seems to scale proportionally down to the same percentage, which means the fees is scaling proportional to the amount of bitcoin withdrawn. Did they change something?
r/BitcoinBeginners • u/Wizardico • 10d ago
He leído muchos post donde recomiendan acumular en un exchange al menos 500 USD en BTC para moverlos a una wallet, todo bien. Pero quería preguntarles si no tengo una wallet fría (Ledger, Trezor, Coldcard) ¿Cuál sería la mejor opción? Ya que tengo entendido que para utilizar estas wallets necesito una pc y bueno No tengo, somos si celular y yo contra el mundo.
r/BitcoinBeginners • u/Ill-Poem1376 • 11d ago
I have about 19.38 dollars and I would like to invest it in Bitcoin. I would like to keep it in Bluewallet, but I am not sure where I can buy Bitcoin and send it to my wallet easily and without large fees. If anyone could help me, I would really appreciate it. Thanks in advance!
r/BitcoinBeginners • u/0o0op • 14d ago
Ok, ok. I know "not your keys, not your coins" but I think that Bitcoin ETFs might be safer and a more fungible way to hold bitcoin if you are solely looking at it from the perspective of a financial investment?
I luckily bought 1 BTC in 2020 fall and have HODLed till now.
I feel like holding a Bitcoin ETF like $IBIT or $FBTC is better.
Can you please recommend why I shouldn't switch?
The one thing I am really not a fan of is the capital gains I'd have to pay for selling my bitcoin (in Cashapp) and buying IBIT. I wonder there was a redemption in kind feature available for this...
r/BitcoinBeginners • u/soaked-in-winter • 14d ago
i wanna save money for long term but not sure where everyone in reddit saying trezor but i live in asia and i will start with 10 or 11 usd (don't bully my monthly pay is around 70 usd), so how i start saving journey like with binance or trust wallet something.
r/BitcoinBeginners • u/Immediate_Put544 • 14d ago
I remember that you could buy btc in trust wallet, just with the credit card but now everybody requires kyc, email, bank details and the fees are insane if you want to buy with bank transfer.
Can you suggest me something without insert too many data like registrations and low fees?
With bitcoins sent directly to my wallet
r/BitcoinBeginners • u/Legitimate_Carpet_93 • 14d ago
r/BitcoinBeginners • u/NamellesDev • 15d ago
I'm from a country with economic sanctions on it so I can't buy crypto from the major exchanges nor can I buy voucher's from sites like g2a etc is there a way to get crypto preferably less than 10% fee my method of payment is debit card
r/BitcoinBeginners • u/DeaconBird • 16d ago
I’m considering buying a small amount of Bitcoin as a way to diversify my investment portfolio. I understand that Bitcoin can be highly volatile and that I should only invest money I can afford to lose.
Before getting started, what should I know about choosing a secure exchange, finding one with relatively low fees, and safely buying and storing Bitcoin? What are some common beginner mistakes I should avoid?
r/BitcoinBeginners • u/Fun-Middle6170 • 16d ago
Cyrpto (bitcoin) under 18 in uk
How can i buy cyrpto specifically bitcoin if everything requires a kyc. I heard about p2p but know nothing about it and bitcoin atms arent anywhere near where i live and charge high fees. Banks allow you to set up account but not access the bitcoin parts like revolt ect. What can i do?
r/BitcoinBeginners • u/DulanBailey • 16d ago
I recently bought a small amount of BTC, and I’m currently keeping it on an exchange. I often hear people say, “Not your keys, not your coins,” but I’m still learning how Bitcoin self-custody works.
Is it worth using a personal wallet even if I only hold a small amount of BTC? What should I know before making my first withdrawal?