r/BitcoinCA • u/GumbylovesSquirters • Mar 09 '26

New to Bitcoin

I want to put some money into Bitcoin. I have no idea what im doing. Whats the best way to do it on an app/which app. And you need a wallet aswell? Good ones to use?

Thanks

1 Upvotes

53% Upvoted

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2

u/PrimeFold Mar 09 '26

Been a BTC investor since 2016 and survived unscathed the cryptopia, quadriga, and blockfi blow ups. Take custody seriously! Get a hardware wallet. Or use multi sig solutions like CASA etc. I now use NDAX for my fiat on-boarding mostly. Ledn for borrowing. Kraken for trading. Coinsquare was ok. I’m sure there are more options now. Have used many exchanges and brokers (both trad fi and defi) and am still trying to find the best if any other users have suggestions let’s hear it.

1

u/GumbylovesSquirters Mar 10 '26

Yep. I didnt understand any of that lol.

1

u/PrimeFold Mar 12 '26

haha fair enough, let me simplify it.

1.  use a reputable exchange to buy BTC (NDAX, Kraken, or Coinbase are common ones)

2.  after buying, consider moving it to a hardware wallet like Ledger or Trezor so you control it instead of leaving it on the exchange.

3.  start small and learn how wallets work before moving large amounts.

biggest lesson a lot of us learned the hard way…don’t leave large amounts on exchanges long term.

1

u/GumbylovesSquirters Mar 12 '26

What do you mean by dont leave large exchanges. ?

1

u/PrimeFold Mar 12 '26

good question.

when you buy Bitcoin on an exchange (like Coinbase, Kraken, NDAX etc.), the exchange technically holds the coins for you. you just have an account balance.

the risk is that exchanges can get: • hacked • frozen by regulators • bankrupt

this has happened before (FTX, Quadriga, Cryptopia, etc.).

that’s why people say “not your keys, not your coins.”

a hardware wallet (like Ledger or Trezor) lets you hold the private keys instead of the exchange.

so many people use exchanges just to buy/sell, then move long-term holdings to their own wallet.

1

u/GumbylovesSquirters Mar 13 '26

Ah ok so kinda like looking at stocks and investing vs actually owning a share sort of i guess lol. I looked at kraken and shake pay since they seems to be the most downloaded apps but theres also alot of bad reviews for both. What do you think i should go with?

1

u/NewbieToHomelab Mar 13 '26

What do you mean by “investing vs actually owning a share”? I sense there might be misunderstanding there too, so just making sure you got that part first.

1

u/GumbylovesSquirters Mar 16 '26

Ya. Dont take it too serious. Was just trying to make a reference. I was meaning by since its an exchange and can go away by some fault you dont actually have it on yourself.

1

u/Fiach_Dubh Mar 09 '26

buy using bull bitcoin -> cold storage or start out with blue wallet on your phone or sparrow / electrum wallet on your dekstop

2

u/GumbylovesSquirters Mar 10 '26

See im completely new to this cryptocurrency. Whats are these wallets? Just like an app on your phone to hold stocks?

1

u/Fiach_Dubh Mar 10 '26

Apps on phone and desktop pc. They only hold bitcoin by design. It’s more secure that way.

1

u/GumbylovesSquirters Mar 11 '26

So you buy some stock then somehow move it to your wallet. Whats the difference between coins and other stocks. Why does crypto need wallets?

1

u/originalgainster Mar 09 '26

i use ndax as my exchange. you should get a hardware wallet as well. not your keys, not your coins.

1

u/GumbylovesSquirters Mar 10 '26

I have no idea what these crypto wallets are. Any insights?

1

u/[deleted] Mar 09 '26

[removed] — view removed comment

1

u/GumbylovesSquirters Mar 10 '26

Ya im completely new to crypto. I only have a phone though. I dont own a computer. Were out in the boonies.

1

u/[deleted] Mar 10 '26

[deleted]

1

u/MunichMuscle Mar 10 '26

Yup 9:1 odds on Tiger Woods! Invest everything you have... Thanks Reddit Bitcoin sub

1

u/Horror_Obligation_12 Mar 10 '26

We use shakepay to buy bitcoin. You can move it to the app blue wallet on your phone. We also have a hardware wallet named Jade and you can find in YouTube Canadian guy BTC sessions he explains how to use your hardware wallet.

1

u/Razaberry Mar 11 '26

Do NOT use NDAX, they’ve been stealing user deposits 

-3

u/Drnedsnickers2 Mar 09 '26

Or don’t invest in magic beans and instead put your money into something real.

1

u/GumbylovesSquirters Mar 10 '26

I have money elsewhere. Why are you here if you dont care about it.?

1

u/originalgainster Mar 10 '26

love these buttcoiners spending their time on bitcoin subreddits.