General questions from a newcomer
Im looking at investing in bitcoin for the first time. (i know.. late haha) but based on every estimate i can find bitcoins value is going to be tremendously higher in 10 years. estimates from 60k a bitcoin to outlandish estimates of over 3million a coin.
Needless to say.. i have an expendable cash flow currently and i am looking to invest slowly. If the price is almost guaranteed to go up its like stocks without as much of a risk. I know that market can fluxuate.. but i didnt buy bit coins when they were worth .08 a piece lol.. and a simple 100 dollar investment back then would have made me 5million today.
Anyway.. i am looking for advice to grow and store my bitcoins. I have been referred to Coinbase for storing due to its low 1% transaction fees which i hear is less than most places. The downside to this as i understand is that i dont actually hold the bitcoin myself. They do. Which is a little unsettling but something im willing to go for. Also their transactions are traceable which is not something i care about either way. Im not buying anything illegal so i can go either way on that. but im looking for options.
So what im coming to you guys for is recommendations.
What is a good wallet that i can use? I currently have the BTC.com wallet foe ease of use with an app but i dont have anything invested in it at this time. I am looking for ease of transaction and in large amounts. (say for instance the value skyrockets and i want to pull out 50k worth.. i dont want to be limited to doing that 3000 dollars a day risking the market plummet on day 2. ) So Large/unlimited transfer can i do this all from a wallet? or do i need multiple services.
Im just kind of confused on what i need and dont need. if i have coinbase do i even need a wallet? I dont really plan on buying anything with bitcoin.. just investing and trading out when the time is right. and if thats the case should i be investing in Ethereum or litecoin aswell?
What recommendations do you have to help me start growing my money with Bitcoin?
[link] [comments]
Read More
