I’m new to all this and feeling confused about the exchanges and wallets out there. Which ones are the best for someone starting out?
We’ve all been there. I’ve written a guide that might help you, and learning as you go is a good idea.
Congrats on starting, it’s never too late. But remember, only invest money you’re okay with losing.
Learn about Bitcoin, it’s important. I recommend reading ‘The Bitcoin Standard’ and ‘Broken Money.’ Also, never reply to DMs, emails, or private messages offering to sell you Bitcoin or quick profit schemes.
No one knows what the price will be tomorrow or next year. Stick to just Bitcoin for at least your first cycle — you’ll save yourself a lot of trouble. A lot of people lose money holding random tokens because they trusted advice from YouTube or elsewhere. Avoid bad tokens like these failed coins.
Doing Dollar Cost Averaging (DCA) is a smart way to buy. I treat Bitcoin like a savings account — whenever I have extra money, I buy a bit. Once a week works for me. If the price drops 10%, I buy a bit more. Check out this DCA calculator, and even small investments like $10 a month can add up over time. You might find this DCA blog helpful too.
Make sure to buy the real Bitcoin from a good exchange. You can find trusted ones here: https://bitcoin-only.com/get-bitcoin.
As for wallets, here are some good options:
- Blockstream Green - Open source, non-custodial, secure.
- BlueWallet - Easy to use, open source, non-custodial.
- Sparrow Wallet - Great desktop wallet.
- Electrum - Long-trusted, open-source, non-custodial wallet.
If you’re using small amounts, Lightning wallets like Phoenix, Blixt, or Breez are good for faster and cheaper transactions.
If you’re holding larger amounts, consider hardware wallets:
- Trezor - Easy to use, Bitcoin-only firmware is safest.
- ColdCard - Air-gapped, Bitcoin-only, very secure.
- BitBox02 - Small and secure, Bitcoin-only version recommended.
- Jade - Air-gapped, open-source, Bitcoin-only.
Avoid Ledger for now due to some security concerns. And whatever wallet you choose, always buy it directly from the manufacturer — no eBay or Amazon. Generate your own seed words and passphrase, and never store them together. If your device breaks, as long as you have your seed words, you can recover your coins.
Welcome to the journey, and feel free to ask questions anytime!
@Kei
Solid list. But one thing to add: don’t withdraw from the exchange until you have at least 2 million sats (~$1300 at today’s rate). Small UTXOs can get stuck as unspendable dust.
Rye said:
@Kei
Solid list. But one thing to add: don’t withdraw from the exchange until you have at least 2 million sats (~$1300 at today’s rate). Small UTXOs can get stuck as unspendable dust.
One million is good, but two million is even better.
@Kei
Thanks a lot, this is super helpful. I’ll be learning from this and try to follow the advice!
@Kei
Is bitcoin-only.com really trustworthy? Some people suggest Kraken Pro. What’s wrong with using an exchange?
Also, should I transfer to a wallet right away? I don’t have a hardware wallet yet.
@MarkusJames4
>Is bitcoin-only.com trustworthy?
Yes, I trust it a lot.
>What’s wrong with using Kraken Pro?
It’s like a casino with risky tokens, but you can use it if you want.
>Should I transfer to a wallet right away?
If the exchange disappears tomorrow, how much would you lose?
@Kei
I’m looking for quick profits in the short term, any advice for that?
Ezri said:
@Kei
I’m looking for quick profits in the short term, any advice for that?
Bitcoin isn’t for quick money. Read the books I mentioned, and you’ll get why it’s more long-term.
@Kei
Got it, thanks!
If you can, use both an exchange and a cold wallet. That way, you can compare the experience.
I keep most of my coins in cold storage and just use exchanges for smaller amounts. Every 6 to 12 months, I transfer more to cold storage.
@Rudy
Sounds good. But for now, I’m looking for quick gains, not long-term holding. Any thoughts?
Ezri said:
@Rudy
Sounds good. But for now, I’m looking for quick gains, not long-term holding. Any thoughts?
If you’re trading often, a cold wallet isn’t necessary. It’s more for long-term safety. Seems like you’re okay with the risks of trading.
I just got the ELLIPAL Titan Mini, which is air-gapped and works with their app through QR codes. It was $99, and I’m happy with it.
CoinConvoKing said:
I just got the ELLIPAL Titan Mini, which is air-gapped and works with their app through QR codes. It was $99, and I’m happy with it.
That’s cool!
What’s the difference between buying Bitcoin through PayPal or Cash App?
I use Strike for exchanging, Phoenix for Lightning, and BlueWallet for long-term storage.
I’m happy using crypto.com.
Masitsa said:
I’m happy using crypto.com.
If you don’t control the keys, you don’t own the coin.
Masitsa said:
I’m happy using crypto.com.
If you don’t control the keys, you don’t own the coin.
I could send my coins to a cold wallet though, right?