Is there any reason to join both exchanges River and Swan? I plan to invest from my paycheck every two weeks and might add some lump sums when prices drop. Do I even need a hot wallet like Sparrow? I want a cold wallet like Trezor Safe 3, Coldcard Mk4, or Cypherock X1 that I can use on my laptop with Edge browser and a USB cable. I’m thinking of sending my funds to a self-custody wallet from the exchange or hot wallet every $2,000 to $4,000. During price drops like now, what is the best way to make large purchases from my savings account?
Yes, get verified with several exchanges. If there is a problem with one, you will have another option to buy. I think you should move to self-custody more often. A transaction size of 0.01 BTC is good to avoid small leftover amounts. If you want to move larger amounts for cold storage, withdrawing more often from the exchange to the hot wallet is a good idea, and then consolidate to cold storage when you have $2,000 to $4,000.
@Zayn
Thanks! What do you think of River, Swan, or other exchanges?
Levi said:
@Zayn
Thanks! What do you think of River, Swan, or other exchanges?
Both River and Swan are reliable Bitcoin-only exchanges that cater to regular buyers. I use Swan, and it automatically withdraws to my self-custody wallet once my balance hits 0.01 BTC (you can set this higher). I recommend either for a dollar-cost averaging plan. Strike is a bit different because it has an integrated Lightning wallet and lower rates for buying Bitcoin instantly. I have my bank account set up with it, and I can instantly pay on-chain or through Lightning from my bank account, with Strike converting my dollars to Bitcoin behind the scenes so I don’t ever touch Bitcoin directly, avoiding a taxable event. Strike has also started a free dollar-cost averaging program, making it a great choice for Bitcoin users if they are available. But always have a backup, in my opinion.
I wouldn’t recommend using two exchanges because you are giving your private information to two different companies. The Coldcard does not have its own wallet software, so you need something like Sparrow to manage your transactions. I believe Sparrow is the best option, and even if I had a Trezor, I would use it with Sparrow instead of their software. I looked at Cypherock, and it seems like it might not be reliable.
@Bryce
Are there any benefits to using multiple exchanges in general, or specifically Swan and River?
Levi said:
@Bryce
Are there any benefits to using multiple exchanges in general, or specifically Swan and River?
I don’t think there’s a general benefit to using multiple exchanges if the one you are using allows you to buy and sell with reasonable fees.
I recommend the Blockstream Jade if you only want Bitcoin. It’s very easy to use and set up. I really like mine.
Quade said:
I recommend the Blockstream Jade if you only want Bitcoin. It’s very easy to use and set up. I really like mine.
I’m thinking of working with BTC and BTH.
Quade said:
I recommend the Blockstream Jade if you only want Bitcoin. It’s very easy to use and set up. I really like mine.
I’m thinking of working with BTC and BTH.
I used a Trezor for a while, and it was fine, but it wasn’t very mobile.
Limit the number of places you do KYC because it increases the chance of your information leaking if there’s a hack. Hacks based on social engineering have gone up a lot, especially with new AI technology, making it harder for exchanges to protect your account from bad actors. Pick an exchange that lets you fund your account quickly to catch price drops. ACH transfers can take 3 to 4 days to clear, so it’s better to pre-fund your exchange account. Also, make sure the exchange has high deposit and withdrawal limits, so you can make large purchases from your bank account.
Use the exchange that gives you the best rate for buying. Then transfer your coins off the exchange quickly to avoid losing money. I use a Trezor and am happy with it, so I don’t have opinions on others.
You can choose between Jade Bitbox or SeedSigner based on your skill level.
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I use a unique wallet that only exists as mnemonics, never connected to any hardware or software wallets or online services. I plan to save my coins there for at least 10 years.
Griff said:
I use a unique wallet that only exists as mnemonics, never connected to any hardware or software wallets or online services. I plan to save my coins there for at least 10 years.
So it’s like a paper wallet?
@Levi
Not paper. You have to set it up to remember it easily but make it hard to guess. For example, if you were born on December 9, 1998, you could use that along with some math to remember your seed. If you want to make a seed that you can remember, follow these steps. But be careful; this isn’t safe if you’re really concerned about security. You’d do something like 1998/12/9^pi to remember it. This will help create a seed for your wallet.
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