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ENOUGH MEMES. Free help for friends & enemies alike.
So, you want to get into Bitcoin, but you don't want to screw it up.
You know of Coinbase, Gemini, Robinhood, and Cash App, but they charge varying fees. The information out there isn't very clear.
What to do?
THREAD:
So, you want to get into Bitcoin, but you don't want to screw it up.
You know of Coinbase, Gemini, Robinhood, and Cash App, but they charge varying fees. The information out there isn't very clear.
What to do?
THREAD:
NEVER buy crypto on Robinhood. You can't transfer it off the app. They charge you too much in fees. It's designed to make things "accessible", but you are getting robbed.
I guess we've seen that paradigm play out with $GME and #wallstreetbets this week, so don't let it continue.
I guess we've seen that paradigm play out with $GME and #wallstreetbets this week, so don't let it continue.
Cash App, Gemini, and "normie" Coinbase are also varying degrees of fee-gouging, though Cash App is best for fast $ 
BTC and moving it to an exchange or cold storage.
That has some utility, and is worth getting if you anticipate a need to act fast.
https://cash.app/app/FSVTNCC
BTC and moving it to an exchange or cold storage.That has some utility, and is worth getting if you anticipate a need to act fast.
https://cash.app/app/FSVTNCC
There are two other places that I will advise you to buy BTC with your $$$. One of them is FTX. The other is Coinbase Pro.
FTX US (The US-legal site) charges a mere 0.1%.
If you use this link to sign up, it rebates you even more. https://ftx.us/#a=frugal
FTX US (The US-legal site) charges a mere 0.1%.
If you use this link to sign up, it rebates you even more. https://ftx.us/#a=frugal
Coinbase Pro charges 0.5%. It's ok, slightly higher fee than FTX. You can get it even if you already have a regular Coinbase account. If you don't have one, you can sign up here, doesn't matter:
https://www.coinbase.com/join/friedm_9dd
But this HEREis most important: https://help.coinbase.com/en/pro/getting-started/general-crypto-education/how-to-open-a-coinbase-pro-account
https://www.coinbase.com/join/friedm_9dd
But this HERE
is most important: https://help.coinbase.com/en/pro/getting-started/general-crypto-education/how-to-open-a-coinbase-pro-account
Now, in order to be secure, you probably want to set up 2-Factor Authentication. The best way to do this is to download the Google Authenticator app to your phone.
After you sign up for an exchange account, you'll likely be prompted to set up 2FA with it. It's straightforward.
After you sign up for an exchange account, you'll likely be prompted to set up 2FA with it. It's straightforward.
Now, let's say you get these accounts, you hook up your bank account to them, and you transfer some money over to one of them. You want to put in a LIMIT buy order for ever-so-slightly below the current price. This minimizes your fees.
Example:
Example:
Let's say (hypothetically) today $BTC is trading at $42,069 (lol)
You think it will continue to fluctuate around these levels, but eventually go up more. Put in a LIMIT BUY at a few bucks less, like $42,000-$42,050. This saves you a few bucks on fees and a slightly lower price.
You think it will continue to fluctuate around these levels, but eventually go up more. Put in a LIMIT BUY at a few bucks less, like $42,000-$42,050. This saves you a few bucks on fees and a slightly lower price.
On FTX US: on the trading screen once you have an account, you want Order type to say Limit order, and put in a price ever so slightly under the current one.
And here is what it looks like on Coinbase Pro. Remember to select LIMIT instead of MARKET:
Awesome! You bought some $BTC (or $ETH if you want, or some altcoin that your shady friend promises is going to moon because some subreddit started pumping it, but I digress.)
Now, if you're a long-term investor, it's time to start earning *interest* on your cryptocurrency.
Now, if you're a long-term investor, it's time to start earning *interest* on your cryptocurrency.
Interest is great. Your crypto earns more crypto. What's the best place to do that? I recommend BlockFi. I'll be testing out some others soon and will update, but for now this is what you want.
Use this link and get some free $BTC, or don't. Up to you: https://blockfi.com/?ref=b4e0704b
Use this link and get some free $BTC, or don't. Up to you: https://blockfi.com/?ref=b4e0704b
How do you move your #Bitcoin 
there? You go to your BlockFi account and look for the deposit button. You then click it and something like this should pop up. You copy the wallet address.
(yeah you can send me Bitcoin to that wallet address if you're feeling generous
)
there? You go to your BlockFi account and look for the deposit button. You then click it and something like this should pop up. You copy the wallet address.(yeah you can send me Bitcoin to that wallet address if you're feeling generous
)
You then go to your Coinbase Pro account or FTX account and go to Withdraw. It should be under Portfolios on Coinbase Pro and under Wallet on FTX US.
Click Withdraw, put in your BlockFi wallet address, then double-check everything, and send it over. It should take 30 minutes.
Click Withdraw, put in your BlockFi wallet address, then double-check everything, and send it over. It should take 30 minutes.
Now you're making 6% annually on up to 2.5 #Bitcoin . That's insane. Your bank is offering you somewhere between 0% and 0.1% most of the time.
Don't be a normie. Don't be a fool. Someday this will be as obvious as "max out your 401k employer match" or "pay off credit card debt".
. That's insane. Your bank is offering you somewhere between 0% and 0.1% most of the time.Don't be a normie. Don't be a fool. Someday this will be as obvious as "max out your 401k employer match" or "pay off credit card debt".
This is strictly better than savings in a USD bank account. End of story.
Now, some people claim that you should store your #Bitcoin in a cold wallet, or you don't truly "own it". Most prominent among these voices on Twitter is @WallStPlayboys. I respectfully disagree.
Why?
Now, some people claim that you should store your #Bitcoin
in a cold wallet, or you don't truly "own it". Most prominent among these voices on Twitter is @WallStPlayboys. I respectfully disagree.Why?
I agree, you are ceding control of your BTC. However, the reward you receive by getting a free 6% ROI on your #Bitcoin is not insignificant.
Also, all the horror stories you hear about people losing millions of BTC on old hard drives? That's the risk you take with self-storage.
is not insignificant.Also, all the horror stories you hear about people losing millions of BTC on old hard drives? That's the risk you take with self-storage.
There are risks to everything, but the risk/reward of putting your money to work seems like a no-brainer.
The "cold storage maximalists" seem like the BTC equivalent of paranoid boomers who keep their money under their mattress in fear of bank insolvency.
The "cold storage maximalists" seem like the BTC equivalent of paranoid boomers who keep their money under their mattress in fear of bank insolvency.
Not only are they not earning interest on their crypto, they are risking getting their hard drive destroyed or stolen, or forgetting their password. You can't consider only one form of risk.
I would welcome being corrected on this point.
I would welcome being corrected on this point.
Once you have fully executed all of the above to allocate a reasonable percentage of your savings to this asset class, you'll hear from me again for more advanced maneuvers.
TL;DR: buy $BTC on FTX, move to BlockFi, reap 6% interest, become rich.
Thanks for reading.
TL;DR: buy $BTC on FTX, move to BlockFi, reap 6% interest, become rich.
Thanks for reading.
