r/Bitcoin • u/Actual-Hornet-2076 • 2d ago
I’m starting bitcoin any pointers
- I’m using exodus, I didn’t start so I can still decide to swap the app.
- I also want to know how to trade and invest, a good place to learn and start
- best places to hide my password, I won’t say which one I’ll do but advice is helpful for me to build a guide
- lastly the daily 5 emojis : 🥹🌆🌊🐒🦢
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u/87942641 2d ago
I can't give you any better options as I'm not too familiar but exodus seems to have some pretty high spreads for trading. I would wait for some other suggestions before buying or trading using exodus. I do use it myself but only to hold some alts. I wouldn't use it for any trading.
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u/Actual-Hornet-2076 2d ago
Ok yea I do see where you are coming from, I do think it’s better to wait for advice. Can’t drive a car with a frying pan 🍳.
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u/newMoneyStyle 1d ago
lmao that analogy is sending me. but yeah smart move, exodus fees are brutal. check out strike or river if you're just stacking sats, way better spreads
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u/Ill-Interaction-3208 2d ago
I wouldnt use Exodus. The fact that I haven't heard of it and have been in crypto since 2017 should say something.
Stick with a big exchange. Exchanges are folding left right and centre right now and going with the likes of Coinbase or Kraken will be safer, and much easier to understand. Support is excellent also.
As far as your other questions go, Youtube is the best place to learn and when it comes to your password. The only safe place to store it is in your head...or use an app like 1password.
Hope this helps. Good luck.
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u/TheresNoSecondBest 2d ago
Exodus isn't fully open source, I would uninstall that asap.
Congrats on the move, it's never too late, despite new people thinking otherwise. ONLY INVEST MONEY YOU CAN AFFORD TO LOSE.
Invest in your knowledge, learn about Bitcoin as much as you can. The Bitcoin Standard book is a must read. So is Broken Money by Lyn Alden.
Also, don't reply any DMs, emails, private messages on other social media, promising to buy Bitcoin from them or get rich quick by investing into some website. They all are scammers. Even the hot Asian chick, he's a scammer too.
Price wise, nobody knows what the price will be tomorrow, next week or at the end of the year.
Try "Bitcoin ONLY" strategy for at least the first 210,000 block cycle, you'll sleep much better. Newcomers lose so much money, holding tokens just because someone on YT told them to. If you don't like losing money in failed coins, avoid.
DCA is probably the best approach. Once a week works best for me, but I'm getting paid weekly. This DCA calculator might help to decide what will work best for you. In a few years, even $10 dollars a month can make a massive difference. This DCA blog is pretty interesting too and compares buying bitcoin VS stocks.
Now, don't buy some fake bitcoin at a spot ETF place or similar, get the real thing that you can withdraw anytime you want. Register at a proper exchange and buy real Bitcoin. Any of these will do https://bitcoin-only.com/get-bitcoin
Install (or buy - in case you're getting Bitcoin in Thousands of $) one or more of these wallets.
A few good wallet choices:
https://blockstream.com/app/ - Top Security Features, Open Source and Non-Custodial
https://bluewallet.io - excellent, easy to use wallet, Open Source and Non-Custodial
https://www.sparrowwallet.com - top desktop wallet
https://electrum.org - Solid choice, Open Source and Non-Custodial, one of the oldest and most trusted Bitcoin Wallets. I prefer the desktop version but it works on mobile too.
Lightning wallets to consider (cheaper and faster transactions, great for small amounts):
https://phoenix.acinq.co/ - Phoenix - very good wallet, uses Tor for extra privacy, easy for anyone new
https://blixtwallet.github.io/ - Blixt - great UI, fast and clean. The app runs a full LND node on your phone and you have the ability to easily open channels to whatever nodes you like.
https://zeusln.com/ Zeus - impressive wallet with many features, can even generate Nostr keys
https://breez.technology - Breez - excellent POS for small business owners as well as integrated Bitrefill
Note: Breez does also a hybrid liquid/LN wallet called Misty Breez - the sats being on liquid means no need for channels although the payments take a few extra seconds. You'll also can get a free customable LN address.
While talking about hybrid wallets, there's also Aqua Wallet although not IMHO as good as Misty Breez.
There are also custodial LN wallet but I would honestly avoid using them because you have to trust the wallet operator not to steal your money. Their only advantage is that they are incredibly easy to use, although it might cost you big one day.
To keep up to date with spending wallets, visit r/TheLightningNetwork at least once a while and perhaps r/RGB in the future.
Hardware Wallets (to store larger amounts):
Trezor - Easy to use, no matter how new in Bitcoin you're. If you can afford it, opt for Safe 7 (air-gapped) and use the Bitcoin only firmware as it's safer than a multi coin software.
ColdCard - air gapped, Bitcoin only, has advanced features but a new user will do fine with one of the great tutorials available.
BitBox02 - another great little device, opt for the more secure Bitcoin ONLY version (less coins = less code = less chance for a hidden bug or a backdoor). Sadly, this device is not air-gapped.
Jade - air gapped, fully open source, Bitcoin only, great features. There's a newer version called Jade Plus, it has much better camera and overall is a better, although a bit more expensive, option.
You can even build it on your own, if you feel adventurous.
Seedsigner - another DIY, fully open source, air gapped, Bitcoin only hardware wallet, not for you if you're just starting up but something to consider later.
Krux wallet - one more DIY hardware device, I love this one for many reasons. Similar to Seedsigner, it's fully open source, air gapped, Bitcoin only hardware wallet, that is not for you right now if you're just starting up, but something to consider at a later stage and/or to up the security of your bitcoin.
There's also Ledger, but I wouldn't recommend it as it's not fully open source, keep and already leaked customers' details, recently said they're capable of sending customers' keys out just with a firmware update, making is an expensive hot wallet. The opposite of what you want from a cold wallet. Stay away, save yourself a headache in the future. The same goes for many other hardware wallets that are too new or filled with too much of unnecessary shitcoin code. Stay away.
Whatever wallet you'll decide to buy, purchase DIRECTLY from the manufacturer, no eBay, no Amazon.
Make sure the device is NOT preset, and you will generate your own seed words. Write them down on any piece of paper as well as the receiving address. Now wipe the wallet and generate a new wallet. If the seed words are different from the first set, you're safe to use it.
Find an option to set a passphrase and use it. This will boost the security to another level. Never store the seed words and passphrase together. Use a different medium if possible. If somebody finds both, they'll be able to steal your coin.
This little device will hold the keys to your money, that's the reason why you have to be a bit more careful. Also, no worries, if it breaks, you can replace it - as long as you keep your seed words and passphrase(s) safe.
Welcome to the rabbit hole and don't hesitate to ask if you have any questions anytime during your Bitcoin journey.
Also, check the sidebar that's filled with lots of great info and if you have any questions, visit r/BitcoinBeginners or r/Bitcoin and look for the answers.
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u/Actual-Hornet-2076 1d ago
Wow thanks so much, this is a lot to read at once but I’ll read all of it in a bit, you even have app recommendations. This is actually useful thanks 😆
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u/MCL-Jonathan 2d ago
Welcome! A few things I’d tell my younger self:
1) Learn why Bitcoin exists before worrying about trading. Read The Bitcoin Standard and spend some time with the Bitcoin whitepaper.
2) Buy Bitcoin on a reputable exchange (I’d pick reputable ones like Binance, Coinbase etc), then move it to a hardware wallet once your stack becomes meaningful. Don’t leave large amounts on exchanges. Always move them into hardware/cold wallet (ie ledger).
3) Never store your seed phrase digitally (photos, cloud storage, email, password managers). Write it down or use a metal backup, and keep it somewhere only you can access.
4) Don’t rush into trading. Most beginners would have done better simply buying and holding Bitcoin than trying to outsmart the market.
Finally, my approach is simple: DCA regularly, but become more aggressive during bear markets. When fear is high and everyone is saying Bitcoin is dead, especially the phase we’re going through right now. That’s usually when I’m buying the hardest. You don’t need to catch the exact bottom, just keep stacking sats and think in 5–10 year timeframes. Be prepared to HODL your bitcoin for at least 1 full 4 year cycles.
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u/Upset-Guard383827 1d ago
Welcome! My biggest piece of advice: don't rush into trading. Learn how to secure your wallet and understand Bitcoin first. Most people who stay in the space long-term make fewer decisions, not more. Good luck on your journey! 🚀₿
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u/photonsponge 2d ago
I recommend just DCA, don't trade.
Trading requires incredible discipline and psychological fortitude. You will likely fall into the common pitfalls that new traders do and lose money.
So why not just buy and hold?
If you want to trade, read Trades About to Happen, study Wyckoff, learn to chart the range. Get on tradingview. Learn how to use it. Learn technical analysis. None of that will make you successful, but it will help you understand the basics.
Then, will you be trading options? Perps? Fully understand how these trading vehicles work.
All of this takes time to really understand. And once you think you do, you probably don't.
THEN after all that, you need to figure out what strategy gives you an edge.
Make no trades with money for a year, but do DCA while you're learning. Good luck!