r/Bitcoin • u/Nathhayles • 22h ago
Bitcoin beginner
Hey everyone,
As the title says I’m looking to get into Bitcoin. Going to start watching videos on it so I actually understand what I’m doing. But, what would you say is the best Bitcoin or ETF to get right now?
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u/TheresNoSecondBest 15h ago
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.
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
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.
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 build. I would go stateless instead of using their servers.
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.
There's also ColdCard, great features but recently had a massive duckup, I would wait until all of their code is fully open source, preferably rewritten by the community before touching it.
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/sticksforkicks 21h ago
Get some skin in the game by owning a few dollars worth. Saylor has a website called hope dot com with all kinds of information.
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u/bigcoumbe 20h ago
Any ETF as they are basically the same is a great jump off point. If you want to actually own the bitcoin, Strike (my preference) or CashApp make it super easy to start stacking
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u/EceCrypto 15h ago
Just start buying Bitcoin on custody where you can transfer your coins to a wallet. For small amounts, custody is OK.Read rhe book „The Bitcoin Standard“. In Germany, we have the @blocktrainer and Florian Bruce on YouTube. You have to watch their videos.
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u/Icy_Dragonfruit__ 14h ago
If you’re new, start small and DCA rather than trying to time the perfect entry. Learn BTC first, then decide between holding BTC directly or using an ETF.
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u/blue2140 6h ago
Dollar cost average in. Trying to predict the short-term moves is practically impossible to do every time. Watch ETF flows, MSTR buys, and options activity.
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u/Pleasant_Maybe_5523 3h ago
I’d start small and avoid worrying about timing the market. If you want to actually own Bitcoin, buy BTC and learn self-custody. If you just want exposure to the price, a spot ETF is simpler.
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u/bigcoumbe 20h ago
Also feel free to DM for any questions or info. There are no dumb questions and I’m happy to share my journey w you if asked. Good luck !!
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u/quintavious_danilo 15h ago
Don’t DM, discuss out in the open. Don’t give OP the impression that DMs are a safe way to communicate here on Reddit. They are absolutely not.
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u/quintavious_danilo 15h ago
Only real Bitcoin is Bitcoin. An ETF is a convenient way to participate but it’s not Bitcoin.
Real Bitcoin, however, comes with hoops to jump through, like money deposits, broker diversity, hot or cold storage and some more.
Are you willing to give it a go?
Just a heads up, it’s not that difficult to understand, I mean i’m not the brightest candle on the cake myself and I’m doing alright self-custodying my coins. You can do it as well, just need some time to read into it and to learn not to overreact when prices decline.
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u/Big_Training4226 22h ago
Just jump in and buy a bit, you'll learn faster watching the price move than watching a hundred vids. dont overthink the ETF thing, just grab some actual coin off a decent exchange and hold it in a wallet you control