I am Crypto ignorant

Shire Cryptocurrency Community
#1

I am new to Bitcoin/cryptos and I have some noob questions.

I am not overly computer literate. I’m not a smart man but I’m not a complete dumbass either. I’ve tried to get started in Bitcoin many times through the years only to find my information lacking and then I get distracted and forget about it only to notice a while later that it’s up another 1000%.

I have downloaded the Jaxx wallet, and I have an account setup at Coinbase. I feel like I may be going in the wrong direction with the Coinbase, hence me asking for help here. My question is, if you were starting from scratch, what steps would you take. I’m just looking to move a couple of hundred FRN’s per pay period over to cryptos. Also recommendations for which cryptos would be appreciated.

#2

If you’re only looking for a modest in, I’d say Jaxx is fine. A lot of people don’t like coinbase. I was lucky and was able to use a relatively easy service that had minimal record keeping, in the early days. I think there is a minimum, like $600 (cumulative), before there are reporting requirements, so there’s also that. One thing I’d avoid is leaving much on an exchange–especially coinbase. Today, I’d be interested in personal exchanges, which are likely also risky. I’d love to be paid for service in bitcoin.

#3

I don’t really know much about the exchanges. I signed up with coinbase and I’m nervous about signing up with several just to try them out.

How does one move the crypto from the exchange into a wallet? Which wallet is a good storage wallet?

I too would like to be paid for service in Bitcoin, but my current employer would not be up for that so I am looking to convert a portion of my pay. By trade I am a machinist, and I don’t think most manufacturing companies would be interested is veering from the norm. I could possibly do side jobs building people parts for Bitcoin or possibly helping folks with product development in exchange for Bitcoin.

#4

Throb,

If it were me in your situation, I would set up a recurring buy from my coinbase account so that every month coinbase takes some money from my bank account and sends me bitcoin. Then I would send those bitcoins from coinbase to my jaxx wallet. I would write out my private key on paper and store it somewhere safe in case I ever lose my phone.

#5

Thank you, DerrickJ. I really appreciate how concise your advice is.

1 Like
#6

You’re welcome.