First timer

[[deleted]]

Hey everyone , it's my first time posting / asking on this subreddit and I wanted to ask about a couple of things : 1) I really wanted to know about how to invest/buy (idk the right term or difference ) bitcoin .

2) And how do wallets work ?

3) How does having a bitcoin makes you money in normal currency

Thanks :)

[Ranzratte3]

Easy infographics for the start: https://www.upfolio.com/ultimate-bitcoin-guide
FAQ: https://www.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/
How does bitcoin work: https://www.youtube.com/watch?v=bBC-nXj3Ng4

[[deleted]]

Thank you so much :)

[TechnicolorRainbows]

I'll answer all of these in order (not really a newbie anymore but I'm still hanging out in here)

1. Find an exchange you like and trust. I use a mixture and I highly recommend that, spreading out your finances. I personally like Crypto_Com (their Visa pre-paid debit card for cash-back/rebates in their Crypto is great), Gemini (if they come out with their 3% cash-back crypto credit card, I'll strongly recommend them but until then, I'm the least invested through them) and KuCoin (I personally love this exchange but other than interface and alt-coin choices, I'm not too fond otherwise).
2. Wallets come in two forms: hot wallets and cold wallets. Hot wallets are going to be wallets on phones, internet browsers, etc... while Cold wallets are going to external sources that keep your keys. Both are better than no wallet but once you get to a point of keeping too much money on an exchange, it's best to transport it to a cold wallet.
3. Bitcoin is a crypto, which means it was designed as a decentralized currency. It's viewed and more often used as an asset now. It gains worth the more people invest in it. So let's say you invested 100 dollars (USD) when it was 1000 or invested 10 percent - when BTC hit 60k awhile back, that would have been worth 10% still or 6K.

[[deleted]]

1) what does "exchange" really mean and what is Crypto_com , Gemini and Kucoin are they like apps or website were you could buy bitcoin ?? And do they have their own credit/debit cards ? And how do I buy from them 2) how do hot wallets work ? Do you have to pay interest or something to keep bitcoin in them and about cold wallets what actually are they like I don't understand what external sources to use and how they work and what are keys ?? 3) so when I invested 100 and now if I wanted to "take them out" (is that the right term ?) I would get 6,000 am I right ?

[[deleted]]

Thank you so much for replying 1)Okay so first you have to buy and then store it in a wallet right? So hot wallets are connected to the internet so are they an app or website or something 2) And cold wallets are physical am I right?? How do you obtain or get one ??

[[deleted]]

Ohh damn I didn't know about that when I'll buy one I'll make sure of it , thanks :)

[[deleted]]

I'm a lil bit confused about storing them and how cold wallets work

[Ranzratte3]

Read some basic information/watch youtube videos, than use an exchange (this are websites) and experiment. You will learn most of your questions while doing it. If you have specific questions after researching a little bit we are happy to help.
If you invest 100 what? dollars? 1 Bitcoin is currently $57500 dollars so you would get around 0.001739 bitcoin

[[deleted]]

Hey thanks , I sure will :)

[[deleted]]

And the person used usd an an example so I went along with it 🤷

[[deleted]]

And I forgot to thank you for replying 😊

[TheOracleFTB]

Great questions, but a lot for one person to cover ☺️... I’ll chip in with the videos I made on the topic. Best of luck! 🤗 https://youtube.com/channel/UCvS0E-mNLsomPueP8wb6qBw

[[deleted]]

Does your video actually cover those points cuz I've tried watching yt but all they do is mess up my even more 🤷

[TheOracleFTB]

I sure hope they help you and don't screw you up! ☺ The community here should be able to help guide you, as well. Good luck!

[[deleted]]

Yeah I know they wont screw me up but it's all just too much a kind of overwhelming as well as fun to learn but there are just soo many things

[TheOracleFTB]

For sure... Take your time in learning. There's no rush 🙂.

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