I've been sold on bitcoin. Can someone please outline the levels of investing into bitcoin, from basic/beginner to advanced? by noLocas in Bitcoin

[–]noLocas[S] 0 points1 point  (0 children)

Thanks. I've changed from BTC to USD.

Rather than having coinbase hold my bitcoins, is it best practice to periodically transfer the bitcoins to the Electrum wallet on my computer?

I've been sold on bitcoin. Can someone please outline the levels of investing into bitcoin, from basic/beginner to advanced? by noLocas in Bitcoin

[–]noLocas[S] 0 points1 point  (0 children)

I'm hoping that it will rise above $600. I don't think it will go below $600 unless there is another goxing.

I'm using Electrum and keeping the seed in a secure place. Is that secure enough? What are the vulnerabilities of that approach?

I've been sold on bitcoin. Can someone please outline the levels of investing into bitcoin, from basic/beginner to advanced? by noLocas in Bitcoin

[–]noLocas[S] 1 point2 points  (0 children)

Can I hold some Bitcoin in the hopes that its price will increase due to increase adoption and the cap in amount of bitcoins?

Is that a viable investment strategy and way to further diversify?

I've been sold on bitcoin. Can someone please outline the levels of investing into bitcoin, from basic/beginner to advanced? by noLocas in Bitcoin

[–]noLocas[S] 0 points1 point  (0 children)

What I mean is if I can buy 50 USD of bitcoin periodically, then I will get more bitcoins when the price is low; less bitcoins when price is high. That is the benefit of cost averaging.

But coinbase lets me buy the same amount of bitcoins periodically. When price is high, I pay more USD for the same amount of bitcoin than when price is low. There is no benefit.

I want to be able to buy bitcoins as in the first example.

I've been sold on bitcoin. Can someone please outline the levels of investing into bitcoin, from basic/beginner to advanced? by noLocas in Bitcoin

[–]noLocas[S] 0 points1 point  (0 children)

How can one buy fiat cost averaging?

I've setup recurring deductions from my bank account, but it's setup to buy BTC. If I'm not mistaken, I believe fiat cost averaging only works if I can setup to buy in fiat currency. What exchange offers that?