I have 20k that I have recently taken out of shares, and I want to invest in bitcoin. I'm not sure how to do it. There is a lot of people with a lot of knowledge here, so anyone that knows the best way please share your knowledge!
How to Invest in Bitcoin
Wazowski on 12/02/2021 - 15:51
Last edited 12/02/2021 - 15:52
Last edited 12/02/2021 - 15:52
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There's Coinspot and BTCMarkets. Both are pretty good. Just store your crypto properly, don't leave them on exchanges.
I’m assuming you mean a hardware wallet? That works well if you’re hodling.. can you trade from a hardware wallet
You can always transfer to the exchanges. If you mean day trading, then you better know what you are doing.
Swyftx
Look into other crypto other than Bitcoin. But just create an account with whoever (I use Swyftx), transfer the money to them, buy whatever crypto you want
Binance app is fairly simple and easy to use. You can buy all crypto's there
Would recommend transferring it into a physical wallet such as Ledger after purchase. Only purchase Ledger directly from their website.
Use a time machine.
Yolo on BNB instead.
Wait for an ETF.
is it really a good time? i thought its high atm.
Buy high, sell higher.
No, it’s buy high and sell low
Shorting sounds 👍.
Independent Reserve.
Ok so if I sign up to Swyftx or binance, transfer money into that account and then I can buy cryptocurrency. Then to sell it? Same way? Is there basically a sell rate, and then can I transfer money back into my bank account?
Correct. I use Swyftx and that is what you do. Note that they exchange your money into USD so that it ends up cheaper to trade. You can easily change whether you want to view everything in AUD or USD, even though everything is actually done in USD.
I use Coinbase, they're Australian. They charge a 1% fee per transaction.
Binance is cheaper fees, free deposit/withdrawal (depends on method used I think osko for deposit and withdrawal to a bank account).
Thanks mate, I'll sign up there. Do you know if it's possible to transfer my holdings from coinspot to binance?
Coinbase is not Australian, I guess you meant to say Coinspot. Their fees are a little high.
I would recommend Binance, fees are lower.Thanks mate, yeah I meant Coinspot. I'm in the process of having my Binance account verified :). I'll search reddit for the best/most cost effective way to transfer holdings from CS to Binance.
invest in bitcoin
Oxymoron.
Literally loadssssssssss of way to buy bitcoin
Coinjar, Coin spot, BTC Markets etc
Take your pick, fee vary but most are around 1% i think the cheapest to use is Binance
I believe Swyftx is 0.6%
It was my fault for not reading but Swyftx charge 2$ on Poli transfers under $200 which is a huge rip off!!
I invest a few bucks a week got to alert ppl who want to invest slowly because imo it kills the platform for me.
Try kraken
Leon musk buys btc, posts about it, resell btc at profit due to surge in demand. Profit
Leon musk
Is that Elon Musk's older, less-eccentric brother?
No, that's Noel
That would be silly.
Dumping USD 1.5b worth of BTC on the open market would cause major slippage. It takes about USD 2m to 36m to move the price by -2%. Any attempt to move large qty of BTC from wallets to CEX will be flagged by bots in sec. Any dips in the spot price will be bought up by bots in a matter of mins or a few hours.
Buying a large number of BTC is easier than selling them.
just keep in mind that:
- bitcoin price is more volatile than almost any share (often jumps up and down by 20% in a day)
- has no intrinsic value, so its much more likely to go to $0 than most shares, but also more likely to 2x grow quickly than any share
- what i mean by the above is that it's pretty much gambling. Sometimes you win big, sometimes you dont. All the profits you make are some other individual's losses.
I'm guessing that you have 0.0 bitcoin
i have in the past held some bitcoin, and have exited at a profit. what i've said is factually true. I'm not saying any investor will lose, or will win, rather that it is significantly more risky than traditional investment.
Don't pay retail, mine your own for "free": "invest" your money in some high end processors, smuggle them into your office to run them for free. (Be ready to hide your setup if you burn out a power socket and take down the power to a section of your office.)
Yes, I know some people who did this.No, it wasn't me.
Lol
Seriously?No.
High-end processors are terrible at mining. Everyone know ASIC is the only way to go.
Did it happen? Yes
Would I recommend it? NoThis was a few years ago and they were already finding the cost of mining outweighed the value of what you find… same as gold mining I guess.
How does a power supply burn out a socket? Electrical systems and power supplies are literally designed to prevent this sort of thing.
You've never fried a power socket? My understanding is if you overload the socket, it will burn sooner or later. I've done it. Is not that the reason why companies don't allow piggybacking power boards?
Not these days. The electrical panel's circuit breaker will flip and turn off all power in milliseconds.
@MrBear: Nope, it was only a few years ago I had to replace a melted power socket.
I'm no expert in the field, but I think we're talking about too different things: too much draw causing a fire vs killing the power after the circitry is fried and the power is roaming wildly.
@MrBear: They are designed to trip, if you draw say 16A on a 15A circuit.
However, they were never really designed to handle sustained consistently high loads. If you draw 14.5A for 12hrs, they won't trip, but will probably melt. I've melted 4 with my EVSE car charger.
Wait for this on an epic scale once EVs are mainstream.
Bitcoin Dominance could be on it's way up. Adjust portfolio accordingly.
$1000 @ 125x leverage. Done. 👍
Well done with the long. :P Hope you made profits. I'm 15x. You have balls.
BTC may hit USD 50k within the next few hours. Just in time for US 💕 Day. A lot of happy guys and gals.
”Buy when there's blood in the streets, even if the blood is your own." B. R.
Bring your red shoes and join the party.
Dollar cost averaging is your friend if you cannot stomach the volatility.
Heaps of exchanges out there,but FTX is one of the best out there at the moment for AUD deposits/good spreads/high liquidity. Worlds apart from aussie exchanges (coinspot, BTCmarkets, IR… I've tried them all.)!
If you can live without instant deposits with (a day clearance), this exchange offers the lowest fee:
0.070% taker fee / 0.02% maker fee
(vs. 0.5-0.85% Aussie exchanges)OR if you hold 25 FTT tokens (fantastic for frequent traders)
fee-free 0% maker fee / 0.0679% taker fee
Insert standard "transfer it to me" comment here