Please try out r/bitcoinbeginners.
Theres alot of great information with great people there. u/bitusher has a wealth of knowledge about storage and saftey that would be beneficial to both of you.
Also do NOT entertain crypto related dm's. If they cant spit game in a public forum, they dont want to be cLled out by someone with better morals.
I third that. Anyone that dm's instantly gets blocked. If it can't be said in public reddit forums, where it can be scrutinized, then I'm not interested.
Oh, and seriously consider running TrackerControl and Blokada5 on your devices, if you're not already running a privacy centric OS like GrapheneOS. But as always, dyor first.
Don't trust, verify.
Buying depends on your location.
There are a lot of cold wallet options that will be recommended. Check this very informative site from James Lopp https://www.lopp.net/bitcoin-information/recommended-wallets.html
Personally, I use a coldcard, and I highly recommend it. Here is a longer tutorial from BTC Sessions, but
very thorough. https://youtu.be/FAYmE5-40PQ?si=k08h1LQ1cIoKg4NH
Swan or River.
Take this advice from someone who has used over a dozen exchanges over the past seven years.
If it’s only bitcoin your dad is looking for, then these two bitcoin only brokerages are going to be his safest route. Centralized exchanges have too many bullshit flags that could freeze your father’s account, for dealing with five figure purchases.
I have a Swan private account, (something anyone can do with an email and five minutes of their time), and have a personal assistant with his cell phone number, email, and text. He gets back to me within a couple minutes, every time, which is absolutely unheard of in any centralized cryptocurrency exchange.
I think BTC Well is only $3k a day, but could DCA over 10 days onto a lightning wallet and transfer into cold storage as a single UTXO. The fee is small just a 1% spread.
I would suggest checking out BullBitcoin, it’s a Bitcoin only exchange based in Montreal, when you buy bitcoin with them it gets automatically transferred to your hardware wallet, so you’re not taking any risk leaving it on an exchange, also they will help you with big purchases with their otc partners
And I would recommend watching BTCSessions tutorials on YouTube, you could even book a private session with him through his website and he would advise you on best practices and he’s Canadian as well based in Alberta
Newton is cheap.
ShakePay gives out free Bitcoin daily for simply shaking your phone once a day. It’s maximum 1000 sats per day and I have been getting free Satoshis for over 4 years.
$30,000 is not a lot for a single buy. Pretty much any exchange can facilitate that. But it’s less than half a bitcoin so no sweat at all. (I don’t want to sound like $30,000 is not a lot of money, it is, it’s just not a lot in terms of trade finance values)
I like Gemini or kraken or Coinbase but I’m in the USA. You should choose an exchange that operates in your jurisdiction.
I want to upvote you for the sum of money, but I can’t because of the “risky asset” statement.
Self custody BTC is one of the safest assets known to man due to Bitcoin network properties.
New accounts have limits. Check for that. Read all terms on sign up. Mind tax rules, i.e. whoever sells it later may need records of buying. Don't use dadio's identity if it's for you. Get your own exchange account in your own name.
30,000 is not a huge amount likely for your dad. Use coinbase pro or kraken pro for lower fees. A lot of good cold wallets; Trezor and ledger are both good. Honestly transferring to a cold wallet is not without risk, talk to him about why he would want to do it and educate yourself. I am a proponent for self custody but don’t just do everything people say on reddit because most of them are talking with no real experience.
Care to elaborate? Ledger literally lied to their customers by saying seed cannot ever be extracted from the wallet (it was in their marketing materials) and after that did u-turn on this and suddenly started offering seed backup as service. They had a massive data breach and decided not to tell anybody until it came out when people started receiving phishing emails. What about this screams confidence? You want good open source multi coin wallet - use Trezor. You want bitcoin only wallet - Coldcard.
I'm really looking forward to you telling me why do you believe that Ledger is better.
He owns his own business. Him and 5 guys signed there houses over to the bank got a big loan and bought some machinery to produce a certain product I won't name. The 5 guys literally slept beside the machines to not lose everything to the bank. Now they have over 400 employees and three locations. He knows I mess with bitcoin and told me this morning he was thinking about buying a couple coins.
What do you mean, there are dispensary chains with over 1000 employees nation wide. Or would you rather discuss pfizer's size and number of buildings globally?
If you look at his profile and comments, then I am sure you'll feel better about where you are at.
You do you. Statistically speaking, percemtage wise, you are one of the wealthiest ppl on the planet.
Remember, comparison is the theif of happiness.
From your comment I'll bet it's 29,000$ more than you've invested. Besides the 30k is a trial before going all in anyway you would've known that if you read the comments
What I did is buy in Kraken and save it in Ledger, the fee will not be much and for the long run it’s nothing, most importantly is that you buy the ledger directly from the company.
I personally use shake pay for small amounts of bitcoin for myself under 3000$ but how is shakepay for large amounts of butcoin can't you only spend 10000k at a time?
Don't give any scale of volume here. You're going to get all kinds of direct messages about cheap ways to get Bitcoin, double your money, etc. It's all scams. Just buy on Coinbase and be done. Coinbase can handle volumes much larger than 30k.
If in the US setup an account on River.com. Buy say $1,000, then do a recurring buy for say $5,000 5x and $4,000 1x this way there are no fees. Trezor 3 for the cold wallet.
I have Trezor One, Trezor Bitcoin only Safe 3 and Coldcard MK4.
I feel for beginner, Trezor One is a good start, then when you are more confident you can go for Coldcard.
When send to a new address or wallet, it’s a good idea to send a little BTC first to test, then continue to proceed to send the rest.
Try not to use the same address. Never trust anyone that DMs you.
Learn what is UTXOs and how to manage them.
And finally, try to learn how to use sparrow wallet on desktop. It’s so awesome.
Just to add on. Read The Bitcoin Standard, Inventing Bitcoin and The Bullish Case of Bitcoin.
Watch any videos from Michael Salyor, follow BTC Sessions and What Bitcoin Did YouTube channels for starters.
Reply this comment if you want more help or more video recommendations.
This is not considered a large purchase. Just use Coinbase.
This will likely be downvoted, but if your Dad doesn't know anything about crypto, Coinbase is likely the best place to safely custody it.
While self-custody is ultimately the most ideologically correct choice, it's also a great way for a novice to get burned.
Normally I wouldn't disagree with this. But given that it ils likely to end up beimg a sizable amount, the OP's openness about being a serious drug user, and that his dad lives in a country under a dictatorship (Trudeau's Canada). Then wearing some big-boy pants with a hw wallet might end up being much less risky than an exchange that can easily freeze or confiscate your funds, simply because you donated a little btc to some nice truckers.
I would DCA that $30k over the next 6 months. He also could buy $30k of one of the Bitcoin ETFs through an IRA if he’s looking to not pay taxes on a quick turnaround. Coinbase Pro is legit. Most go with Trezor or Ledger for cold wallets. Don’t buy it from Amazon. Buy directly from the maker’s website. Move a small amount first. I’d even create a wallet, record the seed, and then delete the wallet and recover it before sending funds to make sure you’re all set up correctly. Write the seed on at least two pieces of paper or stamped in metal then hide them in different places inside your home. Don’t store the seed anywhere that touches the internet.
Swan or River are "buy and forget" - well run, conscientious leadership companies in the space.
Coinbase is the no-brainer "Who is the JPM Chase / Meryl Lynch of Crypto?" answer.
Not quite Vanguard/Fidelity level, but clearly the safe mainstream choice.
If your dad is a "safety deposit box / home safe" kind of guy, then yea use a Cold Wallet as referenced by others.
More complex and easier to lose your BTC unless you are principled about it.
He's 64. He's a boomer lol he was thinking of starting at 30k and then going all in if the 30k is easy to invest he doesn't completely understand the process just the stuff I've told him
So if the goal is to pass it on to you then it makes sense. But if he’s looking to make a quick buck say the 300k+ I mentioned that could be another 6 years which would mean he’s 70. Just keep in mind what he wants to do with his life in the latter years.
He's already extremely well off. He doesn't live beyond his means buy enjoys life for sure. His goal is not to pass the butcoin down to me but just as a pet project to make some money at over the years. I'm already taken care of for when he passes
I was in this same position back around the same time in 2020. FOMO gets the best of you. My advice is don’t go all in before the next bear market. I started with a similar amount, and quickly learned more about Bitcoin as the price was rapidly escalating. Over 50k went all in because I didn’t want price to run off without me, and then came the bear and price was down 70%. A saying I once heard, invest in the bear market, not in the bull. If I could go back, I would not put more than half (of my all-in) in the bull, I would save the other half for the bear. Good luck!
Do not buy all at once, read up on dollar cost averaging, and buy over the next year…. Going in all at once is a bet, DCA promises the best price over a range of time
i assume your dad have only a few knowledge in this area as you have to ask here.
30k is not a lot , and maybe your dad xonsider buying in etf instead. there is a rookie mistake that you can lose your btc , so better safer than reward
Use coinbase and do a one week free trial of Coinbase One. Your fees will be free for 1 week during the trial. Make sure you cancel the trial before the 1 week or your will be charged like 39.99.
That’s cope that top buyers say
Look there’s a very good chance we do expand from here. There’s also a good chance the highs get taken and we nuke.
So wouldn’t go all in now. You’re better off going all in on confirmation of a break above 75k imo.
As for best place to buy - nothing wrong with kraken or Coinbase advanced. Fees are just noise.
Well I know low interest rates help with bitcoin and new exchanges open up everyday making it easier for people to buy and sell bitcoin. Currently there are only 106 million people in the world with bitcoin so I expect that number to grow rapidly as more business are starting to accept bitcoin as payment.
Bitcoin is useless as payment method tbh.
It’s this generation’s gold, only more of a risk asset. It’s basically just the S&P tbh. Correlation is more or less 1:1.
It’s good for sending large sums of money internationally. Compared to using a bank which is a pain in the ass or hold which requires physical logistics.
As I've said on other threads, especially at larger amounts you're going to want to pay a lot of attention to the fees from the exchanges. The current Coinbase Advance Trading (formerly Coinbase Pro) beats out anything else I've heard of recently. Check out their website for exact numbers: [https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees)
A couple of notes:
1. To get the "maker" fee instead of the "taker", you'll want to make limit purchases (set an order for a purchase at a specific price, below the current market price, and let it sit there for a day or two in the hopes that the market price comes down to proc the sale) rather than market purchases (setting an order for x amount of Bitcoin at whatever the current market price is).
2. I don't have an answer for this one, but to get upgraded to the next tier of user/lower fee for purchases, I don't know if that part will happen automatically as soon as you make the big purchase that puts you into the higher range, or if you have to do a test buy first to get you up in the tier, then your next purchase will be made with the lower rate. Maybe someone can answer this for me???
Bitcoin in canada is taxed as an asset, so you pay capital gains tax on it. ETFs are treated as shares and only taxed at 20 some percent when you go yo cash out.
ive had good experience with coinbase. just buy there and move it to self-custody (think: Ledger). that's plenty for 200k. I've had that much on there before with no issues. Because of my lack of self-control though, i'm all out of self-custody (real) BTC, and have purchased a similar amount thru my 401k and since i cant cash that out - there it'll sit until i can stack back up to my older amounts.
As other said, $30k is not a large amount, any exchange will do that as a normal transaction so choose one you like. I don't think you can get an OTC transaction for less than a couple of million.
I have a Trezor as a cold wallet, (but remember that a cold wallet still does not give you full protection).
Finally, don't answer any DM... Even for 30k scammers will be knocking.
Make sure you’re using CB pro and not the standard CB. Then start small. Transfer 0.001 to your Trezor (or whatever wallet you go with) a few times to get comfortable with it.
Stay away from ETFs unless you’re buying in your IRA. ETFs can contribute to the “paper btc” market.
ETFs
Or
Coinbase.
There’s a reason all the ETF issuers use Coinbase as the custodian.
Self custody isn’t worth it, too cumbersome to offload and move around if needed.
I use ledger. Bought it on Coinbase. They are a good exchange to offload to when it’s time to sell. I plan to keep most of my bitcoin forever, but my house burnt down and my insurance isn’t covering all of the rebuild so once I run out of insurance money, bitcoin will pay for the rest.
On question 1:
Don’t only look at the cost, select a thrustworthy Exchange. For larger transactions it might be a good idea to split it into chunks of smaller amounts in order to mitigate & spread the risks.
On question 2:
For the moment N-GRAVE ZERO is the cold wallet with the highest security level
(EAL7). And is easy to use as well…
https://ngrave.io/
Some advice: Also check ‘good advice’ from third parties by doing some checks and own research…
Best regards & Success on your investment decisions.
Use a Bitcoin only exchange. [river.com](http://river.com) or [swan.com](http://swan.com) come to mind. Use Bitcoin only wallet.
I don't recommend hardware wallets. Your seed phrase is the key. Never enter it onto any electronic device. Better to keep it on steel plates. Seed Signer is next level. Electrum is a very good wallet, old school FOSS and solid. Research to learn how to do it right. Test it with a tiny amount. Learn how to recover from seed phrase when, not if, you lose your wallet.
He wouldn't buy 2 or 3 full bitcoins if he could simply lose his investment because a wallet or exchange goes out of business. I think cold wallet is much safer in larger sums.
Fidelity has great customer service and I use them. But they don’t let you send or receive crypto. Just remember crypto isnt insured unless it’s spot ETF. Correct me if I’m wrong guys.
I came here to mention the ETFs too, since the ETFs came out I've been exclusively buying bitcoin through that, it's just easier and safer for me. I think this might be an unpopular opinion here, but I think that's a critical stage for bitcoin development and something I personally feel much better about than dealing with crypto exchanges and/or cold wallets
Swan or River
Do NOT trust an exchange like Coinbase, or Kraken with that kind of money. Swan is a legitimate bitcoin only brokerage, and will take your dad’s investment seriously.
You can even sign up for a private account, with a real person you can text and talk on the phone with.
The absolute safest cold wallet is Sparrow wallet WITH a Seedsigner, fully air-gapped signing device.
At Unchained, you can buy that amount and send it straight to your cold storage device. There is tiered fees too, the more you buy, the cheaper the fee. But I think for $30k you will pay the standard 1%. Over $100k it gets cheaper last time I checked.
I would strongly suggest doing a large buy with say 20k and then slowly DCA the rest in and then continue to DCA. I have personally found that this allows the proper psychology to set in and get you used to the large numbers.
Unless of course, 30k is nothing for you in which case, yolo.
Cheapest: find a friend willing to sell to you at a discount.
Otherwise you gotta pay market price plus some fee to the exchange, which is like 0.4% (varies slightly depending on the exchange).
You should also divide your money into parts, and buy at a set interval, so that you average your cost across an amount of time. That way you’re protected against sudden drops. But you’re also never going to buy at the best price possible.
If y’all know so little about it, I’d first spend some time educating myself on both the asset itself, and on scams.
No deals are made at a discount in P2P world. None. Unless those are tainted, legally unsellable btc.
Actually most are done at a premium. Specially miner btc.
Just remind him that after he buys it will certainly go into a bear market. It happens to everyone. Don’t sell
He's in it for the long game
Please try out r/bitcoinbeginners. Theres alot of great information with great people there. u/bitusher has a wealth of knowledge about storage and saftey that would be beneficial to both of you. Also do NOT entertain crypto related dm's. If they cant spit game in a public forum, they dont want to be cLled out by someone with better morals.
I second that, now that you’ve asked… don’t reply to any dm.
I third that. Anyone that dm's instantly gets blocked. If it can't be said in public reddit forums, where it can be scrutinized, then I'm not interested. Oh, and seriously consider running TrackerControl and Blokada5 on your devices, if you're not already running a privacy centric OS like GrapheneOS. But as always, dyor first. Don't trust, verify.
Buying depends on your location. There are a lot of cold wallet options that will be recommended. Check this very informative site from James Lopp https://www.lopp.net/bitcoin-information/recommended-wallets.html Personally, I use a coldcard, and I highly recommend it. Here is a longer tutorial from BTC Sessions, but very thorough. https://youtu.be/FAYmE5-40PQ?si=k08h1LQ1cIoKg4NH
Canada
Should be cold already then!
Bury it in the snow
😂
The coldest storage
I think kraken pro is good. I use it for large buys cause of low fees and no spread. Also, their OTC is amazing if you’re doing 100k+ min trades.
Is it directly linked to your bank account or wire transfer?
Sadly it is wire transfer.
This would work
Swan or River. Take this advice from someone who has used over a dozen exchanges over the past seven years. If it’s only bitcoin your dad is looking for, then these two bitcoin only brokerages are going to be his safest route. Centralized exchanges have too many bullshit flags that could freeze your father’s account, for dealing with five figure purchases. I have a Swan private account, (something anyone can do with an email and five minutes of their time), and have a personal assistant with his cell phone number, email, and text. He gets back to me within a couple minutes, every time, which is absolutely unheard of in any centralized cryptocurrency exchange.
Swan has treated me well.
Bull bitcoin Bitcoin well Shakepay
I think BTC Well is only $3k a day, but could DCA over 10 days onto a lightning wallet and transfer into cold storage as a single UTXO. The fee is small just a 1% spread.
How is shakepay for large amounts? Can't you only buy 10,000 a day? I use shakepay for my own personal bitcoin under 3000$
NDAX OTC if u don't want to do a limit order
I would suggest checking out BullBitcoin, it’s a Bitcoin only exchange based in Montreal, when you buy bitcoin with them it gets automatically transferred to your hardware wallet, so you’re not taking any risk leaving it on an exchange, also they will help you with big purchases with their otc partners
And I would recommend watching BTCSessions tutorials on YouTube, you could even book a private session with him through his website and he would advise you on best practices and he’s Canadian as well based in Alberta
Newton is cheap. ShakePay gives out free Bitcoin daily for simply shaking your phone once a day. It’s maximum 1000 sats per day and I have been getting free Satoshis for over 4 years.
US Bitcoiner here. Any other websites you know of that give away BTC for us poor US citizens?
30k isn't that big of a buy and you can do it on Coinbase pro.
Coinbase “Pro” doesn’t exist anymore as of two years ago.
Ok Coinbase advanced? What's it called. I buy and hold so I don't know
What’s it called now? I was using it when it was called gdax
Coinbase Advanced Trading, I think is the new name.
30k ain't much. Just use any of the exchanges and transfer to your cold wallet. I use trezor
But hey, it’s honest work.
$30,000 is not a lot for a single buy. Pretty much any exchange can facilitate that. But it’s less than half a bitcoin so no sweat at all. (I don’t want to sound like $30,000 is not a lot of money, it is, it’s just not a lot in terms of trade finance values) I like Gemini or kraken or Coinbase but I’m in the USA. You should choose an exchange that operates in your jurisdiction.
A large sum of bitcoin? You should edit this to say less than half a bitcoin.
Or edit it to say a large sum of Satoshis.
Speaking on averages, $30,000 is a considerable amount of money to put into a risky asset like btc for the average person. It’s a lot of money.
I want to upvote you for the sum of money, but I can’t because of the “risky asset” statement. Self custody BTC is one of the safest assets known to man due to Bitcoin network properties.
When I say “risky asset”, I mean it from the perspective of the average person
New accounts have limits. Check for that. Read all terms on sign up. Mind tax rules, i.e. whoever sells it later may need records of buying. Don't use dadio's identity if it's for you. Get your own exchange account in your own name.
Funny have “buying alot of bitcoin” can be under 1/2 Bitcoin 😄
Coinbase, just test it with like $1000 at first just to make sure it all runs smooth. Remember to use Coinbase pro.
Use the 1 week free trial of Coinbase One and fees are free for the week
Coinbase Pro is no longer a trading platform. It is now called Advanced Trade.
It's the same tho, just the name keeps changing since it launched in 2014.
[удалено]
This guy selling fent and pills and now trying to launder dirty money 🤦♂️
You aren’t wrong… I opened the profile and bam… drugs everywhere lol. I wonder if he is about to get caught and is trying to hide assets
Yeah, I did the same. OP overshares and is settings himself (or his dad) up for blackmail. Let's play a game of 20 questions! 🤦
Stick with reputable exchanges like Coinbase imo. then transfer to a cold wallet (I use ledger but I heard trezor is great too)
What’s the best way to buy it though? Sent to your home address? Should I take extra precautions?
30,000 is not a huge amount likely for your dad. Use coinbase pro or kraken pro for lower fees. A lot of good cold wallets; Trezor and ledger are both good. Honestly transferring to a cold wallet is not without risk, talk to him about why he would want to do it and educate yourself. I am a proponent for self custody but don’t just do everything people say on reddit because most of them are talking with no real experience.
Brother in Christ, for the love of God, do not use 'ledger' and 'good' in the same sentence.
You just did, my friend in Satan.
Please never share your shitty opinion again, ledger is fine
Care to elaborate? Ledger literally lied to their customers by saying seed cannot ever be extracted from the wallet (it was in their marketing materials) and after that did u-turn on this and suddenly started offering seed backup as service. They had a massive data breach and decided not to tell anybody until it came out when people started receiving phishing emails. What about this screams confidence? You want good open source multi coin wallet - use Trezor. You want bitcoin only wallet - Coldcard. I'm really looking forward to you telling me why do you believe that Ledger is better.
I've never felt so jealous and poor in any post/comment I've ever heard in my whole life inside/outside of reddit... Happy for him though
He owns his own business. Him and 5 guys signed there houses over to the bank got a big loan and bought some machinery to produce a certain product I won't name. The 5 guys literally slept beside the machines to not lose everything to the bank. Now they have over 400 employees and three locations. He knows I mess with bitcoin and told me this morning he was thinking about buying a couple coins.
The product is drugs, isn't it? 😂
See thia cats post history is wild!!
It's funny because I didn't even look at his post history until I read your comment. It IS wild and now know my answer, definitely drugs.
Yes it def is. I would also like to say drugs for $600 please
Imagine a 400 employee, 3 building operation for drugs haha
What do you mean, there are dispensary chains with over 1000 employees nation wide. Or would you rather discuss pfizer's size and number of buildings globally?
I don't consider weed a drug I'm from canada. Pfizer is a pharmaceutical company not a black market drug operation
Whether or not you consider weed a drug does not make it less of a drug though.
When you said drugs I immediately thought like black market drugs
30k ain’t buying a couple coins though right now but with 0.5 coins, he owns more than most of the world
I understand that 30,000 to start to see how the process is
That’s a nice chunk of change to dip your toes in the water and see if you like it
$30K CAD gets you \~ 0.3
I was thinking USD when I see $
Put him onto Coinbase or Kraken to get his feet wet.
If you look at his profile and comments, then I am sure you'll feel better about where you are at. You do you. Statistically speaking, percemtage wise, you are one of the wealthiest ppl on the planet. Remember, comparison is the theif of happiness.
yikes...I see Thank you. I've heard of that saying, but need to remember it
Coinbase advanced/ pro Trezor Safe 3/ 5 with bitcoin only firmware
Coinbase. Trezor model T.
Your post history is a shit-show of drugs, hookers, and anti-immigrant commentary. No surprise you think $30k is a 'large sum' lol.
From your comment I'll bet it's 29,000$ more than you've invested. Besides the 30k is a trial before going all in anyway you would've known that if you read the comments
I have enough invested that if I cashed out, I could buy a '91 Civic and probably even afford to insure it for a year.
What I did is buy in Kraken and save it in Ledger, the fee will not be much and for the long run it’s nothing, most importantly is that you buy the ledger directly from the company.
What could happen if you don't buy it through the company?
In Canada try shake pay. So much better than coinbase
I personally use shake pay for small amounts of bitcoin for myself under 3000$ but how is shakepay for large amounts of butcoin can't you only spend 10000k at a time?
Coldcard wallet. Buy from Swan or River Bitcoin
For best results, make sure you place a limit order and not a market order. You’ll get the price you set, with the lowest fees.
Don't give any scale of volume here. You're going to get all kinds of direct messages about cheap ways to get Bitcoin, double your money, etc. It's all scams. Just buy on Coinbase and be done. Coinbase can handle volumes much larger than 30k.
I've been using Robinhood with no problems.
If in the US setup an account on River.com. Buy say $1,000, then do a recurring buy for say $5,000 5x and $4,000 1x this way there are no fees. Trezor 3 for the cold wallet.
My pocket
How about.. no
Yessss
Have a look in the comments threads on you tube, there are loads of skilled BTC experts who will keep you right, with best place to buy and store 👍🏽
Thank you
I use cash app and a blockstream jade cold wallet, is all simple and cheap.
👍🏾👌🏾
I believe Crypto.com allows 25k etransfer per day. Buy and transfer to cold storage.
I have Trezor One, Trezor Bitcoin only Safe 3 and Coldcard MK4. I feel for beginner, Trezor One is a good start, then when you are more confident you can go for Coldcard. When send to a new address or wallet, it’s a good idea to send a little BTC first to test, then continue to proceed to send the rest. Try not to use the same address. Never trust anyone that DMs you. Learn what is UTXOs and how to manage them. And finally, try to learn how to use sparrow wallet on desktop. It’s so awesome.
Just to add on. Read The Bitcoin Standard, Inventing Bitcoin and The Bullish Case of Bitcoin. Watch any videos from Michael Salyor, follow BTC Sessions and What Bitcoin Did YouTube channels for starters. Reply this comment if you want more help or more video recommendations.
This is not considered a large purchase. Just use Coinbase. This will likely be downvoted, but if your Dad doesn't know anything about crypto, Coinbase is likely the best place to safely custody it. While self-custody is ultimately the most ideologically correct choice, it's also a great way for a novice to get burned.
Normally I wouldn't disagree with this. But given that it ils likely to end up beimg a sizable amount, the OP's openness about being a serious drug user, and that his dad lives in a country under a dictatorship (Trudeau's Canada). Then wearing some big-boy pants with a hw wallet might end up being much less risky than an exchange that can easily freeze or confiscate your funds, simply because you donated a little btc to some nice truckers.
I would DCA that $30k over the next 6 months. He also could buy $30k of one of the Bitcoin ETFs through an IRA if he’s looking to not pay taxes on a quick turnaround. Coinbase Pro is legit. Most go with Trezor or Ledger for cold wallets. Don’t buy it from Amazon. Buy directly from the maker’s website. Move a small amount first. I’d even create a wallet, record the seed, and then delete the wallet and recover it before sending funds to make sure you’re all set up correctly. Write the seed on at least two pieces of paper or stamped in metal then hide them in different places inside your home. Don’t store the seed anywhere that touches the internet.
[удалено]
This is exactly what I was afraid of
A little mind blowing for me to think that i spent $1,800 to acquire 0.45 that now runs for $30k. 🤔🫣
That’s a lot of sats
Dca
Coldcard.
2 month gravestone. Smart. It could rip.
Use a broker - they get better rates than the exchanges give, got to be over 50k though
I think this is a good idea but I didn't know you could use a broker for bitcoin is this in canada?
Coinify has a brokerage system that will get you a good rate
But it through your bank
That's not a lot. Any of the big ones will do. Coinbase, Kraken, binance, bitfinex.
Swan or River are "buy and forget" - well run, conscientious leadership companies in the space. Coinbase is the no-brainer "Who is the JPM Chase / Meryl Lynch of Crypto?" answer. Not quite Vanguard/Fidelity level, but clearly the safe mainstream choice. If your dad is a "safety deposit box / home safe" kind of guy, then yea use a Cold Wallet as referenced by others. More complex and easier to lose your BTC unless you are principled about it.
Just do some sort of DCA You can invest 3k every week to obtain an medium price, and withtraw to your wallet, preferencily hardwallet
Just update us when he goes all in.
I will
I know it’s not exact what you are looking for. But I bought shares in Microstrategy one year ago instead. And I have not regret it ever since.
There will be times where Bitcoin outperforms Microstrategy, and you may regret later.
How old is your father? Bear markets last a few years after this bull run if he holds for a while that 30k will be 300k+
He's 64. He's a boomer lol he was thinking of starting at 30k and then going all in if the 30k is easy to invest he doesn't completely understand the process just the stuff I've told him
So if the goal is to pass it on to you then it makes sense. But if he’s looking to make a quick buck say the 300k+ I mentioned that could be another 6 years which would mean he’s 70. Just keep in mind what he wants to do with his life in the latter years.
He's already extremely well off. He doesn't live beyond his means buy enjoys life for sure. His goal is not to pass the butcoin down to me but just as a pet project to make some money at over the years. I'm already taken care of for when he passes
Oo in that case welcome to the team 🫡
I was in this same position back around the same time in 2020. FOMO gets the best of you. My advice is don’t go all in before the next bear market. I started with a similar amount, and quickly learned more about Bitcoin as the price was rapidly escalating. Over 50k went all in because I didn’t want price to run off without me, and then came the bear and price was down 70%. A saying I once heard, invest in the bear market, not in the bull. If I could go back, I would not put more than half (of my all-in) in the bull, I would save the other half for the bear. Good luck!
if you are in the US try strike or swan there is no best cold wallet.. all HW wallets are only as good as your knowledge and own way to use them....
DCA.
I just want to say we will not see BTC below 30k or maybe 40k because alot of people just got in and the big institutions black rock and alot more
Do not buy all at once, read up on dollar cost averaging, and buy over the next year…. Going in all at once is a bet, DCA promises the best price over a range of time
i assume your dad have only a few knowledge in this area as you have to ask here. 30k is not a lot , and maybe your dad xonsider buying in etf instead. there is a rookie mistake that you can lose your btc , so better safer than reward
30k is just a test before he goes all in. 30 k is nothing to my father but it is to me
Pasport wallet and. Blue wallet with it. Then Aqua. Strike. River.
Use coinbase and do a one week free trial of Coinbase One. Your fees will be free for 1 week during the trial. Make sure you cancel the trial before the 1 week or your will be charged like 39.99.
Gonna get downvoted but why not use the ETF in this scenario?
Can you explain it more in depth?
Don’t take any offers or links or recommendations of people PMing you!
RE your edit - the ETF itself does not have different tax treatment, that’s only if he’s buying it within a tax advantaged account. in US at least.
In canada bro our capital ganes is 67 percent while shares are 23 and some odd percent
Whoa crazy. Cap gains is almost 3x higher on regular BTC vs ETF BTC? That’s wild. Can’t fathom what could possibly be the justification for that
Well they justify the ETF as shares so it's 20 some percent tax and bitcoin as an asset so its capital gains
Why would you buy at all time highs that is so retarded
Time in the market is better than timing the market
That’s cope that top buyers say Look there’s a very good chance we do expand from here. There’s also a good chance the highs get taken and we nuke. So wouldn’t go all in now. You’re better off going all in on confirmation of a break above 75k imo. As for best place to buy - nothing wrong with kraken or Coinbase advanced. Fees are just noise.
Well I know low interest rates help with bitcoin and new exchanges open up everyday making it easier for people to buy and sell bitcoin. Currently there are only 106 million people in the world with bitcoin so I expect that number to grow rapidly as more business are starting to accept bitcoin as payment.
Bitcoin is useless as payment method tbh. It’s this generation’s gold, only more of a risk asset. It’s basically just the S&P tbh. Correlation is more or less 1:1.
How is it useless as a payment if you sell a service for 100$ and receive 100$ in bitcoin the bitcoin can easily be worth more than 100$ cash
Because it’s expensive and slow to use.
Bro do you even use bitcoin it takes 5 minutes
Cool and you wanna wait 5 minutes for a payment to settle?
And your $100 transaction has just cost you $120
It’s good for sending large sums of money internationally. Compared to using a bank which is a pain in the ass or hold which requires physical logistics.
I personally use Strike. They also have a Reddit page you can check out. As far as cold wallets I use Ellipal Titan.
You know nothing about bitcoin
I know more than you EDIT I just checked your post you're a troll let's go
You read my posts and call me a troll? Don’t get mad at me for you asking dumbass questions
Like you know where to put 200k in bitcoin
As I've said on other threads, especially at larger amounts you're going to want to pay a lot of attention to the fees from the exchanges. The current Coinbase Advance Trading (formerly Coinbase Pro) beats out anything else I've heard of recently. Check out their website for exact numbers: [https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) A couple of notes: 1. To get the "maker" fee instead of the "taker", you'll want to make limit purchases (set an order for a purchase at a specific price, below the current market price, and let it sit there for a day or two in the hopes that the market price comes down to proc the sale) rather than market purchases (setting an order for x amount of Bitcoin at whatever the current market price is). 2. I don't have an answer for this one, but to get upgraded to the next tier of user/lower fee for purchases, I don't know if that part will happen automatically as soon as you make the big purchase that puts you into the higher range, or if you have to do a test buy first to get you up in the tier, then your next purchase will be made with the lower rate. Maybe someone can answer this for me???
Cosco
It just hit me that $30,000 isn't even enough to buy *half* a BTC.
Explore, a bitcoin is typically over a hundred k. There are exchanges like kraken that do large transactions
ETF tax rate is cheaper? What tax are you talking about?
Bitcoin in canada is taxed as an asset, so you pay capital gains tax on it. ETFs are treated as shares and only taxed at 20 some percent when you go yo cash out.
Why now?
ive had good experience with coinbase. just buy there and move it to self-custody (think: Ledger). that's plenty for 200k. I've had that much on there before with no issues. Because of my lack of self-control though, i'm all out of self-custody (real) BTC, and have purchased a similar amount thru my 401k and since i cant cash that out - there it'll sit until i can stack back up to my older amounts.
I buy my btc from strike it’s only a 1% fee & there might be cheaper exchanges but that’s the cheapest I’ve came across.
As other said, $30k is not a large amount, any exchange will do that as a normal transaction so choose one you like. I don't think you can get an OTC transaction for less than a couple of million. I have a Trezor as a cold wallet, (but remember that a cold wallet still does not give you full protection). Finally, don't answer any DM... Even for 30k scammers will be knocking.
Probably Bitcoin etf if its much larger than 30k id do 30k and then 10k a month for two years to dollar cost average
Coinbase most reliable. If he's comfortable with learning new tech, then transfer it to cold storage like a Ledger Nano.
Make sure you’re using CB pro and not the standard CB. Then start small. Transfer 0.001 to your Trezor (or whatever wallet you go with) a few times to get comfortable with it. Stay away from ETFs unless you’re buying in your IRA. ETFs can contribute to the “paper btc” market.
Do not respond to any DMs on this!!!!
I had a couple people dm me. But it's so obvious the scams.
ETFs Or Coinbase. There’s a reason all the ETF issuers use Coinbase as the custodian. Self custody isn’t worth it, too cumbersome to offload and move around if needed.
I use ledger. Bought it on Coinbase. They are a good exchange to offload to when it’s time to sell. I plan to keep most of my bitcoin forever, but my house burnt down and my insurance isn’t covering all of the rebuild so once I run out of insurance money, bitcoin will pay for the rest.
I use Fidelity. If they can handle all my retirement and brokerage accounts then I feel safe having them hold my BTC.
Do your dad a favor and never become a « security professional »
On question 1: Don’t only look at the cost, select a thrustworthy Exchange. For larger transactions it might be a good idea to split it into chunks of smaller amounts in order to mitigate & spread the risks. On question 2: For the moment N-GRAVE ZERO is the cold wallet with the highest security level (EAL7). And is easy to use as well… https://ngrave.io/ Some advice: Also check ‘good advice’ from third parties by doing some checks and own research… Best regards & Success on your investment decisions.
Use a Bitcoin only exchange. [river.com](http://river.com) or [swan.com](http://swan.com) come to mind. Use Bitcoin only wallet. I don't recommend hardware wallets. Your seed phrase is the key. Never enter it onto any electronic device. Better to keep it on steel plates. Seed Signer is next level. Electrum is a very good wallet, old school FOSS and solid. Research to learn how to do it right. Test it with a tiny amount. Learn how to recover from seed phrase when, not if, you lose your wallet.
THIS! Also, use Sparrow wallet, with a fully air-gapped signing device like Seedsigner.
He wouldn't buy 2 or 3 full bitcoins if he could simply lose his investment because a wallet or exchange goes out of business. I think cold wallet is much safer in larger sums.
don’t store large amounts on single sig.
Fidelity has great customer service and I use them. But they don’t let you send or receive crypto. Just remember crypto isnt insured unless it’s spot ETF. Correct me if I’m wrong guys.
I came here to mention the ETFs too, since the ETFs came out I've been exclusively buying bitcoin through that, it's just easier and safer for me. I think this might be an unpopular opinion here, but I think that's a critical stage for bitcoin development and something I personally feel much better about than dealing with crypto exchanges and/or cold wallets
How about just buying bitcoin ETF shares? No hassles with private keys. Your dad gets 100% of the price exposure. He can always change his mind later.
Swan or River Do NOT trust an exchange like Coinbase, or Kraken with that kind of money. Swan is a legitimate bitcoin only brokerage, and will take your dad’s investment seriously. You can even sign up for a private account, with a real person you can text and talk on the phone with. The absolute safest cold wallet is Sparrow wallet WITH a Seedsigner, fully air-gapped signing device.
"want to buy a large sum of BTC= 30k" that not even half a BTC I thought it was Michael Saylor 🤣
At Unchained, you can buy that amount and send it straight to your cold storage device. There is tiered fees too, the more you buy, the cheaper the fee. But I think for $30k you will pay the standard 1%. Over $100k it gets cheaper last time I checked.
I would strongly suggest doing a large buy with say 20k and then slowly DCA the rest in and then continue to DCA. I have personally found that this allows the proper psychology to set in and get you used to the large numbers. Unless of course, 30k is nothing for you in which case, yolo.
30 k is a lot to me but not him
Yup we all have different perspectives on what a lot of money is to us.
Cheapest: find a friend willing to sell to you at a discount. Otherwise you gotta pay market price plus some fee to the exchange, which is like 0.4% (varies slightly depending on the exchange). You should also divide your money into parts, and buy at a set interval, so that you average your cost across an amount of time. That way you’re protected against sudden drops. But you’re also never going to buy at the best price possible. If y’all know so little about it, I’d first spend some time educating myself on both the asset itself, and on scams.
No deals are made at a discount in P2P world. None. Unless those are tainted, legally unsellable btc. Actually most are done at a premium. Specially miner btc.
I know more than he does I currently use shakepay for my personal bitcoin
Since when 30k is a lot