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How To Buy Bitcoin In 2020 (& Store It Safely)

A lot of people are interested in buying Bitcoin or other cryptocurrencies as an investment. Unfortunately, it is not as easy as going out and buying a stock. Most experts recommend buying Bitcoin and then storing it safely offline in a hardware wallet. I will show you exactly how to do that!

$10 FREE Bitcoin (Coinbase):
Best Bitcoin Book (The Bitcoin Standard):
Hardware Wallet (Ledger Nano S):

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DISCLAIMER: Ryan Scribner, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Ryan Scribner’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.

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Ledger Nano X - The secure hardware wallet

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  1. But how do you take profit? do you have to send it back to coinbase from your wallet and than transfer that back to your bank account in USD?

  2. Cryptocurrency manages to take the worst aspects of a commodity and the worst aspects of a currency and combine them together. It is an intangible asset that has no practical use outside of use as a currency. This would be fine except it also happens to be completely useless as a currency because people are disincentivized to exchange it for it for goods and services. People are charged fees to acquire it, fees to store it, fees to exchange it back to cash, the value of it fluctuates wildly (not a good store of value) and if they ever decide to try to exchange it for goods and services (good luck finding anyone that will accept it) then they risk losing potential appreciation. For these reasons, cryptocurrency fails as a currency and it fails as a commodity. It is intrinsically worthless and almost everyone buying it is just hoping to sell it to the next biggest fool. Nobody in this comment section is buying bitcoin because they have found it to be a more efficient transaction when purchasing their groceries.

  3. The thing about bitcoin to me as investment is that once you add the fees it can really eat into your profits. I know you addressed it in your video and thank your your transparency but imo not worth it unless you speculate it is near the bottom or close to it and buy in to sell out on huge spikes. Not a long for me so i will pass. T Y for video.

  4. It looks like Bitcoin is getting more attention these days. Ryan, you made good value increase! To buy or not to buy it is a question. 🙂

  5. I am very new to all this but I read online as I was doing research on Bitcoin when it started out years ago 1Bitcoin was worth $0.003 cents , today that same Bitcoin is worth $13k!

  6. sorry for the length….TLDR is RobinHood isn't bad for bitcoin
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    This is a good video for those people who think bitcoin is the future…..but as I have told many people, bitcoin is not the future, it cannot be the future, it is unsustainable and suffers from many flaws. With that in mind, you should see it like any other forex ticket that doesn't pay any interest…..buy low, sell high, literally that's it. With that, there is nothing inherently wrong with using RobinHood to do it, you get to trade at 0% fees and 0% transaction loss…..if you do coinbase, they take 1.5% fee for the trade as a maker OR taker now (which they use to do 0% as a maker, and I was making a killing at 0.1% per day returns….yep, that is 44% apr)….but there's more. You have a loss rate associated with "cashing out" your coin, a loss rate in the transfer of the coin, a loss rate when putting it back, and yet another 1.5% to trade it back in currency if you do decide to go that route. This adds up to easily 5% loss on the coin, and that is NOT tax exempt, so if you were to do best case of capital gains of 15%, this is a loss factor break even of 5.88% above purchase.
    You also have to take into consideration the time….to move bitcoin around takes time, and some places require 4 or even up to 10 blocks before your coin is accepted (1 hour to 2.5 hours), and price can move very fast. RobinHood, however, again, is 0% and keeps track of your cost basis for you. Yes, you aren't actually buying and selling coins, but why should that matter? When you buy and sell futures contract on corn, you're not actually buying and selling the corn itself…..it's an asset derived from the action, it still gives the same price.
    Maybe I'm wrong, maybe RobinHood will use the crypto as some sort of false operation to steal all of our money because it "isn't insured"…..but how would that look to their customer base on the accounts that ARE insured? Seems to me that if they mess this up, they will lose far more money than they would if they just kept things straight. Plus, this is a "yet" scenario, RobinHood has plans on having a "vault" of coins similar to how banks keeps cash, and only move them in and out of the market to "clear their sheets" at end-of-quarters…..whether us as clients would be able to transfer the coins to and from our own wallets is unknown, but the very fact that they would hold a vault means they are backing their trades with the asset they claim it is, which is a positive.
    For me, since end of November 2019, I have made over 700 individual trades of bitcoin…..and with FIFO cost basis, the government thinks I've lost money, but my cost basis has reduced by 19.49% so far, while my inventory has increased by 13.08%….which is practically 0.1038% per day (46% apr). It's a no brainer strategy, I buy X coins at every incremental level down, and then I figure out the price I need to set for the sale to give me the 1% more cash back on the sale under X coins (all done by spreadsheet)…..and when the sale goes through, I then flip the trade to figure out what price I set to pay 0.5% less cash to buy over X coins back. Bitcoin is so volatile that I could blow through 5 or 6 trades a day, I used to do this stuff with the WoW auction house and Eve:Online…..I was doing it with forex and gaining interest on the swaps on wednesday, but TDA decided to get rid of the micros and I'm not leveraging thousands of dollars for scalps.
    To be honest, I do the same trades with stocks too on RobinHood…..set my buys low, then resell them immediately limit higher based on the range of the stock expected. I use M1 for my buy-and-hold strategies for a steady 5%ish returns on dividends.

  7. Great video Ry. In connection with Robinhood. Are those investments via ETF vehicles or funds such as QBTC? It's a fund with exposure as an alternative to direct investing. Le me know! Thanks bud

  8. For some reason this video confused me so do most people buy bitcoin to buy goods or do people use bitcoin as an asset to grow their wealth.

    I'm not buying bitcoin until most retailers start accepting it

  9. It's usually recommended to avoid third parties and purchase a hard wallet directly from the manufacturer to prevent any possible tampering that could compromise the security of the device.

  10. Dont buy a used hardware wallet. If you get a Ledger nano s(or x), you need to buy it straight from Ledgers website. It only took 3 days to get to me, which was impressive because they are a company in France. Anyway, only buy from the manufacturer! If you really believe in crypto, you are probably holding a long 5 to 10 year position. If you aren't actively day trading, you NEED a hardware wallet. Great video man, really helps the layman get into it. There is some technical jargon and learning curve to crypto, but it's really not overcomplicated, just a system that takes some practice before it becoming second nature.

  11. It's very easy to buy cryptocurrencies. The best way is just hold the most ones with most performance. Bitcoin,dash, ethereum,chainlink. Buy and keep for 10 years.
    Bitcoin will rise end of 2021,bear 2 years, rise 2 years again. It's bitcoin cycle. Dash and eth are close of comportement. Hold.
    Chainlink gain 300%/years.
    Check Trading shot for bitcoin prediction graph. It's time to buy bitcoin, sell it end of 2021. Buy again 2 years later 2024. Sell 2026. From 2020 to end of 2021 bitcoin will get ×10. 70k $ etc.

  12. Hi Ryan. With stocks it’s highly recommended to dollar cost average into the market (especially using free trading platforms). Do you recommend the same tactic when purchasing crypto currencies?…even when considering you pay a fee each time.

  13. The truth is that bitcoin is the hottest trading market right now, hotter than stock trading, oil trading, gold trading, and any other market at this point. You can still make so much money despite the current fall in bitcoin. For me, I knew the price will run up more, then bleed off and go lower than current lows. Then as it goes higher, It's more like a time pattern, so I am sure that bitcoin will rise, for now, all we need to do is invest what we’re Hodling and make more profit, So we don’t feel the loss in fall of price when it happens again. My BTC keeps increasing from 1BTC TO 3BTC monthly because I have been using trade strategy and tips provided by Mr. James Thoman. I would have a very good amount of BTC even if we go bearish, my profit margin would still provide me much coverage and a lot of return on investment still. Y'all can feel free to get in contact with him on telegram @ Jamesthoman for inquires into a profitable system.

  14. Ryan, quick fact: Your bitcoin address is NOT anonymous it can be easily traced to an individual, unless you are generating new wallet address every purchase.

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