Complete Newbie but Ready to Learn

Bitcoin Questions and AnswersCategory: General questionsComplete Newbie but Ready to Learn
Jason Herald asked 3 months ago

Hey guys, as the title says, I’m a complete newbie when it comes to bitcoin. But I’ve recently been doing a ton of research on it and, while there is certainly a significant amount of risk involved with it, it seems like one of those things that you’d definitely want to get in on the ground floor of.

Like I said, I’ve been doing tons of research, and I’m getting a bit of information overload. I’m seeing all these different types of wallets, exchanges, etc.
The primary reason I was initially attracted to bitcoin was because of it’s use as an investment (long-term, to be clear). I’m looking at it as more of like a buy and hold kind of thing, and eventually sell when (and if) the price soars the way it’s projected to in the coming years.
So, from what I’ve read, it seems like Coinbase, despite the many complaints and whatnot, is the easiest and most simple way to get started with buying bitcoin.
But obviously security is an issue. Would you guys recommend using Coinbase as an exchange and storing my bitcoin on a Trezor?
In addition, would you guys mind clarifying exactly how I can use bitcoin? Like I said, I would like to simply consistently buy more and more, and just hold it.
Let’s say a year from now I want to sell it and cash out, a) how can I check the value of my bitcoin in comparison to how much it was worth when I first bought it (in other words, how much I have made) b) how would I sell it?
I know this is a lot, but I just want to get all the right information before I go ahead and jump into it.
Thanks so much in advance.

1 Answers
Zsofia Elek answered 3 months ago

Hi Jason,
welcome to the cryptocurrency community. Our site has the answers to your questions, I suggest reading these articles that should be useful for you.
Indeed Coinbase is simple way to buy Bitcoins but it is not a safe solution to store Bitcoins on exchanges. Using a hardware wallet, like Trezor is definitely a good choice to increase safety. The value of Bitcoin changes according to the supply and demand on the market, we have a price display on the top of the site which you can check. Or you can go to the site where you have purchased Bitcoin and check the current price there. You can also sell Bitcoins in a similar manner like buying at the same exchange. You can read more about how to use Bitcoin in this article
 

Your Answer
20 + 4 =