Post
Topic
Board Trading Discussion
Topic OP
Should I use a 'middleman' or a currency exchange?
by
fajrero
on 29/05/2017, 11:39:58 UTC
Hello,

For years I have been curious about Bitcoin. Though, I never did anything to satisfy that curiosity... until yesterday!

So far, I have read three and a half books (currently in the middle of 'Bitcoin Beginner' by Sam Patterson) and have decided that Bitcoin is something I would love to get involved with.

While I feel I have a more than necessary theoretical understanding of Bitcoin and how the system "works," as someone who simply wants to use BTC as an investment tool (while of course spending a bit (no pun intended) every now and then as well), I find that when it comes to actually purchasing BTC and managing it, I am quite overwhelmed.

I have decided that I would like to make an initial purchase of one BTC. According to one book I read ('Bitcoin for the Befuddled' by Conrad Sparski (which I found extremely informative and easy to read)), there are basically three ways to buy BTC; person-to-person (which is basically not an option for me), through a 'middleman' like Coinbase, or via a currency exchange.

Buying through a currency exchange seems like the better option to me, because it is cheaper. However, using Coinbase (for instance) provides ease and convenience for a newbie like myself.

While the higher fee isn't exactly a plus, it is something I don't mind paying, given the service that is provided. However, after having read a few books and some of the threads on this board, I also feel that I would like to hold a vast majority (90% or so) of my BTC in an offline wallet.

If I were to buy BTC using Coinbase, how simple would it be to move some percentage of it into an offline wallet?

And since I don't plan on executing a particularly large number of transactions, is using Coinbase (or some other middleman) worth it? Would it be better for me to simply go through a currency exchange?

Thank you for any helpful information/advice,

-Faj

Also, I apologize if my use of the BTC symbol is inappropriate (or annoying). I know there is a difference in meaning between 'Bitcoin' and 'bitcoin,' and I wasn't sure which would be appropriate in the above sentences.