I have been reading and studying for months now trying to learn what I need to be an educated bitcoin user who knows the risk reward. I think Im at the point where I have enough confidence in the architecture that Im ready to get in.
I will present my plan and all Im asking for is for more knowledgeable people to turn on the red light if Im going into water which is too deep. If people tell me to hold off, I can keep digging to come up with a better plan. Here is what I would like to do.
I would like to get a Trezor hardware wallet, purchase 10 bit coins and place the keys on it. Back it up so my keys are safe.
Next, use the Coinbase exchange or some other well known trusted exchange to hold 1 bit coin for day to day use or with a wallet on my smart phone. If I transfer this to another user, I can then move another bitcoin from my TREZOR wallet to Coinbase.
Am I in the ball park or does my plan need more work? If it seems reasonable, then I can dig into the mechanics of doing this.
I will present my plan and all Im asking for is for more knowledgeable people to turn on the red light if Im going into water which is too deep. If people tell me to hold off, I can keep digging to come up with a better plan. Here is what I would like to do.
I would like to get a Trezor hardware wallet, purchase 10 bit coins and place the keys on it. Back it up so my keys are safe.
Next, use the Coinbase exchange or some other well known trusted exchange to hold 1 bit coin for day to day use or with a wallet on my smart phone. If I transfer this to another user, I can then move another bitcoin from my TREZOR wallet to Coinbase.
Am I in the ball park or does my plan need more work? If it seems reasonable, then I can dig into the mechanics of doing this.
Well first off kudos to you for having the patience to wait on getting some skin in the game. When I personally learned about bitcoin and cryptos it took me about a week to get money
online and the rest is history haha. Secondly, your plan is well thought out and detailed which is very necessary in the land of cryptos. That being said I also personally would not use
coinbase as I think their fees are unjustified. Use a international friendly exchange like Bitstamp, or Kraken. And last of all but not least, welcome to the club! Let the fun begin
