Bitcoin Forum

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 I’m at the point where I have enough confidence in the architecture that I’m ready to get in.

I will present my plan and all I’m asking for is for more knowledgeable people to turn on the red light if I’m 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.

sounds like a good plan. Do that.
Just be aware from where you are buying bitcoins.
And instead of coinbase, pick blockchain wallet for daily use - i trust blockchain, recommended

Have you considered to buy a Ledger Nano S? It seems to be cheaper and slightly better. Follow this link and see yourself https://99bitcoins.com/winners2017-best-bitcoin-hardware-wallet/ (https://99bitcoins.com/winners2017-best-bitcoin-hardware-wallet/)

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  :)

I'm curious about your reasoning for using Coinbase to hold bitcoins. I store my bitcoins for spending in an Airbitz wallet on my phone.

Yeah, I'm not so high on Coinbase either.

Also, is there a reason you'd do 1 BTC increments at a time? Granted, the more transfers you do, the more fees you'll incur, but you might consider 0.50 or even 0.25 at a time.

Great plan, but you need to go in reverse order. You can't actually buy Bitcoin through trezor (unless you're using another crypto currency). I'll assume you're buying with fiat currency (dollar, yen, etc.) since you're new to this.

So, you'll need to...

First, buy bitcoin with fiat currency using Coinbase (or another exchange).

Next, transfer 10 bitcoin (as you have planned) to your Trezor wallet.

Using Coinbase is fine for daily spending, however you could consider an exchange that also offers a debit card (Bitpay? Wirex? here's a link to a few options: https://www.weusecoins.com/bitcoin-debit-cards/ (https://www.weusecoins.com/bitcoin-debit-cards/)). Having a debit card allows you to use Bitcoin with merchants that don't accept Bitcoin. The debit card exchanges your Bitcoin for the local currency.

Finally, consider buying some Litecoin too! Much lower cost and getting a lot of attention right now.

So I went to the blockchainifo page and started, got me a wallet.  Now I would like to buy 2 bitcoins. Keep 1 at blockchaininfo and send the other to a hardware wallet.

I login and it shows I have nothing as expected.   I then see a link to send, receiver.  But first I want to buy 2 bitcoins.  I clicked on a tab to buy.  Next thing I know I get sent to another external site CEX.IO? Another link, click here to get stared.  I was expecting to add a bank account at blockchaininfo so I could bank transfer funds.  NO need to pay credit card fees.   

Every time I want to do or learn something about this process, I keep going from site to site to site etc and never seem to get anywhere.   There is something about this I'm not syncing up to.

Do I want to proceed with CEX.IO?  If I transfer funds to them and buy 2 bitcoins will they then show up in my blockchaininfo wallet?  Is there a 1 stop for all this?  Do I need 3 accounts, 1 to buy, a second wallet to exchange and the third being a save off-line hardware wallet.

It's looking like perhaps I have not learned enough yet to make my first purchase.

I think you have put good thought into your plan. Good luck with it. Putting your coin on a paper wallet or Hardware wallet offline is always a good idea. Not sure if you want to use Coinbase all the time as they have high fees.

YES I WAS READY ... lol i got the chance to bought some bitcoin at 3800 USD and now ill just wait for some days to pump it well as of now i am gaining  its almost 4k USD and i am pretty sure to pump it more .. well ii am on auto sell at 4300 then auto ill set it on auto buy at 4000 USD then auto sell at 4600 ..
china was a big impact on this slide and i know now it will pump high as the Russians are working so nice with this !! i hope i am in a right path though i invested 10k USD at  HEMP coin and auto sell it  at 750 so i earn more than triple already :)

bitcoin is so risky coin and price is changes every seconds  so read not only need you need to take risk with extra money only

very much in the ballpark. way to be proactive

You have very well thought out and detailed your plan, but first you buy fiat using one of the known exchanges, and then move to Tresor, the purse of daily expenses.

I am always ready to buy bitcoin. Except when i'm not...

Security is very important so using something like a Trezor or Nano Ledger S is very valuable.

You want to diversify and invest in more than 1 coin

If you want to start your adventure with bitcoins you can not be afraid. Do not put money into it. See how it looks. With time, you will feel more confident in this topic and you will be able to handle it. Do not give up too fast because you will not achieve anything.