About to buy my 1st Bitcoin

[joe101]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

[redsn0w]

It's your 'money' and you can do whatever you want... why are you asking here what should you do with your BTC?

[FruitsBasket]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.




What is everyone's advice?   

Download a bitcoin wallet and transfer it to that wallet, also print out the private key of that address(do not share your private key).
If your computer crashes and u have your private key, u will be able to get your coins back

Also backup your wallet.dat and your private key on a usb stick. So u safe

[MissionPhailed]

Safest way is to preserve your Bitcoin offline, with password. Don't lose your password, it would really ruin your day  

I wouldn't engage in activities like gambling and trading yet if I were you. The first method can wipe out your Bitcoin in a matter of seconds, the second requires experience, knowledge and a bit of luck also. You could scout the Service section of this forum and see if you can increase your amount of crypto by paid work/tasks.

[ajareselde]

I wouldn't say it's unsafe, but i would still advise you to transfer it away from exchange account, especially since you plan to hold it for that long.
First you have to make sure your system is clean, and then take a look at available clients https://en.bitcoin.it/wiki/Clients
I would recommend that you make a paper wallet and place it on a safe place, in my mind it's still the safest thing to do.
Congrats on getting your first bitcoin.

[niallo27]

Get an electrum wallet, i used it for the first time few days ago and its easy set up and easy to transfer funds.

[notaek]

First of all it's not a good time to buy Bitcoins at a higher rate ($400) but it's alright since you've already bought it.

So my question is:   Once i buy my first bitcoin, what exactly do i do with it? Do i leave it in my coinbase account?  Is it safe there? Or do i transfer it to my desktop computer?

Well, as of now you can pretty much leave it there or if you are paranoid enough, then you may store it in Coinbase's vault which is much safer than your primary wallet due to activation of several authentications. (Email, 2FA etc.)

I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,    

Then I would advice you to buy a Ledger Wallet which is the most secure way to hold Bitcoins. You can have a look into their setup videos in order to know more about it and how secure it is.

And if you really want to store it somewhere safe and don't want to touch it, then you may buy one of these physical coins, print out a private key from your offline computer and preserve it under the coin with a tamper-evident hologram sticker. You can contact Mitchełł and buy one of these coins from him.

Hope this helps you out.

[RodeoX]

You are asking the right questions.

Choosing the right wallet is an important decision. With most of the options you are trading between convenience and security. The safest way is to download the whole blockchain and run a full wallet like bitcoin core. Then do an offline transfer to a cold paper wallet. But is that overkill for $400? It would mean constantly syncing the wallet and it would be a bit of a hassle to spend.
For a spending wallet I like to use my smartphone and I keep no more than the value of the phone on it. It is less secure, but super easy to spend. Just scan the QR code and hit send! For any wallet the key concept is WHO HAS ACCESS TO THE PRIVATE KEYS?. It could be shared, or out of your control, or totally under your control. If you do not have control of the private keys then you do not have bitcoin. Make sure you have this with your wallet choice (IMO).

As far as what to do with bitcoin... For me it is the ONLY money I now use online. I can find almost anything for sale in BTC. For the rest I use the Gyft app and just quickly buy a gift code. You might be surprised how many places now take them.

[Moneyburner]

Congrats. I started recently too, same thing with coinbase (i found it simpliest). I use electrum wallet and the coinbase vault. I try to avoid keeping to much in the vault tho.

I've tried a few things and noted the following...

-Don't gamble unless you are ready to lose it. I did this for a few weeks and thought everything was going good and within 1 minute poof... all gone.
-Investing you have to know what your doing. I bought a few random alt coins just to see if I got lucky and lost money.
-I've done lending as well, and while the return is not great it's enough to be worth doing and you just have to split it around a few sites.

I use poloniex & btcpop.co

[takingthis4]

congratulations about buying it i did that too a few weeks ago and everything went smoothly

[franky1]

because you want to hold for 5-10 years. i would suggest downloading a bitcoin wallet to your computer. make a bitcoin address in the program and send the funds to that address from coinbase.

for just holding 1btc. i dont see any big need for you to run the full bitcoin-core.

but i would suggest you learn what a 'privkey' is, and use a bitcoin wallet that allows you to BACKUP and store that in different locations where you can find them in 10 years. that way if your computer fails(usually happens after a few years) you have the privkey elsewhere.

the reason (which explains privkeys)

is to think of the privkey as the password to control bitcoins transactions of the address..

leaving funds in coinbase means its their privkey, under their control which you dont have access/control to their privkey. you only have a separate database balance saved solely on their website (imagine it like credit/IOU) which ethically they are suppose to give you their bitcoin when you withdraw. but no one can be sure if they remain ethical to honour their balances on their database long term.

so again unless the funds are moved to a address where you have full access to the private key, there are long term risks in trusting third parties to honour their balances of customers.

im sure others will guide you further

[wadii33]

for your situation you should download a bitcoin wallet and transferred in your new Bitcoin adress

[calkob]

It's your 'money' and you can do whatever you want... why are you asking here what should you do with your BTC?

untill its in a wallet over which the op controls the private keys it is not his money.  if someone else has your private key its not your bitcoin.

my advise is research paper wallets and then movr your coin to that address.  its free and only you control it.

[BestWebCreator]

Don't keep your bitcoin on any online site, just hold them in your wallet on your computer. Backup the privatekey and the wallet file on your mail or somewhere safe.

[Jeremycoin]

Once i buy my first bitcoin, what exactly do i do with it?

Well you can spend it to whatever you want, or you can just store it 'til the price increase

Do i leave it in my coinbase account?  Is it safe there?
Or do i transfer it to my desktop computer?

Yeah, I think you have to send them to your desktop computer wallet. It's just like when you withdraw cash from a bank to your wallet.
And if you want to be more safer, you can try Armory. Or if you do not plan to send the Bitcoin often, you can try Paper Wallet.

[tommorisonwebdesign]

OP is an obvious total n00b to Bitcoin. Here are my suggestions: transfer your Bitcoins to a Bitcoin Core wallet. Don't trust Coinbase with your coins. You could easily loose your money to a hacker. Follow the speculation section of this forum. You would learn a lot o when and when not to trade Bitcoin to your local fiat currency. Bitcoin is still under development and is a big investment. I think it will be worth a lot in a few years. I may nor know when, but I do no it is a worthwhile investment.

[calkob]

You are asking the right questions.
 The safest way is to download the whole blockchain and run a full wallet like bitcoin core. Then do an offline transfer to a cold paper wallet.

Why would you bother downloading the whole blockchain to your computer (50GB) to then send your BTC to a paper wallet, what an absolute waste of time and computer resource........

if i you wana be super secure then do this

1. scan your computer for virus and malware
2. then go to www.bitaddress.org, once there disconnect your computer from the internet.  then generate a new wallet this website has been around for years and is well trusted among the bitcoin community and it works client side and offline.
3.  save a screen shot of the new address and private key onto a new USB and print a copy onto paper.  store both in different secure locations.  

now you have one of if not thee most secure bitcoin locations.  and it cost nothing (well mybe a bit of ink and a piece of paper and a couple quid for the smallest usb)
dont waste money on a hardwear wallet which can cost $100's id rather spend that money on more bitcoin.

for day to day use just use a mobile app like bread wallet or blockchain.info app.  only store in it as much as you are comfortable with in a cash wallet.  with these apps even if you lose the mobile device you can still get your bitcoins again.

hope this helps

[Dissonance]

Leaving 1btc in your coinbase is probabaly safer then attempting to store it on a wallet on your home computer unless your an advanced user.  Just a warning if you plan on gambling with it then be sure to transfer it to another wallet first.

[unholycactus]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

[HarryKPeters]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Yes and don't forget to encrypt your wallet with a strong password (a 25 digits hash will do). After that save the wallet.dat offline and offcourse dont, and i mean don't save your encrypted key on the same pc/device.

[Dissonance]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Guys is alot safer for a new user to leave it on coinbase then expect him to download the blockchain himself , secure it himself and backup his private keys himself. Unless OP is an IT guy (I don't know if he is) Coinbase is going to do a better job in the security department.  Coinbase is about as secure as it gets when it comes to free online hosting.  OP make sure you enable 2 factor authentication and you'll be fine.

[Wapinter]

Keeping just 1 btc and spending rest doesn't sound a good idea to me.If I were you I would have placed all my bitcoins in my wallet as prescribed here my other members and wait for at least 10 years to grow them in value.That,to me,is the best option if you have some bitcoins

[Blue_Tiger73]

You should definitely download a Bitcoin wallet. A online wallet is definitely more convenient, but much less safe. Make sure you don't lose your password or you will hate yourself. I would also invest in more than just 1 Bitcoin, but really, it is up to you what you want to do.

[calkob]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Guys is alot safer for a new user to leave it on coinbase then expect him to download the blockchain himself , secure it himself and backup his private keys himself.

Totally agree with the comment on downloading the entire blockchain, for a noob that is just stupid advise.  However not so sure on leaving it with coinbase.  If he has came this far to have actually purchased BTC  then he should really learn the fundementals on basic security and that is "if you dont hold the private keys you dont own the bitcoin" 

lets face it coinbase is like a bank what you see on the screen when logged in is an IOU.  Now i am sure that the guys at coinbase have the best intentions but like banks when they are given to much control sometimes things get bad, as we all have seen over the last few years with the banks.

A simple paper wallet as i have already said would sufice and he can even stick a password on it if he wants, and its completly offline unhackable.

 

[Snorek]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Guys is alot safer for a new user to leave it on coinbase then expect him to download the blockchain himself , secure it himself and backup his private keys himself. Unless OP is an IT guy (I don't know if he is) Coinbase is going to do a better job in the security department.  Coinbase is about as secure as it gets when it comes to free online hosting.  OP make sure you enable 2 factor authentication and you'll be fine.

I concur. Keeping 1 Bitcoin in online wallet is ok for a total newbie like Op. He will learn over time about better option for storing his bitcoins. But I don't think you need to have IT background to be able to understand basics of bitcoin storage. Software wallets are pretty easy to use even without technical knowledge. You can copy your your wallet data with no problems with any of them.

[Invulner]

Good luck on your purchase.... Do whatever you want with it. Buy something. Don't gamble it away on useless dice sites.

[yenxz]

Coinbase is safe,you can put your bitcoin there, and if you want try your first trade,just wait for bitcoin price higher than you buy first,and then sell your bitcoin,or you can use it for any payment.

[icezer0z]

Safest thing to do with a bitcoin, especially if you are keeping 1BTC for 5-10yrs, is cold storage.

Like I said, its the safest thing to do IF you can actually put your cold storage (piece of paper with a QR code and BTC address on it, backed by encryption (password)) somewhere safe.

EX:
> Safe at home
> Bank, Safety Deposit Box

This will allow no security threats via WAN or internet.

Coinbase is secure but for the user , YOU, it can become 'hacked' at any given time and you can lose your BTC. It has not happened yet and I hope to God that it does not.  Just to make you aware it can happen.

Another easier method would to be putting your BTC on a local machine at home or on your phone.  That can be done by downloading a wallet and making an encrypted backup and uploading the backup to a Flash Drive, Cloud (can become compromised), Printout of QR Code.

MAKE BACKUPS!! Cannot stress this enough!

Hope this helps

[cryptoclone.com]

Learn about bitcoin/altcoin trading as well as arbitrage trading, there are many useful tools out there that will allow you to make a lot of profit by these methods, and before you know it you will have 10 bitcoins instead of only 1!

[Altynbekova]

Learn about bitcoin/altcoin trading as well as arbitrage trading, there are many useful tools out there that will allow you to make a lot of profit by these methods, and before you know it you will have 10 bitcoins instead of only 1!

Yeah very true if I was you I will do this what cryptoclone.com said.

Or research more about bitcoin the use with it. 

1 bitcoin is good to have, but having more is better so just learn how to trade and that stuff so that you will get more bitcoins.

[bitlancr]

Really depending on if you're going to spend it by trading or buying altcoins or not, if not then best things you can do is safe it on a desktop wallet.

If you're going to use your bitcoin then you could just leave it in your coinbase wallet. I wouldn't leave it there if you're just going to let it sit there.

And yes like everyone said here, make back ups of everything, your private keys.

[ranochigo]

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Guys is alot safer for a new user to leave it on coinbase then expect him to download the blockchain himself , secure it himself and backup his private keys himself.

Coinbase only covers insurance IF they are at fault, eg. inside hack. It would be impossible for them to cover if the computer have malware and the account gets compromised. SPV wallets are secure enough for most people, Bitcoin Core does not offer significant advantage if you are not going to process hundreds of payments daily or use the RPC.

It is easy for anyone to backup their private keys or when using HD wallets, a seed. It can easily be restored in case of a hard drive failure.

[LuckyYOU]

It honestly depends on what YOU want to do with it.

If you're going to spend a certain amount, you can place the rest that you're not going to use in your offline wallet.

If you're going to save it up then it's best to put it all in an offline wallet.

[MaxTax]

So my question is:   Once i buy my first bitcoin, what exactly do i do with it?

Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

For the amount that you're not going to spend it's best to place that in an offline wallet

The rest you could keep in your online wallet. Make sure to make backups of your private keys

[yoona]

Here we go, first impression to know bitcoin and they don't know what to do. Its often happened, confuse what should i do with this coin etc etc some people know bitcoin as investment plan only. Do your own research about bitcoin and decide what have to do.

[Sir_lagsalot]

Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees

I never keep over a bitcoin in my coinbase account, let me tell you that.

[1Referee]

Whatever exchange you use, and no matter how trusted it is. Never leave any of your coins in your exchange account, unless you are actively trading. If you're not trading, then send it to your offline wallet, and securely store the wallet file in a USB stick. You can even encrypt the wallet file before saving to your USB stick, if you so wish.

[Amph]

Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees

I never keep over a bitcoin in my coinbase account, let me tell you that.

AFAIk coinbase is safe enough as an exchange, because they have insurance that cover your funds, not like other exchange, and they are directly regulated with IRS

so if you really want to store online, they should be your first choose, betetr than blockchain.info for sure

[Bitcoin Market]

It is better not to leave it in the exchange if you do not want to trade bitcoin. Trading is not for most people, especially it is your fist bitcoin.

[RobinHoodster]

Oh wow you have money that is good that you are buying bitcoins now.

I can afford it for know so I am just gona wait that the price will go down.

[agustina2]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

You can stored it in Coinbase. Well no harm if you trust that exchange. If you will circulate it much better if it's on that wallet rather than in a offline wallet to prevent hassle. They will not run your 400usd amount of bitcoin as it's only 1% of their entire income lol.

Good thing your country is supported by Coinbase. I like to do buy/sell in coinbase as it have better rates than my usual exchange site but unfortunately our country is not in the list of supported countries.

[USB-S]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?    

You can stored it in Coinbase. Well no harm if you trust that exchange. If you will circulate it much better if it's on that wallet rather than in a offline wallet to prevent hassle. They will not run your 400usd amount of bitcoin as it's only 1% of their entire income lol.

Good thing your country is supported by Coinbase. I like to do buy/sell in coinbase as it have better rates than my usual exchange site but unfortunately our country is not in the list of supported countries.

Where do you live? Does you perhaps have a bitcoin atm near you? Maybe some other exchange?

However congratulations op for joining the club. I wish you a long hold with many profits.
Just to be safe you I would store that bitcoin in a cold wallet.

[Altcoinmoney]

Sounds good, I would advise to get as much bitcoins as you can and the bitcoins you don't use, keep them safe in an offline wallet

Make sure to make back ups as well

[Mickeyb]

Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees

I never keep over a bitcoin in my coinbase account, let me tell you that.

AFAIk coinbase is safe enough as an exchange, because they have insurance that cover your funds, not like other exchange, and they are directly regulated with IRS

so if you really want to store online, they should be your first choose, betetr than blockchain.info for sure

For an online wallet like Coinbase, up to 1 BTCs would be a maximum that I would store in it. 1 bitcoin is not that much of money and for some non-technical people it's much easier to just leave it in Coinbase than to go through all the trouble of learning and setting up their own wallet.

As long as you don't send your funds to the online gambling sites, etc, Coinbase is good enough I guess up to 1 BTCs.

[DashCoinDark]

Nice that you are buying your the first time 1 bit[Suspicious link removed]d luck having it.

If you are planning to purchase something, becareful with scams.

[agustina2]

Where do you live? Does you perhaps have a bitcoin atm near you? Maybe some other exchange?

However congratulations op for joining the club. I wish you a long hold with many profits.
Just to be safe you I would store that bitcoin in a cold wallet.

There's an other exchange here but I want to try the Coinbase system as I see it has better rates. So the process will be Coinbase Exchange then Cash it out to our local exchange.

For an online wallet like Coinbase, up to 1 BTCs would be a maximum that I would store in it. 1 bitcoin is not that much of money and for some non-technical people it's much easier to just leave it in Coinbase than to go through all the trouble of learning and setting up their own wallet.

As long as you don't send your funds to the online gambling sites, etc, Coinbase is good enough I guess up to 1 BTCs.

There you go. Some are just overacting that even a 1000 satoshis are required to store in an offline wallet. Its fine for holding job but for circulating much better to use online wallet.

[Mickeyb]

Where do you live? Does you perhaps have a bitcoin atm near you? Maybe some other exchange?

However congratulations op for joining the club. I wish you a long hold with many profits.
Just to be safe you I would store that bitcoin in a cold wallet.

There's an other exchange here but I want to try the Coinbase system as I see it has better rates. So the process will be Coinbase Exchange then Cash it out to our local exchange.

For an online wallet like Coinbase, up to 1 BTCs would be a maximum that I would store in it. 1 bitcoin is not that much of money and for some non-technical people it's much easier to just leave it in Coinbase than to go through all the trouble of learning and setting up their own wallet.

As long as you don't send your funds to the online gambling sites, etc, Coinbase is good enough I guess up to 1 BTCs.

There you go. Some are just overacting that even a 1000 satoshis are required to store in an offline wallet. Its fine for holding job but for circulating much better to use online wallet.

Honestly I was one of those, but lately I came to realize that for some people especially that really not so tech savvy, holding little sums in one of those online wallets shouldn't be the end of the world. Learning how to secure other wallet for a computer illiterate person is more hassle than just trusting a Coinbase.

After all, you are risking about $350 if you store 1 btc in Coinbase. I carry very, often more in my wallet and this is much riskier than to store up to 1 btc in Coinbase.

[richardsNY]

Here we go, first impression to know bitcoin and they don't know what to do. Its often happened, confuse what should i do with this coin etc etc some people know bitcoin as investment plan only. Do your own research about bitcoin and decide what have to do.

There are a lot people in this world. And all of them are different. One is reading and learning a lot about Bitcoin before actually purchasing their first bits. And the other is buying now and is later figuring out what to do with them. Everything around Bitcoin can be found on the net. It just requires simple searching terms to find the information you are looking for.

[adicted]

Congratulations and welcome to the bitcoin world. If you are planning to hold bitcoins for a long time, I highly suggest that you should not store it on an online or web based wallet 'cause of the risks. There are no guarantees that a certain web based site will stay for years, and if they're gone, your coins will be gone along with them. A desktop wallet will be good, a hardware wallet will be better.

[Laila10]

My suggestion is find any offline bitcoin wallet then backup the wallet.dat whatever you place it's.. I think it's more safer than any other online wallet..

[Dissonance]

Honestly this is why bitcoin needs a steve jobs.  Someone who can reign in the nerds and help take a new tech in a more user friendly direction.  Bitcoin isn't going mainstream until its as easy to use as a gmail account.  Steve understood that about tech, it has to work like an appliance.  If users have to configure anything or download a 50GB file its not catching on.

[AncilVTwo]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

if you have stuff like 2fa enabled on your coinbase account and feel very secure with it. storing it on their wallet is fine. but if u plan for leaving it for 5-10 years go witha  paper wallet just to be safe.

[CryptoBjorn]

Lucky you that you can afford it, that is funny "I upload 400 dollar in my account".

Upload for me is some files uploading.

But have fun with your first bitcoin.

[tiggytomb]

I think Coinbase is probably your best option for now as you have just joined the bitcoin arena but make sure you turn on the 2FA on your Coinbase account. 

Once you spend a bit of time on the forum and learn a bit more about the different options available to you you may decide to invest some of your bitcoin in which case it will be there instantly available in Coinbase for you to transfer.

If you do somehow come into a lot of bitcoin try not to keep it all in the one place especially not on an exchange such as bitcoin, if you do have a lot in the future it will be definitely worth you looking into offline / cold storage for long term holding.

[Newcoins2020]

Lucky you that you can afford it, that is funny "I upload 400 dollar in my account".

Upload for me is some files uploading.

But have fun with your first bitcoin.

Hahaha, I know right

If only it was that easy for all of us, we could all just upload whatever we own and buy bitcoins

[ShrykeZ]

I would now personally store it on a paper wallet unless you have plans to use it now for exploring the bitcoin world.

[randy8777]

that's nice. keep them secure offline and start reading properly about everything. that's the best possible way of learning everything. if you see the high potential of bitcoin, you won't even think about investing it in anything. you just want to hold it

[traderbit]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

[kyrios_]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

Why transfer to a wallet desktop? isn't coinbase pretty safe

[Patatas]

Don't leave it there .It might be rusty and die .Rather send it to my account ,I will actually use to gamble and then lose and then tag you in the thread hers whinning avout it .jokes only . I will double it for you on some fake ponzi or hyip .Deal ? No ? Better then have it rusting in its place !!

[BellaBitBit]

Congratulations.  I have had no issues with Coinbase and i felt comfortable making my first purchase through them.

[Bit_Happy]

Start day trading alt coins tonight, and you will make 4x your money within a week or two! 
Seriously: With some experience and luck, you really can make good money... Be careful.

[Ryananda]

Save in the long term in coinbase or so I feel less secure.
Because I was afraid my account in coinbase hacked by the irresponsible and futile.
Why not saved any direkening your bank?

[ranochigo]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

Why transfer to a wallet desktop? isn't coinbase pretty safe

Coinbase is safe but not safer than a desktop wallet. Malware can still steal your Bitcoins even with 2FA if the attacker does it in real time, within seconds. For desktop wallet, it is the same, you don't have to worry about Coinbase being down due to an attack. As long as you don't download any suspicious program, there is next to no risk of getting a malware on your computer.

[hasiramasenju]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

save your bitcoin into your coinbase account it's safe but i think not good for save your bitcoin in the exchange for long term and if you want to keep your bitcoin for next 5 or 10 years i think the good way is transfer to your desktop computer

[AncilVTwo]

its pretty safe on the coinbase wallet as long as you dont leak out your log in info to a virus or something. or if coinbase gets mtgoxed.

[kyrios_]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

Why transfer to a wallet desktop? isn't coinbase pretty safe

Coinbase is safe but not safer than a desktop wallet. Malware can still steal your Bitcoins even with 2FA if the attacker does it in real time, within seconds. For desktop wallet, it is the same, you don't have to worry about Coinbase being down due to an attack. As long as you don't download any suspicious program, there is next to no risk of getting a malware on your computer.

are malwares able to steal from desktop wallet

[angaper]

What to do with your bitcoin? Well, when someone decides to invest his money it should be a must to plan previously this issues, my friend. A smart investor always should analyze comprehensively his options, targets and methods to get them, but it seems you have invested emotionally.

[ranochigo]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

Why transfer to a wallet desktop? isn't coinbase pretty safe

Coinbase is safe but not safer than a desktop wallet. Malware can still steal your Bitcoins even with 2FA if the attacker does it in real time, within seconds. For desktop wallet, it is the same, you don't have to worry about Coinbase being down due to an attack. As long as you don't download any suspicious program, there is next to no risk of getting a malware on your computer.

are malwares able to steal from desktop wallet

Yes. I said it on my post. However, malware also have the potential of stealing from the coinbase wallet and would thus be the same as a desktop wallet and insurance will not cover it at all. Especially if the user selects trust the computer after entering the 2FA. What I'm saying is that desktop wallets are better since they are never down and gives access the full access.

[Amph]

Since you bought it in coinbase it's not bad to hold there.
Maybe you will start trading one day and there you can easily trade.
But also transferring to another wallet desktop or hardware it's better.

Why transfer to a wallet desktop? isn't coinbase pretty safe

Coinbase is safe but not safer than a desktop wallet. Malware can still steal your Bitcoins even with 2FA if the attacker does it in real time, within seconds. For desktop wallet, it is the same, you don't have to worry about Coinbase being down due to an attack. As long as you don't download any suspicious program, there is next to no risk of getting a malware on your computer.

are malwares able to steal from desktop wallet

only if you permit it, and download random exe, otherwise desktop wallet is more secure than any other wallet, butc oinbase come with insurance, so even if they steal you you are covered up to 100k i think, if i'm right...

[gkv9]

What to do with your bitcoin? Well, when someone decides to invest his money it should be a must to plan previously this issues, my friend. A smart investor always should analyze comprehensively his options, targets and methods to get them, but it seems you have invested emotionally.

You should know that when it comes to investing into anything, the first thing that comes into consideration is "sentiments", so can you clarify the difference between sentiments and emotions???

I guess both are same...

To OP, congratulations on buying your 1st coin...
Meanwhile, just wait and watch the markets everyday because there are surprises to come...

[bieberluvr]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

Don't do it brother!
http://imgur.com/4vfaIBy

[LFC_Bitcoin]

It's your 'money' and you can do whatever you want... why are you asking here what should you do with your BTC?

He's just looking for some advice buddy. As a newbie that's what we all wanted wasn't it? Nothing wrong with asking for advice on here is there, we're a pretty good community on the whole.

[bit22gen]

Here is a description of cold wallet storage:

Bitcoin 101 - Intro to Paper Wallets & Cold Storage:

https://www.youtube.com/watch?v=I1uefzJJ6nM

[amacar2]

Its better to invest your coins if you like to earn more coins withing that 5 years but if you can afford to buy more periodically keep on buying and store. You may be happy to see the price after 5 years. Good luck

[lolgato]

I would say leave it there in your wallet but if you're feeling risky you can invest it but only if you take the risk

[fr4nkthetank]

nice!  good job, now create a paper wallet while offline and take that paper wallet to your bank, or a safe place.  create a copy to put somewhere and also keep copies on USB keys too.  Not all at the same place, so if your house burns down well you dont lose it all.  that is the safest, but kinda complicated.  I wouldnt worry too much about coinbase, but one rule is that you never keep what you dont trade on an exchange.  never.  ever.  ever.

[thejaytiesto]

nice!  good job, now create a paper wallet while offline and take that paper wallet to your bank, or a safe place.  create a copy to put somewhere and also keep copies on USB keys too.  Not all at the same place, so if your house burns down well you dont lose it all.  that is the safest, but kinda complicated.  I wouldnt worry too much about coinbase, but one rule is that you never keep what you dont trade on an exchange.  never.  ever.  ever.

It's that complicated, also don't forget to use BIP38 on your paper wallet so you can have it all nicely encrypted, you know just in case someone finds the paper which is pretty easy unless you live alone and know no one will be around. I think it's insane that some people out there are using private wallets without encrypting them first, just hoping that no one finds it.

[spirit of btc]

After buying bitcoin download a Wallet and transfer the coin to the wallet.
I would recommend you to use Multibit wallet.

[joe101]

Just a week with coinbase and my account was closed!



please see this thread!

https://bitcointalk.org/index.php?topic=1278463

[OROBTC]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?    

Much of the above advice is excellent.  I would not store my BTC at coinbase, at least for long.

The safest way that is "pretty easy" would be to buy a "hardware wallet".  I use and like both the Trezor and the Ledger Nano, but there are newer ones available too.

https://www.bitcointrezor.com/

https://www.ledgerwallet.com/

Of course you can buy them w/ BTC!  

LiteCoinGuy has a big and useful thread re hardware wallets: https://bitcointalk.org/index.php?topic=899253.0  It's a long thread but worth reading.

[Ryananda]

Congratulations.  I have had no issues with Coinbase and i felt comfortable making my first purchase through them.

I want to ask you, how payout of coinbase? I have 20,000 Satoshi there, but I can not move into my bitcoin address.
Mugkin you have any suggestions for me? I really need help, maybe I do not understand how to use it or how I need help

[HabBear]

Has the OP ever responded to this thread?

A lot of good advice here. Ask yourself this question: if you had $450 would you keep it in a bank or in your pocket/at home as cash? If your answer is "in a bank" leave it with Coinbase...

The only difference between Coinbase and a fiat bank is that Coinbase doesn't offer loans, that's it.

[angaper]

What a way to plan your investments!  Firstly you buy a bitcoin, and secondly you ask what to do with a bitcoin! It is a perfect example of emotional investment, and I would recommend you a better planning in your next decisions.

[lixer]

What a way to plan your investments!  Firstly you buy a bitcoin, and secondly you ask what to do with a bitcoin! It is a perfect example of emotional investment, and I would recommend you a better planning in your next decisions.

Well said!! Before investing into a new venture, one must first be aware about all the technicalities regarding it. Buying a bit coin and then thinking of its use is of no benefit. Only those can earn profit by trading with btc who are well experienced and knowledgeable.

[WhatTheGox]

Finally!  I have found an easy way to buy bitcoin.

What is everyone's advice?   

Make sure you hold some forever, could be the best use of you time vs your whole working life.

[Nameless Coin]

Buy your coins and don't make the same mistake i did.
The mistake i was to think i am am stock broker and i could earn by surfing the waves of the market.
Guess not you need more experience for that.

[Blue_Tiger73]

You should store you bitcoins on your desktop PC. Download a wallet and style your coins there. You can do whatever you want work your coins, don't ask us. Everyone has their own opinion.

[EdenHazard]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

for beginners in bitcoin, you take a risk by buying bitcoin in large enough quantities, and reasonable if you are confused as to what you will do, in my opinion, you should keep it for some time, and I am sure you will make a profit in the near future this, because bitcoin prices continue to rise, but if you want to shopping  oor buy something with bitcoin, you do not have to worry about security in coinbase, there is completely safe if you apply maximum security.

[Blue_Tiger73]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

for beginners in bitcoin, you take a risk by buying bitcoin in large enough quantities, and reasonable if you are confused as to what you will do, in my opinion, you should keep it for some time, and I am sure you will make a profit in the near future this, because bitcoin prices continue to rise, but if you want to shopping  oor buy something with bitcoin, you do not have to worry about security in coinbase, there is completely safe if you apply maximum security.

I have been using coinbase for a long time and it is very safe. You can keep you coins in coinbase, or if you want even more security, you can download a desktop wallet.

[agustina2]

Finally!  I have found an easy way to buy bitcoin.

Someone introduced me to coinbase.  I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this.  It's about time i can easily buy bitcoin from my bank,


So my question is:   Once i buy my first bitcoin, what exactly do i do with it?


Do i leave it in my coinbase account?  Is it safe there?

Or do i transfer it to my desktop computer?


I'm not familiar with this yet.   I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.



What is everyone's advice?   

for beginners in bitcoin, you take a risk by buying bitcoin in large enough quantities, and reasonable if you are confused as to what you will do, in my opinion, you should keep it for some time, and I am sure you will make a profit in the near future this, because bitcoin prices continue to rise, but if you want to shopping  oor buy something with bitcoin, you do not have to worry about security in coinbase, there is completely safe if you apply maximum security.

I have been using coinbase for a long time and it is very safe. You can keep you coins in coinbase, or if you want even more security, you can download a desktop wallet.

There is no harm trusting that wallet exchange. Some are just overacting. They are under in legal terms. Yes, it's not an assurance that they are 100% secure but if you are doubting then just keep a small portion of it. I really like the comfort that Coinbase giving to it's users.

[kyrios_]

Congratulations.  I have had no issues with Coinbase and i felt comfortable making my first purchase through them.

I want to ask you, how payout of coinbase? I have 20,000 Satoshi there, but I can not move into my bitcoin address.
Mugkin you have any suggestions for me? I really need help, maybe I do not understand how to use it or how I need help

u can send it directly to your address from your coinbase account

[Rastanan]

You should store you bitcoins on your desktop PC. Download a wallet and style your coins there. You can do whatever you want work your coins, don't ask us. Everyone has their own opinion.

I do not have any bitcoin yet. I will start using bitcoin core client, and buy small amount of bitcoin later.

[Xialla]

So my question is:   Once i buy my first bitcoin, what exactly do i do with it?

sadly, you just hit the nail..because there is nothing so special, what you can do only with bitcoin. so I recommend to print paper wallet and hodl:)

[QQ88]

Good job friend. Don't gamble with the BTC you buy and you're all good

[kyrios_]

So my question is:   Once i buy my first bitcoin, what exactly do i do with it?

sadly, you just hit the nail..because there is nothing so special, what you can do only with bitcoin. so I recommend to print paper wallet and hodl:)

well you can just feel proud that you're part of a revolution

[Sir_lagsalot]

Coinbase tends to have this dodgy ~1 week delay before sending you your coins, regardless of whether the transaction was totally legit or not. I do like their prices, they're much less compared to exchanges' huge 5% fees, and the hilarious 7.5%+ fees on localbitcoins. If only there was a 0% fee service... I would be in totall heaven. Maybe bitcoin might go up if that site went up xD

[bob123]

Get a wallet on your desktop pc.. but make sure its not infected by malware.
Then store them there and do whatever you want with your money

[ausbit]

Coinbase tends to have this dodgy ~1 week delay before sending you your coins, regardless of whether the transaction was totally legit or not. I do like their prices, they're much less compared to exchanges' huge 5% fees, and the hilarious 7.5%+ fees on localbitcoins. If only there was a 0% fee service... I would be in totall heaven. Maybe bitcoin might go up if that site went up xD

Yes some improvement need to be done but still it is easy to transfer Bitcoin when compared to fiat currency through any exchange. But I have few traders who do the job so smoothly and they are trustable source to trade anytime . Always don't go for cheap rate because reputation and transactions should also be there

[Ceizer54]

If you plan to keep it safe next 5 -10 years then store it in offline wallet coz you can never be sure if the online wallet will stay for that much time..and you can do anything with your btc as it's your money so the choice is always yours but storing locally is pretty safe idea

[Mr. Forum]

Congratulation for the first step that i can say it has been a success. I want to say welcome to the world where the coin is highly valued than even gold. I want to encourage you to mae sure that once you have purchased the coins, make sure that they are being used to trade in terms of buying and selling just to make sure that you are generating profit from the amount you invested. You can also be able to lease the coins to the people who need them at a particular interest rate.

[Cyaren]

Good job. Coinbase is a great service too

[Emersonnets]

Really nice, hope you will enjoy your future profits on your first bitcoin.
All I can say is that you would need to keep it safe!

[The Sceptical Chymist]

OP, you seem to have abandoned this thread but if you check back I'd be interested to hear what you did with your bitcoin and if you still have it.  Sorry to hear your Coinbase account got closed.  They are one fucked up organization--I understand the need to KYC and all that stuff, but they're just unbelievable.  They did the same thing with me, and now I have no good way to buy or sell bitcoin.  I don't want to link my bank accounts to any other exchanges. 

Anyway, hope everything worked out for OP.

[calkob]

You have probably heard this already but if you keep it at coinbase its not your bitcoin, get it onto a backed up paper wallet asap if your not going to use it for a while.

[nakedbitcoins]

You have probably heard this already but if you keep it at coinbase its not your bitcoin, get it onto a backed up paper wallet asap if your not going to use it for a while.

Good recommendation actually. If its at CB doesn't meant you own it.