New to bitcoin (help needed starting)

[GreatArkansas]

Transaction fees and trading commissions will eat up your entire balance. Its really not worth it for small purchases.

Do you know what coinbase will charge me?

Check these links from Coinbase:
Coinbase pricing and fees disclosures
Exchange fees

I can relate to OP and understand him. It's difficult for him to learn something that he doesn't own at first, but it's more difficult to lose money without knowing anything. That's why it's better to know first like some basics.

I'm glad you are here OP and asked some questions.
Expect that most of us don't recommend using centralized exchange but sometimes it depends on your purpose, let's say you can buy Bitcoin in a centralized exchange then just withdraw it to your personal Bitcoin wallet, which is better. (So from here, you need also to learn what a Bitcoin wallet and what are the types of Bitcoin wallet)

[Goldson]

Bitcoin is about the Bitcoin blockchain.
bitcoin is about the native currency of Bitcoin blockchain. Bitcoin is different than bitcoin, but there is nothing called as BitCoin!

• Bitcoin with capital "B" and bitcoins with lowercase "b"

Don't engage with lending service, you can lose your money to scammers, loan defaulters.

Ha! I remember that old trick being played on limited companies
https://www.gov.uk/government/organisations/companies-house

Coinbase is one of the biggest and trusted crypto exchange so you don't have to worry about anything but in general exchange is not meant to hold your crypto which means you should move the BTC that you bought to a wallet, Electrum is something that I would recommend for beginners.

So are you saying I should buy or transfer fiat currency from my bank account (using my debit card) to coinbase first. Then transfer the money over to a wallet like Electrum there on after.

Do you know what the coinbase and Electrum fees would be by now?

Transaction fees and trading commissions will eat up your entire balance. Its really not worth it for small purchases.

Do you know what coinbase will charge me?

Check these links from Coinbase:
Coinbase pricing and fees disclosures
Exchange fees

Im sorry I dont understand all that!


Well apart from the first 2 bits anyway

Coinbase offers our cash and Hosted Cryptocurrency balance service free of charge, allowing you to store your cash and supported cryptocurrency at no cost. You can transfer crypto from one Coinbase user's primary balance to another user's primary balance without any charges.
So there they are saying it is free to put money from your fiat currency funding source in


Network transaction fees

For transactions on cryptocurrency networks (i.e., transfers of cryptocurrency off the Coinbase platform), Coinbase incurs and pays network transaction fees (e.g., miner fees). When you send cryptocurrency from your Coinbase wallet to another wallet, we will charge a fee based on our estimate of the prevailing network fees for a stand alone wallet-to-wallet send. However, the final fee that Coinbase pays may differ from the estimated fee due to factors such as batching transactions or changes in network congestion levels. All fees are disclosed at the time of the transaction.
So they are saying they change a fee for transfering fees from your coinbase account to a wallet but dont tell you how much!


Adding cash and cashing out

When you add cash or cash out, you may be charged a fee depending on the payment method you select. It is important to review the fee details prior to completing the transaction to understand any associated charges.
But now they are saying they charge a fee to put money in and take out from your bank account

[Findingnemo]

Coinbase is one of the biggest and trusted crypto exchange so you don't have to worry about anything but in general exchange is not meant to hold your crypto which means you should move the BTC that you bought to a wallet, Electrum is something that I would recommend for beginners.

So are you saying I should buy or transfer fiat currency from my bank account (using my debit card) to coinbase first. Then transfer the money over to a wallet like Electrum there on after.

Do you know what the coinbase and Electrum fees would be by now?

Yes, you should buy Bitcoin using wire transfer deposit or any other accepted payments then move the BTC to Electrum wallet.

Since you move btc from exchange there you have to pay withdrawal fee which is dynamic structure in coinbase so you know the exact fee at the time of withdrawal but it could be around 15 to 25 USD for btc withdrawal.

Am not sure LN is available but for a beginner it's not recommended.

[nakamura12]

Anyway, if you know any shops in your country that accepts bitcoin then you can buy whatever they sell.

Bit of a tricky one I guess! Bit like that Gold Back in Uttar I guess

I know of a shop about 3 miles from hear though that have a Crypto ATM machine, Can I pay paper fiat currency notes into it and top up my coinbase account that way?

thanks

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment. Rather than connecting your coinbase wallet to the machine is you should just connect it to a wallet you created to avoid spending another fee for transferring since using the machine also requires a fee unless you are going to buy other crypto in coinbase.

[Goldson]

Coinbase is one of the biggest and trusted crypto exchange so you don't have to worry about anything but in general exchange is not meant to hold your crypto which means you should move the BTC that you bought to a wallet, Electrum is something that I would recommend for beginners.

So are you saying I should buy or transfer fiat currency from my bank account (using my debit card) to coinbase first. Then transfer the money over to a wallet like Electrum there on after.

Do you know what the coinbase and Electrum fees would be by now?

Yes, you should buy Bitcoin using wire transfer deposit or any other accepted payments then move the BTC to Electrum wallet.

Since you move btc from exchange there you have to pay withdrawal fee which is dynamic structure in coinbase so you know the exact fee at the time of withdrawal but it could be around 15 to 25 USD for btc withdrawal.

Am not sure LN is available but for a beginner it's not recommended.

15-25$ is an awfull lot I must say, I mean Halifax share dealing accounts are the most expencive on the market and charge £9.50 a deal! but nothing like that price!!!

Can I not just make payments with coinbase instead of using the wallet? Or failing that can I not just top my wallet up from my bank account

Wire Transfer?
LN?

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment.

So I take my paper fiat currency notes along with my wallet to the ATM machine and the machine will transfer my paper fiat currency into Bitcoin into my wallet minus the ATMs fee right? Dose the wallet charge for this? Or what about hard wallets then?

Rather than connecting your coinbase wallet to the machine is you should just connect it to a wallet you created to avoid spending another fee for transferring since using the machine also requires a fee unless you are going to buy other crypto in coinbase.

I dont understand what you mean hear

[nakamura12]

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment.

So I take my paper fiat currency notes along with my wallet to the ATM machine and the machine will transfer my paper fiat currency into Bitcoin into my wallet minus the ATMs fee right? Dose the wallet charge for this? Or what about hard wallets then?


I dont understand what you mean hear

Yes that's correct. You bring your fiat currency to the machine which is obviously used to pay for buying bitcoin using the machine. After the process is finished then you will receive bitcoin to your wallet that you connected to the machine. Let's say you want to buy bitcoin and you have $100 and let's say the fee is 20% so you'll receive $80 worth of bitcoin to the wallet that you connected to the machine through scanning the QR code. The wallet that will receive the bitcoin doesn't charge fees. Take note, receiving bitcoin doesn't charge fees and only withdrawal from exchanges or from a platform and sending bitcoin from a wallet to another wallet charge fee. About the other one you quoted, it's better if you buy bitcoin that the bitcoin you will buy will be sent to your wallet and not to an exchange platform if you are not planning to buy different cryptocurreny. LN means lightning network or bitcoin lightning network. Wire transfer is about buying bitcoin using fiat currency.

[Goldson]

Let's say you want to buy bitcoin and you have $100 and let's say the fee is 20% so you'll receive $80 worth of bitcoin to the wallet that you connected to the machine through scanning the QR code.

20%, surly they wont change that much will they?

The wallet that will receive the bitcoin doesn't charge fees. Take note, receiving bitcoin doesn't charge fees and only withdrawal from exchanges or from a platform and sending bitcoin from a wallet to another wallet charge fee. About the other one you quoted,

So you are saying it is free to pay money into the wallet from the ATM machine. But will change me if I transfer to my coinbase right?
Dose the wallet change for spending/ buying stuff with the wallet?

it's better if you buy bitcoin that the bitcoin you will buy will be sent to your wallet and not to an exchange platform if you are not planning to buy different cryptocurreny.

I dont understand what you mean!

[Miles2006]

What exactly is the plan, it’s kinda complicated also I understand the point. You don’t have to do much instead create a bitcoin wallet of your choice either blue wallet or electrum secondly create an exchange where you buy bitcoin directly to your wallet. From what I read bitcoin as a transaction means is not suitable though if only the environment is bitcoin friendly secondly you don’t have to use wallet if you’re interested in buying stuffs with bitcoin due to transaction fee, why not convert your coins instead to avoid stress. Meanwhile holding bitcoin still requires knowledge either buying little fraction for long term probably as time goes you’ll find what’s more beneficial.

[Stalker22]

Transaction fees and trading commissions will eat up your entire balance. Its really not worth it for small purchases.

Do you know what coinbase will charge me?

I dont know the exact amounts Coinbase will charge you, I dont use them personally, although I have no particular complaints about the exchange and I think they have a good reputation. Personally, I prefer some other platforms that are more relaxed about KYC, but thats another topic. The best way to find out about fees is to try out individual features, like buying or selling crypto, and check the breakdown of fees before confirming the transaction. For example, you could deposit a small amount with your credit card, buy a stablecoin like USDC to keep things simple, and then withdraw it to your own wallet. This way, you will get a real-world sense of the fees involved in each step.

Also, remember that fees can vary depending on the payment method you choose and the specific cryptocurrency youre dealing with.

What I meant when I said I dont recommend this method is that it is generally not a cost-effective way to use cryptocurrencies. While it can be a good way to experiment and learn, it is not practical for regular, everyday transactions.  As I mentioned earlier, transaction fees and exchange fees can quickly eat into your balance. It is usually more cost-effective to use traditional payment methods for everyday purchases.

If you are interested in using Bitcoin and crypto for investments or long-term savings, thats aanother story.  In that case, using a reputable exchange like Coinbase is a good starting point.  But dont stop there. Explore and get comfortable with using your own, non-custodial wallets, because thats the true essence of cryptocurrency - "Be your own bank."  Even if you plan to hold coins for the short term or use them for quick payments, non-custodial wallets are a important step in securing your coins and taking full control of your finances - no middlemen needed.

[Wonder Work]

Since you are new here, you have to learn a lot and read the posts of the old ones very carefully. After reading the posts, you will try to analyze and understand. If you analyze and learn properly, then it is good for you.

You will first try to learn about some wallets because you will need one. You will try to learn about the Electrum wallet, where you can store your money and use it as needed. After knowing about wallets, you will try to learn about exchangers.

You will gain enough knowledge about investing in Bitcoin and how to save it, and then gradually, you will understand everything. You will know when to buy Bitcoin when to sell it, and how to invest it well.

[Goldson]

What I meant when I said I dont recommend this method is that it is generally not a cost-effective way to use cryptocurrencies. While it can be a good way to experiment and learn, it is not practical for regular, everyday transactions.  As I mentioned earlier, transaction fees and exchange fees can quickly eat into your balance. It is usually more cost-effective to use traditional payment methods for everyday purchases.

But the point I made before was using BitCoin as a trading mechanism might just avoid the post CBDC world that is to come! Which is a one world digital currency, where the state (the bankers, lets face it) have full control over what you buy and how much you buy in a set time frame. A carbon credit (digital) card would be a great example to say you only have XYZ tokens to spend on gas, electric, petrol, Beef this month. And if you are seen on this Saturdays March  A (peace rally) then your credit score (see China now, to see us later) will reduce and you will not be able to travel on any train or bus. And BTW those tokens can not be saved and lost to inflation over time, they simply will expire in say 7/ 30 days. If you think that is nonsense then go do some research on BRIC Coin (though I think BRIC coin and Bit Coin are heavy related inside 9/11 type jobs.. topics for another day)

That is why I am interested in the idea of Crypto debit cards and bank accounts. I know there is a Crypto debit card out there and they do exist and sound like a good idea to me! as you could make any digital payment under the radar (And be paid with it too!)

You will gain enough knowledge about investing in Bitcoin and how to save it, and then gradually, you will understand everything. You will know when to buy Bitcoin when to sell it, and how to invest it well.

I do not think BitCoin is an investment but more of a means of savings and preserving your wealth

IMHO I would say that 99+% of people do not understand the very basic principle of money. And that is that modern (post 1933 money anyway) is fake!
It is no longer backed by gold, silver and copper all of which have to be mined if you want some more of it, it is simply printed like a roll of toilet paper on a machine that will only lead to inflation and hence its value will decrease

Typical SYOPs are "so what you are saying is if I bough a can of baked beans at 27p before the plandemic hoax and now the price of a tin has gone up to 32p then I have made a profit of 5p". No sir you have not made a profit at all sir! because (as they say down under) a spade is a spade and an oz of gold is an oz of gold and a tin of baked beans is a time of baked beans and they have not changed one bit (part from the cell by date), the only thing that has changed hear are the amount of exsessive $s in circulation that have been printed in the name of Lockdown!

So on that note, I dont like storing money in the bank just to see its purchasing power drop over short periods of time. Infact if you look at the price of gold and silver over a long period of time, then what someone had say stashed under there bed in a bag of gold and silver coins 200 years ago, would probably buy then the same stuff that it would today (minus the TV car and phone)

Looking at some trading chart tough, I prefer gold over silver as it dose not go up and downs as much, but I prefer silver over BitCoin as again it dose not go up and down as much as silver. But the charts all have one thing in common! They all go up and down at roughly the same time and they all seam to be a hedge against inflation! meaning they all peak during times of political nonsense; then crash there on after but never crash to below where they started

Though once upon a time before all this nonsense of printing money and inflation you could leave your money in the bank and let the bankers lend your savings to borrowers and charge them interest for borrowing your money and give you a majority of that interest and keep a small amount of that interest for them selfs for there fees. And you could sit back safe and sound knowing your money was safe earning its yield with the experts! (but now we know the experts cant not be trusted any more!). And this is why I asked about lending my Crypto out in my OP (I read somewhere that coinbase lend crypto out to customers). So if I can not earn any interest on my gold and silver assets, then that is why I was interested in investing in Crypto. That is all

[OcTradism]

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment. Rather than connecting your coinbase wallet to the machine is you should just connect it to a wallet you created to avoid spending another fee for transferring since using the machine also requires a fee unless you are going to buy other crypto in coinbase.

Find Bitcoin ATM and cryptocurrency ATMs with this website.
https://coinatmradar.com/

It has blog site with many reports on Bitcoin ATMs and guides for users too.
https://coinatmradar.com/blog/

Bitcoin ATMs charge users uncomfortable fees which are expensive for most of users. It makes Bitcoin ATMs is not a first favorite option for Bitcoin users if they can have other choices with cheaper service fees.

[Goldson]

You can read this in this site about the Bitcoin ATM machine and how it works. You can buy using debit card or cash to exchange it to bitcoin. It is indeed tricky if you don't know any shops in your country who accepts bitcoin or other cryptocurrency as another mode of payment. Rather than connecting your coinbase wallet to the machine is you should just connect it to a wallet you created to avoid spending another fee for transferring since using the machine also requires a fee unless you are going to buy other crypto in coinbase.

Find Bitcoin ATM and cryptocurrency ATMs with this website.
https://coinatmradar.com/

It has blog site with many reports on Bitcoin ATMs and guides for users too.
https://coinatmradar.com/blog/

I tried that first link you gave thanks! and entered my location in, but the fees for all of the outlets showed the same!

Fees:
Buy: N/A

Bitcoin ATMs charge users uncomfortable fees which are expensive for most of users. It makes Bitcoin ATMs is not a first favorite option for Bitcoin users if they can have other choices with cheaper service fees.

I guess that is the fees that they rip you off on for the though of being out of the didital system. (and we dont even know what the fees are yet!)

[Goldson]

The best way to find out about fees is to try out individual features, like buying or selling crypto, and check the breakdown of fees before confirming the transaction. For example, you could deposit a small amount with your credit card, buy a stablecoin like USDC to keep things simple, and then withdraw it to your own wallet. This way, you will get a real-world sense of the fees involved in each step.

Well though I would try, But to buy £1 of BitCoin though coinbase they said i would get 0.0000065 BTC and at the bottom in small print "CoinBase fee £0.50"

Then to buy £1000 with them they said i would get 0.01237997, but this time in small print they state "incl.spread +£38.37 fee"

Dot know about you but to me looks like coinbase are ripping people off!!!!

[Goldson]

The best way to find out about fees is to try out individual features, like buying or selling crypto, and check the breakdown of fees before confirming the transaction. For example, you could deposit a small amount with your credit card, buy a stablecoin like USDC to keep things simple, and then withdraw it to your own wallet. This way, you will get a real-world sense of the fees involved in each step.

Well though I would try, But to buy £1 of BitCoin though coinbase they said i would get 0.0000065 BTC and at the bottom in small print "CoinBase fee £0.50"

Then to buy £1000 with them they said i would get 0.01237997, but this time in small print they state "incl.spread +£38.37 fee"

Dot know about you but to me looks like coinbase are ripping people off!!!!

Now looks like they have removed my Visa Card from there records! (given there extorsonate fees cant be a bad thing i guess)

The best way to find out about fees is to try out individual features, like buying or selling crypto, and check the breakdown of fees before confirming the transaction. For example, you could deposit a small amount with your credit card, buy a stablecoin like USDC to keep things simple, and then withdraw it to your own wallet. This way, you will get a real-world sense of the fees involved in each step.

Well though I would try, But to buy £1 of BitCoin though coinbase they said i would get 0.0000065 BTC and at the bottom in small print "CoinBase fee £0.50"

Then to buy £1000 with them they said i would get 0.01237997, but this time in small print they state "incl.spread +£38.37 fee"

Dot know about you but to me looks like coinbase are ripping people off!!!!

Now looks like they have removed my Visa Card from there records! (given there extorsonate fees cant be a bad thing i guess)

Just had an email come though now

Your payment methods were removed to keep you safe
We automatically removed all payment methods that were previously added to your account, such as bank accounts and cards.

We sometimes do this whenever you recover your account, just in case someone other than you accessed your account.

When you're ready, you can add your payment methods back to your account.

What a crock of $hit! best not give then again!

[reagansimms]

The skyrocketing price of Bitcoin makes beginners interested in buying this most phenomenal asset. One thing to note is that the price changes are unpredictable and create a feeling of insecurity for beginner investors. As your first step in the crypto industry, you should start from the most basic, such as buying consistently and then storing it in a wallet that you can control the Private key. Although it sounds easy when explained by seniors in several different comments, there are several aspects that need to be considered because each method used requires special attention in terms of price technicals.

[DiMarxist]

Interesting. If you want to buy and sell bitcoin through your shop, it is a good plan but before you do that your State (Country) has approved cryptocurrency to be used publicly because bitcoin is not something you can sell it secretly as a businessman. And the question how to start. It is simple, and don't rush to start the investment or the business. You have to start selling your normal products, stuff in the business and later you can add your bitcoin to it.
And since you are since you are selling some stuffs it will make the investment more easy. Buying things with bitcoin is the best but how many people will be interested to buy with it. And if  really people are buying with it then you will make more profit from it.

[Hyphen(-)]

But lets not get to hasty! Just like to buy a bit hear and a bit there for now ($20ish). So what do I need for all this and where do I get it I mean how do I start?

It's simple, mate; just like any other thing you will do, you will need to acquire some knowledge about Bitcoin and blockchain technology first so that you will know how and where to start from. Starting without knowing the basics will cost you a lot because the risk involves in cryptocurrency is very high since it is a digital asset, you can lose everything by single mistake.

This forum is one of the best places you will learn about Bitcoin and blockchain technology, and if you are also interested in learning about altcoins and cryptocurrency in general, this forum is the right place for you because if you ask questions here, you will get the right answer and other guides you will need.

Furthermore, you can do more research and findings about Bitcoin and how it works, learn about Bitcoin transactions, wallet addresses, private keys, and public keys all here

[Stalker22]

Dot know about you but to me looks like coinbase are ripping people off!!!!

Yes. Thats exactly what I was talking about. Coinbase, like all centralized exchanges, is a business. They need to make money, and they do that by charging fees. These fees can quickly eat into your profits, especially for smaller transactions.  Its definitely worth exploring other options, such as decentralized exchanges or peer-to-peer trading.  Over time, I have bought Bitcoin in many different ways. I ave used centralized exchanges like Coinbase, but I have also bought directly from people (face-to-face), used peer-to-peer marketplaces and Bitcoin ATMs. Each method has its own pros and cons.

[Ever-young]

Just had an email come though now

Your payment methods were removed to keep you safe
We automatically removed all payment methods that were previously added to your account, such as bank accounts and cards.

We sometimes do this whenever you recover your account, just in case someone other than you accessed your account.

When you're ready, you can add your payment methods back to your account.

What a crock of $hit! best not give then again!

Did you try to make some security change in your account? I mean, it's obvious from their statement that something was changed; either you try to recover your account using a password reset, or a security setting might have been updated, which I agree with them to get your payment details of the account to be sure it's the real account over who re-accessed it and not just some random scammers. 
 
But since the fee is already too high based on your budget, then I don't see any need for you to add the card back to your account; you can just find an alternative option to buy bitcoin if you must.