Looking for advice from a very newbie

[goldkingcoiner]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Welcome to the Bitcointalk community!  

Good for you that you decided to ask questions and not blindly dive into crypto. This ensures you will more easily avoid expensive mistakes.

Do not store your coins on an exchange wallet, since that is not your wallet. That is the exchange's wallet, that they let you use but have complete control over. So if something goes wrong like a hack or the exchange decides to freeze your account for whatever reason, then you will not be able to do anything to get your money back except hope they give it back to you.

A lot of people will say hardware wallets are the best option. But the best software wallet for Bitcoin, in my personal opinion, is Electrum. When deciding on a wallet what you want is open source and non custodial. Meaning the community can read and vet the code for the wallet and no one other than you has control/access over it.

As far as buying Bitcoin goes, you can use a top exchange like Coinbase, Binance, Kraken, Bitstamp.... There are also other options for a more private, non-custodial and decentralized experience like Bisq but as you are a newbie, I recommend starting with an exchange to get a first feel.

[tbct_mt2]

For storage, you’ve got a few options:
   •   Hardware wallet (Ledger, Trezor, etc.) → safest for long-term holding, because you control the private keys and they’re offline.
   •   Software wallet (Exodus, Electrum, BlueWallet, etc.) → good balance for smaller amounts or everyday use.
   •   Exchange wallet → only for short-term (like if you’re actively trading).

Most people use an exchange to buy, then transfer to their own wallet (hardware if they’re serious about holding long-term).

Two most important things for consideration are: non custodial or custodial (means users own private keys or not), and open source or close source (means reproducible or not).

Exodus wallet is close source, so it is not a good wallet to use.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=exodus

Ledger wallet has many data breaches and it launches a Ledger Recover product which violates very basic principle of any Bitcoin user in how they store bitcoin. It's not your keys, it's not your coins.
Ledger Recover: What The Hell is Happening? With aantonop and lopp.
https://www.ledger.com/recover

[NotATether]

For me the safest way is through a reliable exchange like Coinbase, Binance, Kraken... These sites are pretty secure, but remember, since they're online, they can still get hacked. So make sure you’ve got 2FA enabled to keep things safe.
For long-term storage, use a hardware wallet and use an exchange wallet if you’re just starting out, but don't keep too much there.
Also using a proxy for buying and storing Bitcoin is an option if you want to hide your real IP address, i think most people do it.

Use an exchange wallet only for buying and selling Bitcoin. Do not store anything in an exchange. Even a hot wallet or a mobile phone wallet is better than an exchange. It least they won't ask you for an ID.

Also, I find that proxies will only increase the suspicion of cryptocurrency exchanges when you use their websites - as they can easily be identified by IP address.

[tbct_mt2]

Use an exchange wallet only for buying and selling Bitcoin. Do not store anything in an exchange. Even a hot wallet or a mobile phone wallet is better than an exchange. It least they won't ask you for an ID.

Also, I find that proxies will only increase the suspicion of cryptocurrency exchanges when you use their websites - as they can easily be identified by IP address.

Using exchanges is not only about buying and selling. It actually relates to other things like KYC (most exchanges nowadays are KYC mandatory), and even you only want to buy and sell your bitcoins through that exchanges, there is likely time you leave your bitcoin there, just longer or shorter time than people who plan to store and hold their bitcoins on exchanges.

It looks safer to store your bitcoin on a centralized exchange in a short time than a long time but when you do this, you don't have control on your bitcoin during that time, and there is risk of losing your coin.

Reminder: do not keep your money in online accounts.

[ThemePen]

Use an exchange wallet only for buying and selling Bitcoin. Do not store anything in an exchange. Even a hot wallet or a mobile phone wallet is better than an exchange. It least they won't ask you for an ID.

Also, I find that proxies will only increase the suspicion of cryptocurrency exchanges when you use their websites - as they can easily be identified by IP address.

Exactly storing your Bitcoin on exchange is risky because you do norlt actually own it but exchange does. With this your money can be  hacked or other problems can occur and you lose your privacy since exchanges require ID. It is safer to use personal wallet which gives you complete control your assets.
And I agree using proxies or VPNs on crypto exchanges can raise red flag. These services can make your activity look suspicious to exchange security systems which can lead them to account freeze issue because they think it is used by someone else. So using exchange is best for simple buying and selling but for security and privacy it is good to use your own wallet and avoid proxies.

[qwertyup23]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?

Personally, I would suggest purchasing it from Binance where you can purchase BTC from other people through a secured p2p transaction. Just make sure to read and watch beginner guides on Youtube or google to learn the basics of such.

If you live in a country that endorses a local exchange, I would also recommend this method for ease of use and convenience from moving your coins from one platform to another. Be reminded that purchasing BTC may require you to submit your respective KYC (know-your-customer) documents for verification and identification.

Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

As a general rule, you should never store your BTCs or cryptocurrencies inside an exchange due to the risk of that platform being hacked. Even reputable and established exchanges (e.g. Binance, etc.) have been hacked in the past which is the reason on why almost everyone recommends purchasing a hardware wallet.

[tbct_mt2]

Exactly storing your Bitcoin on exchange is risky because you do norlt actually own it but exchange does.

Centralized exchanges give their users Custodial Wallets so users don't have private keys and no private keys mean there is no control of any coins.

It's better for newbies who lack of knowledge but ready to learn, to read this topic.
Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.

Be reminded that purchasing BTC may require you to submit your respective KYC (know-your-customer) documents for verification and identification.

KYC is dangerous but if people use Centralized Exchanges nowadays, KYC is a mandate on most Centralized Exchanges.
Why KYC is extremely dangerous – and useless.

[CryptSafe]

Use an exchange wallet only for buying and selling Bitcoin. Do not store anything in an exchange. Even a hot wallet or a mobile phone wallet is better than an exchange. It least they won't ask you for an ID.

Also, I find that proxies will only increase the suspicion of cryptocurrency exchanges when you use their websites - as they can easily be identified by IP address.

Exchanges will always identify IP because they are very strict with it, as some nations have restrictions on crypto, so that they would be careful not to have anything to do with those nation, but when somebody uses a vpn or proxy that looks suspicious or IP from a restricted nation, there is every tendency that the account would get suspended or freezed and most times not every newbie have that knowledge as some too do not read ToS before they get registered with exchange so it is not advisable to keep assets with exchange and I align with your opinion that OP should use exchange wallet  because nobody would require ID for transaction on a personal wallet.

[knowngunman]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Considering that this thread has reach third page, I believe a lot of replies here already answered your questions but based on the saying that no knowledge is a waste, I will give my little contribution.

The safest way to purchase Bitcoin depends on where you live. What's your country jurisdiction as regard Bitcoin or cryptocurrency in general? The safest way to purchase it is through P2P without involving CEXs but in a case where you can not have a physical transaction, you should use CEXs as intermediary but in most cases, you need to undergo KYC to make use of them.

Keeping your Bitcoin in exchange wallets is as good as having nothing. These exchanges can deprive you access to your coins some time either due to system maintenance or investigation or other petty excuses. You only own a coin when you have the private keys to the wallet.

[Hatchy]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Storing your coins requires you get a good wallet and keeping your keys safe and secured. This is one of the most important things that many newbies continues to fail at. There are many kinds of wallet, but you would need to find that which suits your need. Avoid any centralized form of storing coins as they literally aren't your keys.

To purchasing bitcoin you can get that through a decentralised platform to protect your privacy and if you aren't the type that cares much about your privacy, you can use  the P2P service on Cex to get your coins from a trusted vendor...

[BaasMan]

Also using a proxy for buying and storing Bitcoin is an option if you want to hide your real IP address, i think most people do it.

Any recommendation for proxies pls?

Robosats and Bisq are both available via Tor

thank you!

[Ishicryptic]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

You need to open a none custodial wallet and make sure that you hide your seed phrase in different safe locations because they are your main keys to access your Bitcoin from any online device. The best way to buy Bitcoin is through peer to peer with a second party, make sure that you know who you are buying from or the person is highly recommended by someone you trust because there are lots of scammers in the crypto space. If you don't have a reliable source to do p2p transactions with it is better to open an exchange account and do p2p transactions with exchange marchants. Only leave the coins that you intend for transactions in your exchange account because if it's not your keys it's not your coins.

[Rustam Meraj]

Exchanges will always identify IP because they are very strict with it, as some nations have restrictions on crypto, so that they would be careful not to have anything to do with those nation, but when somebody uses a vpn or proxy that looks suspicious or IP from a restricted nation, there is every tendency that the account would get suspended or freezed and most times not every newbie have that knowledge as some too do not read ToS before they get registered with exchange so it is not advisable to keep assets with exchange and I align with your opinion that OP should use exchange wallet  because nobody would require ID for transaction on a personal wallet.

Yes that is right that exchanges are very strict about tracking IP addresses because of international laws designed to avoid money laundering. Using VPN can get your account frozen as exchange security system can not tell difference between you and hacker trying to steal your funds. Due to this it is much better idea to use personal wallet where you have complete control over your assets and d not need to worry about your account issue frozen or having to provide ID for KYC. With this you are in charge and avoids risks that come with relying on third party.

[Joy- maker]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

responding to the title of this your thread. sincerely speaking you cannot get all the advice you will need in other for you to succeed in this crypto space from newbies like you, so I will advise you to follow reputable members who have been in this  crypto space for long now, following reputable members here in this forum will give you a clear guide, because am talking from experience the things I have learnt and known in this forum where From reputable members and not from newbie's. Hope you take this my advice the right and not the wrong way thanks.

[CryptSafe]

Exchanges will always identify IP because they are very strict with it, as some nations have restrictions on crypto, so that they would be careful not to have anything to do with those nation, but when somebody uses a vpn or proxy that looks suspicious or IP from a restricted nation, there is every tendency that the account would get suspended or freezed and most times not every newbie have that knowledge as some too do not read ToS before they get registered with exchange so it is not advisable to keep assets with exchange and I align with your opinion that OP should use exchange wallet  because nobody would require ID for transaction on a personal wallet.

Yes that is right that exchanges are very strict about tracking IP addresses because of international laws designed to avoid money laundering. Using VPN can get your account frozen as exchange security system can not tell difference between you and hacker trying to steal your funds. Due to this it is much better idea to use personal wallet where you have complete control over your assets and d not need to worry about your account issue frozen or having to provide ID for KYC. With this you are in charge and avoids risks that come with relying on third party.

Using your personal wallet is much safe and secured compared to exchange which can not even guarantee their own safety not to talk of their customers safety. Lately their have been lots of hack from exchange and they could not detect their lapses early enough to stop it so how will they tell us our funds are safe with them when they too can not be trusted with our assets even after taking our details and information.

As for the IP matter, it is wise not to use VPN because that would actually get the exchange confused and possibly hey you account blocked or freezed because of irregular IP which would warrant your attention before they unlock it to be sure you are the one truly accessing your account from the strange IP.

[Coyster]

It is best to start by buying small amount and keeping it on exchange then moving it to hardware wallet as your investment grows for better security.

Even small amount of coins should never be kept in an exchange wallet, particularly when you have no intentions of trading with the asset. If one is yet to buy a hardware wallet or set up an airgapped wallet, they can use a software wallet. For example if you buy bitcoin and you don't have a Foundation Passport hardware wallet, you should use Electrum or Bluewallet to keep your assets, instead of an exchange wallet that can seize your coins.

[suzanne5223]

It is best to start by buying small amount and keeping it on exchange then moving it to hardware wallet as your investment grows for better security.

Even small amount of coins should never be kept in an exchange wallet, particularly when you have no intentions of trading with the asset. If one is yet to buy a hardware wallet or set up an airgapped wallet, they can use a software wallet. For example if you buy bitcoin and you don't have a Foundation Passport hardware wallet, you should use Electrum or Bluewallet to keep your assets, instead of an exchange wallet that can seize your coins.

You have a point, but if the small amount of BTC is something the person can afford to lose, there's no harm in leaving it in an exchange wallet since the person is using DCA to accumulate the BTC until it reaches a certain amount before moving it to a self-custodial wallet.
What's important is to never use an exchange as storage.

[Makus]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Op firstly you're welcome to the forum, it's a good thing you found your way to the beginner and help board. As a beginner to bitcoin I'll  advise  that you spend your time researching  and understanding  the best seed phrase storage medium. However  storing your seed phrase offline has been the best practice as it help keep your seed phrase away from the reach of scammers online because these people these days are becoming more enthusiastic about new methods  and fast means to quickly make these changes without  your notice and before you know it, they've  successfully wiped off all that's felt in your wallet.

[Issa56]

Storing your coins requires you get a good wallet and keeping your keys safe and secured. This is one of the most important things that many newbies continues to fail at. There are many kinds of wallet, but you would need to find that which suits your need. Avoid any centralized form of storing coins as they literally aren't your keys.

Before you invest in bitcoin, you are suppose to have some basic knowledge about bitcoin, you should know what bitcoin is all about, and how you going to protect your bitcoin, know the appropriate place to purchase your bitcoin, and appropriate place where you going to store your bitcoin, and how you going to secure your seed phrase.

If you are planning to invest in bitcoin, then you should have the mindset to hold for long period of them, so you should make sure your investment is properly secured. Just imagine that after holding bitcoin for years, and you end up being scammed, or you end up losing access to your bitcoin, it’s really going to be painful.

When investing, we should just take exchange as a market, where you will be able to buy your bitcoin, but never store your bitcoin on exchange, make sure you get a non custodial wallet, and store your bitcoin there, make sure you are in full control of your money, make sure your funds is not controlled by anyone. Also make sure you properly secure your seed phrase, anyone that has access to your seed phrase can send out all the coin in your wallet without informing you.

[Y3shot]

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?

Before trying to purchase Bitcoin, it is advisable to understand Bitcoin better, as this is the first step in the process. Purchasing Bitcoin without understanding it will surely lead to no positive outcome. Understand the security aspects of Bitcoin, how to handle your Bitcoin in a non-custodial wallet, and how to manage Bitcoin in a custodial wallet such as an exchange, both when you want to buy Bitcoin and when you want to sell it.

The worst mistake for beginners is to rush into the market without understanding what Bitcoin is. I see no reason why one should be in haste to purchase Bitcoin without a clear understanding of what it is all about, as this will lead to nothing.