The Basics of Buying, Holding, Sending and Spending Bitcoin – Epi-3108 — 8 Comments

  1. Howdy Jack,
    so appreciate you starting up this Bitcoin Breakout series. Looking forward to gaining a deeper practical understanding. You also had some really great episodes on the topic of bitcoin during the Miyagi Mornings phase…but I don’t believe you have those in audio files. Any chance you would consider creating/making those into MP3 audio format that could be downloaded and listened to offline? Ie. 20 Things Most People Get Wrong about Bitcoin – Miyagi Mornings Epi-153 and I think there were 1 or two others, with either bitcoin or crypto in the title. Thanks for everything you do, we’re glad your back from I know you’re much needed vacation.

  2. Correction about Swan. You don’t withdraw to the same bitcoin address every time. You create a dedicated wallet of your choice and you give Swan the extended public key (xpub). From that they derive a new address for every withdrawal. Swan is great. The fee is a little high, but you get automation for that.

    I also agree Strike is great. If you don’t mind manual withdrawals, Strike is easy. I’ve used Strike a lot and after awhile they bumped the limit to $3000 ACH deposits per week.

    Great episode Jack.

        • No problem. You found it. I use a coldcard but I found a link for Trezor on their wiki by searching for Trezor xpub.

          The xpub is like a master key that generates a tree of usable addresses. By dedicating a wallet to Swan and giving the associated xpub to them, you set it up once and they can derive addresses as needed. You dedicate a wallet to Swan so you aren’t mixing addresses with other exchanges.

          In the case of a ColdCard, you can create a default wallet with your 24 seed words, then unlimited sub-wallets under that using a passphrase for each which is basically a 25th word.

          Then you can export the xpub to software wallets like Electrum (and I assume Exodus but haven’t done it) and you have a watch-only wallet. You can’t spend from it without your hardware wallet.

          Thanks to you I finally got off my butt and started buying bitcoin a couple years ago starting with the Jaxx wallet. Since then I’ve gone deep down the rabbit hole. Thanks for everything you do.

  3. Jack, this was some really great info. I am thankful for you talking about the seed phrase back up jig for washers. I went ahead and ordered some. Thanks for all you do.

  4. Hi Jack,

    Just purchased off of Coinbase and it was very easy. Thank you so much for the show. It came at a perfect time: just after my 2 week vacation to Texas and 2 weeks of watching BitCoin drop and wanting to get in.

    Just an FYI from a payment method you mentioned in the show – Coinbase does not allow credit card funding of purchases at this time.

    They say debit is an option, after clicking that they say credit/debit is an option, and then I got an error saying they can’t do credit at this time.

    If anyone in the community knows better, please let me know. I’d like to grab some airline miles while I’m making my purchases.

    Michael Stock

  5. Hello fellow Texan! Thanks for starting this series. I recently got on Strike and Exodus but I’m interested in trying CoinBase also. Did you have a referral code for that one? (I know Strike has a referral code but I didn’t know if CoinBase did too). Thank you! 🙂