The Basics of Buying, Holding, Sending and Spending Bitcoin – Epi-3108
Podcast: Play in new window | Download (Duration: 1:35:54 — 22.0MB)
This is going to be a very basic episode but one I have been asked to do many times. I am going to talk about how to actually buy, hold, transfer and spend bitcoin using various services. Today specifically we will talk about four platforms to buy bitcoin one. Those will be CoinBase, Swan Bitcoin, Strike and CoinEx.
I will also cover how to send bitcoin with two of those platforms, those will be Strike and CoinBase. Further I will cover how to “spend bitcoin” without actually spending your bitcoin when you want to pay merchants that accept bitcoin.
Additionally I will cover why you should not hodl your bitcoin on exchanges, ever. The basics of software and hardware wallets and more.
This will be Episode 3 of “The Bitcoin Breakout”, the first two episodes can be found here until we get the new stand alone site and feed for breakout editions up and running.
Join Me Today to Discuss…
- Four Platforms to Buy Bitcoin on and my Thoughts about Them
- CoinBase
- Strike
- CoinEx
- Swan Bitcoin
- How People HODL (hold)
- On Exchange (worst option there is)
- With a Software Wallet (good for most people)
- With a Hardware Wallet (you really should when you get a solid stack)
- With “Multi Sig” (we will cover this and other advanced options in the future)
- Why I Recommend Exodus and Trezor
- They Pair Beautifully
- Trezor Has Been Around Forever
- The Model T vs. Model One Trezor
- The Importance of your Seed Phrases
- Making a Metalic Cold Back Up of Your Seed Phrase
- How to Withdraw from two platforms
- CoinBase
- Strike
- Why bear markets like we are in now are the best time to enter Bitcoin
- Cuz math
- But the psychology is more important
- Why the bottom this cycle would historically be about 14k
- Why timing this market is not really that important
- Final Thoughts
Resources for today’s show
- Follow Life With Jack on Instagram
- Join the Members Brigade
- Join Our Forum
- Walking To Freedom
- TspAz.com
- TSPC on Discord
- TSPC Group on Telegram (group chat)
- TSPC Telegram Channel (just messages from me)
- Jack on Flote
- Jack on MeWe
- Join Me on Odysee
- SOE Tactical Gear – Where I get all my cool shirts
Bitcoin Resources
- Get the Exodus Wallet
- The Trezor Model T Hardware Wallet
- The Trezor Model 1 Hardware Wallet
- How to Pair Trezor with Exodus
- Buy Crypto Safe and Easy on CoinBase
- My Favorite NoKYC Crypto Exchange CoinEx
- Buy Bitcoin with Strike
- Buy Bitcoin with Swan Bitcoin – Not Active Yet
- How To Make Your Own Crypto Steel Recovery Seed Backup for Only $3.35
- Get Wallet of Satoshi
- Get the Breez App, Use and Stream Lightning to your Favorite Podcasters
- Learn about Lightning at Tip Lightning
Video Version of Today’s Show
Remember to comment, chime in and tell us your thoughts, this podcast is one man’s opinion, not a lecture or sermon.
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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.
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.
How exactly does that work? How do I generate an “extended public key” in say Exodus or Trezor?
Huh I should follow my own advice on searching first, https://www.swanbitcoin.com/whats-in-an-xpub/
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.
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.
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.
Best,
Michael Stock
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! 🙂