I've been hesitant to get into any kind of crypto for years because I do not fully understand it. I don't understand what "mining" for crypto is. I don't totally understand how blockchain works, although I've read up on it quite a bit. I don't understand why any of this has a monetary value that can be quantified in U.S. currency. I don't understand why there are like ten thousand different cryptos you can buy or how any of them have value.

That being said , it seems like something I should at least have in my portfolio in some form or fashion. Not that I have a super complex portfolio, but I have some cash, some real estate, some equities, and part of a law firm, so I figured it made sense to just have some crypto in case…I don't know. In case it goes through the roof again I guess.

So I opened a Coinbase account the other day, wired in some money, and bought a few bitcoins. What are you guys doing with this stuff? Day trading it? Just holding it? What should I do with this asset (hopefully it ends up being an asset) that I just acquired?

As for me, if these were a gift, would cash them in ASAP via Paypal, etc.
Yes, you can transfer cryptocurrency into and out of PayPal. Learn how to initiate a transfer by reviewing instructions here.
http://rb.gy/hs5ie
Buy and Sell Cryptocurrency | PayPal US
[url=https://www.paypal.com/us/digital-wallet/manage-money/crypto#:~:text=Yes%2C%20you%20can%20transfer%20cryptocurrency,transfer%20by%20reviewing%20instructions%20here.][/url]

Hoping to see what happened here
https://texags.com/forums/61/topics/3391062/replies/65346310

Stat Monitor Repairman said:

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You talkin' whole bitcoins here?

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Yeah, on Coinbase I could either do it by dollars spent or bitcoins purchased. I just went with a round number and got 5 BTC. I guess I will just hold them for now. With my luck, all crypto will probably crash tomorrow and never come back.

heavily intoxtricated said:

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Stat Monitor Repairman said:

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You talkin' whole bitcoins here?

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Yeah, on Coinbase I could either do it by dollars spent or bitcoins purchased. I just went with a round number and got 5 BTC. I guess I will just hold them for now. With my luck, all crypto will probably crash tomorrow and never come back.

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Firstly, you're a ballsy muffakka.

Secondly, I don't trade nor recommend it. Coinbase encourages trading. Overall answer. Depends on your intent.

I'll hold on to them for you.

Then go to work and save

YouBet said:

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heavily intoxtricated said:

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Stat Monitor Repairman said:

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You talkin' whole bitcoins here?

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Yeah, on Coinbase I could either do it by dollars spent or bitcoins purchased. I just went with a round number and got 5 BTC. I guess I will just hold them for now. With my luck, all crypto will probably crash tomorrow and never come back.

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I think you are full of ***** However, if you are not, you need to get that off Coinbase post haste and get you your own wallet and keys.

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Why? Seriously, educate me. I have a Schwab account that holds stocks. Why can't I just keep a Coinbase account that holds bitcoins?

heavily intoxtricated said:

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YouBet said:

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heavily intoxtricated said:

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Stat Monitor Repairman said:

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You talkin' whole bitcoins here?

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Yeah, on Coinbase I could either do it by dollars spent or bitcoins purchased. I just went with a round number and got 5 BTC. I guess I will just hold them for now. With my luck, all crypto will probably crash tomorrow and never come back.

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I think you are full of ***** However, if you are not, you need to get that off Coinbase post haste and get you your own wallet and keys.

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Why? Seriously, educate me. I have a Schwab account that holds stocks. Why can't I just keep a Coinbase account that holds bitcoins?

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You telling me you trust whoever is managing Coinbase equal with whoever is managing Schwab? I don't own any crypto but even I've read enough to know you should keep them on your own wallet with your own keys. I forget all the reasons at the moment, but remember this would be my method if I ever did own Bitcoin.

And, yes, there's nothing more to do with it for the foreseeable future, but to hold it and hope. In the future it may become more widespread to use it as an actual currency for purchases, but that's debated.

Antiquated thinking in here. With proper security precautions leaving crypto on coinbase is fine. It has a vault feature which requires quite a few authentication methods to unwind.

There's more risk removing from an exchange in the transfer not to mention you have to have the keys written down somewhere. Taxes also more practical leaving them on an exchange and it's entirely possible you receive scrutiny removing that amount of money from an exchange.

There's not much privacy on an open source ledger these days, they're caught up and tracking everything.

TxAG#2011 said:

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Antiquated thinking in here. With proper security precautions leaving crypto on coinbase is fine. It has a vault feature which requires quite a few authentication methods to unwind.

There's more risk removing from an exchange in the transfer not to mention you have to have the keys written down somewhere. Taxes also more practical leaving them on an exchange and it's entirely possible you receive scrutiny removing that amount of money from an exchange.

There's not much privacy on an open source ledger these days, they're caught up and tracking everything.

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Well, I have no intention of selling my BTC so the tax practicality is moot for me. I buy and hold on my wallet. It sits there and collects virtual dust.

Adverse Event said:

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#Bitcoin pic.twitter.com/i8aYNDIhA7

— naiive (@naiivememe) August 17, 2023

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Yes, I know.

Find your zen. Hodl.

Many of the (young) folks who are investing in the crypto ecosystem today are ill-prepared for what they're getting into. The casinofication of high risk assets invites people to adopt the wrong mindset.

When I started investing in bitcoin, it was an experiment that only…

— Jameson Lopp (@lopp) August 18, 2023

Good post.

I just moved my bitcoin from coinbase to Fidelity crypto account.

Is Fidelity any safer than coinbase?

I know, not your keys not your crypto. Its easier for me to transact with Fidelity than managing keys, passwords and cold wallets.

Look I know you are just getting your feet wet and people are going to try and make fun/give bad advice.

But, I will give you this entire lot for your 5 BTC because I like the cut of your jib.

You called the crash.

JustPanda said:

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You called the crash.

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It never fails. It's actually amazing I still have any money.

Username checks out.

Papa Joe said:

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I just moved my bitcoin from coinbase to Fidelity crypto account.

Is Fidelity any safer than coinbase?

I know, not your keys not your crypto. Its easier for me to transact with Fidelity than managing keys, passwords and cold wallets.

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Honestly, probably not. Fidelity is new in the space, and Coinbase is tried and tenured by now. I have Cryp on Fidelity but not really worried about it.

The liquidity on Fidelity is **** though so limit orders only. Found that out the hard way.