well hello my friends welcome back to the channel i hope you're doing well today we're talking about
bitcoin specifically about how to get started with bitcoin the title of the video is be careful
because what i want to share with you today is a little bit of my own mistake and i'm going to
tell you exactly how i lost almost $2,000 in bitcoin and i'm also going to share with you
a lot of different apps and investment websites and things like that there's a lot out there and
that's why i say be careful because i want to make sure that beginners get started off on the right
path so from a prior beginner to a new beginner let's get started if you're a cryptocurrency
guru you're gonna think dude this video is very basic well this video is not for you this is for
beginners you know there's a lot of hype around bitcoin there's a lot of hype about cryptocurrency
a lot of people are hearing about it and they're wondering how the heck do i get started i'm going
to start off what we're going to talk about today one how i lost $2,000 of these big boys right here
and then i'm going to share with you some apps and websites that can help you based on what your goal
is when it comes down to cryptocurrency if you're ready to get started all i ask a simple charge
of tapping that bit like down below bit like it doesn't get any funnier than this
so i am sorry all right let me start off with you know this is killing me did i have to talk
about the fact nobody wants to talk about the fact they lost two thousand dollars but i want to be
transparent with you especially if you're starting off so here it is it's 2017 and that was the last
time that bitcoin was really like on the move it was like whoo it was going to the sky at 16 000
oh my gosh back then we thought it was crazy now you look at it today and it's like 35 000 plus
wow but it didn't matter it was going to the sky everybody was excited about it and so i decided
hey this is something new i'm used to doing like retirement investments and stock portfolio
investments but i'm going to dip into this bitcoin thing and see what it's all about so i did
i bought into it and i owned a total of here we go 0.100 3604 of bitcoin so a fraction of
a bitcoin and that was worth at the time i think around 1500 1536. so it starts coming back down
right so 2017 right at the end right in december time oh it's up everything's great and then it
starts coming back down in january 2018. well unlike everything i always talk about when it
comes down to the stock market never get panicked and sell at the worst time well your boy did
the wrong thing and did what i say not to do i sold at the wrong time it was january 4th 2018
and i sold that bitcoin and i took my fifteen hundred dollars and i ran to the bank with it
then i look and i'm like okay it fell to like six thousand dollars or something like that it fell i
was like whatever bitcoin's weird if i would have just stayed on the roller coaster ride through the
downs and the ups and all the way all the way through it guess what it would be worth today
that amount will be worth 3 500 1.47 guess what that means i lost the opportunity cost of 1900
thanks to that stupid mistake of selling too early so i want to warn you and that's my first tip here
today in the bitcoin beginner investor tips do not depart with money that you need this isn't going
with grandma and aunt sally down to the bingo hall while we smoke our cigarettes and then we're gonna
throw some money down on the crap jacks and the blackjacks and the roulette table no we're not
going to a casino that's not what bitcoin is and i think too many people do that they go into bitcoin
they go into cryptocurrency thinking they're going to get rich quick i'll throw some money in i hear
about all these people making millions of dollars there's a lot of scammy people on youtube making
all these videos about how they make all this money now it's all a bunch of bs guys that's not
the way to do things right i'm gonna leave it in there for a long period of time and i'm not
gonna stress out if it drops in value and i'm not gonna be crazy with it i'm just gonna let it ride
then you're on your way to success with bitcoin now the second thing is here's where it gets
really interesting you got to be careful what is your strategy when it comes down to cryptocurrency
are you truly looking at it as an investment you want to put your money into bitcoin in
hopes that it will grow in value and that someday you can take out a profit that's fine
as long as you're in it for the long haul or are you interested in the investment but you also are
interested in using cryptocurrency as a method of payment you know obviously you can take a hundred
dollars down to uh a restaurant down to a store and you can pay them for the goods of the service
that they perform more and more companies even brick and mortar stores are allowing
cryptocurrency as a form of payment websites are all over the place especially with the
introduction of paypal cryptocurrency and some of the bigger banks getting into the cryptocurrency
this is going to pave the way for more merchants offering cryptocurrency is a method of payment
jobs are now some jobs are paying in bitcoin there's actually a reddit topic on this jobs that
pay bitcoin and it's basically listing out a bunch of jobs that they find that actually pay people in
bitcoin so cryptocurrency i think is here to stay but you also got to say okay do i like that aspect
of it about it being some type of way that i can actually pay for services and goods or am i just
purely only interested in the investment portfolio here's the big difference i'm going to give you
two examples the very first example is robinhood i've used robinhood for many years i have many
review videos here on the channel about robinhood i use weibull as well these are investment apps
that are primarily focused on stock market investments they also offer cryptocurrency
but the trick with that is that it's based on investment only so let's say you put in 100
bucks in the bitcoin on robinhood you earn the investment of that amount but you don't actually
own the bitcoin in other words you can't take your robin hood bitcoin and go down to someday your
local starbucks who now accepts bitcoin not really but when they do and you can't pay with that robin
hood crypto same thing with weibull it's all about the investment only now if you want an alternative
and this is something that i use more frequently i have in the past and i'm going to start picking
it up again in the future is coinbase now what coinbase does is it gives you the ability to
invest right just like the robinhood app that i just mentioned but it also gives you the ability
to have a digital wallet and with this digital wallet you can pay for things in bitcoin you
can send to friends and family in bitcoin it let it allows you to send it allows you to receive
all with that cryptocurrency now remember this is a beginner video this is just for people that
have never done this that are just starting off so again if the gurus are still watching they're
probably like hey you're forgetting about the encryption and the and the the usb drive and
all that weird stuff no no that's too much i'm not i'm not overwhelming people with all the all the
details of crypto we'll talk about that at another time today it's just about the beginner parts
so that's really what it's about you got to make that decision investor or investor plus ability
to use the cryptocurrency let me give you an example of both because there's some fees that
you also need to be careful of both of them do charge a fee whether robin hood says they're
commission free or not there's fees baked into it just like there is with weeble just like there is
with coinbase and that's what we're going to review today going to take it up on my computer
and walk you through it let's go so this is what it would look like in robinhood so if
you wanted to you could actually put this up on your app or on the website and you can buy
either in the amount in bitcoin which of course if you've got 35 000 you can depart with forever
power to you my friend but if not you can click on that and make it in dollars so we can say
we're gonna put in five dollars in the bitcoin it will give you the fraction of whatever bitcoin
that is based on the price but i want you to take note of something and this is all about
the fees okay i'm going to show this is coinbase this is called coinbase pro there's a reason i
use coinbase pro specifically with my coinbase account because the fees are lower i'll get to
that in just a minute but look at the difference here look at the price of bitcoin over here at 35
576. but look at it over here on the top you see on the top here
over on robinhood it's trading for more why is there a difference well here's why i mentioned
the fee so what robinhood does even though it's commission free they base it based on a spread
of the transaction amount so it's it's a lot of complication but ultimately nothing's ever free
in life my friend it's basically an inflation on the price because they're taking the fees of all
the different uh trading markets that they go out to to trade this share so if you're gonna buy a
bitcoin in other words the price will be different when you look at the different trading platforms
now coinbase on the other hand watch what happens what i'm going to do here is in this example
i'm going to buy i i have 20 in my account right now i'm going to buy 20 with a bitcoin
now look what it does here see fee equals 10 cents so they're gonna up front say we are charging you
a fee of 10 cents get over it that's how that's going to work now coinbase this is coinbase pro
i know it looks like we're sitting inside of a cockpit of a uh of a space shuttle or something
like that but don't let that bother you i want to hop over to the easier looking coinbase okay so
on the easier looking coinbase i can buy and sell right here on coinbase now it's the same thing as
coinbase pro when you sign up for coinbase you get coinbase pro it's the same thing either way don't
worry about it but here's the difference even though this looks nicer let's say we want to do 20
just like we did before if i preview the buy look what happens they charge me a coinbase fee of 1.49
so i'm going to get 18.51 worth of bitcoin but i have to pay a higher fee on the coinbase app
so i actually prefer to use their coinbase pro which is more of a trading atmosphere but here's
the difference i can transfer this money from coinbase pro into coinbase what's the difference
coinbase is where your digital wallet is stored so again if you're somebody that's into the idea
of using this as a form of payment coinbase.com is where it's going to be i'll include the link
to coinbase down below which will give you five dollars worth of bitcoin just for signing up so
make sure you take advantage of that by clicking the link down below if you're interested but
that's kind of how i do this i take advantage of the lower fees by buying it on their trading
platform and then as it rises and falls or if i want to transfer some money in to pace for
something in bitcoin i have the ability to do that by transferring it from the coinbase pro
into the coin base but before you go let me just explain one other really important thing
you have the ability to earn extra money when you sign up for coinbreaker so you'll get your
five dollars in bitcoin when you sign up but over here on the left hand side it'll
say earn rewards click on that it basically takes you through a variety of different
cryptocurrencies beyond just bitcoin but here's the beauty of it when you sign up for these things
you have the chance of watching some videos to understand what the cryptocurrency is all about
which basically means you can earn up to about a hundred dollars or more
in free money just by watching a few simple videos and answering a few simple questions there's no
hooks or scams attached to it i just did it myself yesterday so that's it guys that's what it's all
about you make that decision do you want to be an investor or do you want to be an investor with the
ability to pay for goods and services it's your choice but either way i'll include both links
to both robinhood as well as coinbase you can make the best decision based on what works best for you
if you enjoyed this video make sure you give it a like if you haven't already and subscribe for more
personal finance videos coming right here to the channel but until next time and as always continue
to live your sweet life because you're worth it have an awesome day and we'll see you next time
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