I bought my first Bitcoin yesterday, well technically, in the sense that other times I bought Bitcoin was never for the purpose of holding or to build a holding, I mainly only bought BTC to buy other alts or to take advantage of price swings and sell off for some profits, however, this time, I bought to build a holding.
How did it go?
Well, it wasn't hassle free, infact I had a terrible experience. This was what happened. So while studying the Bitcoin charts for a perfect buy time, its not like there's ever a perfect "buy time" to buy Bitcoin passe, anyone waiting for a perfect buy time will wait forever, I just wanted a fairly near perfect buy time, not one that had to do with me buying at the top.
So I pulled together some funds after I noticed that there were some strong support around the $14k levels or that was what my intuition told me, so I waited for a brief correction which did happen and as I woukd have it, there was a flash crash to $14500 which didn't last for long. In my head I thought it would go further down, but it didn't, rather it went up to $14600 and before I knew it, $14,700.
I ended up buying at $14,800. So my plan was to start with $100 and after reading @edicted's post, I felt it would make sense to take advantage of the future volatility to trade back and forth, sell high buy low, rinse and repeat till January, you know, so I raised $100 and pulled out swap.app. I've been using the Swap.app platform for my trades for a while now just cuz its super easy.
After sending 1000hive, I received $33 in bitcoin, apparently, $11 was charged for fees, I felt that was preposterous, I guess the fees was as a result of mixture of Bitcoin transaction fees plus swap.apps fees, both were highly discouraging.
Then shortly after, I received a memo that the rest of my Hive had been returned because of lack of liquidity and I had to wait for 15 minutes to try again! Whaaaaaaat?!!! Try again and loose another $11 to transaction fees??? Totalling $22 because I want to buy some bitcoin worth $100 cmon man.
😂😂😂😂😂
I guess it was my fault for not using Binance. Anyway now that I've learnt, that's what I'm going to do next, but I guess I have to wait a bit again before buying. The struggle tho! I hope there's a point in the future when buying Bitcoin would be totally hassle free.
Anyway, this is where I am, bought my first Bitcoin and I'm starting out my Bitcoin growth journey. After I wrote this post about not owning any Bitcoin in 2020, I realised that I've been sleeping with my eyes wide open, not anymore, it took me so long though lol.
You know what I'd love to see? A way to buy crypto with fiat through Leofinance, yes I know it might be a wild ask, plus I don't know what legal implications it will incure but, it would be nice. One can dream right?!
May the crypto's be with us!
Thanks for reading.
Want to join Hive through my Ref Link and let me walk you through starting up? Click the image below.
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I'm sorry, maybe it would be useful for swap.app to integrate some sort of transaction block in case of lack of funds, to avoid paying fees.
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I think they actually do. There was a time when my funds couldn't carry the fees and i was refunded. Maybe it needs more tweaking tho
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Eesh man, I feel your pain but we all have to learn something about fees and the best way that works for us to buy BTC at some point!
I'm still finding the best ways after a couple of years but have found that Coinbase (if it's available for you) was the easiest and less fees. For $100, you'd only pay $0.50 fees if you set it up. I did a post about Coinbase fees recently which might be relevant for you but otherwise, definitely go via exchanges and get yourself a ledger hardware wallet to keep your BTC safe! It's where I keep mine :)
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I read your post about Coinbase Pro and gave it a try yesterday. I will have to revisit it as I was unable to figure out how to send fiat without buying BTC directly. Maybe it is different in the states or maybe my reading comprehension wasn't so great. ;)
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Ah good man! Yeah you need to go in to your "Portfolio" bit in Coinbase at the top:
And then select British Pound... although it might be US Dollars for you in the States. Once you've done this, you should see a deposit/withdrawal box on the right:
Then you'll have some instructions that appear in the box that appears on how to deposit GBP from your bank. In the UK, we have 3 things - sort code, account number and reference number - that need to be filled in in order to create a new payee in our bank accounts. I don't know what it is like in the US but let me know if this is the same process - I'll keep my fingers crossed!
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There it is! That's the bit I was missing. Thank you. :)
Now, once I get my debit/checking account hooked up to Coinbase I can move USD there and try the Coinbase Pro part of your post.
I'm still not sure about me being able to set up my credit union's bill pay to add USD to Coinbase. They want an account number and address for Coinbase so I will have to look into that some more. Either way I will be happy to cut out some convenience fess. :)
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No worries man, happy to help!
Yeah the account number and address for Coinbase will be in the Deposit information box that appears on Coinbase when you click it. At first, they only give you a reference number in the first box but you click it again and it will take you to the account number and address (or it should - that's how it works on Coinbase here in the UK).
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Cool! Sounds like it will all be there once I get my account verified and can go through the whole process. Thanks again. 👍
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Uhmm when I tried going the coinbase way, it wasn't available in my location, I'm not sure about now but I will give it a try. Thanks for the suggestions.
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Fingers crossed that they have it in your location now mate! If they do, see my reply to @oldmans who also replied as I put some screenshots on how you might be able to do it if it's available!
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Ive confirmed it as well, it is available. Thank you for tge reccomendation
You're welcome - I have a referral link for Coinbase if you haven't signed up yet, feel free to use it if you wanted - here's what the referral entails:
Referral link for Coinbase
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Congrats! While it sounds like it didn't go as expected, at least you are in. :)
I used Coinbase to buy some BTC with cash from my savings. I set up a recurring purchase only to find out my bank was collecting fees for excess withdrawals. Time to re-think that plan. lol. At any rate I will keep collecting some BTC here and there and hope for a series of record highs in the future. :)
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Thank you. I'm in I'm in!
Banks, ive hated them since I found crypto lol...
Me too, I'm stacking up from here onwards.
Good luck to you.
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I agree about banks. Evil necessity for now. Good luck to you also.
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22$ is a whole lot to lose man, my goodness! Just to buy a 100$ worth of BTC? Crazy but then in this sphere eh losing money hurts a lot and I'll really be plain about it. Hopefully it won't be like this another time. Horrible first experience I guess.
@tipu curate
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Upvoted 👌 (Mana: 12/16) Liquid rewards.
Lool you can say that again. I will be sure to follow another process next time I'm sure, I guess it won't be as bad. But....we live and learn. Thanks bro
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Nice one man, glad you took your first step into Sats and I hope you storing it in a place that you only know about! Keep adding man I’ve been buying $6 a day for ages now and I’m pretty happy with the outcome so far
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Yesss...I'm glad too and thank you, my journey to owning 1bitcoin begins, better late than never eh!.. 6$ a day sounds very chilled you'll be gearing towards full figure bitcoin in no time.
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Yeah I’m about 0.15 away from a full BTC and that I’ll just lock up and never sell! The rest will go into Alts and try to game the system lol
That's yuuuuge! Respect bro! Goooaaals!!!
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Go on lad! In touching distance now!
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You've just reminded me that I tried the Swap app for LTC once as an experiment and got a really crap deal, sounds like you had a crap time, definitely use the exchanges - Binance I think is best to buy generally - high volumes.
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Going for swap app and blocktrades is really just the lazy way and more costly let's say ive just been lazy, but after yesterday's experience, going the "exchanges" way is a no brainer. Thank you. Binance it is.
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Shit man. That's preposterous for sure. Those fees, ouch. That is money that could be your BTC. Definitely don't do that again. I haven't used swap app and I am not sure if I would now? Are there fees high for other coins?
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Yikes you can say that again.
Hmmn, I don't think so, it didn't use to be so high, at least not that I've noticed, I guess bitcoin fees were just particularly high at the time.
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I hate that about BTC. I went to send some today from mycelium and noticed the fees were almost 8 dollars... I decided to wait till tomorrow 🙂
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Loool I will do the same in your shoes
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Congratulations. On my experience, it is really tough to control your emotions when you see a price rally that makes your profit really lucrative. I have had that situation where GREED overpowered :P Hope you can remain watertight and not let that BTC go.
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Hahaha, I hope so too man, but I'm serious this time around. I won't make any move except I'm sure and if I'm jot sure I won't make any move lol. I really want to build a holding,its taken me so long already....I could have started at $7k levels,...but well, it is what it is
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Lol! I got my $100 of BTC the hard way too but I got it.
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Thats the idea. Just get it.
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Bro, Speedy Darlington wan kill me lmaooo.
Nice one sha. I don reason am for a while too. I'll use Binance, tenks for the warning
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Guyyy the video burst my head...I could not help but put it here. Thanks bros
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That's the tuition fee you're paying, it happens.
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Loool right! Learning is not free
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Congratulations! I hope that you're able to make something worth out of this.
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So do i, thank you.
It wasn't easy but you're in and that's the most important :)
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