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[General advice for newcomers] My son’s friend wanted to know how to get exposure to Bitcoin. This is what I told him.

How to get exposure to Bitcoin (short version):

1) Open an account on Coinbase, Square Cash, PayPal, or Bakkt. Stay away from RobinHood.
2) Link a debit card or a bank account
3) Buy some Bitcoin

A few caveats with the above:
– This is not financial advice. Your money, your responsibility. 😊
Bitcoin is a long term investment (5-10 years timeframe). It is extremely volatile on a day-to-day basis. Prices can easily go up and down by 20-30% or more in a matter of hours. On the other hand, it had an average 200% yearly return over the past 10 years.
Coinbase and Square allow users to withdraw their Bitcoin to a private wallet. It’s considered good practice by crypto-geeks like me, but it’s overwhelming/overkill for most people. PayPal and Bakkt are custodians (Bitcoin can not be moved to a private wallet, but can be sold anytime to withdraw cash), and are easier to use in that regard.

For more information, [https://hope.com](https://hope.com/) as a lot of good content.

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6 Comments

  1. Kudos for recommending investing, however, as soon as I saw the light about bitcoin, I maxed out my Coinbase buying limit . I FOMO’d and jumped on PayPal like a crypto crack whore. Soon found out that I couldn’t withdraw and immediately sold it back. They got $200 in fees. Lesson learned. Fuck PayPal.

  2. Occum’s Razor in regard to PayPal/Robinhood/Bakkt and any other shyster that doesn’t allow withdrawals.

    They don’t have the quantity of bitcoin they sell.

    Does anyone with more than one brain cell believe for one minute that a company with the resources and technical wherewithal they posses, that they can’t seem to figure out how to allow their customers to initiate a bitcoin transaction?

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