The Survival Podcast Bitcoin Basics: What You Need to Know – Epi-3613
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Jan 21, 2025 Discover the essentials of Bitcoin in a straightforward manner designed for newcomers. Learn about dollar-cost averaging as a simple investment strategy and the importance of self-custody for security. The discussion highlights navigating exchanges and emphasizes the value of hardware wallets. Delve into Bitcoin's stability compared to traditional stocks and recognize the socio-political implications of digital currencies. With practical advice and insights, it's a must-listen for anyone looking to explore the world of cryptocurrency.
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Bitcoin Exchange Advice
- Buy Bitcoin on exchanges with small spreads and low fees, like Strike or Swan.
- Consider Coinbase for withdrawals and fiat conversion, but avoid buying there due to high fees.
Dollar-Cost Averaging (DCA)
- Dollar-cost average (DCA) into Bitcoin regularly, even small amounts daily.
- DCA removes emotional decision-making and averages your buy-in price over time.
Bitcoin's Intrinsic Value
- Bitcoin's value isn't tied to merchant adoption; it lies in its scarcity, security, and censorship resistance.
- Merchants hesitate due to tax/accounting complexities, but Strike facilitates Bitcoin spending by converting to dollars.