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How To Buy Bitcoin In 2022 (& Store It Safely) - YouTube
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so in this video today we're going to be
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doing an in-depth tutorial on how to
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purchase Bitcoin in 2020 so what I'm
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going to do for you guys is I'm actually
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going to walk you through step by step
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how I purchased my Bitcoin how I store
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it safely and I'm going to be purchasing
[18]
one thousand dollars worth of Bitcoin
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live in this video for you and then
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transferring it over to my Hardware
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wallet and I'm going to show you guys
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how to do this step by step as well as
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how you can get ten dollars of Bitcoin
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completely free with the link down in
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the description below so a lot of people
[40]
are interested in purchasing Bitcoin
[42]
right now and I think that's for a
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couple of different reasons first of all
[46]
we had the Bitcoin having earlier in May
[50]
which cut the new supply of Bitcoin by
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50%
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second of all we have the Federal
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Reserve essentially becoming a money
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printing machine printing out stimulus
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checks and all this federal assistance
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and it's making people worried about
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inflation and so people are looking for
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a hard asset in which Bitcoin is a
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perfect solution because you can't
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simply create or print more of this
[78]
cryptocurrency
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so everyone has their own reason for why
[81]
they want to purchase Bitcoin and if you
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want to share it with us go ahead and
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drop it down in the comment section
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below but regardless of why you want to
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purchase it I'm gonna show you how I do
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it and why I recommend following this
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strategy now first of all I just want to
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address something real quick here
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because I've been making YouTube videos
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about investing for the last four years
[103]
or so and back in 2017 I was actually
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quite outspoken about Bitcoin and I was
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against it as an investment I said it
[112]
was something I would never personally
[114]
put my money into well clearly I have
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changed that opinion largely and I have
[119]
a good amount of money currently
[122]
invested in Bitcoin and the main reason
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why I changed my mind about Bitcoin is
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because after that bubble burst in 2017
[131]
I honestly expected Bitcoin
[133]
to become worthless but you know what it
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didn't it ended up stabilizing and then
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began appreciating in value again and in
[142]
that time line I began learning more and
[144]
more about Bitcoin and I read one book
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in particular called the Bitcoin
[150]
standard which I highly recommend to
[153]
anybody out there with large sums of
[155]
money invested in cryptocurrency
[157]
for those who are considering this as an
[160]
investment I did the audio book but you
[162]
can also read it in paper if you want
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I'll toss a link to that book down in
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the description as well but that book
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totally changed my mind and perspective
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on Bitcoin as an investment so how
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exactly do you go out there and buy
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Bitcoin well it's a little bit more
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complicated than going out there and
[181]
buying stocks for example so what I want
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to share with you guys first of all is
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how not to purchase Bitcoin and
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unfortunately that is through the free
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trading app Robinhood now full
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transparency here guys I do like Robin
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Hood
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I have tens of thousands of dollars of
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my own money invested through that app
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and a couple of different ones out there
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and I think it's a phenomenal platform
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for stock trading ETF trading and
[209]
options trading all commission-free
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however I do not personally use it for
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crypto currency trading and I don't
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recommend it even though it's Commission
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free and that is for this reason right
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here that is because you cannot send
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your crypto currency or receive crypto
[226]
currency to or from your Robin Hood
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account so if you own a lot of Bitcoin
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within Robin Hood and let's say you want
[234]
to send that to somebody else's wallet
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you are unable to do so within the Robin
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Hood app you would first have to sell it
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convert it to US dollar take that money
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out of your account and then send it to
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somebody else which essentially defeats
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the entire process of an anonymous
[252]
cryptocurrency now why is it such a big
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deal about being able to transfer your
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Bitcoin or cryptocurrency out of your
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exchange well that is because holding
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Bitcoin or any cryptocurrency within the
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exchange is
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proven to be a very dangerous activity
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and that is because there is no type of
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federal insurance against your
[275]
cryptocurrency being stolen or
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compromised and we have seen many cases
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in the past where there have been
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massive breaches of these cryptocurrency
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exchanges where millions of dollars were
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lost now with the stock market when you
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buy stocks and ETFs and things like that
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you are covered under a type of
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insurance called s IPC which covers you
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for a certain dollar amount in cash as
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well as in assets in case your brokerage
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goes insolvent or loses your stocks or
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anything like that so you are federally
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insured for hundreds of thousands of
[313]
dollars that is why it is safe to have
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your stocks within a stock brokerage not
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to mention it is not anonymous and all
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of your personal information is
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associated with that account with
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cryptocurrency number one it's totally
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anonymous when you send money from one
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wallet to another it's not me sending
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that money to my friend it's this wallet
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address sending it to that wallet
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address and it's totally anonymous and
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not tied to that specific person so
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unfortunately since there is no type of
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federal insurance in place for
[348]
cryptocurrency and due to the anonymity
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of the transactions there is a very high
[354]
threat here for theft and crime
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associated with cryptocurrency so for
[359]
example here guys back in 2018 coin
[363]
check lost five hundred twenty three
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million dollars worth of cryptocurrency
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during an attack on the exchange and
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last year a popular crypto currency
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trading app called by Nance lost forty
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million dollars worth of Bitcoin
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involved in a breach and unfortunately
[380]
if you held your cryptocurrency in that
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exchange and it was stolen during a
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breach unless that exchange had a
[389]
private insurance policy you are out of
[391]
the money and you lost your
[393]
cryptocurrency and there's nothing that
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you can do now the solution to this is
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actually pretty simple you buy something
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called
[400]
a hardware wallet which allows you to
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store your cryptocurrency out of the
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exchange and store it offline and I'm
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going to show you guys exactly where to
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purchase this and how it works later in
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the video but you basically buy your
[415]
Bitcoin from an exchange send it to your
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Hardware wallet and then store it safely
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offline that way you are not storing
[423]
Bitcoin in an exchange which has proven
[425]
to be a risky activity in the past now
[428]
Robinhood does have insurance against
[431]
the theft of the Bitcoin in
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cryptocurrency held within their
[435]
exchange and they also do store the
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majority of that cryptocurrency offline
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in hardware wallets however in my
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personal opinion I feel a lot safer
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knowing that my Bitcoin is in my
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Hardware wallet stored offline rather
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than relying on any exchange service out
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there but you can use your own
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discretion in making that decision so
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that being said here's how you do buy
[461]
Bitcoin in my opinion as well as my
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experience first of all you need to find
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an exchange out there that charges
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reasonable fees and also allows you to
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send and receive Bitcoin from and to
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other wallets out there and in my
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opinion as well as my experience the
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best exchange out there for this is coin
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base and this is how I purchase my
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cryptocurrency and then like I said I
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send it over to my Hardware wallet to
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store offline now coin base is a very
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reputable exchange they have served over
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30 million different customers and
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transacted over a hundred fifty billion
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dollars worth of cryptocurrency and the
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best part is they support over 30
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different countries so if you're not
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from the United States you may still be
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able to purchase cryptocurrency with
[513]
your local fiat currency now the minimum
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to purchase any cryptocurrency through
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coin base is just $2 but I'm going to
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tell you about a really great offer
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right now where you're going to be able
[525]
to get $10 worth of free Bitcoin and
[529]
here's how that works go ahead and click
[531]
the link down in the description below
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and
[534]
if you use that link when you sign up
[536]
when you make the initial purchase of
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$100 or more of any cryptocurrency on
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the site you're going to get 10 bucks
[544]
worth of Bitcoin for free and full
[547]
transparency guides I will also get $10
[549]
of Bitcoin for free so if you feel like
[552]
using that link and getting that free
[554]
Bitcoin and supporting me from making
[556]
this video that's gonna be down in the
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description below all right so now I'm
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gonna open up the coinbase app on my
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phone we're gonna go ahead and purchase
[565]
$1,000 worth of Bitcoin live and then
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I'm going to send it over to my Hardware
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wallet and show you guys what the entire
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process looks like all right guys so
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here we are inside of my coin based app
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as you can see my portfolio balance is
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$1,100 but that is because I keep my
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Bitcoin in my Hardware wallet not within
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my exchange if we click on my portfolio
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here it's going to show that I have
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$1,000 sitting there in cash and I do
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have $100 in Bitcoin that I earned from
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my referral link by basically referring
[598]
people to this app then we both get 10
[601]
bucks worth of free Bitcoin so what I'm
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going to do now I'm gonna hit the home
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button and then I'm going to click on
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Bitcoin and it shows right here that I
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have $100 in my wallet and you can also
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look at the price chart here to see what
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the performance of Bitcoin has been so
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it actually cooled off a little bit here
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after the Bitcoin having which was very
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exciting for a lot of investors so we're
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gonna go ahead and transact here and
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purchase $1,000 worth so what we do we
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hit the trade button and then we're
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going to hit bye and at that point I set
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the amount of money that I want to put
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into Bitcoin we are going to have to pay
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some small fees but I'll show you guys
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what that looks like so for now let's go
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ahead and put $1,000 and then click
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preview Buy and so this screen here
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shows us how much we are going to be
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able to purchase of the Bitcoin as well
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as the current price and what we're
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going to pay in fees now for a larger
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purchase like this the fee is around 1.5
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percent but for smaller purchases the
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fees vary I'll go
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put that fee schedule up on the screen
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right now just so you guys can see but
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with the larger purchase it's a fee of
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about 1.5 percent for US dollar it may
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be different for your local currency
[680]
outside of the US but what we're gonna
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do now is hit by now and we just
[685]
purchased the Bitcoin it is literally
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that easy so now as you can see I have
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three dollars and eleven cents us and
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one thousand eighty dollars and seventy
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nine cents in my Bitcoin account after
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paying that small fee of around fifteen
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dollars so now we're gonna jump over to
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my computer and I'm going to transfer
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this money over to my hardware wallet
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alright guys so here we are at my desk
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I've got my ledger nan OS I'm going to
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go ahead and open it up for you and
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we're going to attach it to my computer
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and I bought this right on Amazon I will
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include a link down below if you want to
[721]
purchase this hardware wallet yourself
[723]
honestly I would recommend it for
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anybody who has $500 or more invested in
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cryptocurrency
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because as we said you do not want to
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keep your cryptocurrency in the exchange
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so we pop this off here and then we are
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going to attach this to my computer now
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it's very important to understand that
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when you use a hardware wallet you are
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the only person that has access to this
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cryptocurrency for good or for bad and
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what I mean by that is if you forget
[751]
your password or your passcode to get
[754]
into your Hardware wallet you do have
[756]
this sheet right here which is your
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recovery phrase it's 24 words that you
[760]
can use to recover your account so if
[763]
you get locked out of your wallet or you
[765]
lose your wallet you can use this sheet
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to get access however if you lose your
[771]
recovery sheet and you don't remember
[773]
your password you will never be able to
[775]
access your cryptocurrency because
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there's no what nobody who has access to
[779]
it you are the only person with access
[781]
because you're storing it offline so you
[784]
want to be very careful about your
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recovery sheet and keep in mind what
[789]
your passcode is that way you do not
[791]
lose access to your cryptocurrency
[793]
alright so once you plug your ledger
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into your computer you're going to enter
[797]
the passcode that you set up and
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obviously guys you keep this private
[801]
and you don't share this with anyone and
[803]
then you're going to simply select the
[805]
wallet you are looking to open so in
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this case I want to open my Bitcoin
[809]
wallet over here on my desktop computer
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so now I'm opening up the ledger live
[814]
app which is going to give me access to
[816]
my cryptocurrency and this right here is
[819]
my cryptocurrency portfolio so as you
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can see down to your the majority of my
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money is allocated into Bitcoin actually
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96% I have a little tiny bit amount of
[829]
money here in aetherium and a small
[831]
amount of money in litecoin but my total
[834]
Bitcoin portfolio is six thousand five
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hundred dollars and now we're going to
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transfer in another one thousand dollars
[841]
that we just purchased now I actually
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have one point for Bitcoin in this
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portfolio which is obviously worth more
[849]
than that six thousand dollars I believe
[851]
what they're trying to do there is
[853]
calculate your cost basis for you but I
[855]
actually recommend keeping track of this
[857]
yourself separately by logging every
[860]
Bitcoin purchase that you make in a
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spreadsheet and I'll show you what mine
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looks like shortly but what we're gonna
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do now is transfer my new Bitcoin
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purchase into this portfolio alright so
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I set my wallet up here to receive and
[872]
now it is showing me the QR code that I
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now have to scan using the coin base app
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so I'm gonna go ahead and open that up
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now and so what I'm gonna do here is
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click on my Bitcoin wallet and then I'm
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gonna click on the send button in the
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top right corner and then enter the
[888]
amount that I want to send and right now
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I could only send up to three hundred
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thirty two dollars based on the fact
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that the amount of money I deposited
[896]
from my bank account hasn't settled yet
[899]
so I'm gonna click on the send all
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button and then I'm going to click on
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continue now at this point I click on
[905]
this button and I simply scan my QR code
[908]
which is going to allow me to send this
[910]
money to my wallet and then I'm going to
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click preview and then I'm simply going
[915]
to click send now and you are paying a
[918]
very small Network fee which is not
[920]
passed along to coinbase so I'm gonna
[922]
click send now and that money should be
[925]
over in my account very shortly alright
[927]
guys so that transfer just completed it
[929]
took about five minutes and as you can
[931]
see up here you can see this little blip
[933]
where my total Bitcoin went up
[935]
that was the new Bitcoin that has been
[937]
added to my wallet from coinbase
[940]
I actually realized to why that number
[942]
was lower because it hadn't synchronized
[944]
my data based on the current value of
[947]
Bitcoin so I just clicked the
[948]
synchronized button up at the top right
[950]
and it updated my portfolio which now
[953]
shows that it is worth thirteen thousand
[955]
seven hundred fifty-six dollars and
[957]
twenty one cents now the last thing I
[960]
want to talk about briefly here is
[962]
keeping track of your Bitcoin and
[964]
cryptocurrency transactions in order to
[966]
keep track of your cost basis because
[969]
the problem with Bitcoin is that since
[972]
you can send and receive Bitcoin in and
[975]
out of your account it's impossible for
[977]
an exchange to keep track of your cost
[979]
basis or the average price paid per
[982]
Bitcoin and where this becomes a problem
[985]
is when you eventually sell your Bitcoin
[987]
down the road for a profit because you
[990]
have to determine what you paid for the
[992]
Bitcoin what you sold it for and in
[995]
between is your profit what which is
[997]
what you pay taxes on so what I
[1000]
recommend doing is every time you
[1002]
purchase Bitcoin in a spreadsheet you're
[1005]
going to want to log this information
[1007]
what you paid for Bitcoin how much that
[1010]
was total how much Bitcoin you purchased
[1013]
and this is going to be used to
[1015]
determine your cost basis and so that's
[1018]
exactly what I've done here with this
[1020]
spreadsheet is every time I've purchased
[1021]
Bitcoin I log it in my spreadsheet and
[1024]
this tells me exactly what my cost basis
[1027]
is so I currently own just over one
[1029]
point five Bitcoin and my cost basis is
[1032]
seven thousand one hundred ninety-six
[1035]
per coin so I've basically spent a total
[1037]
of ten thousand eight hundred $38.52 on
[1041]
Bitcoin so right now we know Bitcoin is
[1044]
worth around nine thousand my portfolio
[1047]
was worth around fourteen thousand so if
[1049]
I were to sell that right now I've made
[1051]
about three grand and that is what I
[1054]
would pay taxes on but you need to
[1056]
retain this data for the IRS to prove
[1059]
what you purchased your Bitcoin for all
[1062]
right guys so anyways that is how I
[1065]
purchase Bitcoin and how I recommend
[1067]
buying it in 2020
[1069]
if you guys want to grab that $10 of
[1071]
free Bitcoin that's the top link in the
[1073]
description use that link and purchase
[1076]
$100 of any crypto currency on coin base
[1078]
and we both get $10 of free Bitcoin if
[1082]
you enjoyed this video please drop a
[1084]
like and comment down below
[1086]
why are you purchasing Bitcoin what is
[1088]
your reason for buying it right now I
[1090]
would love to hear what you guys think
[1091]
I've also included a link to that book
[1093]
called the Bitcoin standard highly
[1096]
recommended for anybody who is serious
[1098]
about learning about this currency as an
[1100]
investment or using it for general
[1102]
purposes for its given use case and
[1104]
lastly guys if you want to grab that
[1107]
hardware wallet I bought it right on
[1109]
Amazon and there's an affiliate link for
[1111]
that down below if you want to support
[1112]
the channel but thanks so much for
[1114]
watching guys I hope you enjoyed this
[1116]
video and I will see you in the next one
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