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How to Buy Bitcoin 2022 for Beginners | Coinbase vs Cash App vs Gemini | Step by Step - YouTube
Channel: Lalit Devraj
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what's going on everyone my name is
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lulit and today we'll be walking through
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in real time
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step by step how to buy bitcoin on
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coinbase
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gemini and cash app i've been involved
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with crypto for almost 10 years
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and in the last few years i've been
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buying selling trading
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investing so heavily in cryptocurrency
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and so at the end of this video i want
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to share some perspective
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on what i think about these three apps
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some pros some cons
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so my personal experience etc but with
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that let's jump straight into it
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you know how it is let's do it so we
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start off with coinbase
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so over here this is what you see when
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you first open the app on the home
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screen
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but to buy bitcoin there's different
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ways to do it but i'll press bitcoin
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and i'll press trade and from here we
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can do buy
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btc with cash and i have 10 bucks in the
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account over here
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so one time purchase is what i'll do
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i'll buy one dollar of bitcoin
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preview the buy and so we don't support
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total smaller than 199 okay
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so let's do two dollars preview buy and
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so they're saying at that price it's
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going to execute 11662
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pay with the cash we have in the account
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purchase a dollar and one cent
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coinbase fee is 99 cents obviously this
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is almost like a 50
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fee so i'm gonna do it for this video
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just to show the end to end process
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but generally i would never burn money
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this way so please leave a like if you
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appreciate this
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bye now okay so that's purchased
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okay uh want to buy bitcoin every week
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let's not do it right now
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so there it is it's in this account
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dollar one sent
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and it's as easy as that so let's move
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on
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so before moving on i wanted to go over
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the pricing and the fees behind
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these purchases per exchange so looking
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at coinbase
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because our transaction was less than
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ten dollars we did incur that fee of 99
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cents
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and if it was between 10 and 25 dollars
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a buck 49
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on the other hand more than 25 but less
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than 50 it would have been 1.99
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and if the total transaction amount was
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more than 50 but less than 200
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it would be 2.99 and so there is a
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variable percentage here of 1.49 percent
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which is charged depending on the dollar
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amount and depending on where the flat
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fee is
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so if the flat fee is larger or bigger
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than that 1.49 percent
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then that's what will be charged so for
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example if it's a thousand dollar
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purchase that fee would be 14.99
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so we'll come right back to my face and
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screen recording you saw on screen
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but unfortunately the app gemini this is
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what it looks like
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they have a security protocol where when
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i'm screen recording basically the
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screen would show up as black after the
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fact
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so at the top let's get straight into it
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at the top we see earn 10 bucks in
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bitcoin when you invite a friend and
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they trade 100 bucks in 30 days so if
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you're interested
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affiliate links down below but if we
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press bitcoin over here
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this is the price and we can press buy
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over here
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and i'll do a once so if i put in a
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dollar in this case and i press continue
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it says invalid amount please enter an
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amount greater than two dollars
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so let me just do two dollars exactly
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and it does go through
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order quantity a buck and one penny
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transaction fee
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99 cents totaled you two bucks
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i had five bucks in here i did this
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before anyhow
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here we are three bucks remaining two
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bucks to go swipe to confirm
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boom oh no
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oh yes
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so and
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there you go boy or buy order is
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complete you purchased
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this much for two bucks and and then
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going over to fee structure for gemini
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over here basically if it's less than
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ten dollars we incur a transaction fee
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of 99 cents
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10 to 25 so the same range as base 10
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25 25 50 50 200
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basically buck 49 buck 99 and then that
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299
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of 58 or 200 and on 200 1.49 of the
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mobile order value so
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there's been a lot of talk about how
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gemini is trying to compete with
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coinbase and try to keep that
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same type of market competition moving
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on to the infamous cash app
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this is the home screen over here and on
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this tab over here you can see there's
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an option by stocks or bitcoin
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so we're in the bitcoin tab and we can
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press buy
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and we have some options over here so if
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i do a dollar
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i put it in press next
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i'm going to confirm that action all
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right so buying this amount this is the
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exchange rate
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buying 97 cents so here the fee is three
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cents which in this case is three
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percent
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uh which is far far far better than the
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fixed fees we've been incurring with
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coinbase and
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uh gemini
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press confirm and that's it you
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purchased it i wanted to show this part
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which i found really interesting which
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i couldn't do in coinbase because i
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didn't have x amount of us dollars in
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the account to actually see what would
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happen
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so for example if i buy let's just say a
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thousand dollars right
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if i do next and i do this
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just to take the point home basically
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these fees 17.62 cents
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on a total cost of a thousand is roughly
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one point seven six two percent
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so from that perspective as the orders
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get bigger
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i would say one point four nine percent
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is actually better on coinbase gemini
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uh but then here it is more so
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that's just a small takeaway that i
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wanted to compare in that angle so
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that's the start to finish of buying
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bitcoin on coinbase gemini cash app
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and what i wanted to talk about now is
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basically two angles
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one is trading and the second is
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withdrawal slash deposits of
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sending and receiving the bitcoin so on
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the first angle with trading
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basically i don't think that it's a
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great solution to trade on any of these
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three
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and frankly it's just those simple you
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know just a fees you know if you have
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those small orders
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it doesn't make sense that huge
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percentage of fee eating into your
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actual purchase amount
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but when you take it from a bigger
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perspective there's platforms that exist
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for trading whether you're trading
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bitcoin or altcoins cryptocurrency in
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general
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robinhood is a platform that is not
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good for actually buying bitcoin and
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storing it personally
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but for trading it there's zero
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commissions you can buy
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sell it make money get out really fast
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so what do i mean with robinhood
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the difference is compared to the other
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three what you cannot do is basically
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transfer bitcoin
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back and forth when you buy bitcoin on
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robinhood it's not really yours
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you're just buying the right to sell it
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again at a future time
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you cannot transfer your bitcoin out you
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cannot transfer it out to buy altcoins
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you really it's just like a virtual
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number almost
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where if it goes up you can sell it yeah
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you do get real cash
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but if you want to ever keep your actual
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cryptocurrency for yourself or for other
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purposes
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it's not happening with robin hood at
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this time at least in 2020.
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so coming back to the story with these
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three gemini cash app coinbase
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you do have the capability to send your
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bitcoin anywhere you want whether that's
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other exchanges to other
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another person uh to another wallet you
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personally may have
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you can do it on your offline storage
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wallet etc
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so when you're actually buying bitcoin
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on these three you actually do
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actually own that bitcoin so that's the
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biggest
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difference i would say from these three
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versus robin hood where robin hood may
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be better for trading
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but from an actual utility perspective
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on like knowing that the coin is yours
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these three are the way to go and so
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talking about convenience they are quite
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convenient they're also the hallmark
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standard
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of kind of the industry right now when
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you come to mobile apps
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and buying bitcoin and actually
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executing these type of orders
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here in the united states so what do you
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need to know before you're able to
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execute these trades
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basically there's a process in
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cryptocurrency but in the financial
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industry in general
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which is known as kyc aml which stands
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for know your customer
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and anti-money laundering so basically
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it's a vetting process where you'll
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upload your driver's license slash
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identification
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and there's some background checks run
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slash essentially a vetting process
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to allow you to be able to trade and
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because cryptocurrency slash bitcoin in
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general is known to be
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anonymous this way it still is anonymous
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but from a
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i would say a financial safety
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perspective
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whichever way you look at it whether
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it's on the exchanges side or the actual
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person-to-person individual side
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this process exists and it does take
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just a little time
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that time lent it depends you know it
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could be around two days
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three days a week so i would say that
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with coinbase
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and cash app and gemini to my memory it
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took me around
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two to three days up to a week i made
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these accounts a few
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years ago and so i don't really remember
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and i hope it's even faster today
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so after you're done with the kyc aml
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step basically the next step is getting
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money into your exchange to actually buy
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the bitcoin
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that process can take anywhere from
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three to five days just because of ach
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transfers aka
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automated clearinghouse which is
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basically saying that hey
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my money is going from my checking
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account into this exchange and it takes
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x amount of days for that to happen
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now if you want it even faster i would
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say that you can do it a few ways but
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i'm speaking to cash apps specifically
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naturally you can have a friend you know
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cash out money to you
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you can have a different friend
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transfer money to you on cash app
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anyways
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no not a good example if you can get
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someone to send you money
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into cash app well if that's cash then
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they'll have cash in your balance and
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you'll be able to buy that bitcoin once
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you're approved
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in the other two i wouldn't say it's
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that simple because
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it's not really how you can get us
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dollars into gemini or
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coinbase because they're not really a
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p2p transfer app a peer-to-peer
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transfer where cash app slash venmo is
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peer-to-peer where i can send it to you
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and vice versa
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so overall coinbase versus gemini versus
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cash app
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i think in the end they all have their
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place i would say
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i would say that gemini and coinbase are
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more similar while cash app is more
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flexible i would say and it could be
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because of that peer-to-peer difference
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so there is an advantage there as you
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can see i would say that on cash app on
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the smaller orders it makes more sense
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there
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versus on not the smaller orders where
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if it's a bigger order we
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saw the numbers where maybe it makes
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more sense to buy through uh coinbase
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or gemini overall if you come this far i
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just wanted to leave uh
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you know with a little uh little
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surprise and just thanks for watching
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but yeah
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this is like a little outro so see you
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next time and
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hope this helped
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