don't be intimidated BTC is way more efficient,faster and i found it easier than any other methods that are used traditionally.
pointers
dont use c0inbase at all for anything.
dont store coin in a hosted wallet they have your seed and thus have your coin
dont use bank transfers to get coin , notoriously slow and its a bank.
dont send btc purchased from exchange/BTC ATM/or anywhere else purchased to anyplace but your private wallet (nonhosted) or a tumbler .
do use a wallet or storage system which only you have and control the mnemonic seed which is a phrase of multiple words.this seed trumps passwords making recovery possible if all other access has been lost. this is why only you should have access to that phrase, not a hosted wallet of anyone else, writing it down is not recomended.
do transfer coin asap out of exchanges to external private wallet that you control seed. exchanges and other points of purchase often have temporary hosted wallets within their system this is where coins are put once transaction is confirmed complete,
Electrum is a solid software based wallet that's simple to use ,been around awhile and most important the seed is in your control .
points of purchase/exchanges-
BTC ATMs- exist but expensive fees usually 8-20%, fair market markup often more than $100
LocalBTC- usually even more expensive fees and can be shady. markup can be anything from the normal 'fair' $100 to 100 time the value of BTC at that moment.
Abra - good app multiple ways to buy - bank transfer,wire transfer,other crypto, credit cards and prepaid bluebird amex.
many exchanges and points of purchase exist.
fees and limits and wait period differ from place to place and the method of payment. e.g. Bank transfer high limit, lower fees, long wait time e.g. prepaid card low limit, average fee, very short wait time. these are just examples. again BTC ATM low limit,very high fee almost no wait time. again this all varies from place ,method and demand and supply of BTC or other cryptos.
fair market value mark up fluctuates with supply available and demand of wanted. although if you own the BTC and make it available for sale this number can be anything. but does not mean it will be bought at a higher than whatever the current fair price is. it might at a double the fair ,depends purchaser and what the seller is willing to accept as a medium for exchange. for example purchases with say gift cards which some sellers accept will twice that of cash . meaning a $1000 in gift card gets $500 worth of BTC.
anyone who has bought drugs with a medium of exchange like gift card food stamps will understand this concept 50cents on the dollar or whatever. black market is also sellers market. the seller has the upper hand.
almost 100% of the time price of BTC available for purchase or offered for sale will be more than the current Value of said BTC . usually $100 more than current price is fair market value but often btc is up for sale with this markup well past $100 fair market value. This is unavoidable since BTC is finite ,the most that ever will exist is 21 million around 18million of these are in circulation or 'mined' so its a sellers market. high demand and limited supply. fees listed above are not part of this markup but are th e 'price' to get your fiat money into the system. network fee or mining fee is different from both the others mentioned and are required when sending BTC this can fluctuate due to network , the more BTC sent the more this will be, sometimes adjustable by sender but never zero. keep in mind the lower the mining fee the longer it take to get sent and get 2 confirmations thus making the transaction legit and considered completed altho confirmations will continue as more nodes confirm the transaction increasing decentralization of the transparent blockchain ledger. Once sent and 2 confirms are made that BTC entry in blockchain is irreversable and unchangeable and permanent. no one can change that ledger entry or destroy it.
if a mistake is made by human error coins are refundable , but must be done with a new transaction by the destination wallet and thus a different entry or ledger is created and fees paid to miners to mine it into the blockchain, sometimes this happens automaticly. othertimes the recipient must manually send it back .
obviously there is much moregoin on much more complexity to these concepts. changes occur rapidly. these are thing i learner-ed myself during some of the adventures in this novel exciting world of exchange medium beyoned gold,fiat, and credit moneys and bartering,although gold,fiat, and credit moneys and bartering are accepted in certain BTC purchases currently. fiat money will be first to go since after all it has no intrinsic value , its just a piece of paper.
Happy almost Friday everyone!
