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  • In the last few weeks, bitcoin crossed 40K dollars. That's twice bigger than its

  • 2017 peak when it turned into a bubble. If you were smart enough, you probably bought

  • a lot of bitcoins when bitcoin crashed and was floating around 3K dollars. If you invested

  • in bitcoin just two years ago, you could have easily grown your money by at least ten times.

  • But the question is, how do you buy bitcoins? I get it, there are a lot of videos on the

  • internet explaining how to buy bitcoins, but let's be honest,

  • Most of these videos don't answer basic questions. How do I buy bitcoins safely? Where do I get

  • my private keys? Why do I even need a private key? Where do I store my bitcoins? How do

  • I know that it's safe? Why do they always get hacked? And a million other questions

  • that most of these videos do not answer. So here is your step by step on how to start

  • investing in bitcoin safely. I did my best to write this script as soon as possible,

  • but it will take forever for this video to be published because our motion designers

  • are going to take forever to make these cool animations. So show them some love by giving

  • this video a thumbs up. 


  • Before you buy bitcoins, you have to find

  • a place to store them. When you have a few hundred dollars, you can keep them in your

  • wallet. If you have a lot of cash, you might need a safe, or you can simply keep them in

  • a bank and use your debit card to access that cash.

  • Cryptocurrencies work exactly the same way. But to create a wallet, you need to download

  • the entire history of bitcoin transactions. Since it's a decentralized system that cannot

  • be hacked, you need to have the entire history on your computer or hard disk, which you can

  • get by going to bitcoin.org. Chose your operating system and install over 300 gigabytes of blockchain.

  • Good luck! Once you install it on your computer, it will

  • automatically create a file called wallet.dat, which is going to be your wallet. If you open

  • it, you will find a randomly generated code, which is your address. If someone wants to

  • send you bitcoins, they can do that through that address.

  • Theoretically, you can create unlimited number of these wallets within that file. You can

  • open that file on any computer anywhere, and your bitcoins will always be with you. No

  • one can track you, you can travel carrying millions of bitcoins, and no one will know.

  • And that's one of the greatest advantages of bitcoin. However, there is nothing perfect

  • in this world. Everything comes with some strings attached

  • If you don't have a password on your wallet, then anyone can access it and easily steal

  • your bitcoins, so you must always have a really strong password. But if you forget that password,

  • there is no way you can restore your bitcoinsIt's not a bank whom you can call to help

  • you out. And that is both its advantage and disadvantage.

  • When you use a bank, they manage your money, but in return, they have full control to your

  • money and can even decline your transactions. But if something goes wrong, they are responsible!

  • However, when it comes to bitcoin, no one knows how much money you have! You can send

  • them to whomever you want, and no one can freeze your account. Your money is safe, but

  • YOU will be managing your money now and not the bank, which means, if something goes wrong,

  • even if you accidentally send bitcoins to the wrong person, you can't fix it. If you

  • forget your password, there is no one you can call to help you out! If someone steals

  • your password, you can't call the bank to block your account. You become the bank of

  • your money, and you can't blame anyone but yourself if something goes wrong.

  • And that's why we have

  • 2. Online wallets

  • Online wallets are exactly like banks for cryptos. All you have to do is sign up, and

  • you will automatically be given an address and a private key that consists of 12 words.

  • You can use that address to send or receive bitcoins instantly. You can download the app

  • on your phone and start sending and receiving money with a few clicks

  • You don't have to download the entire history of bitcoin transitions like in the first case

  • because that online wallet does everything for you. It's even easier than opening a bank

  • account. But there is a catchEverything that's easy always comes with a

  • catch. In the first case where you had to download

  • the entire bitcoin blockchain, you were the only one who had access to your wallet, but

  • in the second case, the online wallet belongs to that company, and you are only given access

  • to it exactly like banks. When you keep your money in a bank, you don't

  • own that bank. The bank simply opens an account for you and gives you access to that account.

  • Which means the bank theoretically can block you, freeze your account or even steal your

  • money. But because banks are heavily regulated, at least compared to online crypto wallets,

  • it's very unlikely that any major bank would do something like that. Unless you are going

  • to do some shady businessAnd keeping your money in an online wallet

  • is pretty similar to keeping them in a bank since that online wallet has full access to

  • your wallet. Blockchain is definitely extremely difficult

  • to hack, especially as the system grows bigger and bigger. However, online wallets are connected

  • to an online server, which means hackers can hack that server, get access to user's wallets

  • and then steal their bitcoin, which actually happened with multiple wallets such as Coincheck,

  • , Jaxx and many others. Does that mean there is no way to store bitcoins

  • safely? Luckily, there is!

  •  Have you ever seen bitcoin ledgers in the form of a USB drive? They look cool, aren't

  • they? They are called hardware wallets, and they

  • seem to be the future of cryptocurrenciesInstead of downloading the entire bitcoin

  • blockchain or keeping your bitcoins in an online wallet that's vulnerable, you can get

  • one of these ledgers that already has the bitcoins blockchain.

  • Once you get one, you active it, the ledger will randomly generate a private key that

  • consists of 12 random words. And then you have to set up a pin-code. The only way to

  • send bitcoin is to connect that ledger to a device like a computer, enter your pin-code,

  • and you are the only one who will have access to your private key, unlike online wallets.

  • The most famous hardware wallet is the Ledger, which link I have left in the description.

  • It's an affiliate link, which means we will get a few dollars if you use that link, so

  • if you want to support us to make more similar videos, you can use that link to get your

  • ledger.

  • how to actually buy bitcoins

  • Once you have determined where you want to

  • store your bitcoins, it's time to find out how to buy bitcoins. Cryptocurrencies are

  • traded like stocks. You need a broker that can help you to find out someone who is willing

  • to exchange his bitcoins for a certain amount of US dollars for examples such as the Coinbase

  • or Gemini. There are a lot of them, but these are the most trusted ones as far as I know.

  • Again I have left an affiliate link for those who want to support us.

  • You just have to sign up and use your bitcoin address when buying bitcoins.

  • Pay attention to the fees because based on the method you want to use to pay for bitcoins,

  • fees could be from a tiny percentage to a decent amount. You don't want to end up paying

  • a fortune in fees. So pay attention to the fees.

  • But the question is: should you use an online wallet or a hardware wallet?

  • The answer is both! Hardware wallets are a better option if you

  • want to buy a lot of bitcoins and hold them for a long time, while online wallets are

  • much comfortable for day to day transactions. If you are just starting out and want to play

  • around, start with an online wallet. If you want to get serious and want to invest heavily

  • in cryptocurrencies, then it's much safer to spend a hundred bucks and get a ledger

  • just to make sure that your bitcoins are safe. But remember that if you forget your private

  • key, you will lose your bitcoins forever.

  • A lot of enthusiasts are going to dislike this video because I have missed a lot of

  • things and shed some light on the disadvantages of cryptos, but my job is to make sure that

  • I present to you both the positive sides and negative sides and let you decide what you

  • want to do. For gods sake, don't believe the scammers

  • who are going to use our name to ask for money or scam you any other way. If I am the one

  • who is replying to you, remember, my name will be highlighted with a tick beside it.

  • Cryptocurrencies definitely have a future but remember that this technology is still

  • at its early stage and has a lot of flows. That's the nature of any new technology, it

  • will take us some time to fix all the issues, and make it both safe and easy to use. It's

  • like the internet in the 2000s. Bitcoin price could reach 100K dollars or

  • even 200K dollars, but it also can crash to rock bottom and worth pennies. I am not discouraging

  • anyone but if you decide to invest in bitcoin, remember that it's a risky investment, which

  • means, if it succeeds, you will get generously rewarded. If it doesn't, you can end up losing

  • your entire investment. It's impossible to explain everything in a

  • 10-minute video but I hope this video answered your major questions about how to buy bitcoins,

  • where to store your bitcoins, and how safe these wallets are.

  •  if you want to support our channel, you can do so by using our affiliate links in

  • the description, and remember that you can track my investments by joining my Patreon

  • and get four free stocks from Webull if you open an account and depot 100 bucks

  • Thanks for watching and until next time.

In the last few weeks, bitcoin crossed 40K dollars. That's twice bigger than its

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How To Buy Bitcoin SAFELY in 2021 - Step by Step

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    Summer posted on 2021/02/01
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