How to Set Up Your First Bitcoin Wallet



A few weeks ago I asked people what they recommend to absolute beginners for buying bitcoin. Overwhelmingly people said Coinbase so I made a video about …

23 Comments

  1. Lumi Wallet is a great choice for beginners – it is simple to install and use, and has all functions needed, like purchase and withdraw to a credit card. And it is highly anonymous!

  2. I opened a coinbase account, bought bitcoin, but then tried to get the bitcoin out of my account to purchase merchandise. I think I sold the bitcoin, I have no idea where the proceeds went. You video drops us dead, is bit coig just a scam to take out money, but we can never get it out of bitcoin. I have an overseas business, and heard this may be a way to reduce wire costs, but since I cannot figure out how to make it work, I will never recommend it to my customers. How do I get money out of coinbase, how do I purchase merchandise? Your tutorial lacks the MOST IMPORTANT PART

  3. It look really glory. But Seriously. This type of transaction is a fee trap. If I'm gonna purchase some bitcoin on coinbase with my computer, I''m charged a transfer fee, get it from euro to my first bitcoins. If I'm then gonna transfer this to my coinbase wallet on my iphone, I''m then again charged a transfer fee. Then even yet again, say if I'm then gonna send money, purchase something online with my wallet, I'm yet again charged with a transfer fee. This is a transfer fee hog golden deluxe. I'm in chock on how that fee always hunt you with every movement with that bitcoin, in every turn on the road, your gonna pay some fee. You cant move your bitcoin without a fee. And its always excused by that the miners and coinbase need their salary for their work.

    No wonder that bitcoin has reached 1 billion limits on their fee grabbing. For example, to use bitcoin to buy a $4 latte at Starbucks, you might have to either wait several hours for the purchase to go through or pay $5 to speed it up. There are a number of problems on the bitcoin platform.

    And if we talk about the power consumption and heat that all the miners use in all, running bitcoin for a single year uses the same amount of energy as all of Switzerland. Not to talk about that the miners electricity bill steals between 60-80% of the bitcoins earning when their mining. This cant be future proof high tech.

    Well, save some on this refer link, you get about 10$ registering, thats when you first after transfer 100$, minus the fee 🙂
    https://www.coinbase.com/join/srli_c

  4. Fuck Coinbase it now requires to provit personal info. I remember I bought Bitcoin in 2014 and made tranfers to addresses and now I need to tie my name to that. Nope. Going to use another wallet service to buy the good good

  5. Do you have any alternate options for Coinbase? They have a very censorious nature like patreon I'm afraid and I'd rather not support them, and if there's one with a way to convert it back to Canadian dollars that'd be pretty handy.

  6. While the video itself is really well made, about halfway in I got appalled by the extreme amount of information and steps needed to get started. It's mindblowing.

    Then I remembered that if you opt not to use coinbase, but rather install a wallet on your phone like copay, the setup is simple, easy and showcases the permissionless and peer-to-peer nature of the currency.

    I understand the choice though, using coinbase as the wallet here does make the follow-up videos better connected and there is value there. It's just far from my ideal scenario for onboarding users.

  7. Great stuff Naomi! it’s kinda crazy how Coinbase is so popular I guess it’s just the easiest .. it’s totally skeuomorphic in how you have to use a bank lol! It’s crazy to think how much the legacy system is still part of the future of money. Awesome stuff Naomiiii 👏👏👏🙏

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