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The Easiest And The Best

The relentless Bitcoin honey badger has ramped up her increasingly effective, 11 year old, clandestine, catastrophic assault on the archaic, fractional banking industry.

Due to Bitcoin’s latest resurrection from the dead, people have been asking me once again what is the best way to jump onto the Bitcoin bandwagon. The best, but most technically challenging, way to participate in the emerging Bitcoin economy is to follow these 3 steps:

1) Open an account on a well known crypto exchange (coinbase.com, kraken.com, etc) and link it to your fiat checking account.

2) Buy some bitcoin (no shitcoins, please!) with some of your fiat. The exchange will charge a service fee for the conversion and your bitcoin will be deposited in a “custodial” onsite wallet that you can access anytime.

3) Send the bitcoin from your exchange’s “custodial” wallet to your very own personal software or hardware wallet(s). This is what bitcoiners call “taking personal responsibility“, or heeding this advice: “not your keys, not your bitcoin“. Keeping your bitcoin out of the easy reach of “authorities” who can disappear it from you faster than you can say “WTF!” gives you full control over the wealth you store in bitcoin, as it should be for hard working people in any country.

Executing step number 3 requires a modest amount of technical prowess that most people don’t have, or don’t want to have. That’s fine as long as they understand the risk of leaving their bitcoin keys in the hands of someone or thing you have no choice but to “trust“.

A less sexy but easier way of penetrating the Bitcoin universe is to buy shares in a company that either directly holds some bitcoin in its treasury or has integrated the Bitcoin protocol into its business models. Woke companies like Microstrategy ($MSTR), Square Inc. ($SQ), and Paypal ($PYPL) come to mind.

Still others are entering the Bitcoin Zone via Hedge Funds, but ya hafta be pretty rich to be able to puncture through that tight-ass entry point.

Just a couple of years ago, these last two big-money on ramps didn’t even exist. No one with pockets that deep would even glance in Bitcoin’s direction without holding their nose in disdain of the high tech ponzi abomination. But today, the traffic seems to be thickening at a greater pace on each on ramp. The highway crew has even commenced building a bunch of new, huge-ass, on ramps for enlightened central banks. Something in the air smells parabolic.

Gradually, then suddenly

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  1. January 3, 2021 at 11:19 am

    BTC on a hell of a tear. Waiting for a dip so I can get more. In the meantime, I picked up some shares of Square.

    Robinhood is also good for picking up BTC, but I haven’t tried to transfer it to a wallet yet.

    • January 3, 2021 at 12:41 pm

      Nice! It should be interesting to see how $SQ, $PYPL, and $MSTR behave tomorrow. I know you can’t transfer BTC to/from a Paypal wallet (due to fear of regulators) but I don’t know about Robinhood. Let me know if you can do it. If you can, I recommend doing it unless you’re gonna trade it often. “Not your keys, not your bitcoin”. 🙂

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