I bot a mini lot (couple 100 bucks) BTC and ETH using Paypal app. I want to add more (10-20K) in 2022. Is it good to continue using PYPL app or shd I go elsewhere? If not Paypal app, which platforms do crypto investors use here for long term hold? Worried about safety and tax compliance of the platform mainly. Also, is BTC/ETH the best vehicle for pure play? Or BITO/GBTC etc?
Sorry I dont understand the lingo. Have to read up!😀
I have a discord server I’ve started. DM me if you want an invite link. In case you don’t, DEX = Decentralized Exchange CEX = Centralized Exchange DeFi = Decentralized Finance Staking = Holding tokens for ‘Proof of Stake’ networks. Essentially helps in enabling their transactions.
I’d suggest for anything more than 5k, get a hard wallet like a Ledger. 5k isn’t much, but it can potentially be a lot more in the long term. So use a hard wallet.
*Hardware wallet, also known as cold storage.
A hardware wallet is the only correct answer.
I hold my assets in various exchanges/wallets, such as 1. Coinbase (Referral: https://www.coinbase.com/join/dash_4hn) 2. Binance (Referral: https://accounts.binance.com/en/register?ref=319626596) 3. KuCoin (Referral: https://www.kucoin.plus/land/register/r/r3DL812). KuCoin is best when you want to trade on polygon network since the fees associated with it is pretty less. Else you can have your own wallets(offline) to keep it safe from frauds.
These are not wallets, they are exchanges. You should keep your funds in a wallet as much as you can. +1 for KuCoin, it’s the exchange of choice behind Binance.
Is there an SP500 ETF equivalent in crypto? Ie a low cost, diversified crypto index for the long run?
No, and it wouldn’t work. Given you can buy fractionals you could make it yourself. Most token are garbage in crypto and will lose big, hence there isn’t really a “market index”. If there was it would just include BTC, ETH, BNB. And you could do that yourself.
@Capital One What do you think of Solana?
Yeh, which ones have you got?
Cashapp fees are lower
You dont own your coins and cant transfer them off cashapp. Dont buy there
you sure can, it aint robinhood
Celsius earn
Get a ledger. Always buy the direct asset and not any derivative. Hold Bitcoin in your ledger.
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I hold assets in my wallet and use DeFi swaps for most transactions. Outside of that I use KuCoin if I need a CEX
Can u explain DeFi?
DeFi is a very broad term. I’m using it here to indicate that most of my trading occurs on DEXs instead of CEXs. I use Spooky, TraderJoes, Sushi, Pancake, etc. I hold my my crypto in my own wallet and stake as much as I can.