Can someone please walk me through this? I have downloaded the coinbase app and have a wallet app, and now I'm ready to buy. But, I just need assurance. Is there any possibility of losing this money once I move it? Who uses it? How? Is it secure? Just need to know that smart people other than Dave from x22 are buying this and that its a strong move.
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Jesus Christ this blew up. Okay. You're about where I was a month ago.
Step One: Uninstall Coinbase and get Coinbase Pro. It does all the same stuff and charges less in fees.
The best lessons, you'll learn along the way. Bitcoin bought me a haircut this week.
So here's the way I do it.
I get paid on Fridays. Friday morning, I wake up and deposit a predetermined fraction of my check to Coinbase.
Second, I pull up bitcointicker.co . I set the scale to 30 days. If the yellow line is below the blue line, I buy BTC at market. If the yellow line is above blue, I buy BCH at market.
If I see the price dip, I sell BCH and buy BTC.
This next part requires math and patience. Coinbase has a minimum sell price of 0.0001 BTC. If Bitcoin was at 60k, that equals about $6 minus a $0.03 fee. So I calculate how much the price of Bitcoin has to increase in order for me to "earn" that $6.00. Coinbase Pro has a feature called a limit sell that will sell automatically when BTC reaches a set price. I setup about ten of these.
So basically what happens is I only sell what I make, and nothing else. Rinse and repeat when I get paid again. Move all my earnings to my wallet at the end of the month.
Some days are bad. Some days are good. I'm one month in and so far I've earned myself a haircut. Who knows? Next month I might earn a nice dinner.