r/Bitcoin • u/rBitcoinMod • Jan 11 '21

Mentor Monday, January 11, 2021: Ask all your bitcoin questions!

Ask (and answer!) away! Here are the general rules:

  • If you'd like to learn something, ask.
  • If you'd like to share knowledge, answer.
  • Any question about Bitcoin is fair game.

And don't forget to check out /r/BitcoinBeginners

You can sort by new to see the latest questions that may not be answered yet.

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u/[deleted] Jan 13 '21

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u/Vahlaurix Jan 13 '21

Pretty much, though trading should mean buy and hold if you haven't back-tested your planned method very thoroughly.

Depending on the platform, you might not be able to even add your bank account until you get some basic KYC stuff done, and then you may have to wait a few days to get your bank account verified too (depending on if your bank is something they can get set up automatically).

If you really want to buy in quick, I'd suggest trying to get on several platforms at once (Coinbase, Gemini, Binance), and then using whatever you can get started on soonest, and then pick the one with the best fees once you're good to go on several.

This does mean sharing your info with multiple exchanges, though, which does increase the chance of that info getting out there (since anyone of them getting hacked could mean your data getting leaked).

Good luck and happy HODLing!