Frequently Asked Questions:

Should I buy Bitcoin?
The best advice I can give someone is only buy Bitcoin if you understand it.  DO YOUR OWN RESEARCH.   I've never known anyone to research Bitcoin and not come away fully convinced of it being the best and most secure store of value to have ever been invented...in all of human history.  All of the resources that helped me understand Bitcoin are on this site.  If you watch and read everything I've curated, you will come away with a very strong understanding of Bitcoin, and everything surrounding the Bitcoin ecosystem.  

What exchange should I use to buy Bitcoin?
I use Coinbase and Gemini, both are highly regarded and trusted exchanges.

How should I store my Bitcoin? 
For small amounts of Bitcoin, it's ok to leave it on an exchange like Coinbase or Gemini.  For larger amounts, I recommend you take it off the exchange.  If an exchange goes bankrupt, your Bitcoin can be used to satisfy the exchange's creditors.  It's not truly your Bitcoin unless it's in your possession.  Once you purchase Bitcoin on an exchange, you should move it onto a cold wallet.  I use a Ledger (Nano X) hardware wallet.  I have researched many other hardware wallets, but I like the Ledger Nano X  the best and would buy it again (as of May 2024).

What software should I use to report my crypto gains and losses on my tax returns?
If you are buying and selling cryptocurrencies, you will need to report your gains and losses.  I use a site called Koinly to link to my wallets/exchanges and to generate my tax reporting documents.  Its free to track and monitor your gains and losses, but they charge for generating IRS reports (Form 8949, Schedule D & 1).

What is the best way to back up my 12 or 24 word seed phrase?  
I use something called Cryptotag Zeus, its a titanium plate for storing your seed phrase words.  It is fireproof, waterproof, rustproof, etc..  It may seem like overkill, but you will appreciate the peace of mind knowing that your passphrase is not just written on a piece of paper.  Another seed phrase storage option to consider is the KeepMetal product made by Trezor.  It's also a metal device that you stamp you seed phrase words on. 

If I don't want to buy and custody my BTC, how can I invest in BTC?
For those of you that are uncomfortable holding your own BTC in a cold wallet, I would recommend buying a Bitcoin ETF such as Blackrock's Ishares Bitcoin ETF (ticker symbol: IBIT).

Best practices for Storing Bitcoin:

1.  Never leave your BTC (Bitcoin) on an exchange.  Always move it to a cold storage wallet, especially if it is a significant amount.

2.  Never transfer a large amount of crypto to your cold wallet without testing the transfer first with a small amount.  If the small amount works, then you can transfer the larger amount.

3. When you first set up your hardware wallet, it will generate a 12 or 24 word seed phrase.  This is your private key that you use to verify and approve sending cryptocurrencies from your hardware wallet.  You should store your 12 or 24 word seed phrase in a safe and secure place.  If you lose your seed phrase, you lose your cryptocurrency.  There is no customer service line to call.  You are your own bank.   There are seed phrase storage options out there that are better than just writing them on a piece of paper (see recommendation above). 

4. Do not take a picture of your seed phrase; do not store it online; do not share it with anyone (other than someone you trust implicitly and would give access to your checking or savings account).

5.  Only buy a cold wallet directly from the manufacturer.  Make sure the security tape on the device is intact when you remove it from the box.