Beginners Guide Part 3/3 - How to Buy & Hold Bitcoin with Dan Held - WBD632
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 15 March 2023
⏱️ 29 minutes
🧾️ Download transcript
Summary
Dan Held is a Bitcoin educator and marketing advisor at Trust Machines. In this interview, we discuss how to get involved with Bitcoin: how to buy and store Bitcoin, how to spend Bitcoin, how to avoid scams, how to engage with the community, and the best Bitcoin-related books, podcasts and Twitter feeds to follow.
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This is the third in a series of special What Bitcoin Did shows aimed at opening people up to Bitcoin. In the first episode, we learnt that Bitcoin is a new form of money. In the second episode, were learnt what Bitcoin is and its technical features. In this episode, we discuss how to buy and hold Bitcoin.
To those new to Bitcoin it can feel overwhelming. Its ideological and technical basis can seem impenetrable. Actually acquiring Bitcoin is another hurdle that requires an appreciation of new concepts and implementing disciplines distinct from other types of investment. But, the technical skills and behaviours required are actually well within the capabilities of the majority of people.
To invest one must first learn about changing your time preference. Bitcoin is about discipline over a longer time frame. Volatility exists, but Bitcoin is volatile to the upside. In contrast, other over-hyped digital assets advertised as offering better returns hide extreme downside risks. Those who stay humble, hold (referred to as hodl) Bitcoin and avoid the human desire for quick returns, are best placed to benefit over the long term.
Then one must appreciate the risks associated with custody. Most people are overly confident in third parties keeping their assets. But, in both traditional finance and cryptocurrencies, there are many examples of such trust being broken. There is a famous Bitcoin mantra: "not your keys, not your coins". In essence, if you don't hold your Bitcoin, you don't own the Bitcoin.
Taking ownership of your Bitcoin means having to be disciplined in how you secure that Bitcoin. But again, these are new behaviours to attain, not difficult skills to learn. And they are reinforcing. Self-reliance is what Bitcoin ideology is predicated on. It is part and parcel of becoming a good Bitcoiner. Further, these habits will naturally bleed into other aspects of your life. Becoming a better Bitcoiner is synonymous with becoming a better person.
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Transcript
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| 0:00.0 | If Bitcoin were finally free, we're finally free with our money to do whatever we'd like with it. |
| 0:09.0 | So if a government becomes onerous and they start to crack down on transactions or |
| 0:14.8 | crack down on different types of races, religions, etc, you can take your money and you can |
| 0:18.7 | leave and that ability, that freedom is truly what it means to be a human is truly to be financially free. |
| 0:24.0 | Hello there and welcome to the What Bitcoin did podcast which is brought to you by |
| 0:28.0 | Gemini and today we have the third and final part in our Beginners guide series and this episode we're covering |
| 0:35.0 | the fundamentals of buying and holding Bitcoin with Dan held. |
| 0:38.5 | Now American Hoddle and Harry Suddert killed it in the Y and the what so it's time to dig deeper into exchanges |
| 0:45.3 | different wallet solutions and the importance of self-custody. So I hope you enjoy this |
| 0:49.6 | I hope you get a lot out of this. If you're new to my show, then please do go and check |
| 0:54.0 | out other podcast we've made over 600 episodes. Okay, I do want to first give a quick shout |
| 0:59.7 | out to my sponsors. Gemini, which is the only place I'm using for buying and selling |
| 1:04.0 | Bitcoin. Iris Energy, Bitcoin Mining done right. Leden, Financial Services |
| 1:09.1 | for Bitcoiners. Big Casino, the best online casino for Bitcoin as, |
| 1:13.2 | Ledger, the best Bitcoin hardware wallet, |
| 1:15.8 | and Wazabe, a Bitcoin wallet with Privacy at its core. |
| 1:19.3 | But damn, what is Bitcoin? |
| 1:24.0 | Bitcoin is a money that is not controlled by any government and it has |
| 1:29.6 | censorship resistance which means you can't mute or censor transactions |
| 1:33.0 | means anyone anywhere can transact with anyone else and it can't be seized very |
| 1:37.9 | easily which means it's a money where no one can take it from you it's not like a |
| 1:41.5 | bank or someone can go in and |
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