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hi my name is andre jake welcome back happy new year feels like i haven't seen you in over a year that's true it's the most original joke of the year but in today's video i want to show you exactly how to start investing in bitcoin step by step how to keep it safe and secure how to generate some passive income and some interest with it and most importantly how to pay your taxes with it automatically because that's really useful to know i know that the cryptocurrency space isn't known to be the most ethical of places so i wanted to make this video to make sure that no one gets taken advantage of because i know that half this world seems to think that bitcoin is a scam no matter what you tell them and the other half think it's a religion so don't you dare offend them so i'm somewhere in the middle because i do think that investing all of your money into it is not a good idea but having none of your money invested is equally as bad so hopefully you find this video useful and before you think that i'm shilling my own investments because that was one of the reasons i didn't want to make this video there's a few things you should know about me i do want you to know though that i am biased because i did buy bitcoin and ethereum and recently i invested a hundred thousand dollars into it i made a video about it and since then at the time of making this video that balance has grown to a little over three hundred thousand 000 and i do think that both ethereum and bitcoin have a lot more room for growth and i know that sounds fun and exciting and it is but there's a few things that you need to understand first before we get into it which i'll hopefully cover in this video but if you do me a favor and smash the like button that'll help me out a lot because this video took me forever to make please remember that first i am not a licensed professional two i'm not an authority on this subject there are far smarter and more intelligent and successful people out there in the crypto space that you should probably be listening to so i don't know why you're watching this video and three please remember that the comment section is going to be filled with people pretending to be me to try to steal your money please ignore it because i will never reach out to you and tell you my phone number or to get in touch with my broker sir nicholas flameles voldemortes and fourth please only invest what you're comfortable with because bitcoin has been around for over 10 years now and it has withstood every technological test that we have thrown at it but at the end of the day we don't know what's around the corner and even though bitcoin is probably going to be the most valuable and the one with the most potential technology is bound to be disrupted in the future but i do think that bitcoin is here to stay for a long long time so invest only what you're comfortable with all right let's get into it with step one the best brokerage to use now the answer to that depends on what you value the most for me that is safety and security ease of use and value so i want to make sure that the money i invest is first and foremost extremely secure secondly i want to make sure that the interface doesn't look like an f-15 fighter jet because i don't have time to learn it it's too complicated and three i want to make sure i'm getting a good value and i'm not paying too much money in fees i'm okay with paying a little bit more for an extra added layer of security now all of these brokerages no matter who you go with require two things aml and kyc that is know your customer and anti-money laundering laws to be followed that means all of them will require you to have your id your address your phone number and everything else that standard brokerage is required so anyway my two favorite brokerages are gemini and coinbase now i have accounts with both and they are both phenomenal you can't go wrong with either one the sign up process is virtually the same but generally speaking the less information you provide to them the less your limit to buy and sell bitcoin will be and the more information you provide the higher your limit will be so let me go into the computer and show you exactly what the sign up process looks like i'll be using gemiini because that's the brokerage i use the most so the first thing it's going to ask you for is your first name last name email address and password followed by a phone number and then on the next screen it's going to ask you for a passport photo or a driver's license id followed by a passport number and a physical mailing address once you complete that it's good to go you know after you've signed up the next order of business is to make sure our account is safe and secure and that no one can steal our bitcoins and you could do that by going to the app store and downloading a free app called authy and this is just to make sure that even if somebody has the username or our email and passwords they still won't be able to log in and do anything that's harmful unless they have physical access to our phone which hopefully they don't unless you're kidnapped at which point i would just show them this coin roll that i've been practicing because it looks really cool and it distracts them and then just play dumb bitcoins what are those now once you've downloaded authy gemini should appear in the app by itself automatically you can click on it and then you'll see a seven digit number that's going to continuously recycle itself every 20 seconds gemini will then ask for the seven-digit number periodically just to make sure it's you but once you're happy let's move on to the next step first you have to fund your account and coinbase actually has more ways of funding your account like with credit cards for example but do not ever buy bitcoin with credit or debit cards because their fees are insanely high at 3.49 percent that is crazy high because for reference the stock market returns seven percent per year and you're just going to pay half of that up front just to start investing don't ever pay 3.49 for anything ever instead connect your bank account so there's two ways you can do that the manual way which is where they'll send you pennies and then you confirm with them ownership of your bank account but there's a better way which is to do this go to the upper right hand corner and then click on account settings then funding sources and then clicking on the automatically link bank account via plaid option now this uses a third-party software integration where it connects everything automatically and these brokerages don't have access to your bank accounts it's only through plaid which is a very safe and secure service so i did it with plaid and i have three accounts connected but if you do this manually it'll take you a couple days versus plaid which is almost immediate but once you've connected your funding sources this is how you can transfer money from your bank into the brokerage go to the upper right hand corner and click on transfer and then deposit into gemini now at this point you're going to be asked to select a currency so i'm just going to use the us dollar here and in the deposit method you'll see two different options which is the bank transfer or the ach transfer which limits you to 15 000 per day which i realize is going to cover most people but if you're doing more than that like i am then you're gonna have to go with the wire transfer option now once you hit continue it's gonna show you a list of instructions of what to do but one thing that you should absolutely pay attention to is the reference code and that just tells gemiini exactly which account to deposit your money into so that some random person doesn't end up with your money that's your unique identifier and if you're from europe you're not going to be using the wire transfer you're going to be using something called the sepa transfer or i believe ideal or so fort and if you're canadian you're just out of luck no i'm just kidding you're going to be using paypal to withdraw your money and then to buy it you're going to be using debit cards which isn't the most ideal option but it's still fine okay once you've funded your account with some gill final fantasy reference let's finally buy some bitcoin so if you see in the front page you have all these different currencies that you can buy into but the ones i'm most concerned with are these two bitcoin and ethereum they are the most legitimate projects in this space they were the first and they have the best brightest future potential for growth i do think that bitcoin is going to replace gold as becoming the next digital standard for gold and if that happens the market cap will surpass golds of 10 trillion dollars probably sometime this decade but i'm not sure exactly which year but ethereum is actually going to be programmable money and i do think that it can surpass bitcoin not in terms of value per coin but in terms of the market cap of ethereum which remember is all the money that is in that space and that's because if bitcoin is gold which has that 10 trillion dollar market cap if ethereum is programmable money which if we compare that to the m1 global monetary supply that is all the physical money in circulation that has a much much larger market cap but we'll see what happens now on this page let's say if you wanted to buy bitcoin all you have to do is just click on it and then you can select to buy it either once daily weekly etc whatever you want and you can enter how much depending on how much you want to invest and then click on review order and at this point you can enter in the payment method and pick which one you want and then place the order that's it hotel for dear life before we get into the next step there's this next part that's very important that i want you to understand because if you think you're going to become a millionaire with bitcoin overnight and then just cash out there's a few limitations that you might run into and here's what they are if you're using gemini's ach transfer system there's a 15 000 daily limit but a 30 000 monthly limit and if you're gonna withdraw money to your bank account there's a 100 000 daily limit but if you're gonna buy bitcoin with debit cards you can only buy 500 at a time per debit card and like i said before don't use debit cards the fees are not worth it but that's important to know if you're super excited you want to buy bitcoin only to realize that you can't buy a whole one using debit cards or whatever else you're gonna use and if you're gonna use coinbase it's a similar structure in that it depends on the level of verification so the more information you give to those sites like your passport your social the higher your limit will be but hopefully now that you've bought a bitcoin toss a like to your witcher and let's go to the next step because once the bitcoin settles into your account there's two different paths that you can take either the cold route or my personal favorite the hot route bam just when you least expect it you get the fire wallet don't try that at home and what i mean by that is you can actually just keep your bitcoin on the exchange itself and that's considered a hot wallet now the upside for doing this is that you have instant liquidity right because your bitcoin can be sold right away you can exchange it for a different coin you can make it earn interest on a different website and all of those things are great but the downside is that you have to trust that it's those exchanges or businesses that will keep your money safe from computer wizards that try to steal your money the second round we can take is the cold storage route which is where we take our coins offline and put it onto the blockchain via something called the ledger nano wallet which i'll show you in a minute but first i want to show you the hot wallet route which is what i use because i think your money should always be earning interest and making you passive income so what i like to use is blockfy.com and you can actually use this code right here to get up to 250 worth of free bitcoins depending on how much you fund your account but if you choose to go this route please follow these next few steps very carefully go to the upper part of the website where you'll see deposit you can click on that and then select the coin you bought from the brokerage so i'm using bitcoin as an example so that's what i would select and you can see this link right here at the bottom that is your public wallet address you can copy that number by pressing on that little page icon and then paste it into your brokerage so again let's go back to gemini and if you go to transfer then withdraw from gemini you can select the currency and then where it asks for the destination that's where you paste the code you got from block fi and then you want to select the amount you want to send and you want to make sure that your wallet address matches from gemini what it shows in block 5 because if anything is off any one digit then your money is going to just disappear under the table and you don't want that because it's never coming back once you send the money over it's going to be the most stressful few minutes of your life scarier even than waiting for birth results and that's terrifying so just please be very careful these next few minutes you won't know if you did it right so if you want send over a little bit first that way you don't send the entire balance over and lose it just to make sure that you got the process right and then you can send over the rest of the amount now the whole idea about earning interest on crypto is not exclusive to blockfy there's also celsius.network and nexo.io and the reason that i really like blockfy though is because they integrate with gemini really well and most of the money that is kept on blockfy is actually kept in a cold storage wallet with gemini so the two have partnered up on this and i obviously like gemini and the other reason why i really trust blockfy is because if you go inside of their investor relations page you'll see all of the money that is backing them this venture capital money is very big and very respected in the industry and i trust that they are making the best decisions so that if blockfy disappears not only is it going to make them look bad but also the investors themselves and i trust that they're making good decisions which is why i've chosen block five but don't just use the same companies that i'm using i just want to give you as many variety or as much variety as mini variety sometimes my russian comes out as much variety and options as possible and don't just use my affiliate links if you don't want to unless you want to help out my channel but if you're saying to yourself andre this is still far too complicated i just want to keep my bitcoin on the exchange the thing i'll say to you about that is that you're still taking on unnecessary risk without any of the reward of the interest so if you're gonna do that instead send your money to a cold storage offline wallet and into one of these i feel like morpheus from the matrix they're harvesting humans and turning them into these a battery now doing this is virtually guaranteed to keep your money in almost the safest place possible which is literally on the blockchain which so far no one has been able to crack into so let me tell you a little bit more about this little device and here's what it looks like it's a 59 device which i will leave a link for down below but you should definitely get one as soon as your crypto balance reaches at least one thousand dollars and there's a lot of tutorials to set this thing up but one thing i'll tell you is once you receive it you'll get a list of key phrases and words that it'll ask you to write down and hide somewhere do not ever take a picture of these keywords don't ever upload it and never have someone else set this up for you not a fiduciary not a tax expert not a banker not someone pretending to be me or even me because if somebody knows your list of key phrases they'll be able to access your wallet at any time and steal your money so as soon as you write that down hide it somewhere and just forget about it because remember even if you lose this thing or it gets destroyed you'll still be able t access your bitcoin as long as you have your little secret list but that's another reason why i don't recommend using robinhood to buy crypto with because it doesn't let you take off your coins and put it into something like this and in fact it doesn't even let you do anything i described in this video so that's the downside of buying and selling bitcoin for free is it doesn't give you this flexibility of moving your coins around now that you're a crypto expert and you know everything there is to know about bitcoin if you've ever bought bitcoin sold it or exchanged it you probably have to pay some taxes on it so this is how you can do so automatically so i use app.taxbit.com and there's a few other ones but this one is really great because it automatically integrates with almost every account that i use minus blockfy which hopefully is coming soon and what you do is you allow access for these websites to view your crypto accounts but they can't actually go in and make any changes they can't buy or sell or steal them for themselves again it's just an auditor role so in gemini's case if you go to settings and you go to api under the programmatic access you can just give them an auditor role and then they'll be able to just go in there automatically and they calculate all of your buys all of your cells and it just aggregates everything for you and then you can print out that sheet give it to your tax person and everything is automatically calculated but you can also use my link down below it's a referral code for 10 off i've no idea what i get out of it because it's not a affiliate link it's a referral code so if you're going to invite your friends to do it don't give them my link give them your own and then they'll get 10 off and you'll get whatever it is you'll get no i'm not supposed to say this and it's not something i condone doing and it's not something i've ever done before but for the sake of completion you should know this next part if you value privacy and the ability to buy sell and exchange cryptocurrency without the government's knowledge or involvement there's two websites that allow you to do that and they are localkryptos.com and local.bitcoin.com and you can think of them as sort of like the craigslist or the offer up of the crypto world in that your local people can just meet up exchange money you can get the crypto right away and you get shelter from taxation but in exchange you'll be paying a much higher premium and you're taking a risk for sure and at the end of the day i don't condone doing this because i do think that you should pay your taxes and it's personally not something i could get away with anyway because i have a youtube channel and everything i make with regards to crypto and otherwise is out there in the open so if the irs is like where's your crypto andre what crypto now that you have that for the sake of completion just please use your powers for good be responsible be safe and pay your taxes overall i think bitcoin is going to take off as soon as a few companies from the s p 500 admit publicly that they've converted part of their cash reserves into bitcoin which i think will happen soon maybe tesla will be the first elon where you at he doesn't watch my videos but that would be super cool if you found this video useful please share it with your friends if you think they can get some use out of it and in the meantime you can get some free stocks from weeble by depositing 100 you'll get a few free stocks you can get another free stock from robinhood thank you so much for watching this video i will see you back here on monday and friday sometimes a wednesday love you i'll see you soon bye-bye oh and happy new year