Best setup for freshly orange pilled non-tech friend?
755 sats \ 7 comments \ @Signal312 3 Oct 2023 bitcoin
My friend wants to buy and hold bitcoin, but it needs to be very simple.
Recommendations? My friend is not completely non-technical, but things need to be as easy as possible. This would be a non-trivial amount, but not life changing.
Would it be a bad idea for my friend to do the following?
  • Install Blue Wallet on phone
  • Create a new wallet
  • Make sure the seed phrase for the new wallet is securely backed up offline
  • Receive bitcoin into the new wallet from the exchange
  • Delete the new wallet from Blue Wallet. Potentially add the xpub of the wallet as a watch-only wallet
(for additional buys, my friend would need to either re-set up the wallet in Blue Wallet, or actually get a hardware device)
Buying a separate hardware device is a hurdle (and it's a big hurdle for non-techies) that would be avoided this way.
Critiques very welcome, thank you.
Also, it looks like Blue Wallet doesn't have a testnet option, to learn with. Is there anything similar to Blue Wallet, but with a testnet option?
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20 sats \ 0 replies \ @brave 3 Oct 2023
I suggest using BitKit Wallet as you can save your backup phrase
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1 sat \ 1 reply \ @pillar 3 Oct 2023
If he's going to start with small amounts (for example, 1%-10% of his monthly salary), I think leaving the hot bluewallet + a paper backup of the seedphrase is more than enough.
If he's not going to start with small amounts... tell him to start with small amounts.
From that point, he can progressively increase his stack, his knowledge and his set up.
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0 sats \ 0 replies \ @Scholarhacker 3 Oct 2023
This.
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0 sats \ 0 replies \ @joyepzion 4 Oct 2023
Tell him the most important thing is "Not your keys, Not your coins"
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0 sats \ 0 replies \ @Athena_Alpha 4 Oct 2023
Probably not the BEST way to go about it as when the seed is created on their phone it's already compromised. Seed phrases should NEVER touch your malware infested phones / computers.
If they're investing "pocket change" levels of their money then sure, that's not a problem, but anything greater than that we strongly recommend they purchase a dedicated hardware wallet.
If they want a great HWW for super cheap then the Blockstream Jade is pretty unbeatable at like $60. If they're happy to drop $100-$200 then either the BitBox02 or Foundation Passport are our top picks.
Although you say that getting a HWW is a "big hurdle" we disagree. For one, people LOVE buying gadgets / widgets as it gives them a dopamine hit and makes them think they're "doing something", so this usually encourages them. Beyond that though it will be less technical than creating a software wallet, deleting it, re-installing it, setting up a watch only wallet etc plus the HWW will come with guides, how to videos, pamphlets and setup instructions etc. Much easier for less tech savy people :)
Also one final point, don't forget there are many other facets to "starting Bitcoin" than just storing it. How they understand altcoins, buying coins KYC free, ensuring they start out small and practice, continue to learn etc is all very important. We cover it all here: 10 Awesome Bitcoin Tips For Beginners
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0 sats \ 0 replies \ @southside263 3 Oct 2023
  1. dont buy bitcoin.
  2. learn. The Internet of Money - Volume 1 by @aantonop
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0 sats \ 0 replies \ @SimpleStacker 3 Oct 2023
I wouldn't automatically rule out buying a hardware device. The setup instructions are usually pretty easy to follow and it's pretty easy to understand. Just tell them there's a desktop app that you use to send/receive bitcoin, and that in order for the app to do that the hardware wallet has to be plugged in.
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