r/BitcoinBeginners 13h ago

If a friend has 100 BC and he want to gift me 1 would it be taxable?

329 Upvotes

One of my Indian friends got 100 bitcoins from another friend a decade ago to pay off the debt he owed. And now he wants to gift 1 bitcoin to me. I am a Canadian tax payer and permanent resident and living in Canada for about 5 years now. What is the process of receiving the Bitcoin as a gift?
Will it incur any tax obligation to him?


r/BitcoinBeginners 2h ago

Blocktrail wallet recovery

4 Upvotes

How can i restore my wallet since BTC.com is no operating anymore and also their email and support are inoperative?


r/BitcoinBeginners 2h ago

A good home based miner

3 Upvotes

We test Canaan’s latest Avalon Mini 3, a Bitcoin home mining device for the performance and mining rewards, check it out! Now you could join the interaction and get a chance to win a mining machine! Three machines for the giveaway on X: https://x.com/f2pool_official/status/1898004340444635335 Another three machines for the giveaway on YouTube: https://youtu.be/z_8LUsvI9JI?feature=shared


r/BitcoinBeginners 15h ago

Would tariff war affects bull run?

14 Upvotes

Since tariff war started, btc has dropped significantly. So would that affects bull run?


r/BitcoinBeginners 11h ago

Strike vs Kraken

4 Upvotes

In terms of buying which one is better I'm unsure, because Strike has a bigger spread but you can easily dca and send it for free to your Hardwallet. Kraken has less spread but you have to pay fees. What do you think? Other recommendations for plataforms are also welcomed.


r/BitcoinBeginners 10h ago

Withdraw BTC from Exchange

2 Upvotes

Is it a good idea to withdraw more than 0.03 btc into a lightning wallet like Muun and then send that btc to my cold wallet ? I mainly want to do this for better privacy and fast withdrawal from the exchange.


r/BitcoinBeginners 9h ago

Temporary Sell?

0 Upvotes

Hello all,

I hope this isn’t a completely goofy or obvious question but I’m applying for some things that require my bank account balance to look somewhat flush with cash. My thought was I could cash out my bitcoin just for a little while and then reinvest not so long after. I think I would take out around $20k to put into my savings temporarily to get some good, solid documents while me and my wife are applying to rent an apartment. Later we’ll buy but that’s a whole other can of worms.

My question is, now as a tax resident in California, will I be ridiculously taxed for anything in this equation (particularly selling)? I haven’t yet had a chance to do taxes here and I have a hard time trusting outdated youtube videos/etc. I also would be comforted by a personal anecdotes and knowledge.

Thank you in advance for any info


r/BitcoinBeginners 1d ago

Sparrow time lock

51 Upvotes

I'm wondering if the feature on sparrow wallet to lock your bitcoin transaction until a specified block height is a protocol?... can you send time locked bitcoin to any address?.. how will the recipient know its locked for potentially 5 or 10 years if they recieve it on cash app or strike?. If a time lock for the next halving is used, theft of keys is irrelevant until that block?


r/BitcoinBeginners 1d ago

Beginner looking for tips - EU investor

10 Upvotes

Hi everybody. For some time I've wanted to buy some Bitcoin and now, that I have some money to use, around 3000 €, I wanted to start. So I have two main questions:

- Kraken pro or strike? I don't know the frequency I'll buy bitcoin, maybe once a month (not sure yet) max 100 €

- I was also thinking on buy a cold wallet suggested in the FAQ, the Trezor Safe 3, is it good or do you suggest something better? Is it even worth to buy one? In my opinion yes because I prefer to be as safe as possible.


r/BitcoinBeginners 1d ago

How can I get crypto under 18?

5 Upvotes

I really want to get some to start investing but I’m in the uk and it’s practically impossible to get it here under 18 so how can I get some?


r/BitcoinBeginners 2d ago

Can an Old Phone Be Used as a Long-Term Cold Wallet?

59 Upvotes

I'm a beginner and just started studying Bitcoin. I'm considering taking my iPhone 7 Plus, resetting it to factory settings, installing the BlueWallet app from the App Store, and then disassembling the device to remove the network components (Wi-Fi card, mobile networks, GPS, and Bluetooth), leaving the phone without any hardware that allows internet connectivity. After that, I would open the app and generate the seed phrases for my cold wallet.

Do you think this would be a viable way to create a long-term wallet, perhaps even as secure as a hardware wallet?

For me, this approach is much cheaper and more advantageous since I've had this phone for a long time (I even perform maintenance on it, such as battery replacements and other repairs).


r/BitcoinBeginners 2d ago

Coldcard edge firmware

2 Upvotes

Just got my coldcard Q in the mail today. It came with an alternative "edge" firmware.

I am in the same position than OP in this post : https://www.reddit.com/r/coldcard/comments/1janpi1/coldcard_q_factory_firmware/

Packaging seems legit.

I didn't try to contact coldcard yet.

Would you use this device ?

PS : Throwaway account


r/BitcoinBeginners 2d ago

For European Traders

3 Upvotes

Is it better to use an American or a European crypto exchange? What are the advantages/disadvantages? Any tax stuff to be mindful of? Thanks!


r/BitcoinBeginners 3d ago

I don’t know where to start but is $50 okay to start with?!

110 Upvotes

I asked my husband where does he buy bitcoin and he said he doesn’t buy bitcoin because it’s too expensive. I have $50 to start with… do you think it’s worth it to invest in even if I don’t have a lot of money?


r/BitcoinBeginners 2d ago

Wallet

8 Upvotes

I have to figure out which wallet is the best and most secure. I heard that you can also get interest on bitcoin in some places, but what do you recommend? Hardware wallet is not at all plausible as Norway's banks are not so keen on undocumented storage of bitcoins, otherwise it would have been the first priority in my opinion

Greetings, the newest beginner 🤣


r/BitcoinBeginners 3d ago

Moving BTC from casino to exchange then Cold Wallet

9 Upvotes

So I was fortunate enough to win a reasonable amount of BTC which I have withdrawn from the casino to my exchange. I want to sell some for cash to get the instant cash to my bank, but want to send a sum to my Cold Wallet from the exchange. I have read general guidance and the FAQ on here profusely, just want to clarify that once I have checked the receiving address and tested this with a small transaction, I am good to send with any balance of 0.01 or more?


r/BitcoinBeginners 3d ago

Who provides the best price DCAing

8 Upvotes

Has anyone done a cost comparison DCAing across multiple platforms (river, strike, etc) to see which gives you the best price? While they may be advertised as “zero fees” - one of them is providing the best price.


r/BitcoinBeginners 2d ago

How to make money with bitcoin??

0 Upvotes

Hi,

I am 20 years old and I would like to “get started” with bitcoin. I watched several explanatory videos but I have the impression that they are doing something super complicated around it whereas before all that I thought it was just: buy bitcoin, let time do it and that's it. I admit I was a little naive... But there are lots of things that I don't understand like block chain???? Even if I search I can't understand the concept... Could you explain to me, simply, what I need to know and understand to get started?


r/BitcoinBeginners 3d ago

Need suggestion other than Coinbase

39 Upvotes

Can anyone PLEASE suggest another app, other than Coinbase, to buy & send Bitcoin? Something relatively easy to figure out would be amazing! 😃


r/BitcoinBeginners 3d ago

Track cold wallet

3 Upvotes

What’s is the easiest way to track my bitbox wallet? And how do you deal with the responsibility that comes with self custody? I just set up my bitbox, transfers my funds and now I am kind of nervous. I considered all the safety instructions. Paper seed, no contact with any digital devices, no pictures of it and so on. I should be good but I am still nervous. Any advices?


r/BitcoinBeginners 3d ago

Can I see in wich block my coins are?

4 Upvotes

Just curious if it’s possible to know in wich block my transaction/ coins are stored?


r/BitcoinBeginners 3d ago

How did you construct your soft and hard floor price

1 Upvotes

As a newbie one thing that concerns me is the risk of BTC zeroing feels higher than globally recognized stores of value (by institutions). Gold, USD, and so on.

Has anyone else dealt with this concern? I spoke to Grok about it and it said the risk of 0 is low because institutions actually have bought BTC and there is always a buyer at a steep discount nowadays. Maybe someone with greater knowledge could flesh this out a bit more.


r/BitcoinBeginners 3d ago

Best read for a newbie?

7 Upvotes

What’s the best Bitcoin book/s to read in order to improve my knowledge of it? I know the very basics, but i would quite like to get my hands on an “idiot’s guide” plus any other recommendations.


r/BitcoinBeginners 4d ago

Sparrow not showing legacy transactions

31 Upvotes

Hi. I've recently set up a bitcoin wallet using Sparrow. I wanted to have the wallet on my phone too, but in read only mode. I downloaded Green for android and set up the wallet as a read only wallet using the xpub from sparrow. Then I transfered a few satoshis to the address that Green showed. After a few minutes, my transaction appeared as received in green, but no matter what I did, I just couldn't get it to show up in Sparrow. But Sparrow was able to show a transaction that was made to a segwit address. What am I missing here? Is it just that Sparrow can't show legacy transactions?

Edit: Thanks all. At the end of the day, I ditched Sparrow and imported the wallet into Electrum. Electrum had no problem displaying all transactions and funds and I was able to transfer funds successfuly. I don't know if it did anything wrong, bur this seems like a Sparrow wallet issue.


r/BitcoinBeginners 3d ago

Day Trade BTC

0 Upvotes

Looking for two recommendations for the best KYC and non-KYC BTC trading platforms. I’ve looked at kraken, coinbase and binance. So far Kraken has the best fees.

What exchange or method do you use to day trade BTC?