You see mom/son/friend, you need to have self custody. You’re your own bank. Cold wallet and hot wallet. Seeds in three copies, none of them on the computer or your phone. Two locations is a must.
But first you need to buy the crypto you want on a CeX. Preferably a reputable one which you think is safe. Which one is that? Right now, none of them seems like it. But I digress.
You need to do the KYC procedure in order to do business on a CeX. Yes, that does take a week or so. Yes, they can not accept your KYC. Yes, they can ask for your Internet invoice for the last 3 months.
No, you don’t just buy outright, first you need to transfer FIAT from your bank. Yes, I did say you’re your own bank, but that’s only when you have crypto. Your bank doesn’t allow crypto purchases – simple, change your bank. So transfer your FIAT, and then buy the crypto you want. Which crypto do you buy? DYOR. OK, I’ll do it for you, buy BTC and ETH.
Be prepared to pay some fees. Yes, I did say fees are lower when dealing with crypto but that’s when you actually have crypto. And on certain networks. And on certain times of day, on certain days of the week. Not when a memecoin is pumping. Or when Elon is awake. Or during the bull market, the fees are higher then.
Yes, some networks have lower fees. But you need to bridge from the main network to those other networks. Yes, the fees for bridging are high…
Until dealing with crypto is as easy as sending a text on a phone or sending money with an app, we won’t get mass adoption. We need more ways in, and more ways out.
