How to Buy Cryptocurrencies with CHF and with a Cold Wallet?

[tornado]

@lizah

We're lucky enough to be in Switzerland which doesn't classify crypto as a security... Are you from the US?

It doesn't matter where you are. In the absolute best scenario that the crypto token actually represents shares in a business, that business is likely selling tokens to American investors. That means it will sooner or later get in trouble, which will affect the value of your investment.

But, this is a very rare scenario. In almost every case, the token represents nothing. The only "profit" it makes is based on new people throwing money at it. It's a zero-sum game and you're either a scammer or getting scammed, no way around it.

 

[deano1]

@tornado Why do you say that Bitcoin is a pyramid scheme? This type of scheme is based solely on the inflow of payments from newcomers, without offering any product or real value behind it. However, the value of Bitcoin doesn't depend on the inflow of newcomers, but rather on supply and demand and the adoption of this decentralized digital currency based on blockchain technology.

Its value derives from the peer-to-peer transactions it offers, i.e. exchanges without the need for intermediaries such as banks. In addition, Bitcoin can serve as an alternative store of value to the traditional financial system. A pyramid scheme is usually opaque and closed, and participants are under pressure to recruit newcomers, whereas anyone can buy or sell Bitcoin at any time, and everyone is free to do what they like with it.

 

[tornado]

@deano1 Let's be clear here - the reason you want to "DCA" into Bitcoin is because you are hoping it will increase in value, not because you want to use it to split a restaurant dinner with your friends or send funds to Kenya or whatever.

The only reason it would increase in value is if more people pump real money into it. Which, okay, it's a bet you can make, but do not delude yourself into thinking it's an investment and not gambling.

Now, the reason I think you are on the losing side of that bet is because I've been following the crypto scene for over 12 years and still haven't seen a convincing use case for it. New money keeps the number going up, but crypto achieved global name recognition back in 2021without achieving significant adoption as a medium of exchange, store of value, or anything else. Everyone knows about Bitcoin already, and very few people actually care.

Edit: was too doctrinaire before, I do not want to tell you what to do and I do not actually know the future. It might turn out that everyone will use their Bitcoin wallets instead of TWINT in a few years! Have a think about the likelihood of that and take your bets.

 

[lovingchristjesus]

@tornado I think you have been brainwashed by mainstream anti-crypto propaganda:

Cryptocurrencies operate on a decentralized network, which is a transparent and secure ledger. This differs from pyramid schemes, which are centralized and secretive.

Cryptocurrencies offer real-world applications such as cross-border payments and smart contracts, which provide value beyond mere investment vehicles.

The value of cryptocurrencies is determined by market supply and demand, not just by the influx of new investors. While early adopters may benefit from price increases, this is similar to early investments in any innovative technology.

And last but not least governments are increasingly developing regulations for cryptocurrencies, adding legitimacy to the market and protecting investors from fraud.

 

[grow_in_grace]

@deano1 I SEPA EUR from my CHF bank account to Nexo.com, exchange EUR to BTC, then withdraw BTC into my hardware wallet on a monthly basis. I keep some Nexo tokens so that the monthly withdrawal blockchain transaction fees are paid for by Nexo.

 

[deano1]

@grow_in_grace Do you know if Nexo applies a spread when exchanging EUR to BTC on their platform? Also, what value of Nexo Tokens do you need to hold in order to receive one free Bitcoin withdrawal per month? Instead of exchanging CHF for Euro, why not simply go through Kraken where you can buy directly with CHF?

 

[grow_in_grace]

@deano1 I did a quick Google search for Nexo vs Kraken and the top 2 results showed me Nexo was slightly better than Kraken, but frankly, I’m buying dips and holding for 15+ years so I don’t stress too much about whether there may be a minor difference in acquisition fees for the best performing asset ever. I use Nexo and the process is easy for me, so I continue to use it. I’m happy with my unrealized gain since I started buying a few years ago.

 

[deano1]

@grow_in_grace Ok I see thanks !