a sovereign individual making a large bitcoin transaction

How to make large bitcoin transactions

How to make large bitcoin transactions

With the safest platform in Canada

This article will cover making large bitcoin transactions safely and easily. As we know, there are two main strategies to use when buying bitcoin. 

  1.  Dollar cost average
  2.  One time buy

We covered dollar cost average in a recent blog post. But today, I want to talk about making large bitcoin transactions, or one-time buys. In this blog post we’ll run through 2 things:

  • What makes this strategy good?
  • What to do before your first large bitcoin transaction.
  • How to make large bitcoin transactions.

Why is a large bitcoin transaction good?

Besides the obvious “get as much bitcoin as possible as fast as possible”, one-time buys or large bitcoin purchases can actually harden your conviction and passion for bitcoin.  

When you buy bitcoin with a dollar cost average strategy you are often removing emotion. This is a positive all around, but it could allow a passive mindset to creep in. General human nature dictates that we will care a lot less about a couple hundred bucks per month compared to $20,000 one time. And rightfully so! 

When you make a one-time large bitcoin transaction, you need to make sure your ducks are in a row, you understand what you’re doing and you know your wallet is safe. More importantly, you need to know how to access that bitcoin. Obviously, you want all that to be true with your recurring buy strategy, but it feels different with large bitcoin transactions. 

What to do before your first large bitcoin transaction?

Owning and controlling your money is one of the most empowering things in the world. That said, with great power, comes great responsibility. It’s always a good idea to make sure you are sitting on a sound foundation before jumping into the world of sovereign money. 

  1. Set up a wallet that you own and control – buy a hardware wallet (the cold card or passport are the best!) and go through the process of learning how to send/receive bitcoin. Get comfortable!
  2. Make a small transaction – do not FOMO in and buy a large sum of bitcoin if you haven’t purchased and sent at least a small sum to a wallet that you own and control. You can use e-Transfer to buy bitcoin in under 30 seconds directly to your wallet.
  3.  Once you are comfortable with step 1 and 2 write instructions to access for your will and estate – this is a whole topic in and of itself. If you would like more information keep following our blog or book an appointment with our partners who can help you out!

Now, with step 1, 2 and 3 out of the way, you are ready to buy large amounts of bitcoin.  🐳

How to make a large bitcoin transaction

Buying bitcoin is actually way easier than steps 1-2-3. In fact, everything you do at Bitcoin Well is actually way easier than using bitcoin itself. Our mission is to enable independence by making bitcoin easy to use. Once you have your bitcoin wallet ready to rock, just follow these steps:

large bitcoin transaction screen

Steps to make a large bitcoin transaction at Bitcoin Well

  1. Make an account at bitcoinwell.com/signup
  2. Verify that account by following the steps at the top of your screen (the whole thing takes less than 5 minutes)
  3. Enter your bitcoin address. This is the key difference between Bitcoin Well and most of the other platforms that exist. 
  4.  In your dashboard, select “buy”, enter the amount you want to purchase and select “Add as payee”
  5. You’ll get your unique payment details and you can now head to your bank to send dollars and get bitcoin!

I want to take a breath here and emphasize a couple amazing functions that we’ve built into our platform.

  • We use a payment processor. This is important because your bank won’t know you are buying bitcoin! Why would they care? That’s a topic for another day…
  • You only need to do this once. After you set up our payment processor in your bank account, you can just send dollars and receive bitcoin automatically.  You actually don’t even need to login to your dashboard at Bitcoin Well. 

Once you’ve got our processor added as a payee in your bank, send money (any amount up to $100,000 per transaction) and bitcoin will show up in your wallet as soon as we receive the payment. 

Now, just to make sure we set  proper expectations here, that usually takes between 2 and 3 business days. This is, unfortunately, thanks to our legacy financial system. But, once the dinosaurs are done playing with their heads in the sand, and they get around to sending the money and it is received by our processor, we send bitcoin immediately

Things to remember:

Now that you know what to do, when to do and why it’s cool – I want to really hammer home a couple key points that we didn’t explicitly say:

  1. Unless you are in full control of the bitcoin, you do not own it
  2. Bitcoin is not a one-and-done financial tool. The best way to buy is frequently.
  3. Bitcoin transactions are irreversible. Make sure you are sending to a wallet that you are comfortable using.
There’s lots to this financial sovereignty game. But one thing is for sure, it is incredibly rewarding and empowering knowing that you fully own and control your money. 

Stay sovereign 🫡

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