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?