I'm Shocked... How to get the Best Price on Bitcoin [Trigger Warning]

hey everyone me kevin here i wanted to

know where the cheapest place was to buy

bitcoin because i wanted to go bitcoin

shopping back when it was like

47 000 but then it took forever for me

to get my wire to go for my bank out

so here i am buying it at 56 000

oh well that happens but i invested 27

000 to find out which of three

platforms i experimented with were the

cheapest

now i want to say up front before i

mention these three platforms i want to

say

my goal is to do this experiment again

with other platforms

so what i encourage you to do is go down

to the comments

comment your favorite platform or if you

see another comment up top

up vote it so upvote one for binance or

coinbase pro

or whatever i could not get my identity

verified on coinbase so coinbase is

unfortunately not going to be a part of

this

but i'm very very interested in seeing

which companies you want me to review

next

and i'll eventually get my identity

verified and i will do it but in this

video

we are going to compare three companies

that come up a lot

because a lot of folks say hey kevin and

then i get this question

all the time people say hey kevin i

heard what you should do

is you should buy bitcoin on gemini and

then you should transfer it to block fi

but you should definitely not use

robinhood

like literally i hear that all day long

so i'm like okay let's take twenty seven

thousand dollars

what we're going to do is we're going to

take five thousand dollars

and buy bitcoin five thousand dollars

each

on each platform once so block fi uh

robin hood and gemini one time with a

five thousand dollar

transactions uh transaction and then

four times

with a one thousand dollar transaction

and then we're going to compare

how much bottom line bitcoin we got

after those transactions and we'll see

how does the

pricing compare so the way this

looks and just to make sure the reason

i'm doing five trials is because

ultimately pricing it is a market right

it's a moving market so even within 20

seconds

pricing can fluctuate a little bit but

obviously if we do five

trials and we consistently have the same

spreads

then there's a little bit of a sign that

okay probably one platform's cheaper

than the other right

so here's the way i set this up take a

look at this so uh this

is the ipad right here well it's a

recording of my iphone on my ipad

who cares what i'm playing it on but

anyway i'm just gonna hit play on this

and watch how i did this so i went to

bitcoin i set this up

as a one thousand dollar purchase on

robin hood i went to robin hood on

bitcoin

uh then i went to gemini and i set up a

one thousand dollar buy

on a one-time buy on the gemini platform

there we go one thousand dollars and i

got it ready to swipe to confirm

then i'm going to jump on over to robin

hood just to make sure i'm still at the

same window

and we'll go over uh to block five so

block five do the same thing

thousand bucks ready to go and then

authorize authorize

swipe up and purchase all at the same

roughly the same time and there's

probably five seconds between each of

them

let's compare here so we've got uh let's

pause there for a moment see the robin

hood notification actually came through

at the same time

as we went in uh the gemini uh

transaction or the gemini transaction

confirmed there

so we can see gemini went through and

.017

what is that one six four four nine

uh and i'll put these all in a

spreadsheet in a moment but let's just

keep playing it here

the robin hood one uh went through

because we saw the notification

at that price here one i got 175-ish

and then here we got 173-ish on block

five

okay cool so that was just one example

one of the recordings that i did

but what i ended up doing is like i said

i did this five

times and so i ended up with these

series of screenshots which i'm just

gonna

really quickly show here just for uh

proof that i did these

but i'm gonna put all of these on the

spreadsheet so these are all the

screenshots

and what you could see up at the top is

that the time uh

varies between all of these different uh

transactions or the five trials that i

did

like for example like here's the 5 40 pm

trial yesterday

here's gemini here's a block fight

here's robin hood right

here's the uh 328

and i think it like it was right at

where the minute was changing so it was

like 328

329 329. uh then we've got uh here's a

326

326 326 right and then i did another one

earlier in the day two which i showed

here

yeah here we go 10 19 10 19 10 19 10 19.

so anyway i did this five times

and so what i'm going to do now is i'm

going to pull up the spreadsheet

and show you the difference of what i

got the first thing that i did

was i put it all on a spreadsheet like

this

and i put down okay what were the trades

that i made

these these were the purchases the five

different purchases at approximately

what time i did

and then i wrote down how much bitcoin i

got which is basically the screenshots

that i showed you so you can fact check

me

with those screenshots that i showed you

uh and so this is how much bitcoin i got

these numbers are obviously you know

like

they're they feel like such small

numbers so sometimes it's like

frustrating to look at

but just taking a glance here why don't

we just quickly highlight

which one was actually the cheapest in

in each case or where did i get

the most bitcoin and the result was

actually a little bit shocking to me

but we'll turn this into a price savings

here in a moment too

but look at this between block five i

got a 901 bitcoin over here

here i got 909 so i actually got more

here and over at gemini i got

89 which is less then over here

actually that's the least so maybe we

could use a different color for the

least here we'll use blue for

for the least right here uh block five

one seven

seven okay and we got one seven nine

over here so

robin hood was actually more uh and blue

and actually if you go through this i'll

just stay on the same color here

if you go through this every single time

gemini came in with the worst pricing i

got the lowest amount of bitcoin

i got the second best pricing at block

five which many of you know

uh that i've been recommending going to

medkevin.com blockfi to sign up for an

account and get a free 250

up to 250 when you deposit money i'm

gonna explain that in a second

because it this is going to take some

explaining we got to talk about

robinhood and block fight here okay we

got some explaining to do

but anyway take a look at this every

single time robin hood beat

that's five trials and every single time

robin hood

the one where you don't actually own

your own coin right it's just buying

basically what's the price here and

and robin hood says in the future

they're going to have a crypto wallet

where you could actually transfer your

own coin which is going to be awesome

but ramona doesn't have that that

reputation for being the place to go to

for crypto but in terms of

pricing here robin hood won in fact take

a look at this if i just go in and i do

the average price i paid

through five transactions what was the

average price of bitcoin i paid

here you go the average price is is the

very last one here because we did five

trials right we did uh one two three

four

five the last one is the formula for

average so i paid an

average of fifty seven thousand one

hundred eighteen dollars at

gemini paid an average of fifty six

thousand dollars at robin hood

and an average of fifty six four at

block five

so hands down here at least in my

experiment and i did these by the way

just so you know i did them in

random orders too like i purposefully i

would do gemini block five robin hood

then i do like

robin hood block fight gemini and i'd

switch them up on purpose because i was

just trying to get

a general average and it'd be one thing

if these were like criss-crossing right

where it's like sometimes block 5's

cheaper sometimes robin hood's cheaper

that would just be

i would attribute that to market

fluctuations but this right here

five trials i can't attribute that to

market fluctuations here's the actual

spreadsheet where you can see this is

the average formula

but anyway let's uh more interestingly

let's take a look here at the bottom the

savings right

so the actual cash difference let's

calculate this

how much more bitcoin would i have if i

had bought everything

on robinhood uh and these are the

differences so this is how much more

bitcoin i would have had if i bought the

27 000

of bitcoin on robinhood instead of

block fine gemini and on 27 000

i would have ended up having a total of

0.00515424 more bitcoin

which had an average price of all of the

executions i did

a five hundred 56 three i would have

saved about two hundred ninety one

dollars

two hundred ninety one dollars on twenty

seven thousand dollars so if i got

twenty seven thousand dollars and i'm

like i wanna put this into bitcoin

uh i i could have i mean that pays for a

lot of dinners here right

291 44 divided by 40 or 27

000 that works out to about a little bit

more than a one percent

uh fee that i had to pay on average

between block fine gemini gemini being

the higher one so if anything block five

brought that difference down

uh so here's here's kind of how i

conclude this

so if i had not

used block fire gemini if i had just

used robin hood

i would have been up 291 dollars and 44

cents

but the cool interesting thing about

block fine is block five pays you

interest on your deposits

and this gets really neat for me in my

opinion

because take a look at this yesterday i

got 251 000

funded into my blockfy account because

my wire went through yesterday at like

10 am i streamed about how my wire went

through yesterday

so this money has literally only been

here for a day

and in one day i have already accrued

almost

50 dollars of interest on that 249

382 number so let's go to a calculator

here 48

what was it 48 49

and 48 cents divided by 249

oops dang it kevin you know you got to

do the calculating correct here

49 48 49.48 divided by

2 4 9 that's the account value

382 and that fluctuates the account

value fluctuates the interest obviously

from yesterday doesn't

so this could fluctuate a little bit

that's in one day so if i multiply this

by 365

that's about 7.2 percent interest that i

got paid

on a day and this is that that's just

multiplying

uh with maybe a one once annual

compounding right

block fi actually compounds your money

monthly

so what's interesting about that is then

that just means you'll make more money

faster right

what's interesting about this is first

of all i have to

i mean this is just based on my

experiment here okay and i could be

wrong i'm just some dude on the internet

this is this is certainly not a

professional study i just pulled up

three apps and you saw what i did i

tried pressing the button as fast as

possible and i want to know what other

platforms i should do this with because

i think this is a very valid and

important experiment

but in my opinion a good bottom line

here to take away is

in my opinion gemini it makes no sense

to buy on gemini instead of buying on

block fi

like some folks say oh buy on gemini

transfer to block fight

why i'm paying a lot more fees i'm going

through more headache and hassle why

would i do that

so i'm not going to do that at least in

my experiment i don't know maybe things

have changed

maybe this is like day by day but i'm

not going to do that uh

instead the really cool thing would

actually and this is ironic right the

really cool thing would be buy it on

robinhood and then transfer it to

blockfy

but you can't do that you can't transfer

out of robinhood yet you'd have to sell

and you'd pay taxes

on your gains so obviously if you had

losses it'd be different but that that

sucks this is not possible

so since i'm planning on investing in uh

this

you know cryptocurrency here bitcoin for

the long term

i'm okay paying a little bit of a

premium which the premium would have

actually been less had i not used

gemiini

it would have been a chunk less because

gemini i mean look at the average price

difference again here

which we have in the screenshot here on

average over at gemini compared to block

five

i was paying fifty seven thousand one

hundred dollars verse block five which

was at fifty six

five hundred ninety four hundred ninety

two that's like a six

six hundred dollar difference there i

mean that's that's crazy between the two

so uh and then obviously there's a

difference between robinhood and bitcoin

and block five but going back again

to the sort of bottom line here which is

right here

what would i do well my opinion since

i'm planning on keeping this funding

here long

term and i can't transfer from hood to

block five

i'm just gonna buy on block five i'm

going to pay

a little bit of a premium but not as

much of a premium as if i bought it at

gemiini

then i'm gonna leave it there and i'm

gonna milk the

interest because the interest and these

interest rates are variable so they can

go up or down with the market it depends

but at least right now it looks like any

kind of premium i pay

at blockfy probably is going to be gone

in about

three months and again the reason i say

three months instead of six months

is because we have the gemini basically

doubled

at double the premium of block fight

right so i could probably

cover any block five premium within

three months

so here's a really good bottom line to

all of this

oh and then i'm going to talk about cold

storage versus hot storage give me i'm

just going to want to make a comment on

that really quick

so here's my bottom line on this am i

going to buy on gemini anymore

probably not maybe when i do my future

experiments on uh verse like coinbase

pro

and some of the other platforms probably

not gonna buy on gemini so

gemini if you're watching this i'm not

trying to bag on you i mean just

come on look what that what do you

expect me to say right

uh if robin hood comes out with a wallet

i'll buy on robin hood and then transfer

to block five that'll be that'll be

freaking awesome like that'll be a

really big day

but for now because i'm planning to hold

certainly for more than three months at

block five

i will go ahead and put my money into

block five

i will uh pay a tiny little bit of a

premium over robin hood

uh but that'll get washed with the

interest i'm making at block five as

long as i'm holding it in block five for

more than three months now

there are questions about hey but kevin

gemini uses that cold storage

and you know you should have your

bitcoin in cold storage i'm not

extremely familiar with the different

forms of storage i'm still working on

educating myself on all this

but what i can tell you is and this is

fight telling me this okay

but block fight which by the way if you

want to get a free 250

go to medkevin.com bf block five i'm at

kevin.com

b f anyway what they told me when i

talked to them on the phone

is that 95 of the cryptocurrency

they have is actually stored in cold

storage

at gemini like

it's just such a confusing world like

people shouldn't feel bad for being

confused about cryptocurrencies

uh and the other five percent is is sort

of in like a hot wallet

and that's insured by a company called

uh oops uh there we go a

on there we go so yeah that gives you a

little bit of insight here but

i have to say i personally was shocked

especially with how much heat robin hood

gets

certainly january 28th didn't help robin

hood but uh

yeah i mean this was a shocking

experiment experiment for me

i want to do this again uh so let me

know what platform you think and let's

see how we replicate this

as always check out my programs on

building your wealth a link

down below there's a coupon code hotel

or huddle uh and uh yeah let me know in

the comments which platforms next share

this if you found it helpful and folks

we'll see in the next video

[Music]

you