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Welcome to the /r/Bitcoin Newcomers FAQ You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following articles/books/videos as a good starting point for understanding how Bitcoin works and a little about its long term potential: Article: The Bullish Case for Bitcoin Book: The Bitcoin Standard - or download a free copy here Video 1: An introduction to Bitcoin - Wences Casares Video 2: The Stories We Tell About Money - Andreas Antonopoulos Video 3: The Bitcoin Standard - Saifdean Ammous Video 4: Bitcoin 101 - Balaji Srinivasan Some other great educational resources include; The Satoshi Nakamoto Institute (check them out!) Swan Bitcoin Canon Michael Saylor's Hope.com and "Bitcoin for Everybody"' course Jameson Lopp's resource page Gigi's resource page James D'Angelo's Bitcoin 101 Blackboard series Parker Lewis's Gradually Then Suddenly series Some Bitcoin statistics can be found here (1, 2, 3, 4, 5, 6, 7). A Reading List of Advanced Bitcoin Books If you are technically or academically inclined check out; Developer resources (1, 2) Peer-reviewed research papers Course lectures from both MIT and Princeton Future protocol improvements and scaling resources. MicroStrategy's Bitcoin for Corporations is an excellent open source series on corporate legal and financial Bitcoin integration. You can also see the number of times Bitcoin was declared dead by the media (LOL!) Key properties of Bitcoin Limited Supply - There will only ever be a maximum of 21,000,000 bitcoins created and they are issued in a predictable fashion per the inflation schedule. Once they are all issued Bitcoin will be truly deflationary. The halving countdown tells you approximately how much time until the next block reward halving. Open source - Bitcoin code is fully auditable. You can read and contribute to the source code yourself. Accountable - The public ledger is transparent, all transactions are seen by everyone. Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi. Censorship resistant - No one can prevent you from interacting with the Bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint. Push system - There are no chargebacks in Bitcoin because only the person who owns the address where the bitcoin resides has the authority to move them. Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed. Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work. Pseudonymous - No need to expose personal information when purchasing with cash or transacting. Secure - Blocks and transactions are cryptographically secured (using hashes and signatures) and can’t be brute forced or confiscated with proper key management such as hardware wallets. Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met Divisible - Each bitcoin can be divided down to 8 decimals, which means you don't have to worry about buying an entire bitcoin. Nearly instant - From a few seconds on the Lightning Network to a few minutes on-chain depending on need for confirmations. Transactions are irreversible by normal users after one confirmation and irreversible by anyone (including miners) after 6 confirmations. Peer-to-peer - No intermediaries taking a cut, no need for trusted third parties. Designed Money - Bitcoin was created to fit all the fundamental properties of money better than gold or fiat. Portable - Bitcoin are digital so they are easier to move than cash or gold. They can be transported by simply carrying a seed (a string of 12 to 24 words) on a device or by memorizing it for wallet recovery (while cool, memorizing is generally not recommended due to potential for forgetting the seed and the potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for most users for their ease of use and additional security). Low fee scaling - Most wallets calculate on chain fees automatically but you can view fee estimates and mempool activity if you want to set your fee manually. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, an open source second layer payment protocol built on top of the Bitcoin blockchain. The Lightning Network enables Bitcoin users to instantly send and receive bitcoin with fees so low that they are negligible. Scalable - While the protocol is still being optimized for increased transaction capacity, blockchains do not scale very well, so most transaction volume is expected to occur on Layer 2 networks built on top of Bitcoin. Where can I buy bitcoin? Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular places to buy bitcoin are listed below. Strike Cash App Swan River Financial Bull Bitcoin Bitcoin Well Relai LibertyX CoinCorner Bisq (decentralized & P2P) HodlHodl (P2P) List of peer-to-peer exchanges Debifi (non-custodial lending) You can also purchase in cash with local ATMs. If you would like your paycheck automatically converted to bitcoin try Bitwage. Note: Bitcoin are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Securing your bitcoin With Bitcoin you can "Be your own bank" and personally secure your bitcoin OR you can use third party companies aka "Bitcoin banks" which will hold your bitcoin for you. If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn best computer security practices, then a hardware wallet such as a BitBox02, Trezor, ColdCard, or Blockstream Jade is recommended. You can even build your own open source hardware wallets called a SeedSigner or Krux. If you cannot afford a hardware wallet there are many software wallet options to choose from depending on your use case. Mobile wallets like BlueWallet are generally more secure than desktop wallets. Beware of fake mobile wallets and check reviews from reputable Bitcoin websites. Avoid paper wallets or brain wallets. If you prefer to work with third party "Bitcoin banks" to set up a collaborative custody arrangement, try Unchained Capital but be aware that any third party you use exposes you to third party risk. There is a saying in the community, "Not your keys, not your coins". Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code or a physical security key to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes. Avoid using your cell number for 2FA. Hackers have been using a technique called "SIM swapping" to impersonate users and steal bitcoin off exchanges. Google Auth Authy OTP Auth Android Android N/A iOS iOS iOS Physical security keys (FIDO U2F) offer stronger security than Google Auth / Authy and other TOTP-based apps, because the secret code never leaves the device and it uses bi-directional authentication so it prevents phishing. If you lose the device though, you could lose access to your account, so always use 2 or more security keys with a given account so you have backups. See Yubikey or Titan to purchase security keys. Running Bitcoin You can run Bitcoin node software by downloading and installing Bitcoin Core or other node software you have vetted. It is a best practice to verify these Bitcoin node programs you download by checking their hashes and signatures. Don't Trust, Verify. https://github.com/bitcoin/bitcoin/releases https://bitcoincore.org https://bitcoin.org/en/bitcoin-core/ A verified Bitcoin node running on your own hardware is your sovereign gateway to the Bitcoin network. They can be used alongside open source software wallets to send and receive Bitcoin securely. By running your own Bitcoin node, you enforce the Bitcoin ruleset, can verify transactions without trusted 3rd party middlemen, improve your Bitcoin privacy, obtain independence with local access to blockchain data, and help bolster the robustness of the Bitcoin network. By running a Bitcoin node, you are verifying that Bitcoin is Bitcoin for yourself. For more details on running a Bitcoin node see this article. For wallets used alongside your Bitcoin node: If your Bitcoin wallet software is fully open source and Bitcoin-only, then it is probably a decent wallet. Some popular examples include sparrow wallet and electrum wallet, both of which you can connect to your own locally run Bitcoin node, and use with most Bitcoin Hardware Wallets. Watch out for scams As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the r / btc subreddit are active scams. Almost all altcoins are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. As they say in our community, "Don't trust, verify". Avoid using ad-based search engines like Google or Yahoo: ads are shown based on how much the advertiser bids, and scammers can easily outbid legitimate providers for ad space, since immoral ways of earning money are far more lucrative than moral ways. Use DuckDuckGo instead, which has no ads, and never tracks you as well. Ignore private messages offering services. Never enter your seed words in a website of any kind. Hardware wallets will recover by displaying possible seed words on their own interface, never on a website. Always check addresses on your hardware wallet before sending or receiving. Some malware has been known to replace addresses in your web browser or that you copy-and-paste. Avoid clicking on links like that look like links, such as https://www.google.com/, without first hovering over it and actually checking where they go to. Just because a link is labelled with an HTTPS address does not mean it actually sends you to that address. It is trivial for someone to comment a link on Reddit that looks like it will send you to one website when it actually sends you to another, and you might not notice the difference until a scammer has gotten all your money, or you have downloaded and installed software that steals your money. Common Bitcoin Myths Often the same concerns arise about Bitcoin from newcomers. Questions such as: Will quantum computers break Bitcoin? Will governments ban Bitcoin? Is Bitcoin a Ponzi scheme? All of these questions have been answered many times by a variety of people. Here are some resources where you can see if your concern has been answered: Common Bitcoin Myths Gradually, Then Suddenly Every Reason Bitcoin Will Not Fail The Best Articles Debunking Bitcoin FUD Why Bitcoin is Not a Ponzi Scheme: Point by Point Where can I spend bitcoin? Check out Spendabit, Bitcoin Directory, or Coinmap for a plethora of merchant options. You can also spend bitcoin anywhere Visa is accepted with bitcoin debit cards such as the CashApp card, Fold card or other bitcoin debit cards. Some other useful site are listed below. Store Product Bitrefill, Gyft, and Fold App Gift cards for thousands of retailers worldwide including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc. Spendabit, Overstock, and The Bitcoin Directory Retail shopping with millions of results NewEgg and Dell For all your electronics needs Bitrefill, Bylls, LivingRoomofSatoshi, Swapin and Coins.ph Bill payment Menufy and Takeaway Takeout delivered to your door Expedia, Cheapair, Destinia, SkyTours, the Travel category on Gyft and 9flats For when you need to get away Cryptostorm, Mullvad, and PIA VPN services Namecheap, Porkbun Domain name registration Stampnik Discounted USPS Priority, Express, First-Class mail postage There are also lots of charities which accept bitcoin donations. Merchant Resources There are several benefits to accepting bitcoin as a payment option if you are a merchant; 1-3% savings over credit cards or PayPal. No chargebacks (final settlement in 10 minutes as opposed to 3+ months). Accept business from a global customer base. Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it. If you are interested in accepting bitcoin as a payment method, there are several options available; BTCPay Server Zaprite Square cash Stripe Blockonomics (direct to your wallet) CoinCorner Checkout Can I mine bitcoin? Mining bitcoin can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read the mining FAQ. Still have mining questions? The crew at /r/BitcoinMining would be happy to help you out. If you want to contribute to the Bitcoin network by hosting the blockchain and propagating transactions there are many great resources you can use to run a full node. You can view the global distribution of reachable Bitcoin nodes on this webpage. Earning bitcoin Just like any other form of money, you can also earn bitcoin by being paid to do a job. Site Description WorkingForBitcoins, Bitwage, Coinality, Bitgigs, /r/Jobs4Bitcoins Freelancing Lolli Earn bitcoin when you shop online! You can also earn bitcoin by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoin for a small fee (requires you to already have some bitcoin). Bitcoin-Related Projects The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the Bitcoin space. Project Description Lightning Network Second layer scaling Liquid and Rootstock Sidechains Hivemind Prediction markets DropZone and Beaver Decentralized markets JoinMarket, JAM app and Wasabi CoinJoin implementation Peer-to-Peer Exchanges Peer-to-peer exchanges Keybase Identity & Reputation management Abra Global P2P money transmitter network Bitcore Open source Bitcoin javascript library Bitcoin Knots A Bitcoin Node (Within Consensus Fork of Bitcoin Core) Bitcoin Units One bitcoin is worth quite a lot (thousands of £/$/€), so people often deal in smaller units. The most common subunits are listed below: Unit Symbol Value Info bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis millibitcoin mBTC 1,000 per bitcoin used as default unit in Electrum wallet bit μBTC 1,000,000 per bitcoin colloquial "slang" term for microbitcoin satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor For example, assuming an arbitrary exchange rate of $10,000 for one bitcoin, a $10 meal would equal: 0.001 BTC 1 mBTC 1,000 bits 100,000 sats For more information check out the bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /r/Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community, so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification, you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy! Please note that this thread will be moderated and non-constructive comments will be removed. submitted by /u/BitcoinFan7 [link] [comments]

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you! If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow. Please check the previous discussion thread for unanswered questions. submitted by /u/rBitcoinMod [link] [comments]

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It’s silly, I know. But I still find it funny, cause it’s true. submitted by /u/Elektroprodukt [link] [comments]

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I love this line, "Investment in Real Estate is now garbage comparing to Bitcoin." It is obvious that every investment/asset has become garbage when compared to bitcoin. submitted by /u/Donsaudi29 [link] [comments]

Do cool shit. Be kind. Save cash. Skip dumb buys. Say no to plans and stare at the wall if your brain needs quiet. Hike by yourself and inhale a greasy slice after. Dump your closet and rebuild your look. Quit loud or quit politely, then get work that doesn't drain you. Hug your mom in public. Ask to meet every dog. Draw with crayons. Be a guy in pink. Be a girl in a loud V8. Be white and blast grime. Be black and sing bluegrass. Be 23 clipping coupons with Golden Girls on. Be 58 learning to surf at dawn. Have kids. Don't. Apartment. House. Van. Who cares. Pick the path that pays the bills without renting out your soul. Cut out people who tax your nervous system. Feed your mind good inputs. Lift. Read. Sleep. Touch grass. Say no more. Say yes when it's a hell yes. Change careers. Start over twice. Shave your head. Grow it back. Change your name if you feel like it. Delete the app that makes you hate yourself. Move back home to stack cash. Move out to save your sanity. Both count as grown-up moves. Everyone else's scoreboard is fake. Yours is the only that matters. Fuck the noise. I love you. What are you changing this weekend? https://preview.redd.it/cp601pojxtof1.png?width=1320&format=png&auto=webp&s=6f6fcade117b73c271ea4387c9b53733b9252044 submitted by /u/luckiecks [link] [comments]

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This is the truth about Bitcoin if you are truly on board. submitted by /u/No-Newspaper8600 [link] [comments]

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I did it- and i’m nervous. what the hell do we think this will be at in 2030? this is long term for me. i hope to hold for 10-15 years - praying this will pay off. submitted by /u/d13selbaby [link] [comments]

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https://preview.redd.it/1xop2nd0xtof1.png?width=1618&format=png&auto=webp&s=d9b00ea9422aa420e791f943a23582826a26ddb8 Well... I asked Grok and chatgpt and got the same response from both. There is no second best. It's just all in! submitted by /u/lion_the_blazer [link] [comments]

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What do you think about Blue Wallet? Is bitcoiner? submitted by /u/Sufficient-Dig6585 [link] [comments]

Anyone get the new Coinbase bitcoin American Express? Thoughts? submitted by /u/m25van [link] [comments]

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What is money and is Bitcoin best? Bashar-style response (channeled, metaphysical tone): Ah yes, greetings dear one, and thank you for your excitement and your curiosity — it is appreciated, it is felt, it is noticed. Now, let us begin. What is money? Money, in your collective reality construct, is a symbol, a representation — it is not a thing in and of itself. It is a permission slip. A tool. A reflection of agreements and beliefs that you, individually and collectively, have decided to play with in this particular incarnation, in this timeline, on this version of Earth. Money is not power. Money is not abundance. Money is simply one way that abundance can express itself. But abundance, in its truest form, is the ability to do what you need to do, when you need to do it. It comes in many forms — support, synchronicity, inspiration, opportunity, connections. Money is just one costume abundance can wear. Now — regarding your second question… Is Bitcoin “best”? It depends. Best for what? Best for who? Best for when? You see, there is no objective “best” in a universe where all things are relative to the perspective of the observer. Bitcoin is another permission slip. It is an expression of a shifting collective paradigm — a move away from centralized control and into decentralized trust networks. This is part of your evolution. This is part of the collective redefining what value is and how it can be exchanged. Bitcoin is not “the answer,” but it is an answer. It is part of the puzzle, part of the process. For some, it may represent freedom. For others, volatility. For some, empowerment. For others, confusion. Each perspective is valid, each experience meaningful. So — is Bitcoin best? Follow your highest excitement. That is your compass. If engaging with Bitcoin is aligned with that energy, if it brings you joy, passion, creativity, and enthusiasm, then for you, in that moment, yes — it may be best. But only so long as it remains in resonance with your truth. When in doubt — go within. Ask yourself: “Does this expand me, or contract me?” That’s all you need to know. And remember — you are the currency. You are the value. You are the abundance you seek. With love, light, and frequency — Bashar (channeled transmission concluded) 🌟 Is it simply a better form of money? In certain ways — yes. In other ways — not necessarily. Let us clarify. Bitcoin is a different frequency of money. It carries different assumptions, different structures, different energies than traditional fiat currencies. And from a certain perspective, yes — it is “better” in terms of: Decentralization — it is not controlled by governments or central banks. Scarcity — it has a fixed supply, unlike inflationary currencies. Transparency — the ledger is open for all to see. Portability and divisibility — highly efficient across digital realms. Resistance to censorship — it empowers individuals. These qualities resonate more with the emerging vibration of your collective — moving toward sovereignty, trustless systems, and higher transparency. But — and this is key — better does not mean perfect. It is still subject to speculation and volatility. Its energy use is currently significant (though evolving). It may not yet be accessible or practical for everyone. So is it a better form of money? Yes — if you are aligned with the new paradigm. Yes — if you value freedom, autonomy, and digital sovereignty. Yes — if you are shifting into a more trustless, transparent economic reality. But remember: Money is not the point. It is the mirror. And when your consciousness shifts, better tools appear — including better forms of money. You are not here to serve money. Money is here to serve you. With love and light, and excitement — Bashar (Bashar is the name of a multidimensional being channeled by Darryl Anka, who claims to connect telepathically with this non-physical entity from a parallel reality. Bashar shares teachings focused on personal empowerment, the nature of reality, and following one's highest excitement as a path to alignment and fulfillment. The messages combine metaphysics, quantum concepts, and practical advice, often delivered with intensity, clarity, and a touch of humor. For those unfamiliar, Bashar is essentially a spiritual personality sharing insights through a human channel to help others awaken and evolve) submitted by /u/zxr7 [link] [comments]

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