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FAQ for Beginners
Sun, 19 Apr 2020 05:49:55What is Bitcoin? Bitcoin is scarce, decentralized, and global digital money that cannot be censored. Transactions once confirmed generally cannot be reversed Less than 21 million Bitcoin will exist Bitcoin is highly divisible to allow for micro-transactions (up to 13 decimal places in a payment channel) Bitcoin is an open, collaborative project that no company or government controls belonging to the people Bitcoin is more than just money, but a secure timestamping ledger, payment rail, and smart contract platform Please read the Whitepaper for an general overview of bitcoin as designed https://bitcoin.org/bitcoin.pdf Quick Advice Do not respond to strangers messaging you with investment advice or offers and read how to avoid being scammed from the posts below. Do not invest in Bitcoin until you do basic research, paid off all high interest debt, and have a emergency savings account of a stable fiat currency. If investing do not expect to get rich quickly. You should expect to wait at least 1-2 years before taking profits. Bitcoin is currently very volatile. In the interim spend and replace Bitcoin because its a useful currency. Beginners should avoid all mining and day trading until at least very familiar with Bitcoin. Mining is very professional(You cannot efficiently mine with your computer and need to buy special ASIC machines) and most people lose money day trading. More info on mining : r/bitcoinmining Never store your Bitcoins on an exchange or web wallet. Buy your bitcoins and withdraw it to your personal wallet where you actually own them instead of IOUs. Services like webull should be avoided because you cannot withdraw or use Bitcoin. Make sure you make a backup of your wallet(software holding keys to your BTC) and preferably keep it offline and physical and private. Typically 12 to 24 words you write down on paper or metal. This onetime backup will restore all your keys, addresses , and Bitcoins on a new wallet if you lose your old wallet. Beginners should avoid altcoins, tokens, and ICOs at least initially until they learn about Bitcoin. Most of these are scams and you should be familiar with the basics first. Bitcoin is referred to as BTC or XBT. Exchanges Requiring ID Verification Bitcoin = BTC or XBT on exchanges Exchange Buy fee* Withdraw BTC Notes Cash App Sliding ~0.75% to 3% 0 Same day withdraw for free, USA only Coinbase 1-7% 1-4 usd ~7Day hold on withdrawing Bitcoin for ACH deposit Coinbase Advanced trader 1.20 % taker 0.6% maker and lower 1-4 usd ~7Day hold on withdrawing Bitcoin or €0.15 EUR SEPA fee Gemini 1.49% over 200usd for web network fee Gemini Active trader 0.4% Taker 0.2% maker network fee Kraken Pro 0.25% maker 0.40% taker 0.000015 BTC or Free LN Deposit Fiat=USwire+5USD or SEPA free Swan 0.99% 0 Fees decrease based upon buying plan Bitcoin Well 1% 0 USA and Canada Coincorner 1% for over 300 network fee UK exchange, 2.5% for card/free uk bank deposit Strike 0.99%- 0.39% fees 0 Free DCA investing option Note: Exchanges all have unique market prices and spreads so fees alone will not tell you the best rates. Best way is to directly compare the rates between exchanges. Buy fees above are for normal trading volumes. Verification and hold times can vary based upon lack of history, verification level or credit. During bull markets when exchanges are extra busy it is normal to see very slow and poor customer support due to the amount of new clients and support tickets. We see many complaints due to this across all these exchanges. This is part of the reason this subreddit exists , to help answer questions for new users. More exchanges per location For a preferred way to buy Bitcoin without ID use a Decentralized Exchange (DEX) use https://bisq.network or https://learn.robosats.com/ Recommended Wallets Tip: If you cannot afford using a hardware wallet use a recommended wallet in ios or android. Windows and macOS are less secure environments. Best wallets for securing small amounts of BTC Blue wallet Android and IOS and macOS https://bluewallet.io/ https://www.youtube.com/watch?v=R9mq1a8bLbQ electrum For Windows, MacOS, Linux and Android https://electrum.org/ https://https://www.youtube.com/watch?v=NNZdbYd8PUQ Blockstream Wallet For Windows, macOS, Linux, IOS and Android https://blockstream.com/app/ https://www.youtube.com/watch?v=DesN85bWmGA Best wallets for securing small amounts of BTC and sending lightning transactions Breez LN wallet for Android and IOS https://breez.technology https://www.youtube.com/watch?v=t_4b-y4T8bY Or Blockstream wallet https://www.youtube.com/watch?v=QtMXsJxx1X0 Or ZEUS https://zeusln.com https://www.youtube.com/watch?v=oIohVX7PeAA Or Phoenix https://phoenix.acinq.co/ https://www.youtube.com/watch?v=cbtAmevYpdM Other Lightning wallets - http://lightningnetworkstores.com/wallets Lightning wallets are not intended for long term storage where you never open them for many months. They are intended for spending wallets that you regularly use. Securing Larger amounts of Bitcoin Trezor Safe 3 = ~59 USD https://trezor.io/trezor-safe-3-bitcoin-only https://www.youtube.com/watch?v=qWRI4VTHiuI Trezor Safe 7 = ~249 USD https://trezor.io/trezor-safe-7-bitcoin-only https://www.youtube.com/watch?v=EWxAc8wzfFM https://www.youtube.com/watch?v=6IkMKC-oq4E&lc= Blockstream Jade = $79.99 https://store.blockstream.com/products/blockstream-jade-hardware-wallet https://www.youtube.com/watch?v=cLFmd98mKNw https://www.youtube.com/watch?v=z2VsgoFh78o Blockstream Jade Plus = $149.00 to $169.99 https://store.blockstream.com/products/jade-plus https://www.youtube.com/watch?v=rv_cN7F7-TM BitBox02 Nova = $170 https://shop.bitbox.swiss/en/products/bitbox02-nova-79/?edition=bitcoin-only-edition https://www.youtube.com/watch?v=6D4FgJo3j64 Cold Card Hardware wallet = $129.94 mk4 https://store.coinkite.com/store/coldcard https://www.youtube.com/watch?v=kocEpndQcsg https://www.youtube.com/watch?v=f8dBNrlwJ0k Seedsigner ~80-100 dollars pre-assembled https://seedsigner.com/ https://www.youtube.com/watch?v=AZqlIkJf0mA https://www.youtube.com/watch?v=1c5SR8v8l1M Best Advanced Bitcoin Wallet= Sparrow To link your hardware wallet to and run a full node. Pros= Great privacy and security Cons= UX is for more experienced users, takes ~week to sync and requires ~7GB minimum disk space if pruned. Only available in desktop so typically should be used with a hardware wallet https://sparrowwallet.com/ https://www.youtube.com/watch?v=GSHyKTigNQY https://www.youtube.com/watch?v=yJpvfRl03Tw Further Resources https://www.lopp.net/bitcoin-information.html https://www.lopp.net/lightning-information.html https://bitcoiner.guide https://planb.network submitted by /u/bitusher [link] [comments]
What was the hardest thing for you to understand when you first started learning about Bitcoin?
Mon, 09 Mar 2026 21:47:03I’m trying to better understand what new people struggle with when they first start learning about Bitcoin. If there is something you learned recently that you wish you had understood right away, what was it? Wallets, private keys, mining, the 21 million supply, or something else? If people are struggling with certain ideas, maybe we can help fix that together and make the learning process easier for the next wave of newcomers. submitted by /u/BitcoinSports [link] [comments]
I’m a college student with 0.02 Bitcoin worth $1500. Got any advice?
Mon, 09 Mar 2026 01:23:42submitted by /u/Joe7118 [link] [comments]
Bitcoin
Mon, 09 Mar 2026 08:53:58Si bitcoin te donne un retour sur investissement au bout de 6-7 ans es ce que c'est un bon investissement ? Le minage par exemple submitted by /u/EcstaticAct8374 [link] [comments]
I’ve been using mining apps on my phone. How do I set up a wallet to transfer to?
Mon, 09 Mar 2026 10:20:26I’ve been using app based mining for about six to nine months now. This morning I was looking at the FAQ on the app and all it seems to say about withdraws is something about a wallet address. I’m not someone that did research before I decided to try this out. So I’m completely ignorant on how this is supposed to work. submitted by /u/Just_Effective_3034 [link] [comments]
Opinion about allocation
Sun, 08 Mar 2026 21:06:4124M from Europe. - Income: ~€1k/month - Living with parents for now → low expenses - Current investments: - €13–14k in individual stocks (higher risk, not ETFs) - ~€10k in Bitcoin @ 95k/coin (started with ~€2k) Current plan: - Keep stacking Bitcoin until ~€30k - Later (closer to 30) - don’t touch the bitcoin bought, but keep buying safer investments like dividend stocks / lower-risk assets Long-term goal: - €100k invested total - €70k stocks - €30k crypto Does this strategy make sense long-term, or would you approach the allocation differently? submitted by /u/nuconteaza531 [link] [comments]
What do I do in this situation?
Sun, 08 Mar 2026 14:06:35Hi i'm 16 and recently acquired 0.25 bitcoin from a sale. How would I go about turning this into cash? I have tried multiple exchanges and they all require verification/ submitted by /u/Last_Moose_2340 [link] [comments]
Is it really impossible to make a secure paper/metal wallet now in 2026?
Sun, 08 Mar 2026 12:37:47I read on wiki that paper wallets are outdated because somehow people can hack them easily. It recommends hardware wallets, and after hearing about the ledger hack, i feel like a hardware wallet is the last thing i would want to use. I thought minimizing third party usage and maximizing decentralization was always the best move and my initial thought response to reading that is that it must be incorrect information . I dont understand how someone could hack your offline wallet without having some comprosing information from you regarding your created wallet that you would have to give them voluntarily or accidentally. Could someone explain if this is true and why? And if this is true, is it still possible in any way to create an offline wallet that is only accesible by someone that finds your paper/metal seed? It just seems to make the most sense to not have to trust any third party wallet service for long term storage of coins to me. My favourite crypto youtuber (SonOfaTech) who retired from crypto entirely fairly recently, had said just a couple years ago that an offline paper wallet (or actually memorizing your seed instead of writing it down) was the only truly secure method to store bitcoin and it made sense to my dumb mond i guess. Also i find it hard to belive that everyone who ever made a paper wallet is now somehow easily robbed. If you can no longer make an offline wallet safely that requires physical access to a written seed, this honestly changes my faith in the future of bitcoin entirely. We can never have 100% trust in third parties including hardware wallets and its actually inevtiable that these third parties will eventually be compromised, given they survive and remain used for a long enough time. Whats even the point of bitcoin then lol submitted by /u/Stunning-Ad-7598 [link] [comments]
Come posso comprare btc senza kyc?
Sun, 08 Mar 2026 12:00:16Non voglio fare kyc e non so a che Exchange affidarmi consigli? submitted by /u/Particular_Egg3446 [link] [comments]
test bitcoin request
Mon, 09 Mar 2026 02:15:41Hey guys can Please have some test bitcoin i been trying, here is my wallet address: tb1qsaathupej8rh932eg7a0k7cmknehf5cv2nln8g submitted by /u/Due-Back3633 [link] [comments]
I'm 34 and still stacking toward 0.5–1 BTC. If it 10x in the next 5 years, how would YOU take profits? What to do with the cash? Does selling kill my stack forever?
Sat, 07 Mar 2026 11:08:15Hey Bitcoin community, Quick background: I'm 34, living in Riyadh, no major debt, decent job . I've been DCA-ing into Bitcoin for a while and I'm currently around halfway to my goal of 0.5–1 full BTC (still buying dips like the one we're in now, ~$68k as of March 2026). I'm a strong long-term believer — I think BTC has massive potential over the next decade — but I also don't want to be the guy who rides it to the moon and then watches it crash back without taking any off the table. Hypothetical scenario: Let's say I reach ~0.75 BTC average over the next year or two, and in 5 years (around 2031) BTC 10x from today's price (~$680k per coin). That would put my stack at roughly $500k+ USD. Questions for those who've been through cycles or thought this through: How exactly would you take profits at that level? Sell everything at once? Scale out in chunks (e.g., 20-30% at 5x, another at 8x, leave half forever)? Use trailing stops or specific targets? What would you actually spend/invest the profit on? Stocks/diversification? Family stuff like education funds, travel/ or start a business? Or keep most in fiat/safe assets?) Does taking any profit mean I permanently reduce my BTC holdings? Or is it smart to sell some, use part for life needs, and reinvest a chunk back into BTC on the next dip (to end up with more sats long-term)? Would it be a good or bad idea to take fiat profits and immediately buy MORE BTC with some of it? Or better to use the money for totally different things (diversification away from crypto risk)? I'd especially love to hear from people in their 30s/40s who took profits in 2017 or 2021 — any regrets? Tax stuff in non-crypto-friendly places? Lifestyle changes after cashing out? No financial advice, just personal stories/experiences please. Trying to plan smart without FOMO or greed getting in the way. Thanks in advance! submitted by /u/Initial_Appeal_7382 [link] [comments]
Where to find escrow services for the purchasing of goods using BTC?
Sat, 07 Mar 2026 17:54:01Hi everyone, I want to buy an item from a seller using BTC. The item is expensive and I want to make sure I receive it before releasing the funds. I also want to have some protection in case the item is not as described or damaged. I'm looking for a reputable escrow service that can handle BTC transactions and release the funds only when I confirm the delivery and quality of the item. Does anyone have any recommendations or experiences with such services? I would appreciate any feedback or advice. Thanks in advance! submitted by /u/LiveHardLiveWell [link] [comments]
MSTR (MicroStrategy) - "Bitcoin on Steroids"? How much should I invest?
Sat, 07 Mar 2026 14:55:17Hey everyone, I've been hearing a lot about MicroStrategy (MSTR) lately, and people keep describing it as "Bitcoin on steroids" because of their massive Bitcoin holdings and corporate strategy. I'm interested in getting into it for potential profits, but I'm trying to figure out a smart allocation strategy. A few questions for the community: How much of your portfolio do people typically allocate to MSTR? Is it a small speculative position, or do some of you go more aggressive with it? For someone just starting out with MSTR, what's a reasonable entry position? I want to balance potential upside with risk management. Is the "Bitcoin on steroids" comparison accurate? Does MSTR basically track Bitcoin movements, or is there additional volatility/risk involved? Who here is invested in MSTR, and what's your investment thesis? Are you bullish long-term, or trading it more short-term? What are the main risks I should be aware of before putting money in? I'm looking at this as a potential long-term hold, but obviously, I want to be smart about how much capital to deploy. Would love to hear from people who are already invested and what your experience has been. Thanks! submitted by /u/Initial_Appeal_7382 [link] [comments]
Buying for the first time
Fri, 06 Mar 2026 19:12:47New to bitcoin, I opened a wallet on blockstream which I understand is a safe platform. Not sure which exchange I should use for the best fees. Strike and relai are not available in my country, and they are the ones I always see mentioned. Where do you buy? And is it better in your opinion to invest a small amount every week or should I invest more now that BTC is pretty low and than start doing a weekly/monthly invest? Thanks! submitted by /u/LolerCoster [link] [comments]
Opened account on strike, but have no idea on how to use it?
Fri, 06 Mar 2026 23:00:46Hi everyone, i was wondering if anyone had any good video tutorials on how to use the strike app because I’m really struggling to learn how to buy bitcoin on the app and all the features it has. I don’t even know what lighting network means. Can someone please tell me what they used to learn how strike works? Complete noob here. submitted by /u/HandIllustrious2326 [link] [comments]
Anyone here ever sold real estate for Bitcoin?
Fri, 06 Mar 2026 23:30:24Has anyone here actually done a real estate deal in Bitcoin? How did you structure it legally — escrow, conversion, or direct transfer? Curious how people solve this in practice. submitted by /u/biomclub [link] [comments]
Kompletter Anfänger bei Bitcoin – wie lerne ich das richtig?
Fri, 06 Mar 2026 23:14:02Hi zusammen, ich bin Chris, 28, und neu im Thema Bitcoin. Ich hab angefangen, mich damit zu beschäftigen und nutze gerade einen bestimmten Broker, aber ich merke schnell, dass da echt viel Halbwissen, Hype und Widersprüche unterwegs sind. Genau deshalb will ich nicht einfach blind irgendwo reingehen. Ich würde das Ganze lieber vernünftig lernen und erstmal verstehen: Wie eignet man sich am besten Wissen an? Worauf sollte man als Anfänger achten? Welche typischen Fehler sollte man vermeiden? Und wie kann man starten, ohne direkt komplett reinzubuttern? Ich suche keine Wunderformel und auch keinen “schnell reich werden”-Kram. Ich will einfach verstehen, wie man als Anfänger sauber und mit gesundem Kopf an das Thema rangeht. Bin neu auf Reddit und auch neu in dem Bereich, also bitte habt Nachsicht 😅 Danke an jeden, der ehrlich helfen will. submitted by /u/SCHIZOCHRIS [link] [comments]
Is Ledger a safe way of storing my BTC?
Fri, 06 Mar 2026 04:50:54I'm new to this world. In the "not your keys, not your crypto" spirit, I bought a Ledger Nano S Plus, it was the easiest option and the only one I could get from the official store on Amazon. It should arrive tomorrow, but I'm seeking advice regarding the safety of this particular model/manufacturer. Any advice welcomed! submitted by /u/phantaasama [link] [comments]
I don’t understand p2p
Fri, 06 Mar 2026 02:47:03How do you get the person that you’re buying from to send it to your wallet and will i need to verify identity or anything? Is the wallet i am going to use (Cake Wallet) going to be accepted submitted by /u/PomeloLongjumping136 [link] [comments]
Want to create crypto payment for my website but without any third party
Thu, 05 Mar 2026 18:56:49Any resources to how to create it? I am software engineer ( not an expert one) and I am interested in integrating payment gateway for my business website. submitted by /u/Western-Ad5861 [link] [comments]
Best place to buy and store bitcoins ?
Thu, 05 Mar 2026 08:55:36submitted by /u/Chance_Persimmon8960 [link] [comments]
Lump Sum or DCA as a noob?
Thu, 05 Mar 2026 11:32:31Hi all Never really bought BTC before. I have enough saved right now to buy about 0.1. Should I do that (seems like a magic number online) or just DCA a little every week? Or something else? Lots of people believe that we have more lows coming. Is it smart to try and time it and buy at around 50k? submitted by /u/londonsson [link] [comments]
Anyone here actually mining Bitcoin?
Wed, 04 Mar 2026 13:53:55Been down the Bitcoin rabbit hole for a while now and I'm genuinely curious about the mining side of things. I've always just stacked sats by buying, but lately I've been wondering if running miners makes sense or if it's just a hobby at this point for individuals. Some questions for anyone who's actually doing it.. What's your all-in cost per Bitcoin mined? (Power + hardware depreciation) Is it cheaper than just buying spot, or are you doing it for other reasons (supporting the network, betting on price appreciation, etc.)? How do you think about the payback period on hardware when difficulty keeps climbing? For people in high-cost electricity areas, how do you make it work? submitted by /u/Bulky_Description579 [link] [comments]
Crypto in exchange vs hot/cold wallets
Tue, 03 Mar 2026 12:39:54"Not your keys not your crypto". I know everyone's been saying this and they're right. However dont' you think leaving your crypto in exchange is extremely demonized? I mean yeah it's obviously safer to handle everything yourself, but its statistically more dangerous to. I'm not saying wallets are not great, but let's not make them sound like the perfect/only choice submitted by /u/ksbxjabvx [link] [comments]
Got sent 1099-DA for values that get rounded out to 0. I couldn't efile so I just deleted them. Was I supposed to document?
Tue, 03 Mar 2026 17:35:21I didn't think about going into the HR block software and going into the actual forms and entering the low value like 0.26. But I think that area also gets rounded down to 0? Or are we forced to snail mail tax returns to report these low value 1099-DA? Thank you I couldnt efile because HR block thought it was some error. submitted by /u/Professional_Crab958 [link] [comments]