If you are just now discovering the Bitcoin space, all the information available may be kind of overwhelming. Books, podcasts, Youtube videos… where to get started learning about all this stuff? How to start your Bitcoin journey?
And then… how to actually get started in practice? There seem to be so many exchanges, you probably have no idea which to trust. And what are these wallets everyone talks about? How to choose one?
With the goal to help you get started in the best possible way, I have decided to compile this short practical guide. I have tried to ask myself the question: if my little sister was now just beginning, what are the five things I would tell them to do?
I hope this brings you some orientation.
In fact, here you have a handy PDF document you can download yourself and share around.
First and foremost, you should educate yourself about why Bitcoin is important and how it achieves its function as the best form of money ever invented. Do this in parallel with the next steps.
The following are my top reading recommendations. There are literally hundreds more, but with these three you are ahead of 99% of the people:
Plenty of wonderful tutorials and resources:
The first thing you have to do is find a good exchange wherever you are located. Below are my top recommendations.
While no exchange is ever perfect, I find Kraken to be the best pick if it‘s available for you. They have:
Register using this link below and you will get 10$ of Bitcoin on top of your first purchase.
ONLY in case the previous option is not available to you, I find Binance to be an acceptable second option. They have:
Anyone who does many purchases in regular intervals over a period of time will have a clear statistical advantage and get a better average price. However, dividing the allocation into small portions and buying regularly can be a very time and energy-demanding process. That‘s why I can‘t recommend the following tool enough:
I have found this tool to bring incredible value, as it allows you to automate and optimize the regular purchases of BTC, 24/7/365 regardless if you are asleep or awake, on holidays or not.
The math is clear: if you average your purchases over a long period (e.g. a year) it‘s almost impossible not to gain back the costs of the membership.
You don‘t need to purchase a paid membership to start using it, the first 1000€ are free. Start using it and see if you like it. If you do decide to get a membership you will have a 10% discount the first time you pay for one, if you registered using the link above.
If you do decide to grab a membership, you can also automate the withdrawals of the Bitcoin you purchase to your own wallet! This is an amazing feature, because only in your wallet can your Bitcoin be really safe, but about this we will speak below.
As you should know by now, money deposited in conventional banks doesn‘t really belong to you. It belongs to the bank, and they ought to pay it back to you at your request (usually). The same happens with exchanges: you are technically not in control of your Bitcoin until you withdraw it to your wallet.
Therefore I can‘t recommend enough to get your own wallet and self-custody your BTC by withdrawing it regularly.
First of all watch this explanation of the different types of wallets
For most people, a software wallet installed either in your laptop or your phone will be sufficient, and most are free There are plenty of good options here, two I would recommend are Muun Wallet (to carry some Bitcoin with you) and Blue Wallet (as a desktop wallet to store more than what you want to carry).
As soon as you begin to have a significant amount of your capital in Bitcoin it is highly encouraged that you upgrade your wallet security by using a hardware wallet. This is a wallet that is also run with software (in essence the same as a hot wallet) but where your secret key is stored in a physical device (instead of in your phone/laptop).
This reduces considerably the risk of hack/theft, as no one can move your BTC unless they both have your phone/laptop and your hardware wallet (which you can store somewhere safe).
My recommendations are:
Use the links above and code „bitcoinbridge“ at checkout for an additional 3% discount
Let me say it once again: You really should withdraw and take 100% control of your BTC!
However, I understand for some people this option will be too complex at the beginning. If you are the kind of person who loses the car keys every 3 months then perhaps you aren‘t confident you will be able to store securely your private key for life. If that‘s your case, and you would prefer to have a third party custody your BTC for you, then at least don‘t leave them in any exchange:
A fully regulated Bitcoin financial services company that offers among others a Bitcoin savings account.
If you register using this link you will get 10$ after you deposit at least 75$ or 0,0015 BTC in the savings account
But I want to stress it again: funds which are not in your wallet are never 100% safe, regardless of which exchange you use! Get a wallet as soon as possible!!!
If you follow the previous recommendations you will at some point in the near future most likely come to hold a significant amount of capital in BTC, and this will be secured in your own wallet.
It is crucial that you make sure that, whatever happens, this wealth won‘t be lost by any accident (flood, fire, robbery) or inaccessible by your heirs/loved ones in case of something should happen to you. A few things to take into consideration for this are:
Yes, there are ways to accumulate some free tiny portions of a bitcoin without any additional cost. Here are some of my favorite ones:
There are dozens more resources you can make use of, from solving micro-tasks to playing video games. Check out HowToStackSats for an updated list with explanations.
Buying Bitcoin or converting part of your income into it is a great, and a sure way to saveguard your savings for the future. But at this stage you still depend on having a platform to convert your hard earnt €/$ into Bitcoin.
Much better than that is to earn Bitcoin, to receive it as payment for the goods and services that you provide to society. It’s basically like buying Bitcoin with your time and energy and in this way transporting this time and energy you spent directly into the future!
In addition to that, connecting your business to the Bitcoin network brings a whole lot of advantages we described here in detail.
If you want to get started, just contact us and we will set it all up for you!
Thank you! We will get in contact with you soon