The Beginner’s Guide down the Bitcoin Rabbit Hole

If you are reading this, you may have recently begun to ask the ever important question of just what is Bitcoin and how does it impact me? You may have read an article online, heard about it in conversations with friends or been listening to a podcast that mentioned it. Someone you know may have told you to buy some years ago or gifted you some “sats” as a gift — in every 1 Bitcoin there are 100 million satoshis or sats for short. A common misconception is that you need to buy 1 BTC when in reality you can buy just $1 worth to get started.

For newcomers, this entire learning curve can seem very daunting, with thousands of different educational resources and content out there. Below I have attempted to aggregate the some of the highest quality information from around the world. The order in which you digest this information is in no means final and only serves as a reference point to guide you in the right direction and generally reflects my own journey over the last 5 years. Bitcoin represents a revolutionary technology and advancement for our world’s monetary system and at the same time so much more. Enjoy :)

Books

The Little Bitcoin Book — The Little Bitcoin Book addresses questions of what is wrong with our current monetary system, why Bitcoin was invented as an alternative and describes in simple, everyday terms what it is, how it works and how it can effect individuals around the world today. The book is 92 pages in length and a very simple read, I hand it out as holiday presents and is my first recommendation to anyone interested in the topic.

This Book Will Save You Time — In this short read (~100 pages), the author explores how the most precious resource we have is our time. Everything else on earth can be made, bought or created. The average human only has 600,000 hours on our planet, and therefore the money and savings mechanism we use must value our time, not debase it away through inflation. Bitcoin values your time.

Inventing Bitcoin — This book goes deeper into the underlying blockchain technology powering the Bitcoin network in a very user friendly way. In it you will learn more about how the software works, explore bitcoin mining and learn about “block rewards” and Bitcoin’s monetary rules. At the time of writing this, the author is giving away a free copy of the book (referral link used) to those that sign up for Swan Bitcoin (a popular exchange used to buying and dollar cost averaging into Bitcoin. Here is a link on Amazon if you prefer.

Why Buy Bitcoin: Investing Today in the Money of Tomorrow — This book stems from a more financial point of view, covering topics such as the current role of money in society, our world’s looming debt issue and how Bitcoin can serve as a solution in the future.

The Bitcoin Standard — This is considered the “holy grail” for Bitcoiners addressing the history of money, our current economic system and how Bitcoin represents a “decentralized alternative to central banking”. It has been translated into over 25 different languages and is available worldwide. This is a must read for all owners of Bitcoin.

How to Buy Bitcoin

One of the most important ways to learn about Bitcoin is to actually get some “skin in the game” and buy your first. There are many different exchanges here in the US that you can choose from, each with their own pros and cons but what is important is that you choose one and just get started ASAP!

Some popular exchanges here in the US include:

  • CashApp — very easy to use and popular payment platform that enables users to buy, sell and withdraw their Bitcoin. You can set up daily/weekly purchases ($10 minimum) as well with low fees.
  • Swan Bitcoin — One of the most popular exchanges to DCA (dollar cost average) into Bitcoin. You can set up daily/weekly purchases and have it automatically withdraw to your wallet offline. You can market buy as well. Very user friendly and some of the lowest fees on the market.
  • River Financial — Easy to use platform that might be better suited for larger purchases. They have low fees and enable wire transfers for large purchases.
  • Gemini — Another popular exchange founded by brothers Tyler and Cameron Winklevoss

After you have purchased your Bitcoin, you will want to learn how to self custody. This means withdrawing it from an exchange to a wallet in which you personally own the private keys. These are very important, whoever knows this will be able to spend and use your Bitcoin so protect them at all costs! Popular wallets include Electrum, BlueWallet, Casa and ColdCard. Please make sure to fully understand the responsibilities involved with securing your own keys. This is a crucial step in your Bitcoin journey, don’t be afraid to ask around for help!

People To Follow

The below list should give your timeline a great injection of high quality Bitcoin centric content. Each of these accounts post fantastic content and have numerous additional resources that both the new and veteran Bitcoiner will find helpful. The list is not end all be all but should get you on the right direction and start being immersed in great Bitcoin discussions

News Publications

Podcasts

  • Stephen Livera Podcast
  • Bitcoin Fixes This
  • Swan Signal
  • The Bitcoin Standard Podcast
  • Orange Pill Podcast
  • The What Bitcoin Did Podcast
  • We Study Billionaires, the Investor’s Podcast Network (every Wednesday it is BTC focused)
  • Tales From the Crypt
  • CoinDesk Podcast Network
  • The Scoop
  • The FTX Podcast
  • Once BITten!

Blog Posts/Series

Newsletters

  • CoinDesk — link here
  • River Financial — link here
  • Coin Metrics — link here
  • The Block — link here
  • Bitcoin Tech Talk — link here
  • Glassnode — link here
  • Messari — link here
  • Bitcoin Uncharted — link here
  • HASHR8 — link here (mining focused)
  • Anthony Pompliano — link here
  • Dan Held — link here

The above information should get you well on your way to understanding Bitcoin better. There are many different aspects about Bitcoin that may not seem intuitive at first, but I promise you that with an open and curious mind, you will not be disappointed. We are at the beginning stages of a vast paradigm shift in our world’s monetary system and I believe Bitcoin is poised to play an active role in this transition for decades to come.

You can find me on Twitter here. I also post articles occasionally spanning different topics around Bitcoin on my Medium here.

I like writing about Bitcoin and long term macro secular trends.

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