Bitcoin - The Currency of the Internet

Bitcoin Newcomers FAQ - Please read!

2025-10-15T18:57:04+00:00

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:

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
Bitcoinfo.org 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, 8, 9).
A Reading List of Advanced Bitcoin Books
The statewide Bitcoin strategic reserve race

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.

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.

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:

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;

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.

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Daily Discussion, April 18, 2026

2026-04-18T06:10:43+00:00

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.

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When BTC starts pumping, it will not give you a chance to get in

2026-04-18T14:56:06+00:00

I was greedy in 2022 during the crash and wanted to wait for 12k to buy. 12k never came.

After BTC teleported from 15k to 30k, I wanted a deep dip to 20k to buy. 20k never came.

Then I watched BTC teleport from 25k to 70k without a single down month. Zero dips given.

Then the 50k dip came but got bought up by the market instantly, the window to buy was extremely shortlived and I couldn't get in.

Then BTC proceeded to teleport from 50k to 110k in just a few weeks and I basically missed the whole cycle.

I have a feeling the same people waiting for 40k-50k now will go through what I went through and watch as BTC teleports to 500k (or whatever the next top is) without a single major dip.

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The duality of man

2026-04-18T16:51:41+00:00

I have a group of friends that watched me make a ton of money during the 2016-2017 crypto market and asked me to tell them the next time I believed was a good time to buy (surprise, it’s almost always a good time to buy) so whenever it became a bear market, I would shoot the group chat a message and let them know it’s a good time to buy. I would get mocking responses like “Oh yeah I bet it’s a good time to buy, it’s down 10%”. They would even message me the next day when it’s down 11% and say things like “ooh it’s even lower now, I guess today’s a good day to buy too”

And then the bull market comes and my group chat is peppered with angry messages about how they missed the bull run and how I didn’t tell them it’s coming. Messages like “you gotta tell me the next time it’s good to buy!” I quickly learnt that there are just some things people can’t be taught, they have to learn it themselves.

Moral of the story, don’t tell people you’re into crypto and don’t tell people you made gains, regardless of who they are, in the end it’s just a headache for you.

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Bitcoin is dead

2026-04-17T20:34:34+00:00

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Pakistan ends seven-year Bitcoin and shitcoin ban

2026-04-18T11:19:20+00:00

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Thank you

2026-04-18T12:11:06+00:00

Genuinely so happy to be done, I’ve reached my goal amount of btc to feel comfortable. I won’t lie, I make minimum wage for LA standard and ima stop buying and let it ride. Could hypothetically keep buying more but I truly have the next goal of getting 10k in fiat in my HYSA before touching any market. Sold all my stock to get to my goal and don’t regret it. Letting it ride and won’t open my wallets till I reach my saving goal. Thank you for all your help and advice, never been prouder.

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Let's FCKN Go

2026-04-17T23:19:10+00:00

I'm so long.

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Do the maths!!

2026-04-18T09:28:08+00:00

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Do you keep buying Bitcoin regularly or just hold what you have?

2026-04-18T14:44:08+00:00

Trying to understand how people approach Bitcoin long term.
Do you keep adding over time or just hold and wait?

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If Bitcoin is Ponzi then so everything else

2026-04-18T04:25:58+00:00

Stupid narratives

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What is the amount of BTC that you never want to get rid of?

2026-04-18T08:47:31+00:00

Personally its 0.05 not a lot but i still believe in btc insted of fiat thats why im almost not having cash

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Recommended non kyc exchanges?

2026-04-18T19:59:00+00:00

Been out of the game for a few years. Getting back in and privacy still matters to me not hiding anything, just don't like handing over personal data.

Are there any reliable non-KYC exchanges that work well ? Just looking for something simple to get started again. Thanks.

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is this the right moment to buy BTC?

2026-04-18T08:53:44+00:00

I am new to crypto. Is this the right time to buy BTC since I see the chart it started to rebound?

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DCA Bitcoin

2026-04-18T17:22:48+00:00

For those of you buying Bitcoin through DCA, which exchange would you recommend?

Personally, since I’m based in France, I use Bitstack. As far as I know, the fees are quite reasonable for this kind of service, and it then sends the BTC to a cold wallet. Still, I’m wondering if there might be a better option out there.

I’m currently paying 0.99% in fees with Bitstack, there doesn’t seem to be much spread, and there are zero fees for sending BTC to another address.

There are no bank card fees either if you do your DCA by card.

Thanks in advance, and have a great weekend.

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When did Bitcoin start making sense to you?

2026-04-18T13:00:38+00:00

I’ve been learning about Bitcoin and it took some time to understand
When did it finally click for you?

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When do you sell

2026-04-18T19:31:15+00:00

Pretty new to Bitcoin, just started to DCA.

What is the exit strategy if any? I know the diamond hands theory but what is the end game?

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My perspective

2026-04-17T15:32:19+00:00

Hey everyone,

I’ve been buying Bitcoin since 2012/2013. I’ve lived through it all, studied all cycles in detail, and I’m usually dead silent on Reddit, I just lurk, watch, and stay out of the noise. Never really comment.

But… This feels massively like the 2013 cycle and the 2021 cycle. We’d hit a top, then a brutal dip where everyone piled into the “lower lows incoming,” “it’s over,” narrative. Capitulation everywhere. Then, surprise, it bounced hard and went on to make new cycle highs.

That’s exactly what I see playing out right now.

We topped at roughly $126,200 in early October 2025. Since then we’ve had the classic post-peak flush, fear, and bearish calls for even lower prices. But to me this looks like the same retest/bounce setup we’ve seen before. The crowd is getting shaken out again right before the next leg higher.

In my experience, this is when things get very bullish. A lot of people are going to sit on the sidelines waiting for “the real bottom” that never comes.

People think the cycle top has com and we have entered bear, but the market is maturing and becoming longer. Wouldn’t surprise me at all if we see the cycle top sometime in late 2026 or 2027 in the $180k–$220k range.

Just my two sats after watching this market for over a decade. Do your own research, never financial advice… but damn if this doesn’t feel familiar in the best possible way.

Stay safe out there.

(And yeah… still not selling.)

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To all the newcomers

2026-04-18T14:58:19+00:00

First of all: welcome

BTC is a volatile asset so the best approach is to dollar cost average (DCA) your saving on a regular basis.

Don‘t get caught on the price action too much … investments are made with a long term horizon.

Try to understand how money is created and the fundamentals of bitcoin.

https://youtu.be/mzoX7zEZ6h4?is=SZ80L7REhbayVvJF

https://youtu.be/YtFOxNbmD38?is=YlrKTmTaeBNNTLfI

Absolutely no one can predict any markets in the short term. TA is astrology and no one has a crystal ball.

I hope my post brings clarity and focus.

A warm hug.

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Recovered forgotten coinbase account with .25 BTC

2026-04-17T20:51:07+00:00

As I recovered an old email account I found I had a coinbase account I had completely forgotten about. It’s not much, compared to other folks in this sub, but it has .25 BTC and other currencies from forks in the past 9 years since I bought it.

I had completely forgotten about it and, because of it, never declared in my tax returns. Apparently I should have done that and submit an ID to coinbase.

I haven’t done anything yet, or touched the currencies. Am I fucked? or can I just submit my ID and declare in the tax return next year?

Apologies for my ignorance, I have stayed away from crypto since I bought .25 BTC back in 2017. All advise is appreciated.

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I’m Building a Bitcoin Company

2026-04-17T23:16:31+00:00

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“Have you ever donated Bitcoin or other crypto to charity?

2026-04-18T11:44:26+00:00

What projects or causes did you support, and how did you verify they were legit?”

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this is really interesting

2026-04-17T18:46:51+00:00

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Every time they say BTC is dead, it just climbs another $4k.

2026-04-17T14:23:10+00:00

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The old saying is, a penny saved is a penny earned. Today, a penny invested in BTC is a penny earned.

2026-04-18T14:56:18+00:00

As in, if you invest $1k in BTC, you made $1k. (Okay, maybe not literally, but you know what I mean.)

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