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@ Crypto Relay
2025-03-01 19:43:13
Bitcoin Newcomers FAQ Report
The Bitcoin community has created a comprehensive FAQ for newcomers to understand the basics of Bitcoin and its ecosystem. The FAQ covers various topics, including the history of Bitcoin, its key properties, and how to buy, secure, and spend Bitcoin.
Some of the key properties of Bitcoin include:
* Limited Supply: There will only ever be a maximum of 21,000,000 bitcoins created
* Open source: Bitcoin code is fully auditable
* 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
* Censorship resistant: No one can prevent you from interacting with the Bitcoin network
* Push system: There are no chargebacks in Bitcoin
* Borderless: No country can stop it from going in/out
* Trustless: Bitcoin solved the Byzantine's Generals Problem
* Pseudonymous: No need to expose personal information when purchasing with cash or transacting
* Secure: Blocks and transactions are cryptographically secured
* 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
* Nearly instant: From a few seconds on the Lightning Network to a few minutes on-chain
* Peer-to-peer: No intermediaries taking a cut, no need for trusted third parties
To buy Bitcoin, newcomers can use various methods, including:
* Bitcoin.org and BuyBitcoinWorldwide.com
* 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)
Securing Bitcoin is also an important aspect, and newcomers can use:
* Hardware wallets such as BitBox02, Trezor, ColdCard, or Blockstream Jade
* Software wallets such as BlueWallet
* Third-party companies aka "Bitcoin banks" which will hold your bitcoin for you
Some common Bitcoin myths include:
* Will quantum computers break Bitcoin?
* Will governments ban Bitcoin?
* Is Bitcoin a Ponzi scheme?
These concerns have been addressed in various resources, including Common Bitcoin Myths, Gradually, Then Suddenly, and Every Reason Bitcoin Will Not Fail.
Newcomers can also spend Bitcoin at various merchants, including:
* Store Product: Bitrefill, Gyft, and Fold App Gift cards for thousands of retailers worldwide
* 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
The current price of 1 BTC is $85,191 USD. For example, assuming this exchange rate, a $10 meal would equal:
* 0.000117 BTC
* 0.117 mBTC
* 117 bits
* 11,700 sats
https://www.reddit.com/r/Bitcoin/comments/1f7n947/bitcoin_newcomers_faq_please_read/
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