There is so much to learn about Bitcoin, even if you have some experience with it.
So we compiled a list of the best resources, videos, links and educational material that we've found, to help you get up to speed with everything related to Bitcoin.
Before we dive into the list, remember that technology and services change over time, so while we've done our best to create the most up-to-date list of resources, this is just a jumping off point.
It's up to you to continue researching on your own.
Some of the links below are affiliate links, but purchasing through them does not cost you anything extra and they help us maintain this page.
Now let's get into the list…
Table of Contents
The Different Flavors of Bitcoin
How to Buy Bitcoin for the First Time
Which Metal Seed Storage Product is Best?
Cryptocurrency Plugins for WooCommerce
How to Earn Interest on Bitcoin
Online Retailers Accepting Bitcoin
Big Blockers vs Small Blockers
A Brief History of Bitcoin
If you're new to Bitcoin, this video does a good job of giving the history and explaining how it works.
This video takes a historical look at the rise and disappearance of Satoshi Nakamoto.
Read the BTC White Paper
Whenever you're researching a cryptocurrency, it's always best to start at the beginning…the white paper.
The white paper will usually outline the goals for the project, explain how the cryptocurrency works and give you other vital information about the project.
A weak white paper is a red flag to avoid the project.
The Bitcoin white paper is very well written.
Click here to read the original white paper.
Current Bitcoin Chart
Here's the current chart of Bitcoin. You can change the timeframes and move the chart to show historical data. Interactive chart courtesy of TradingView and Coinbase.
Current Bitcoin Hashrate
The hashrate is simply a measure of the computing power that's securing a cryptocurrency network. A higher hashrate means a more secure network.
Bitcoin currently has the highest hashrate of any cryptocurrency, making it the most secure network in the world.
To see the current Bitcoin hashrate and compare it to other hashrates, go here.
The Different Flavors of Bitcoin
There are many clones of Bitcoin, but there are only a few worth mentioning.
- Bitcoin (BTC): The best store of value and the most secure cryptocurrency network in the world.
- Bitcoin Cash (BCH): The best version for everyday transactions, lower transaction costs and faster transaction times than BTC.
- Bitcoin Satoshi Vision (BSV): Arguably the version of Bitcoin that's closest to Satoshi's original vision of Bitcoin. Lower transaction costs and the ability to build smart contract platforms on the blockchain.
Other clones (with “Bitcoin” in the name) generally aren't credible and should be avoided.
How to Buy Bitcoin for the First Time
Buying Bitcoin is a relatively simple process. First, sign up for an exchange that services customers in your country.
A good place to start are companies like Coinbase or Binance. Once you sign up for an account, you can link your bank account to the platform and use it to buy Bitcoin.
Some exchanges allow customers to use a credit card or other funding methods besides a bank account. Do some research and find a reputable exchange that has a funding type that you're comfortable with.
Each exchange has their own sign up process, so contact the exchange's support desk if you want help with setting up an account.
Most account setups are straightforward and simple.
Once you have a funding source linked to your exchange account, you can purchase Bitcoin in your online dashboard.
If you want more details on how to setup an account, read this post.
How to Store Bitcoin Safely
Say it with me…
Not my keys, not my crypto.
If you aren't in control of your Bitcoin private keys then you don't actually own your Bitcoin.
So don't store your Bitcoin in places that don't give you control of your private keys.
This includes:
- Exchanges
- Third party apps and websites that don't give you access to your private keys
You should also avoid the following:
- Web wallets: Wallets stored on websites are accessible anywhere in the world. If the website has weak security, your wallet can easily be hacked. Web wallets can be convenient for single transactions, but are not safe for long-term storage.
- Mobile apps: You can lose your phone. Also, many security features on phones like fingerprint readers or facial recognition can easily be bypassed when you're unconscious. It's not a pretty thought, but you have to understand potential security vulnerabilities. Mobile apps are great for doing single transactions, but don't store all of your crypto there.
Hardware Wallet
A hardware wallet is a device that's created specifically for storing cryptocurrency private keys. Most of them look like a USB stick or car alarm remote.
For most people, this is the best option to store their private keys. Hardware wallets also provide a great backup because they can be restored from a seed phrase.
So you can backup both your Bitcoin private keys and your hardware wallet seed phrase. If you lose one of them, you'll always have the other.
You can find my pick for best hardware wallet here.
Desktop Wallets
A desktop wallet is a cryptocurrency wallet that you install on your desktop or laptop computer. No big surprises there.
Just go to the website and download the wallet. There are many wallets out there for Bitcoin, so do your research before using one.
Metal Seed Phrase Backup
If you lose your Bitcoin wallet, you can use a seed phrase to restore it and get access to your Bitcoin. Your seed phrase is a series of short words, usually 24 of them.
A robust way to back up your cryptocurrency wallet seed phrase is to use a device that's made of durable metal like stainless steel or titanium. Most solutions are like the lettering plate that's used on a printing press.
Like any other solution, there are benefits and drawbacks to metal seed backups.
Benefits
- Can survive extreme hot or cold.
- A much better solution than paper or a USB drive.
- Easy to take with you.
- Easy to hide.
- Doesn't use electricity.
- Hacker proof since it's offline.
Downsides
- Once someone gets ahold of your seed storage device, it's easy to read the phrases.
- If people know what to look for, a metal wallet is easy to spot.
- They can be a little expensive, for what you get.
- If you drop your device and the letters get scrambled, you cannot recover your phrase.
Here are a few of the best solutions on the market right now.
BillFodl
This solution definitely gets the award for the most unfortunate product name on this list.
But that's a minor detail.
All that matters is that it works.
It uses the traditional solution of allowing you to insert tiles with characters into it to spell out your seed phrase.
You can also lock the device by using a physical lock of your choice.
Most locks can be easily broken or picked, but they do provide a first line of defense against spying eyes.
Another benefit is that the words are laid out like in a book, so it makes them easy to read.
The downsides are that it's easy to read the phrases if the lock gets broken and the letters can fall out if they aren't secured.
Cryptotag
Of the 3 solutions listed here, Cryptotag seems like the best. There are 2 levels of security.
- You have to know the phrases that the numbers on the plates correspond to.
- The numbers are punched into the plate, so there are no letters to mix up if you drop it.
The downsides are that there isn't a way to physically lock the device (not that locks are super secure anyway), and it says “Cryptotag” in huge letters on the front.
Even if someone didn't know this is piece of metal is related to cryptocurrency, they sure will after seeing the wording.
Also, if you mess up punching one number on a plate, you have to buy a new one.
But all in all, this looks like one of the best solutions to metal seed phrase backups.
Cryptosteel Capsule
The Cryptosteel solution takes a slightly different approach and stores the letters vertically in their Cryptosteel Capsule (on the left in the picture above).
I can see a lot of things potentially going wrong with this format, so I probably wouldn't use it. For starters, it seems really easy for the pin at the top to come off and let all of the letters slide off the center post.
In addition, setting and reading the phrases in this format seems like a pain.
However, on the upside, this device is easy to store and its appearance doesn't scream cryptocurrency wallet. It could pass for a cigar holder.
That's the biggest benefit of this storage format.
They also have a flat version that's similar to BillFodl.
Which Metal Seed Storage Product is Best?
These products are cool and all, but I feel that there's a better solution. Join our insider newsletter to learn a more efficient and cheaper way to backup your seed phrase on a metal backup.
BTC Transaction Costs
The current version of Bitcoin increases the cost of each transaction when there are a lot of transactions on the network. This can lead to very high fees on small transactions.
There are several websites that publish transaction cost data, but this is a good example. You can also see transaction costs for other cryptocurrencies.
When you compare transaction costs between the major cryptocurrencies, you'll see that Bitcoin is a good store of value, but it's built for larger transactions. It's not good for small, everyday transactions.
The Bitcoin Rich List
Want to know how much the richest Bitcoin holders own?
Luckily, it's easy with Bitcoin. Since Bitcoin is a public blockchain, there are services that scan the blockchain to track the balances of all the wallets out there.
It's called a Rich List.
You can also see the richest owners from other blockchains like Litecoin.
How to Mine Bitcoin
Bitcoin mining is what secures the network and verifies transactions. Miners a reward for their efforts, in the form of block rewards. It can be a great way to make passive income.
In the early days of Bitcoin, you could mine Bitcoin with a regular desktop PC.
Nowadays, you need specialized mining equipment that costs thousands of dollars. It also requires a lot of electricity to run a Bitcoin miner.
So a profitable mining operation requires a lot of startup capital and needs to operate in a place with cheap electricity and low ambient temperatures, to keep the computers cool.
Therefore the average person with a desktop PC won't be profitable in Bitcoin mining.
But if you still want to start a Bitcoin mining operation, this quick tutorial will show you how to do it.
You should also explore mining other cryptocurrencies besides Bitcoin. They can be much easier to mine and be more profitable.
Since they can also be low priced, you can also potentially benefit from their price growth. This is called speculative mining.
You can always trade these altcoins for Bitcoin at any time in the future. So in most cases, it makes more sense to mine an altcoin.
Ways to Earn Bitcoin
Mining isn't the only way to earn Bitcoin. You can start accepting Bitcoin as payment for any product or service.
It's generally best to accept Bitcoin Cash because the transaction costs are lower, which will make your customers happier.
Cryptocurrency Plugins for WooCommerce
WooCommerce is an eCommerce plugin for WordPress. Since about 40% all websites use WordPress, and it's really simple to install, this makes it easy to start accepting cryptocurrency for digital and physical products.
Just do a search to find a “cryptocurrency WooCommerce plugin.” The best plugins change frequently, so I don't want to recommend any one solution right now.
Coinbase Commerce
Another easy way to accept Bitcoin is to sign up for Coinbase Commerce. They give you easy-to-use tools that can help you create website buttons and send crypto invoices.
Move your crypto out of your Coinbase account to your personal wallet whenever you want.
Mobile Apps
If you do a lot of in-person work, simply download a free mobile cryptocurrency wallet.
The top wallets that I like are Cake Wallet and Exodus. Simply show your client the QR code on your app and they can pay you via their cryptocurrency app.
Fast and easy.
How to Lock in Bitcoin Gains
Most cryptocurrencies are extremely volatile.
But some of them are much less so.
These cryptocurrencies are called stablecoins. They are pegged to fiat currencies like the US Dollar and the Japanese Yen.
Stablecoins allow investors an alternative way to lock in their gains, without actually trading their crypto for fiat money.
Moving money back into your bank account can take several days.
But if you use stablecoins to lock in your gains, you can buy back into Bitcoin almost immediately. So if you don't need the cash to pay your bills, then using stablecoins can be a great way to preserve your profits.
Here are the top stablecoin projects available right now.
Do your own research and find the one(s) that works for you. Many exchanges offer BTC/stablecoin trading.
How to Earn Interest on Bitcoin
One of the best ways to HODL your Bitcoin is to put it into an exchange that pays you interest on your deposit.
There are many options out there. But be sure to research each exchange you want to deposit to because there are a lot of shady ones out there.
A good place to start is with Binance Earn. Other exchanges offer a higher payout, but remember that a higher payout usually means more risk. If the exchange goes bust, then you can lose all of your Bitcoin.
If you don't want to deal with the volatility of Bitcoin, then you can also earn interest on your money in stablecoins like USDT or BUSD.
Free Bitcoin Book
If you want to get our Bitcoin For Total Beginners book for free, click the button below. It will teach you everything you want to know about Bitcoin, from the beginning.
Also consider sending it to people that you want to get into Bitcoin.
Bitcoin Trading Platforms
There are many platforms that give you access to active Bitcoin trading. They each have their benefits and downsides. Some are free and some are paid.
Do your own research and find the one that works best for you.
Here's a short list to get you started.
- TradingView (Multi-Exchange)
- Coinigy (Multi-Exchange)
- Coinbase Pro
- Binance
- Tradestation Crypto
What's a BTC Faucet?
A cryptocurrency faucet is a way for a project to get people excited about that cryptocurrency or token, by giving it away for free.
In other words, it's a marketing strategy.
You usually have to send a request via a message board or chat platform and the people who run the platform will send you a tiny amount of cryptocurrency instantly. There's a limit on how much you request, many times it's limited to 1 request per day.
Once you accrue the minimum amount of cryptocurrency, you're allowed to withdraw it to a wallet you own.
Bitcoin was distributed through faucets in the early days, but now given the high price, it's not worthwhile for people to operate a BTC faucet.
The websites that currently claim to be BTC faucets are usually scammy and should be avoided. They usually involve trying out dubious free offers or getting you to start gambling on their site.
However, there are still legitimate faucets for other cryptocurrency projects. So if you're really strapped for cash, find a faucet for another project.
It can be a great way to kickstart your stack. If that cryptocurrency goes up, you can always trade it for BTC.
Common Bitcoin Scams
There are a lot of Bitcoin scams out there.
But the two that I hear about most go like this…
The “No-Loss Trading” Scam
Someone will contact you randomly via email or a social media channel. This can be on Twitter, Telegram, Discord or any other platform. Some scammers even use dating sites to target people.
They will promise to trade your Bitcoin and return a high percentage or give you trading signals. If you fall for this trick, you would deposit cryptocurrency to the scammers account and you'll be updated of their progress over the next few days/weeks.
Like clockwork, they will appear to return a high percentage, as promised. Of course, they are not actually trading your crypto, they are faking the results.
From there, they can do 1 of 2 things. They will either stop communicating with you, or when you ask to withdraw your money, they will charge you a very high withdrawal fee. The fee is usually around 20%.
Some scams will let you withdraw a small amount to start with, then lure you into depositing a larger amount.
The High-Yield Scam
A variation of the previous scam is that a company will offer you a very high rate of return on any money that you deposit with them. The catch is that new money is used to pay you, it's not because of their brilliant trading algorithm, or rockstar trader.
At first, members get paid out from new incoming investors. The first investors tell everyone that the offer is legit, so more people pile in.
Once there are enough investors, the founders suddenly disappear with the money.
The most infamous scam of this type was Bitconnect, but there were others.
Keep in mind that there are legitimate exchanges that pay out fairly high returns, which come from loans or trading fees. So don't confuse legitimate payouts for shady ones.
The bottom line is to always do your research before sending anyone money. If you are unsure about an investment opportunity, it's best to steer clear.
The Risk of Bitcoin “Mixers”
I'll say it again, Bitcoin is not private.
Therefore, several projects are working on ways to fix this. One proposed solution is to use a Bitcoin mixing service to make transactions anonymous.
This is how it works…at least in theory.
A bunch of people want to do a private Bitcoin transaction, so they all send their Bitcoin to a mixing service. They also send the transaction amount and the wallet address that they each want to send the Bitcoin to.
The mixing service puts all of the Bitcoin into a mixing pool, then implements their proprietary mixing method before sending the transactions to their intended recipients. Since the Bitcoin is mixed, it should be almost impossible to know which sender sent Bitcoin to each recipient.
In reality, that's probably the worst method of sending Bitcoin ever invented.
The reason is that you don't know any of the other people in your “mixing pool.” There could be tainted Bitcoin in your pool.
Tainted Bitcoin is any Bitcoin that has been flagged as being part of an illegal transaction. While nobody can take that Bitcoin away from you, any of your bank or cryptocurrency exchange accounts associated with that Bitcoin can potentially be closed, on the grounds of illegal activity.
Just the fact that you used a mixing service can be grounds to close your bank or exchange accounts.
It's like putting your clean white t-shirt into a bucket of water with clothes from several random people. If even one of those pieces of clothing are dirty, all of the clothes in the bucket get dirty.
It's simply not work the risk.
Stay away from mixing services.
If you truly care about privacy, use one of these coins.
How to Get Free Bitcoin
There are a lot of different ways to get free Bitcoin. But most of them are scams or not worth the time.
However, you can get a small amount of free, by signing up for legitimate Bitcoin services.
One useful service that you can sign up for is Coinbase. They allow you to buy Bitcoin from your bank account.
You'll get $10 in free Bitcoin, as this is being written. There's no guarantee that this offer is still valid, so be sure to take advantage of it, if you think Coinbase is a good fit for you.
There are other legitimate services that provide Bitcoin rewards for signing up, but be sure to do your research before jumping in.
Local Bitcoin Meetup Groups
Meetup groups can be a great way to connect with other cryptocurrency enthusiasts. Learn about new cryptos, exchange trading tips, learn how to mine and more.
You can only do so much as an individual. But as a community, you can learn faster and take your cryptocurrency understanding to a new level.
Search for a cryptocurrency meetup in your area here.
Bitcoin ATMs
The services that you can get from a Bitcoin ATM will depend on the company that runs the ATMS in your area. But one of the big benefits of most ATMs is that you can turn your Bitcoin into cash.
You can also buy Bitcoin at some machines.
Of course, this all sounds great, but beware of the high transaction fees that can come with these machines.
Get the updated list of Bitcoin ATMs on this page.
Bitcoin Gear
Help get the word out about Bitcoin by wearing some gear. Who knows, your shirt or hat might spark a conversation that leads to making a friend who also believes that money should be decentralized and deflationary.
There are many sites with Bitcoin t-shirts, hats and much more. So do some searching and find something that fits your individual style.
A good place to start is on Amazon.
The Truths About Bitcoin
Bitcoin isn't perfect, but there are a lot of benefits to owning it. So if you're new to Bitcoin, here's a short summary of reasons to own Bitcoin, and things to watch out for.
Benefits
- The most resilient and secure cryptocurrency network in the world. It has the highest hashrate, no other crypto currently comes close.
- It's easily recognized and countries are starting to accept it as legal tender.
- Institutions are starting to buy Bitcoin, which can potentially increase the value.
- There's a limited supply of Bitcoin.
Downsides
- Bitcoin transactions are not private.
- High transaction costs, especially when the network is busy.
- Transaction times are relatively slow.
- It's not fungible because it's a public blockchain. Some Bitcoin transactions can be marked as illegal, making the Bitcoin associated with those transactions unusable.
- Futures are being traded on Bitcoin, potentially leading to price controls, like we see in the precious metals markets.
Bitcoin Influencers
There are many people who are vocal advocates for Bitcoin.
Here are a few that you may want to follow.
We do not endorse these people, we simply see them as influential individuals in the Bitcoin space. Use your own discernment when getting information from these people.
Block Explorers
A block explorer allows you to see transactions on the Bitcoin network. Since it's a public blockchain, you can see the details of every transaction.
These explorers also allow you to check you wallet balance. You can use the explorer that works best for you, but you can get started with this one.
Simply copy and paste your Bitcoin wallet address into the search bar to see the transactions and wallet balance.
Online Retailers Accepting Bitcoin
More and more online stores are accepting Bitcoin.
Like I mentioned before, Bitcoin is not good for smaller transactions because the fees are so high.
Look for stores that accept Bitcoin Cash or Litecoin. They are much better alternatives for purchasing everyday items.
One of the first stores to start accepting Bitcoin was Newegg. Our store also accepts cryptocurrency.
BTC Gambling Sites
The gambling world is sketchy at best, but if that's your thing, then there are gambling sites that accept Bitcoin.
This is something that I don't have experience with, so you'll have to do your own due diligence here.
Remember to do in-depth research on any site you're thinking of signing up with and make sure that online gambling is legal in your area.
Assuming that a website is trustworthy and it's legal in your area, using Bitcoin can be a great way to get your money in and out quickly. You can also avoid a lot of the fees that can be charged with bank transfers or credit card transactions.
Start with a small deposit to test them out.
Big Blockers vs Small Blockers
You may hear about 2 groups of people in Bitcoin, the big blockers and small blockers.
Here's what that means:
- Big Blockers: They feel that the block size of Bitcoin should be increased so transactions can be processed faster. This would also reduce the transaction fees.
- Small Blockers: They feel that Bitcoin blocks should remain small so that the network is more resistant to attack and to avoid miner centralization.
Both camps are right, in their own way. Luckily, the beauty of cryptocurrency is that groups can go off and create their own projects, if they feel that current projects are lacking.
Therefore, if you want a more secure network, Bitcoin (BTC) is the best option. However, if you want lower transaction fees and faster transaction times, then Bitcoin Cash (BCH) is your best bet.
The Most Expensive Pizzas Ever
Finally, a fun story…
Possibly the most infamous Bitcoin purchase of all-time is the 2 Papa John's pizzas purchased with 10,000 Bitcoin.
At the current all-time high of $64,899 per Bitcoin, those pizzas ultimately cost over $648M.
In commemoration, May 22 is celebrated as Bitcoin Pizza Day.
Conclusion
So those are all of the useful Bitcoin resources that we could find.
We will update this page as time permits. You can always see the last update date on the bottom of this page.
Have fun with Bitcoin!
