First off, not adopting Bitcoin globally on some level (everyone has their different theories on the use case) would be like not adopting the Internet because of propaganda that people with power and corrupt agendas sold you. I will be addressing what is Bitcoin and the propaganda around it soon for those unaware. But for now, I just wanted to present this to people interested but unclear about how to begin because I know it can be overwhelming. A how-to guide on Bitcoin.
How to store:
I’ll be discussing the two main types of wallets. Hardware and software wallets.
Hardware- A tangible device that secures your funds. Considered the safest.
Software- Typically an app, therefore more convenient and accessible.
Wallets can be hot or cold. Hot means internet access is needed. Hackable if you do something stupid. Don’t be stupid. Being stupid is really hard. Cold meaning offline. Just don’t lose your device. But even if you, do it’s recoverable.
I’d recommend Arculus for cold hardware. And Exodus for those who want to use a free app. But do your research. There’s also ledger, trezor, etc. Icoin would be my second choice.
How to buy:
There are two ways to buy. KYC (know your customer) and no KYC. The former requires ID and is more centralized and the latter is no ID required, less traceable, and therefore unable to be taxed unless you report it… as you should. BTC was intended to be peer-to-peer and no KYC until corporations joined the party. Not to get too deep, but to show the importance of no KYC to my first-world people, imagine you live in North Korea, China, Russia, Afghanistan, etc., and your government outlaws Bitcoin because it’s empowering to you. No KYC is your only option to obtain it and becomes a tool for freedom. Bitcoin and cryptocurrency is a technology that has freed countless victims of oppression from their country.
Buy on strike. Easy as Cash App. Maybe the most user-friendly Bitcoin app. Download Strike.
Buying on Bisq is no KYC and therefore not something I’d recommend to someone until they’re a year in. But worth aspiring towards.
Bisq — A decentralized Bitcoin exchange network
And you can also buy it on the previously mentioned Exodus app. You can buy and store there as it is a noncentralized wallet. This means you hold your coins yourself, not some other party.
I can’t stress this enough… DO NOT BUY ON CENTRALIZED EXCHANGES AND IF YOU DO (DON’T) DO NOT LEAVE YOUR COINS ON THERE.
How to earn:
The fun part. Bitcoin offers an ecosystem in which value and attention are rewarded. You can stack sats aka satoshis from walking, playing games, getting spam calls, educating yourself, listening to podcasts, reading, posting/ liking on social media, etc. Keep in mind there are 100 million satoshis in 1 bitcoin so it’s not going to make you rich. But it is the capabilities that are awesome and revolutionary. Also, there will come a time when sats are a lot more valuable presuming the price of the scarce asset, bitcoin, continues rising in price.
Earn using an AI assistant to screen your suspect calls- Download Vida
Earn listening to podcasts – Get Fountain
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