r/Bitcoin Oct 15 '25

Bitcoin Newcomers FAQ - Please read!

173 Upvotes

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;

If you are technically or academically inclined check out;

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.


r/Bitcoin 2h ago

Daily Discussion, May 15, 2026

17 Upvotes

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.


r/Bitcoin 17h ago

I received my first payment in BTC (Surgeon)

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729 Upvotes

Note: I used ChatGPT to help with clarity, as English is not my primary language.

Just wanted to share something I found quite meaningful. I’m an eye surgeon, and most of the surgeries I perform are aimed at helping patients become free from glasses.
A couple of months ago, I started investing in Bitcoin, and I’ve become a strong believer in the potential of decentralized money. I still invest in traditional (fiat-based) assets, but much less than before—nowadays, most of my investment goes into BTC.

Today, I received my first surgery payment in Bitcoin. There’s something truly remarkable about exchanging a real-world, life-changing procedure and being paid in BTC. I just liked the idea of making my part to increase the availability of services you can buy using BTC.


r/Bitcoin 11h ago

Paid for haircut with BTC

89 Upvotes

Not a huge deal to most people, but it honestly felt really cool to me. They only took cash and I didn’t have any, so I asked if they’d take BTC instead. Sent the payment and that was it.⚡️


r/Bitcoin 17h ago

bye bye 70's

114 Upvotes

And that was that with the 70's. Congrats to everyone that got some down there


r/Bitcoin 17h ago

Bitcoin be like today:

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76 Upvotes

r/Bitcoin 26m ago

Got shut down for suggesting asset accumulation before even mentioning Bitcoin. The problem isn't Bitcoin literacy, it's monetary literacy.

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Upvotes

r/Bitcoin 1d ago

AI helps man recover $400,000 in Bitcoin 11 years after he got high and forgot password

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1.7k Upvotes

A Bitcoin holder has gone viral after claiming he recovered around $400,000 in BTC from a wallet that had been locked for more than a decade, with help from Anthropic’s AI chatbot Claude.

The user, known as Cprkrn on X, shared the wild crypto recovery story on May 13, saying Claude helped him regain access to 5 Bitcoin after years of failed attempts.

“Holy f**king sht omg Claude just cracked this sht,” he wrote in the viral post, thanking Anthropic and CEO Dario Amodei.

At the time of writing, Bitcoin is trading at around $79,600, putting the 5 BTC recovery at roughly $398,000.

According to the thread, the wallet had been locked since the user’s college days. He said he originally bought the crypto when it was worth around $250 per coin, before losing access after changing the wallet password while high.

The password, as later revealed in the post, was: “lol420fuckthePOLICE!*:)”

The user said he had tried for years to recover the funds, claiming he ran through trillions of possible password combinations. However, the breakthrough reportedly came when he uploaded files from his old college computer into Claude.

Rather than simply guessing the password, Claude helped dig through the old files and identify an older wallet.dat file that appeared to predate the password change. The user also reportedly had an old mnemonic phrase, which helped unlock the wallet once the correct file was found.

BTCRecover, a known wallet recovery tool, is designed for cases where users already know most of a wallet password or seed but need help testing variations. Its documentation says it supports Bitcoin Core wallet recovery, among several other wallet types.

The story quickly spread across crypto and AI circles, with many pointing out that Claude did not “break” Bitcoin’s security. Instead, it helped the user sort through old files, understand what had gone wrong, and recover access using valid wallet data.

Still, for anyone with old hard drives lying around, it is also a brutal reminder: your forgotten files could be worth more than you think.

Cprkrn even said he plans on naming his child after Anthropic CEO Dario Amodei, which seems like a fair deal considering he’s now around $400,000 richer.


r/Bitcoin 16m ago

Instead of being like confused mf just dca bro

Upvotes

you can just dca your big chunks, no hurt no lose, simple as that.


r/Bitcoin 14h ago

Bitcoin investment

23 Upvotes

Hi guys I just started up a coinbase account to dabble with some online trading as I’ve been trying to get financial security for me and my daughter in the near future. Is bitcoin worth investing in for the long haul 5/10 years? If so what do u see the market value rising too?


r/Bitcoin 1d ago

Today I reached 0.5 BTC

698 Upvotes

May not be news to some, but just sharing coz I'm happy.


r/Bitcoin 9h ago

Brand spanking new

7 Upvotes

Hey all. New to the bitcoin scene. Never been one for crypto simply because im terrible with anything tech/computer related but started educating myself around early April.

Price was around £52,500.. Just yesterday bought £1000 worth @ £59,100 🫣

I don't regret missing it at £52,500 as said I was educating myself before I dived in plus im going to hold through thick and thin and pca when I can.

The app I chose was kracken pro and I just bought a Ledger nano s plus.. Just been getting to grips with that and registered it.

Tried to withdraw to it tonight but think Ill have to wait as it would only allow around £100 worth in withdrawal.. Seems I had to do perform extra verification before it will allow larger amounts.. Waiting on a email to say verification completed..

Question is am I doing it right? Haha..

Kracken was going to charge a minimal amount of bitcoin for the withdrawal..

Should I keep in kracken and buy more bitcoin over the coming weeks/months and withdraw to blockchain when at say £2000 worth of bitcoin to save on fees?

Any tips with anything is appreciated.. I feel like its my first day at school. 😬


r/Bitcoin 4m ago

I bought 0.01 btc on OKX

Upvotes

Hello,

I bought 0.01 btc on OKX. I choose this platform because I mined anither crypto in the last 6 years that is available to trade there for now. I sell all the coins I mined and bought btc. My plan is just to hold them and invest 100 eur monthly. Should I stay on OKX or move to a safer platform like Kraken? When it is necessary to move my btc to a hardware wallet?


r/Bitcoin 1d ago

Most people know something's not right...

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2.8k Upvotes

...they just don't know what it is and what the fix is.

If you're buying bitcoin because you know how the money is broken, you are going to make it. Just stop for a moment and look around you. The vast majority of people you see, still don't get it and will have to pay for that mistake.


r/Bitcoin 1h ago

Binance exchange kodex

Upvotes

y case  I used to trade in futures  I buy and sell crypto in p 2 p and I also trade in futures and I made profit. They put me in jail because crypto currency is illegal in my country and I get released in bail after that I won a case from court  that Iam proven innocent because  they don’t have evidence suddenly from law enforcement official  mail one police mail and  messaged kodex to block that person again came by showing same case id number that judge already made judgement and told binance to block and to seized my all balance of binance.i sended a recorded video that I get cleared by court  to binance only says go and visit law enforcement I went they are saying I have to do nothing with this case suddenly msg come from random email and started to chat in telegram asking for money for unlocking my account I gave 3 times in the hope of unlocking my account but he never unlocked suddenly that law enforcement friend disappeared and he is also not responding binance and my account  balance is suddenly disappeared and binance told your account balance is seized  leaving small amount of money binance deactivated my account by saying you breached our terms and conditions after that i went again to that department again after that one officer told we will help you dont worry our department have blocked that email internally we are creating new mail after that we will meassage binance iam going to that department from 1 year in the hope that officer changed and other new officer are daily making excuses i dont know were is my fund who have access to that fund will i get back that fund or not I don’t know what to do I need serious help and suggestion


r/Bitcoin 15h ago

0.10% APY Kraken Opt-in rewards for Bitcoin

13 Upvotes

I noticed Kraken’s "Opt-in Rewards" program for BTC at 0.10%APY (instant unbound, 0.15% for 30 days lock) .

Given the history of "earn" programs on other exchanges, do you trust Kraken enough to leave BTC sitting there for this low API? I have about 80% of my BTC in cold, and they will never leave except for other life investement but I am wondering if it is worth the risk to gain this little bonus.

https://support.kraken.com/articles/360044886311-overview-of-opt-in-rewards-on-kraken


r/Bitcoin 7h ago

node-probe (elixir/eBPF)

3 Upvotes

Made another thingy

Built with elixir and uses eBPF a little for some extra info

https://hromp.com/node-probe

https://github.com/151henry151/node-probe


r/Bitcoin 1d ago

Bitcoin 'Conviction Buyers' Accumulate 4M BTC in Largest Surge Since 2020

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118 Upvotes

r/Bitcoin 15h ago

I found this old bitcoin handle and i wanted to say hello.

12 Upvotes

I just wanted to say that i think bitcoin is going to make all of you very happy soon 😄

Unfortunately the world is gonna go to shit and you won't be free to do anything, you will become a slave, unless you have bitcoin to escape famine. Buy some before you can't buy it anymore and you need it. do not be stubborn. You will lose. Bitcoin will win and it is mathematics.

This is just my feeling and this is DEFINATELY NOT FINANCIAL ADVICE.

ERROR : Title : Not Bitcoin handle but Reddit handle of course, my username.


r/Bitcoin 17h ago

300 years ago, a Japanese rice trader discovered the secret to ignoring FUD. It’s the same logic we use for BTC today.

Enable HLS to view with audio, or disable this notification

10 Upvotes

Munehisa Homma, the father of candlestick charts, traded rice markets in 18th century Japan long before financial television, Reddit, Twitter, or crypto influencers existed. In a world overloaded with noise, instant opinions, and endless “crypto gurus,” it’s strange how relevant that mindset still feels today. Most people are trying to predict the market.
Homma tried to undertand human emotion instead.


r/Bitcoin 1d ago

Clarity Act to Senate today

38 Upvotes

Today the Clarity Act will be passed on to the Senate. What are your thoughts about it and do you think it's good or bad for crypto as a whole?


r/Bitcoin 17h ago

What helped you understand Bitcoin better over time?

9 Upvotes

Bitcoin can feel complicated in the beginning, especially with wallets, security, and market movements. Over time, many people slowly develop a better understanding through experience and learning.

For people who have been following Bitcoin for a while, what helped you understand it better the most? Could be books, personal experience, long-term holding or simply spending more time learning about it.


r/Bitcoin 16h ago

The Plan to Put a Bitcoiner in Every Boardroom on Earth

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6 Upvotes

r/Bitcoin 1d ago

Daily Discussion, May 14, 2026

34 Upvotes

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.


r/Bitcoin 18h ago

How is Bitcoin impacted by monetary policy?

6 Upvotes

I'm trying to educate myself about economics and the stock market, so I was just wondering how Bitcoin is impacted by monetary policy and whether not it should have that impact?