Bitcoin Simply

This page aims to be a quick guide to bitcoin for newbies. If you have any suggestions, fill out the form at the bottom of the page. Thank you!

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Table of Contents

What's the best way to buy Bitcoin?

Put simply, the best way to buy bitcoin is to use the lightning network. I’ll explain later but you will want to get an app for your phone called Strike, and then a bitcoin provider that takes lightning such as River Financial.

Bank Account
Strike Wallet
Lightning Invoice from River.com

The benefit of doing this is two fold, first it avoids exchanges that promote altcoins which can be dangerous, but it also has very little fees. (ex: 3c to buy $50usd worth.)

I'm not down with the Lightning Network yet, whats an alternative?

Alright, I won’t force you to use the lightning network, but you are missing out. The other common ways to purchase bitcoin is through exchanges, but be aware.. I really only recommend Bitcoin-Only exchanges.

How do you purchase using Lightning?

Once you have loaded a lightning wallet, such as Strike mentioned before, you pay generated invoices that look like the example image. With Strike you can scan the QR code generated by River Financial and it will do the rest.

Lightning Invoice
Strike QR Scanner

Be mindful to look at the fees when you send transations with Strike. On-chain BTC transactions are all subject to the On-chain fees, but the Lightning transactions use a much lower fee structure.

How much Bitcoin do I buy?

Honestly, It doesn’t matter. You just need to Dollar Cost Average at a rate that is comfortable for you. Put in some every week, maybe skip a couple 🍔 and put that into the coin instead.

I would say, look to hit your maximum risk for the most reward. Fiat currency really isn’t looking good for holding value.

Alright, I got my Bitcoin.. now what?

HODL.

There is nothing you need to do for the majority of your Bitcoin other than hold them in safe way, do not mind the news, do not mind the price volatility, everyone in the world wants to shake the coins from you. FUD is the common tactic. 

DO NOT SELL! Bitcoin punishes weak hands, and rewards 💎 hands.

Why am I holding Bitcoin?

Bitcoin is possibly the best money ever created. Getting rid of your coins now would be seriously irresponsible. Every once in a while there is a halving cycle, that makes an already scarce thing harder to mine and acquire. Remember, you must have ðŸ’Ž hands.

What about ____coin?

No. It’s literally a distraction from Bitcoin. It looks fancy, developers flock to it, but it’s not Bitcoin. I’ve seen Bitcoin eclipse all gains from dabbling in altcoins, NFTs, etc in short time.

Just stack the sats, please.

What is the best way to secure my Bitcoin?

Coming Soon

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