Bitcoin

A Peer-to-Peer

Electronic Cash System 

Introduction

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

- Satoshi Nakamoto

Bitcoin has changed the way we interact with money in the 21st century. It’s a permissionless currency which you can use anywhere, at anytime, with anyone.

But first things’s first…

Get A Wallet

Wallets are apps which store your cryptographic keys, aka your signature, which proves your ownership of your Bitcoin funds and allows you to sign transactions.

Look for open source, non-custodial, apps with a good community reputation.

Desktop

Mobile

Find more options here.

Securing Your Bitcoin

When you start a new wallet, you’ll be given a PRIVATE KEY.

This private key will be a string of numbers and characters or a series of random words, these are your wallet’s backup phrase. If you lose these keys, you will lose access to your funds permanently.

Write the private key/backup phrase down on paper, away from prying eyes, shoulders and screens. Write them down twice and keep one near by and another in a second location just incase you lose the first. Keep them safe.

Remember: Two is one. One is none.

Also…

“Not your keys

not your coin.”

Much like anything else in life: personal responsibility is a key factor when it comes to money that you own. It is critically important to backup and safe guard your private key.

Getting Bitcoin

As a decentralized currency, there are a few ways to acquire bitcoin.

You can…

  • Buy Bitcoin. Acquire Bitcoin by purchasing from individuals, ATMs or Know-Your-Customer exchanges like Cash App, Coinbase and Binance, or non-Know-Your-Customer exchanges like Bisq, HodlHodl and more.

  • Mine Bitcoin. Using specialized equipment called “ASIC” to process Bitcoin transactions.

  • Earn Bitcoin. Sell your goods and services for Bitcoin, or have your wage paid in Bitcoin through services like BitWage, Cash App, Coinbase and Strike. Earning Bitcoin brings back a true value-for-value experience.

Using Bitcoin

If you’ve sent a text message or an email, you’ll find using Bitcoin is just as simple.

  1. To receive: Go to the RECEIVE button. The app will show you a QR code and a string of numbers and letters known as your wallet address. You can have the payee scan the QR or you can copy/paste the address, similar to how you would copy/paste your email address, and share with the payee to send funds too.

  2. To Send: As above, go to the SEND button. From there, you can either scan the QR code or paste in the wallet address.

  3. Verify: Before you press the “Send” button, make sure to VERIFY both the amount of Bitcoin you’ll be sending and the address. Once everything is confirmed, press Send.

Where You Can Use Bitcoin

As a native currency of the internet, Bitcoin works great online. You can also use Bitcoin at physical locations as well.

Search for merchants who accept Bitcoin, and at the checkout, pay with Bitcoin.

If the merchant doesn’t accept it (yet), you can search for gift cards or prepaid Visa and Mastercards from services such as…

Or, if you’re feeling charitable; you can donate to any non-profit organization of your liking.

Things to Keep In Mind…

Bitcoin is a relatively new money system and is still developing. With that understanding, here are a few things to keep in mind.

  • Volatility: Bitcoin’s price can vary hour to hour, day to day. In a free market system, people bidding on an exchange rate is what is known as price discovery and shows a healthy interest in the market. If you want to navigate around the volatility, try to price goods and services in Bitcoin. Remember, 1 Bitcoin will always equal 1 Bitcoin.

  • Fees: When you send a letter, you pay for the postage. When the sender sends Bitcoin, they pay the delivery fee. With regards to fees, the higher the fee, the faster the delivery; like sending a payment either through USPS or FedEx. High fees show an active Bitcoin network.

  • Taxes: Depending on where you live (and how you get your Bitcoin), transactions may be subject to taxes. It’s recommended to consult with an accountant or tax professional to get proper details.

Why Bitcoin?

Bitcoin is a better form of money.

You can use it anywhere…

As a digital currency; Bitcoin is borderless, meaning you can send it worldwide to people and places that accept it.

at anytime…

No banking holidays, unrealistic open times or weekend hours; Bitcoin is available 24 hours a day, 365 days a year. It’s money that operates on your time.

with anyone.

Bitcoin is an open source cash system. So long as people are willing to accept it, you are free to send it. It’s your property. No permission needed.

In conclusion: Bitcoin is changing the way we interact with each other. There’s much to learn, but the best way to understand Bitcoin and how empowering it is, is to use it.

Hopefully, this site helps to kick start your journey into this new economic model.

We encourage you to read the white paper.

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