A Learning Path for Bitcoin
I was recently on a mission trip where bitcoin came up quite a bit. Here is a simple set of steps and links to get you started on your bitcoin journey. Note that some of the links are referrals which provide a benefit to me (and you).
Recommended Learning Path
1. Download or go to River (or Coinbase or Cash App). Setup your funding account (e.g., checking or savings account).
2. Buy a small portion of bitcoin (e.g., $10/$100) on the exchange you setup in step 1
3. Download a wallet (this is how you self-custody bitcoin) like Blue Wallet and setup your wallet so that you can self-custody your bitcoin. Your ability to self-custody your own bitcoin (so that you can send and receive money without a central intermediary) is one of the fundamental principles of bitcoin. This will take a few minutes, a pen, and a piece of paper.
4. Send the bitcoin you bought from step 2 to an address you control with the keys you established in step 3.
5. Learn more about bitcoin using the Easy Intros/Courses, Articles, and Books links below
6. Once you have more conviction, setup recurring buys (e.g., $10 or $100/week) or make a larger buy (a typical recommendation from financial advisors is 1-3% of your net worth ... I personally have > 50% in bitcoin)
7. Buy a cold storage wallet for increased security (see below)
Easy Intros/Courses
* Welcome to Bitcoin - excellent 6 part/1 hour video intro to bitcoin by Natalie Brunell, one of the spaces clearest communicators. NOTE: I DO NOT RECOMMEND BUYING BITCOIN ON SWAN.COM
* 21 lessons - get 1 short email a day for 21 days to learn the fundamentals of bitcoin
* hope.com - compendium of excellent videos, courses, and links to learn about bitcoin from Michael Saylor and Microstrategy. I particularly connected with The Saylor Series early in my series, likely because I'm an engineer. Lyn Alden's Broken Money is also excellent (she has a great book by the same name, also).
Articles
* Bullish Case for Bitcoin - excellent introduction to the properties of money, and how fiat, gold, and bitcoin stack up
* End the FUD - excellent compendium of articles articulating responses to common concerns about bitcoin
Books
* Bitcoin Standard - the book that has taught countless numbers of people what money is, and how it has led to the fall of civilizations, and how bitcoin is different
* Fiat Standard - the implications of the fiat monetary system on various aspects of our civilization, such as our education, our food, and our relationships
* Thank God for Bitcoin - a book for believers. The implications of unethical fiat money, and the relationship of ethical money (bitcoin!!!) to our lives as Christians
* Broken Money - excellent introduction to monetary systems, our current system, and bitcoin
Buying (I have used all three and all are reputable)
* River - Bitcoin-only exchange which promotes taking self-custody (NOT YOUR KEYS, NOT YOUR COIN .... you must take self-custody!). You can also setup recurring buys. Also, if you deposit USD into the FDIC insured account, you can earn your interest in bitcoin.
* Coinbase - USE COINBASE ADVANCED TO GET LOWER FEES. Contact me if you need help enabling Coinbase Advanced. Good for larger buys (e.g., $1000s/$10000s/$100000s)
* Cash App - I've used CashApp for smaller and recurring buys
Hot Storage Wallet - you control your keys, but they are on an internet connected device, and thus, prone to theft if you are hacked. Good to get started with self-custody.
Cold Storage Wallets - you control your keys and they are not on an internet connected device, and therefore, safer (but also take longer to setup). Start to think about cold storage when you have 0.1 or more bitcoin
* Trezor
* Coldcard
Feedback is appreciated on how this can be made more helpful!