/r/Bitcoin FAQ - Newcomers please read

https://www.reddit.com/r/Bitcoin/comments/7gfkjq/rbitcoin_faq_newcomers_please_read/

created by BinaryResult on 29/11/2017 at 18:45 UTC*

865 upvotes, 155 top-level comments (showing 25)

Welcome to the /r/Bitcoin Sticky 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.

Some great introductions for new users are My first bitcoin[1], Bitcoin explained[2] and ELI5 Bitcoin[3]. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:

1: https://cash.me/bitcoin

2: https://www.upfolio.com/ultimate-bitcoin-guide#How-To

3: https://www.eli5bitcoin.com/learn

• Video 1: What Is Bitcoin & Why Should You Care?[4]
• Video 2: The real value of bitcoin and crypto currency technology[5]
• Video 3: Introduction to Bitcoin - Andreas Antonopoulos[6]
• Video 4: Bitcoin 101 - Balaji Srinivasan[7]

Also have to give mention to Lopp.net[8], the Princeton crypto series[9] and James D'Angelo's Bitcoin 101 Blackboard series[10]. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute[11]. Bitcoin statistics can be found here[12], here[13] and here[14]. Developer resources can be found here[15], here[16] and here[17]. Peer-reviewed research papers can be found here[18]. Potential upcoming protocol improvements here[19]. Scaling resources here[20]. The number of times Bitcoin was declared dead by the media can be found here[21] (LOL!), and of course **Satoshi Nakamoto's whitepaper[22]** that started it all! :)

4: https://www.youtube.com/watch?v=NKSQdhxnvCc

5: https://www.youtube.com/watch?v=YIVAluSL9SU&index=1&list=FLqnDHJBl3xGTosMjyXc4-0A

6: https://www.youtube.com/watch?v=qkxdys-Ek9U&feature=youtu.be&t=1s

7: https://www.youtube.com/watch?v=JIxwTx7o_B4&feature=youtu.be&t=1s

8: http://lopp.net/bitcoin.html

9: https://www.reddit.com/r/Bitcoin/comments/7qynvj/dont_panic_just_learn_sixty_free_lectures_from/

10: https://www.youtube.com/watch?v=Bhe61JaNFLU&feature=youtu.be&t=1s

11: http://nakamotoinstitute.org/mempool/

12: https://data.bitcoinity.org/bitcoin/hashrate/6m?c=m&g=15&r=week&t=a

13: https://coin.dance/stats

14: https://cryptosign.al/

15: https://bitcoin.org/en/developer-documentation

16: https://bitcoinedge.org/

17: https://programmingblockchain.gitbooks.io/programmingblockchain/content/index.html

18: https://docs.google.com/spreadsheets/d/1VaWhbAj7hWNdiE73P-W-wrl5a0WNgzjofmZXe0Rh5sg

19: http://diyhpl.us/wiki/transcripts/2018-01-24-rusty-russell-future-bitcoin-tech-directions/

20: https://www.reddit.com/r/Bitcoin/comments/56nnd8/the_scaling_bitcoin_website_is_awesome_videos/

21: https://99bitcoins.com/obituary-stats

22: https://bitcoin.org/bitcoin.pdf

• *Key properties of bitcoin**

• **Limited Supply** - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here[23]. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here[24].
• **Open source** - Bitcoin code is fully auditable. You can read the source code yourself here[25].
• **Accountable** - The public ledger is transparent, all transactions are seen by everyone[26].
• **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[27] works.
• **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[28].
• **Push system** - There are no chargebacks[29] in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
• **Low fee scaling** - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here[30]. On chain fees have risen recently due to network demand however instant micropayments are on the way via the Lightning Network[31], a second layer scaling solution currently rolling out[32] on the Bitcoin mainnet. You can even run a node on a Raspberry Pi[33] :)
• **Borderless** - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed[34].
• **Trustless** - Bitcoin solved the Byzantine's Generals Problem[35] which means nobody needs to trust anybody for it to work.
• **Pseudonymous** - No need to expose personal information[36] when purchasing with cash or transacting.
• **Secure** - Encrypted cryptographically and can’t be brute forced[37] or confiscated with proper key management such as hardware wallets.
• **Programmable** - Individual units of bitcoin can be programmed to transfer[38] based on certain criteria being met
• **Nearly instant** - From a few seconds to a few minutes[39] depending on need for confirmations. After a few confirmations transactions are irreversible.
• **Peer-to-peer** - No intermediaries with a cut, no need for trusted third parties[40].
• **Portable** - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words[41] for wallet recovery.
• **Scalable** - Each bitcoin is divisible down to 8 decimals[42] allowing it to grow in value while still accommodating micro-transactions.
• **Designed Money** - Bitcoin was created to fit all the fundamental properties of money[43] better than gold or fiat

Where can I buy bitcoins?

Bitcoin.org[44], BuyBitcoinWorldwide.com[45] and Howtobuybitcoin.io[46] are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources[47] for a larger list of options for purchases.

23: https://bashco.github.io/Bitcoin_Monetary_Inflation/

24: http://bitcoinblockhalf.com/

25: https://github.com/bitcoin/bitcoin

26: https://btc.com/

27: https://en.wikipedia.org/wiki/BitTorrent

28: https://en.wikipedia.org/wiki/Operation_Choke_Point

29: https://gendal.me/2013/10/21/lessons-from-bitcoin-push-versus-pull/

30: https://bitcoinfees.21.co/

31: https://www.reddit.com/r/Bitcoin/comments/7pwna9/lightning_network_megathread/

32: http://lnstat.ideoflux.com:3000/dashboard/db/lightning-network?refresh=5m&orgId=1

33: https://medium.com/@stadicus/noobs-guide-to-%EF%B8%8F-lightning%EF%B8%8F-on-a-raspberry-pi-f0ab7525586e

34: http://bitcoinglobe.com/

35: https://en.wikipedia.org/wiki/Byzantine_fault_tolerance

36: http://bitcoinsimplified.org/learn-more/anonymity/

37: http://i.imgur.com/fYFBsqp.jpg

38: https://en.bitcoin.it/wiki/Script

39: https://blockchain.info/charts/avg-confirmation-time

40: https://en.wikipedia.org/wiki/Peer-to-peer

41: https://en.bitcoin.it/wiki/Brainwallet

42: https://en.bitcoin.it/wiki/Scalability

43: http://i.imgur.com/wkTyyaV.png

44: https://bitcoin.org/en/buy

45: https://www.buybitcoinworldwide.com/

46: https://howtobuybitcoin.io/

47: https://data.bitcoinity.org/markets/exchanges/USD/30d

┌─────────��─────┬─────────────────────┬──────────────────────────┐
│ Bank Transfer │ Credit / Debit card │           Cash           │
╞═══════════════╪═════════════════════╪══════════════════════════╡
│ Gemini[48]    │ Bitstamp[49]        │ LocalBitcoins[50]        │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Bitstamp[51]  │ Bitit[52]           │ Mycelium LocalTrader[53] │
├───────────────┼─────────────────────┼──────────────────────────┤
│ BitFinex[54]  │ Cex.io[55]          │ LibertyX[56]             │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Cex.io[57]    │ CoinMama[58]        │ WallofCoins[59]          │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Xapo[60]      │ Spectrocoin[61]     │ BitcoinOTC[62]           │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Kraken[63]    │ Luno[64]            │ BitQuick[65]             │
├───────────────┼─────────────────────┼────────────���─────────────┤
│ itBit[66]     │                     │                          │
├───────────────┼─────────────────────┼──────────────────────────┤
│ HitBTC[67]    │                     │                          │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Bitit[68]     │                     │                          │
├───────────────┼─────────────────────┼──────────────────────────┤
│ Luno[70]      │                     │                          │
└───────────────┴────────��────────────┴──────────────────────────┘

Here[72] is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage[73].

48: https://gemini.com/

49: https://www.bitstamp.net/

50: https://localbitcoins.com/

51: https://www.bitstamp.net/

52: https://www.bitit.gift/

53: http://mycelium.com/lt/help.html

54: https://www.bitfinex.com/

55: https://cex.io/cards/

56: https://libertyx.com/

57: https://cex.io/cards/

58: https://www.coinmama.com/

59: https://wallofcoins.com/en/?frame=1

60: https://xapo.com/

61: https://spectrocoin.com/

62: https://bitcoin-otc.com/

63: https://www.kraken.com/

64: https://www.luno.com/en/

65: https://www.bitquick.co/

66: https://www.itbit.com/

67: https://hitbtc.com/

68: https://www.bitit.gift/

69: https://bisq.network/

70: https://www.luno.com/en/

71: https://spectrocoin.com/

72: http://coinatmradar.com/

73: https://www.bitwage.com/

• *Note:** Bitcoins are valued at whatever market price[74] 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. Preev[75] is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

74: https://cryptowat.ch/bitstamp/btcusd

75: http://preev.com/btc/usd

Securing your bitcoins

With bitcoin you can **"Be your own bank"** and personally secure your bitcoins **OR** you can use third party companies aka **"Bitcoin banks"** which will hold the bitcoins 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, there are many software wallet options here[76]. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor[77] or Ledger[78] is recommended. A more advanced option is to secure them yourself using paper wallets[79] generated offline. Some popular mobile and desktop wallet options are listed below and most are cross platform.

┌───���──────────┬─────────────────┬──────────────┐
│   Android    │       iOs       │   Desktop    │
╞══════════════╪═════════════════╪══════════════╡
│ Samouari[80] │ BreadWallet[81] │ Electrum[82] │
└──────────────┴─────────────────┴──────────────┘

Another interesting use case for physical storage/transfer is the Opendime[83]. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.

76: https://bitcoin.org/en/choose-your-wallet

77: https://www.bitcointrezor.com/

78: https://www.ledgerwallet.com/

79: https://bitcoinpaperwallet.com/

80: https://play.google.com/store/apps/details?id=com.samourai.wallet

81: https://itunes.apple.com/app/breadwallet/id885251393

82: https://electrum.org/#home

83: https://opendime.com/

• If you prefer to let third party **"Bitcoin banks"** manage your coins, try Gemini[84] but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.

• *Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!**

84: https://gemini.com/

2FA requires a second confirmation code to access your account, usually from a text message or app, 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.

┌─────────────┬─────────────┐
│ Google Auth │    Authy    │
╞═════════════╪═════════════╡
│ Android[85] │ Android[86] │
├─────────────┼─────────────┤
│ iOS[87]     │ iOS[88]     │
└─────────────┴─────────────┘

Where can I spend bitcoins?

Check out spendabit[89] or bitcoin directory[90] for some good options, some of the more commons ones are listed below.

85: https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2

86: https://play.google.com/store/apps/details?id=com.authy.authy&hl=en

87: https://itunes.apple.com/us/app/google-authenticator/id388497605?mt=8

88: https://itunes.apple.com/us/app/authy/id494168017

89: https://spendabit.co/

90: http://bitcoin.directory/shop

┌───────────────────────────────────────┬──────────────────────────────────────┐
│                 Store                 │               Product                │
╞═══════════════════════════════════════╪══════════════════════════════════════╡
│                                       │ Gift cards for hundreds of retailers │
│                                       │ including Amazon, Target, Walmart,   │
│ Gyft[91]                              │ Starbucks, Whole Foods, CVS, Lowes,  │
│                                       │ Home Depot, iTunes, Best Buy, Sears, │
│                                       │ Kohls, eBay, GameStop, etc.          │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Steam[92], HumbleBundle[93], Games    │ For when you need to get your game   │
│ Planet[94],  itch.io[95], g2g[96] and │ on                                   │
│ kinguin[97]                           │                                      │
├────────────────────────────��──────────┼──────────────────────────────────────┤
│ Microsoft[98]                         │ Xbox games, phone apps and software  │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Spendabit[99], Overstock[100], The    │ Retail shopping with millions of     │
│ Bitcoin Directory[101] and            │ results                              │
│ BazaarBay[102]                        │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ ShakePay[103]                         │ Generate one time use Visa cards in  │
│                                       │ seconds                              │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ NewEgg[104] and Dell[105]             │ For all your electronics needs       │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Bitwa.la[106], Coinbills[107],        │                                      │
│ Piixpay[108], Bitbill.eu[109],        │                                      │
│ Bylls[110], Coins.ph[111],            │                                      │
│ Bitrefill[112],                       │ Bill payment                         │
│ LivingRoomofSatoshi[113],             │                                      │
│ Hyphen.to[114], Coinsfer[115], More   │                                      │
│ #1[116], #2[117]                      │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Menufy[118],  Takeaway[119],          │                                      │
│ Thuisbezorgd NL[120], Pizza For       │ Takeout delivered to your door!      │
│ Coins[121]                            │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Expedia[122], Cheapair[123],          │                                      │
│ Lot[124], Destinia[125],              │                                      │
│ BTCTrip[126], Abitsky[127],           │ For when you need to get away        │
│ SkyTours[128], Fluege[129] the        │                                      │
│ Travel[130] category on Gyft and      │                                      │
│ 9flats[131]                           │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ BitHost[132]                          │ VPS service                          │
├───────────────────────────────────────┼────────��─────────────────────────────┤
│ Cryptostorm[133], Mullvad[134], and   │ VPN services                         │
│ PIA[135]                              │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Namecheap[136], Porkbun[137]          │ For new domain name registration     │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Stampnik[138]                         │ Discounted USPS Priority, Express,   │
│                                       │ First-Class mail postage             │
├──���────────────────────────────────────┼──────────────────────────────────────┤
│ Reddit Gold[139]                      │ Premium membership which can be      │
│                                       │ gifted to others                     │
└───────────────────────────────────────┴──────────────────────────────────────┘

Coinmap[140] and AirBitz[141] are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk[142].

91: http://www.gyft.com/

92: http://store.steampowered.com/

93: https://www.humblebundle.com/

94: https://uk.gamesplanet.com/

95: https://itch.io/

96: https://www.g2g.com/

97: https://www.kinguin.net/

98: http://www.microsoftstore.com/

99: https://spendabit.co/

100: http://www.overstock.com/

101: http://bitcoin.directory/

102: http://bazaarbay.org/

103: https://shakepay.co/#/

104: http://www.newegg.com/

105: http://www.dell.com/

106: https://bitwa.la

107: http://coinbills.com/

108: https://piixpay.com

109: https://bitbill.eu

110: https://bylls.com

111: https://coins.ph

112: https://bitrefill.com

113: https://www.livingroomofsatoshi.com

114: https://www.hyphen.to/

115: https://coinsfer.com/

116: https://cointelegraph.com/news/how-people-pay-bills-with-bitcoin-all-around-the-world

117: https://plusbitcoin.net/bitcoin-debit-card/

118: https://www.menufy.com/

119: http://corporate.takeaway.com/

120: https://www.thuisbezorgd.nl

121: http://pizzaforcoins.com/

122: http://www.expedia.com/

123: http://www.cheapair.com/

124: http://www.lot.com/us/en/

125: http://destinia.us/

126: https://btctrip.com/

127: http://www.abitsky.com/

128: http://www.sky-tours.com/

129: http://www.fluege.com/de/

130: https://www.gyft.com/buy-gift-cards/category/travel/

131: http://www.9flats.com/

132: https://bithost.io/

133: https://cryptostorm.is

134: https://mullvad.net

135: https://www.privateinternetaccess.com/

136: https://www.namecheap.com/

137: https://porkbun.com/

138: https://stampnik.com

139: https://www.reddit.com/gold/about/

140: http://coinmap.org/

141: https://airbitz.co/search?term=&location=Current+Location

142: http://www.wheretospendbitcoins.co.uk

There are also lots of charities which accept bitcoin donations, such as Wikipedia[143], United Way[144], ACLU[145] and the EFF[146]. You can find a longer list here[147].

143: https://wikimediafoundation.org/wiki/Ways_to_Give#bitcoin

144: http://www.unitedway.org/content/splash_holiday2014/

145: https://www.aclu.org/

146: https://www.eff.org/

147: https://www.reddit.com/r/changetip/wiki/suggestions

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.
• Increased privacy.
• 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;

• BTCPay[148]
• Square cash[149]
• Stripe[150]
• Coinify[151]
• Wyre[152]
• GoCoin[153]
• Bitaps[154]
• Mycelium Gear[155] (direct to your wallet)
• Blockonomics[156] (direct to your wallet)

Can I mine bitcoin?

Mining bitcoins 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[157]. If you want to learn more about mining you can read more here[158]. Still have mining questions? The crew at /r/BitcoinMining would be happy to help you out.

148: https://btcpay-server-testnet.azurewebsites.net/

149: https://cash.me/

150: https://stripe.com/bitcoin

151: https://coinify.com/merchants

152: https://www.sendwyre.com/business/

153: https://www.gocoin.com/

154: https://bitaps.com/merchant

155: https://gear.mycelium.com/

156: https://www.blockonomics.co/merchants#

157: http://folding.stanford.edu/

158: https://en.bitcoin.it/wiki/Faq#Mining

If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node[159] using this setup guide[160]. Bitseed[161] is an easy option for getting set up. You can view the global node distribution here[162].

159: https://bitcoin.org/en/bitcoin-core/features/

160: https://medium.com/@lopp/how-to-set-up-a-bitcoin-full-node-2dd1c09763d3

161: https://bitseed.org/

162: https://getaddr.bitnodes.io/

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.

┌─────────────────────────────────────────────────────────┬────────────────────┐
│                          Site                           │    Description     │
╞═════════════════════════════════════════════════════════╪════════════════════╡
│ WorkingForBitcoins[163], Bitwage[164],                  │                    │
│ XBTfreelancer[165], Cryptogrind[166], Bitlancerr[167],  │ Freelancing        │
│ Coinality[168], Bitgigs[169], /r/Jobs4Bitcoins[170],    │                    │
│ Rein Project[171]                                       │                    │
├─────────────────────────────────────────────────────────┼────────────────────┤
│ OpenBazaar[172], Purse.io[173], Bitify[174],            │ Marketplaces       │
│ /r/Bitmarket[175], 21 Market[176]                       │                    │
├─────────────────────────────────────────────────────────┼────────────────────┤
│ Streamium.io[177], XOtika.tv[178] NSFW,                 │ Video Streaming    │
│ /r/GirlsGoneBitcoin[179] NSFW                           │                    │
├─────────────────────────────────────────────────────────┼────────────────────┤
│ Bitasker[180], BitforTip[181]                           │ Tasks              │
├─────────────────────────────────────────────────────────┼────────────────────┤
│ Supload.com[182], SatoshiBox[183], JoyStream[184], File │ File/Image Sharing │
│ Army[185]                                               │                    │
├─────────────────────────────────────────────────────────┼────────────────────┤
│ CoinAd[186], A-ads[187], Coinzilla.io[188]              │ Advertising        │
└─────────────────────────────────────────────────────────┴────────────────────┘

You can also earn bitcoins by participating as a market maker on JoinMarket[189] by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

163: https://workingforbitcoins.com

164: https://www.bitwage.me/prelaunch

165: https://www.xbtfreelancer.com/

166: http://www.cryptogrind.com/#%21/

167: http://bitlancerr.com/

168: https://coinality.com/

169: http://bitgigs.com/

170: http://www.reddit.com/r/Jobs4Bitcoins

171: http://reinproject.org/

172: https://openbazaar.org/

173: https://purse.io/shop

174: https://bitify.com/

175: http://www.reddit.com/r/BitMarket

176: https://21.co/mkt/

177: https://streamium.io/

178: https://xotika.tv/

179: http://www.reddit.com/r/GirlsGoneBitcoin

180: http://www.bitasker.com/

181: http://www.bitfortip.com/

182: https://www.supload.com/

183: http://satoshibox.com/

184: http://joystream.co/

185: https://file.army

186: https://coinad.com/

187: https://a-ads.com/

188: https://coinzilla.io/

189: https://github.com/chris-belcher/joinmarket

Bitcoin 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[190], Amiko         │ Payment channels for network scaling │
│ Pay[191], and Strawpay[192]           │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Blockstream[193], Rootstock[194] and  │ Sidechains                           │
│ Drivechain[195]                       │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ 21, Inc.[196]                         │ Open source library for the machine  │
│                                       │ payable web[197]                     │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ ShapeShift.io[198]                    │ Trade between bitcoins and altcoins  │
│                                       │ easily                               │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Open Transactions[199],               │                                      │
│ Counterparty[200], Omni[201], Open    │ Financial asset platforms            │
│ Assets[202], Symbiont[203] and        │                                      │
│ Chain[204]                            │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Hivemind[205] and Augur[206]          │ Prediction markets                   │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Mediachain[207]                       │ Decentralized media library          │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Tierion[208] and Factom[209]          │ Records & Titles on the blockchain   │
├───────────────────────────────────────┼───���──────────────────────────────────┤
│ BitMarkets[210], DropZone[211],       │ Decentralized markets                │
│ Beaver[212] and Open Bazaar[213]      │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Samourai[214] and Dark Wallet -       │ Privacy-enhancing wallets            │
│ abandoned[215]                        │                                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│                                       │ CoinJoin implementation (Increase    │
│ JoinMarket[216]                       │ privacy and/or Earn interest on      │
│                                       │ bitcoin holdings)                    │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Coinffeine[217] and Bisq[218]         │ Decentralized bitcoin exchanges      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Keybase[219] and Bitrated[220]        │ Identity & Reputation management     │
├───────────────────────────────────────┼────────────────────��─────────────────┤
│ Telehash[221]                         │ Mesh networking                      │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ JoyStream[222]                        │ BitTorrent client with paid seeding  │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ MORPHiS[223]                          │ Decentralized, encrypted internet    │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Storj[224] and Sia[225]               │ Decentralized file storage           │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Streamium[226]                        │ Pay in real time for on-demand       │
│                                       │ services                             │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Abra[227]                             │ Global P2P money transmitter network │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ bitSIM[228]                           │ PIN secure hardware token between    │
│                                       │ SIM & Phone                          │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Identifi[229]                         │ Decentralized address book w/        │
│                                       │ ratings system                       │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ BitGo[230]                            │ Multisig bitcoin API                 │
├─────────��─────────────────────────────┼──────────────────────────────────────┤
│ Bitcore[231]                          │ Open source Bitcoin javascript       │
│                                       │ library                              │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Insight[232]                          │ Open source blockchain API           │
├───────────────────────────────────────┼──────────────────────────────────────┤
│ Leet[233]                             │ Kill your friends and take their     │
│                                       │ money  ;)                            │
└───────────────────────────────────────┴──────────────────────────────────────┘

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:

190: http://lightning.network

191: https://cornwarecjp.github.io/amiko-pay/

192: https://www.strawpay.com

193: http://www.blockstream.com/

194: https://www.rsk.co/

195: http://www.truthcoin.info/blog/drivechain/

196: https://21.co/

197: https://medium.com/@21/21-is-an-open-source-library-for-the-machine-payable-web-4f30d1437fde#.4k1wzg1rr

198: https://shapeshift.io/

199: http://opentransactions.org/wiki/index.php/Main_Page

200: http://counterparty.io/

201: http://www.omnilayer.org/

202: https://github.com/OpenAssets/open-assets-protocol/blob/master/specification.mediawiki

203: http://symbiont.io/

204: https://chain.com/

205: http://bitcoinhivemind.com

206: http://www.augur.net/

207: https://blog.mediachain.io/

208: https://tierion.com

209: http://factom.org/

210: https://voluntary.net/bitmarkets/

211: https://github.com/17Q4MX2hmktmpuUKHFuoRmS5MfB5XPbhod

212: https://eprint.iacr.org/2016/464.pdf

213: https://openbazaar.org/

214: http://samouraiwallet.com

215: https://www.darkwallet.is/

216: https://github.com/chris-belcher/joinmarket

217: http://www.coinffeine.com/

218: https://bitsquare.io

219: https://keybase.io/

220: https://www.bitrated.com/

221: http://telehash.org/

222: http://www.joystream.co

223: https://morph.is/

224: http://storj.io/

225: http://www.siacoin.com/

226: http://streamium.io/

227: https://www.goabra.com/

228: http://www.bitsim.co/

229: https://identifi.github.io/#

230: https://www.bitgo.com

231: http://bitcore.io/

232: https://insight.bitpay.com/

233: https://www.leet.gg/

┌──────────────┬────────┬─────────────────────────┬────────────────────────────┐
│     Unit     │ Symbol │          Value          │            Info            │
╞══════════════╪════════╪═════════════════════════╪════════════════════════════╡
│              │        │                         │ SI unit for milli i.e.     │
│ millibitcoin │  mBTC  │ 1,000 per bitcoin       │ millilitre (mL) or         │
│              │        │                         │ millimetre (mm)            │
├──────────────┼────────┼─────────────────────────┼────────────────────────────┤
│              │        │                         │ SI unit for micro i.e      │
│ microbitcoin │  μBTC  │ 1,000,000 per bitcoin   │ microlitre (μL) or         │
│              │        │                         │ micrometre (μm)            │
├──────────────┼────────┼─────────────────────────┼────────────────────────────┤
│ bit          │  bit   │ 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 $10000 for one Bitcoin, a $10 meal would equal:

• 0.001 BTC
• 1 mBTC
• 1,000 bits

For more information check out the Bitcoin units wiki[234].

234: https://www.reddit.com/r/BitcoinWiki/wiki/bitcoin_units

--------------------------------------------------------------------------------

• *Still have questions?** Feel free to ask in the comments below or stick around for our weekly Mentor Monday[235] thread. If you decide to post a question in /r/Bitcoin, please use the search bar[236] 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. A complete list of bitcoin related subreddits can be found here[237]

235: https://www.reddit.com/r/Bitcoin/search?q=mentor+monday&restrict_sr=on&sort=relevance&t=all

236: https://www.reddit.com/r/Bitcoin/search?q=&restrict_sr=on&sort=new&t=year

237: https://www.reddit.com/r/BitcoinSerious/wiki/bitcoin411?may2015

• *Note:** This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here[238] and it will be included in the next revision pending approval.

238: https://www.reddit.com/r/BitcoinWiki/wiki/rbitcoin_sticky

• *Welcome to the Bitcoin community and the new decentralized economy!**

Comments

Comment by [deleted] at 29/11/2017 at 19:49 UTC

45 upvotes, 0 direct replies

You chose the perfect moment to post this

Comment by [deleted] at 29/11/2017 at 22:18 UTC

39 upvotes, 0 direct replies

Just bought my first $20 worth of BTC. Can't wait to go to the moon now

Comment by esspee39 at 29/11/2017 at 20:38 UTC*

46 upvotes, 3 direct replies

I’m confused by the idea of “investing” in Bitcoin. Isn’t Bitcoin supposed to be a currency?

I’m reminded of the story of the guy who spent 10,000 BTC on pizza. It’s a bad thing that he spent currency, because the value of that currency is extremely volatile. And it has continued to be volatile for its entire existence. At what point will Bitcoin be spendable, instead of some inexplicable “magic internet money” that you just dump savings into? Is Bitcoin being spendable even the goal, or is Bitcoin just like a stock to speculate in?

Comment by [deleted] at 29/11/2017 at 20:40 UTC

17 upvotes, 1 direct replies

[deleted]

Comment by Devonmartino at 29/11/2017 at 22:13 UTC

13 upvotes, 2 direct replies

I just bought $20 in BTC (can't afford any more). Can I leave it in my Coinbase wallet? They want to charge $4.46 to send it to a Blockchain wallet, and I don't even know if that's a good place to leave my ~0.0015 Bitcoins.

Comment by AttackOfTheThumbs at 09/12/2017 at 01:24 UTC

11 upvotes, 1 direct replies

Is there a bitcoin guide aimed at Canadians? I see a lot of options for buying, but not necessarily selling.

Comment by count_pilaf at 29/11/2017 at 18:55 UTC

9 upvotes, 2 direct replies

Not to poop on the party. But aside from profit taking, what is the biggest threat to bitcoin rally?

Comment by icer07 at 29/11/2017 at 22:55 UTC

8 upvotes, 1 direct replies

Hello, I, like many, seemed to have lost my bitcoins and need help on how to find them. I have the transaction ID or whatever and my friend can see the transaction we did a couple years ago, but i"m not sure what wallet I had them in nor am I sure if the file (do I even need one?) is still on my computer. Where can I go for help troubleshooting finding them? Thank you.

Comment by dmitri14_gmail_com at 08/12/2017 at 16:11 UTC*

9 upvotes, 2 direct replies

The problem with these kind of "educator" videos as the above linked one by Andreas Antonopoulos's, they are full of personal speculations, with no clear attempts made to justify statements by hard facts.

Proper education must be based on facts, not speculation. Proper education must include clear steps people can practice to achieve concrete goals. Proper education must contain lists of reliable sources, where people can go and learn the topic deeper.

Don't get me wrong, the video is interesting and entertaining, but it is not quite the same as "education".

Comment by majikferret at 30/11/2017 at 19:19 UTC

8 upvotes, 1 direct replies

Is there any concern the removal of net neutrality will result in targeted slow downs and price gouging of crypto users and providers? Not sure if this is a silly question or not but I have no one else to ask lol.

Comment by TooLateToPush at 07/12/2017 at 17:42 UTC

8 upvotes, 1 direct replies

I plan to buy $20 to figure things out, but then buy $1000 or so and sit on it for a bit. Is that a good idea? I read all the guides, but I'm still having a little trouble "getting" it all

Also, coinbase says bitcoin purchases are temporarily disabled. What's that about?

Comment by [deleted] at 16/12/2017 at 05:56 UTC*

7 upvotes, 1 direct replies

deleted ^^^^^^^^^^^^^^^^0.4087 ^^^What ^^^is ^^^this?

Comment by Juls317 at 05/01/2018 at 21:38 UTC

8 upvotes, 1 direct replies

So a few years ago Coinbase made a deal with my college to offer every student a free $10 investment of coin. I signed up and proceeded to forget about it until last night, where I finally remembered the exchange that had emailed us all. The original sum is not worth around $420. But from the sounds of it, Coinbase is starting to crumble as the best exchange, and I don't know what position that puts me in. I could honestly use the cash from selling off the coin, but I don't know what all goes into that, or if it would be even worth it depending on what the outlook for coin value is. Any advice is welcome, thanks!

Comment by w1ls0n360 at 29/11/2017 at 21:37 UTC

5 upvotes, 1 direct replies

I've just joined Coinbase. Is this a good bet to buy and sell with?

Where do I send my coins to in between transactions, what wallet is my best option?

Comment by solaaaris at 29/11/2017 at 22:22 UTC

6 upvotes, 2 direct replies

Just wanted to ask, is there any point in mining Bitcoins? Or even mining lesser valued Cryptocurrency? All I see online are comments saying it's pointless but why?

Comment by Zoomwalt at 29/11/2017 at 20:46 UTC

4 upvotes, 1 direct replies

can you add something about bitcoin cash? I'm still trying to wrap my head around the difference between bitcoin and bitcoin cash.

Comment by [deleted] at 29/11/2017 at 20:55 UTC

4 upvotes, 0 direct replies

Man I want to get in on the hype but Bitpanda is down :(

Comment by [deleted] at 29/11/2017 at 21:42 UTC

5 upvotes, 1 direct replies

So what’s the consensus on Satoshi’s identity?

Comment by stacitto at 30/11/2017 at 00:14 UTC

5 upvotes, 0 direct replies

Congrats to those who bought, those who HODL, and those buying the dip ;)

Comment by oneupsuperman at 08/12/2017 at 14:46 UTC

5 upvotes, 2 direct replies

How do I transfer Bitcoin/etc. From Coinbase to somewhere I can sell it? I'm in Canada :/

Comment by Superfarmer at 21/12/2017 at 04:22 UTC

5 upvotes, 2 direct replies

Completely new to Bitcoin.

Why do I need a "hardware wallet".

Isn't this just an offline hard drive or a USB key?

Besides the screen, what is so special about your Bitcoin keys that you need this hardware?

Comment by [deleted] at 21/12/2017 at 10:35 UTC

5 upvotes, 2 direct replies

[deleted]

Comment by Scouth at 29/11/2017 at 23:29 UTC

4 upvotes, 1 direct replies

I am trying Coinbase. When I buy, am I buying coinbase’s bitcoins? Are they the only for sure winners in this whole thing?

Is each transaction saved separately or grouped together? For instance can I sell my bitcoins bought at the lowest price first or first that not matter? I would think I would only want to sell a percentage I bought at a profit.

Comment by Itwerkforcash at 30/11/2017 at 10:17 UTC

4 upvotes, 3 direct replies

Can anyone tell me why I need a wallet for BTC when coinbase holds my funds ?

Comment by emmitpeanut at 30/11/2017 at 19:01 UTC

5 upvotes, 2 direct replies

So I baught some bitcoins at a kiosk at a bar in austin several years ago and remember trying to use them but not being able to figure it out ,the phone I used when buying them has a cracked screen ,is it worth looking for them? It was a robocoin kiosk in austin?