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https://github.com/kdmukai/bitcoin_resources

My starter pack for people new to the bewildering world of bitcoin.
https://github.com/kdmukai/bitcoin_resources

bitcoin btc crypto cryptocurrency guide resources tutorial

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My starter pack for people new to the bewildering world of bitcoin.

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README 

        



**Table of Contents**



- [Bitcoin Resources](#bitcoin-resources)

  - [Guided Introduction](#guided-introduction)

    - ["What is bitcoin?!"](#what-is-bitcoin)

      - [1. Why does Bitcoin have value?](#1-why-does-bitcoin-have-value)

      - [2. How do I buy/sell/hold bitcoin?](#2-how-do-i-buysellhold-bitcoin)

      - [3. How does Bitcoin work?](#3-how-does-bitcoin-work)

  - [Bitcoin Critiques](#bitcoin-critiques)

    - [Energy/Environmental Concerns](#energyenvironmental-concerns)

    - [Skeptics, Haters](#skeptics-haters)

  - [Resource List](#resource-list)

    - [Podcasts](#podcasts)

    - [YouTube](#youtube)

    - [People worth following on twitter](#people-worth-following-on-twitter)

      - [Anti-bitcoiners](#anti-bitcoiners)

    - [Bitcoin books](#bitcoin-books)

    - [Exchanges](#exchanges)

      - [Not recommended](#not-recommended)

    - [Bitcoin "wallets"](#bitcoin-wallets)

    - [Earning interest on bitcoin and USD stablecoins](#earning-interest-on-bitcoin-and-usd-stablecoins)

    - [Bitcoin "cashback" cards & incentive programs](#bitcoin-cashback-cards--incentive-programs)

  - [What about Ethereum and the other altcoins?](#what-about-ethereum-and-the-other-altcoins)



# Bitcoin Resources

My starter pack for people new to the bewildering world of bitcoin.



## Guided Introduction

### "What is bitcoin?!"

This is a HUGE topic. It's best to break it down into a few important sub-categories:



* Why does bitcoin have value?

* How do I buy/sell/hold bitcoin?

* How does bitcoin work?



These are listed in this order for a reason.



In order to appreciate why Bitcoin matters, you have to understand what money is. Most of us have never had any reason to think deeply about the nature of money but once you start digging in, what you find will surprise you. People who don't understand our current fiat money system cannot appreciate Bitcoin.



Once you're intrigued the next step is to set up a Bitcoin wallet and then experience sending and receiving some bitcoin. Use bitcoin in order to start understanding the mechanisms of how it works.



Finally learn a bit about the technical aspects of Bitcoin. Why are everyone's transactions public? What is a private key? What are miners? _This is all the least important part for a noob!_ But too many people think they need to start with it. It's just too arcane and seemingly pointless unless you have the broader context provided above.



#### 1. Why does Bitcoin have value?

The real answer here starts with the flip side of the question: Bitcoin has value because our current fiat money system does not. The money that you've been used to your whole life is not a solid foundation to build upon; it's really more like quicksand, swallowing your wealth faster than most people can build it. So any deep discussion of Bitcoin's value is really 80% "What is fiat money?" and 20% "How does Bitcoin fix it?"



* [Robert Breedlove interview on Kitco News](https://youtu.be/Y_cViC7PSN0) (28 minutes). Ignore the click-baity title. Breedlove is a really deep thinker on Bitcoin and philosophy in general and does an amazing job explaining the problems of fiat money and why Bitcoin serves as a safe haven.



* [Lyn Alden: "Analyzing Bitcoin’s Network Effect"](https://www.lynalden.com/bitcoins-network-effect/). This is a long article but well worth it. I'd recommend the excellent [audio version of the article](https://podcasts.apple.com/us/podcast/read-535-analyzing-bitcoins-network-effect-lyn-alden/id1359544516?i=1000525788738) read by Guy Swann which I find easier to consume. Consider this a slightly more advanced read. But don't be scared off; its depth and thoroughness are remarkable and invaluable.



    Lyn analyzes network effects in general--when are they strong enough to defend against competitors and when do they fail (e.g. myspace)--then builds the case for Bitcoin's massive network effects. The final section is a phenomenal deeper dive laying out the differences between Bitcoin and other altcoins.



* [Gigi on the Blue Collar Bitcoin podcast](https://podcasts.apple.com/id/podcast/bcb065-gigi-reinventing-time-itself-part-2-post-piss/id1568863382?i=1000570468833). Gigi gets deeply philosophical about Bitcoin but uncovers some real, fascinating insights without getting too obnoxiously esoteric. The best parts are in the "part 2" portion that I linked here. But there may be some useful background in their ["part 1" conversation](https://podcasts.apple.com/id/podcast/bcb064-gigi-a-100x-improvement-in-money-part-1-pre-piss/id1568863382?i=1000569649220).



* When you're ready to invest a little more time into this endlessly fascinating area, start looking at the [Bitcoin books](#bitcoin-books) section below.



#### 2. How do I buy/sell/hold bitcoin?

Hopefully you have a Bitcoin-savvy friend you can reach out to. With that friend or on your own, walk through my [step-by-step beginner's guide](https://github.com/kdmukai/bitcoin_gift_guide) to setting up a wallet on your phone.



Then look at the [Exchanges](#exchanges) section below. You almost definitely want to start with one-off buys via Strike to learn and then quickly transition to setting up small repeated buys either in Strike or Swan.



#### 3. How does Bitcoin work?

* [3Blue1Brown: But how does Bitcoin actually work?](https://www.youtube.com/watch?v=bBC-nXj3Ng4&list=PLoF4_lt35vblXZz0YUK59X0RnV1V3OvkT&index=1): This is my favorite explainer so far. He does a great job of starting with a simple example of a group of friends who want to be able to pay each other in cash and analyze what solutions might work. But as he broadens out his example beyond just a tight circle of trusted friends, the problems get thornier and thornier. Each step of the way he's layering in solutions that are built into bitcoin to address those exact problems. In this way you don't just get the "how" it works, you really appreciate "why" each element is a crucial part of bitcoin.



    My only minor gripe is that he does get a little deeper into the math than I would have. But it isn't overwhelming. Stick with it. Rewatch it a few times. It's 1000% worth it.



* _Other good intro videos...?_



* [SciShow: Bitcoin: How Cryptocurrencies Work](https://www.youtube.com/watch?v=kubGCSj5y3k&list=PLoF4_lt35vblXZz0YUK59X0RnV1V3OvkT&index=2): This one is a distant second. The information is good and is more technical but it goes by WAY TOO FAST! Digest this in 20sec snippets. Pause and rewatch each section as needed. Go off and review other sources then come back to this one later to see if more of it is making sense.



---



## Bitcoin Critiques

### Energy/Environmental Concerns

[This Machine Greens](https://youtu.be/b-7dMVcVWgc) is an excellent, professionally-produced short documentary that explains the real implications of Bitcoin's energy use. Features some of the best experts in Bitcoin. Some of the major concepts:

* Money has to be hard to create for it to retain value.

* Bitcoin miners leverage a huge amount of otherwise wasted or stranded electricity.

* Bitcoin miners can bootstrap investment in new energy infrastructure.

* Bitcoin's transparency makes it an easy target for energy critics; other industries "waste" a lot more energy so where are those complaints?



### Skeptics, Haters

[Why The Yuppie Elite Dismiss Bitcoin (Croesus)](https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin) argues, in a nutshell: The more deeply embedded you are in the system, the more advantage you gain from it. And therefore the more biased your thinking naturally is to dismiss any challengers and, in fact, fight against them.



---



## Resource List

### Podcasts

[What Bitcoin Did - Peter McCormack](https://www.whatbitcoindid.com/podcast):

[McCormack](https://twitter.com/PeterMcCormack) is the best at playing the super-valuable "wait, I don't understand this" role for listeners who aren't technical and don't yet understand the complexities. All the major players in the bitcoin ecosystem end up on his show. Each new episode goes straight to the top of my queue.



[The Investors Podcast - Bitcoin Fundamentals (Preston Pysh)](https://www.theinvestorspodcast.com/bitcoin-fundamentals/):

This is a series within their unified podcast stream (their "We Study Billionaires" episodes are also a good listen). This is an excellent bridge for people who are already engaged in traditional markets. Be sure to follow [Preston](https://twitter.com/PrestonPysh) as well.



[Blue Collar Bitcoin](https://podcasts.apple.com/id/podcast/blue-collar-bitcoin-podcast/id1568863382):

"Average Joe" firefighters (who are actually way more savvy about macroeconomics than they pretend to be) have excellent, accessible conversations with top-notch guests.



[Swan Signal](https://swansignalpodcast.com/):

Part of the education and marketing outreach for Swan Bitcoin. They put out excellent education content and have some of the strongest, most trusted bitcoiners on staff. Downside: each ep is just the audio from a live Zoom call so is often plagued by the typical glitches and cross-talk that happens on a livestream. Probably better to watch the [video version on YouTube](https://www.youtube.com/c/SwanSignal).



[Bitcoin Audible - Guy Swann](https://podcasts.apple.com/us/podcast/bitcoin-audible/id1359544516):

Guy reads the best recent thought pieces on Bitcoin and adds his commentary at the end. My shrinking attention span makes it hard for me to sit and read some of these longer articles, but Guy's audio presentation of them is great and works better for me. There are so many great new articles coming out all the time so just by following Guy's podcast you'll be exposed to an incredible variety of the brightest thinkers in Bitcoin.



[Stephan Livera Podcast](https://stephanlivera.com/):

Very technical but also focused on Austrian economics. Pick and choose the episodes that fit your interest/tech level.



---



### YouTube

[Swan Signal](https://www.youtube.com/c/SwanSignal): They post their interview segments here and run a 24/7 [BitcoinTV channel](https://www.youtube.com/watch?v=Hv3NTan7_Jc) that's basically a loop of their best content plus live cut-ins as they conduct new interviews. Some of their livestreams aren't much more than Zoom hangouts but their [more focused interviews and discussions](https://www.youtube.com/watch?v=6NlvWollN9M) are phenomenal.



[Bitcoin Magazine](https://www.youtube.com/c/BitcoinMagazine/videos): Offers a constant stream of interviews, conference presentations, and tutorials. Bitcoin Magazine takes their job very seriously and are one of the most important driving forces behind Bitcoin education and news.



[Andreas Antonopoulos](https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ): The absolute best at providing the sweeping, broad vision for how bitcoin can change the world for the better. If you want the big picture, his talks are phenomenal. But as much as I love him, I don't think he's quite right for beginners; you need a little more foundation before you can understand his inspiring extrapolations. Note that his Q&A vids can be super-technical.



---



### People worth following on twitter

Bitcoin-savvy macro investors/analysts:

* [Preston Pysh](https://twitter.com/PrestonPysh)

* [Lyn Alden](https://twitter.com/LynAldenContact)

* [Dan Held](https://twitter.com/danheld)

* [Greg Foss](https://twitter.com/FossGregfoss)

* [Andy Edstrom](https://twitter.com/edstromandrew)



CEO/CFO/VC/fund manager class:

* [Michael Saylor](https://twitter.com/michael_saylor)



Bitcoin-savvy economists:

* [Nik Bhatia](https://twitter.com/timevalueofbtc)



Rational bitcoin evangelists:

* [Robert Breedlove](https://twitter.com/Breedlove22)

* [Alex Gladstein](https://twitter.com/gladstein)



Price modeling, on-chain analysis:

* [Willy Woo](https://twitter.com/woonomic)



Savage bitcoin evangelists:

* [Rodolfo Novak](https://twitter.com/nvk)

* [Matt O'Dell](https://twitter.com/matt_odell)

* [Jameson Lopp](https://twitter.com/lopp)



Bitcoin artsts:

* [Lucho Poletti](https://twitter.com/LuchoPoletti)

* [Josie Bellini](https://twitter.com/josiebellini)



#### Anti-bitcoiners

If you'd like the contrarians' view

* [Peter Schiff](https://twitter.com/PeterSchiff)



---



### Bitcoin books

[Layered Money, by Nik Bhatia](https://www.amazon.com/Layered-Money-Dollars-Bitcoin-Currencies/dp/1736110527): A quick, efficient read that establishes a powerful "layers" metaphor for money that starts from an epoch of gold coin-based economy on up to the present day and beyond. This is currently my go-to book to refer to people who want to understand why bitcoin has any value.



To understand the possible significance of bitcoin you have to understand how many layers of money--and risk--sit between your US dollars and actual value. The primary focus here is to understand money first.



  caveats



  _The chapter on bitcoin is actually the weakest of the book. A bit too dry and too complex for someone totally new to bitcoin. There are better "what is bitcoin" explainers out there. Read the bitcoin chapter, but lean more heavily on other resources to get a better understanding of the basics._



[The Bitcoin Standard, by Saifedean Ammous](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861): A deeper dive into the history of money and how humanity has naturally selected the "best" form of money over time based on a variety of characteristics. Think of this as the advanced level course after Bhatia's quick introduction above. Saif's clear articulation of which properties a "good" money must have culminates in a strong endorsement of bitcoin as the best form of money we've ever seen.



  caveats



  _Saif indulges in some regrettable rants against fiat money--including a whole chapter where he claims that even art and food suffer in a fiat world--that I wish would have been edited out for being off-topic and more his opinion than anything I could see being rooted in fact or data. Unfortunately his overall goal is not to persuade the skeptical reader who is used to the fiat money world; he is more likely to ridicule and punish fiat defenders. I wish he would have taken a more welcoming approach but his anger and confrontational nature win out. And, as with Bhatia, I think his chapter on bitcoin towards the end is quite uninteresting and, to be honest, I can't recall if I even finished the book. He made the case in the 2/3rds of the book that analyze previous forms of money; the bitocin parts weren't telling me anything I didn't already know._



[Digital Gold, by Nathaniel Popper](https://www.amazon.com/Digital-Gold-Bitcoin-Millionaires-Reinvent-ebook/dp/B01D8KFX9Q/): This is a fascinating, fun retelling of the early days of bitcoin with deep dives into all the crazy characters that helped make it happen. Save this book for when you're already deep down the rabbit hole. But once you are a die-hard bitcoiner, this is a must-read.



---



### Exchanges

[Strike](https://invite.strike.me/RUTXN3) from Jack Mallers: Incredible tech that seamlessly bridges the fiat world--your USD bank account--with bitcoin and the Lightning Network. It's the __easiest and cheapest__ way to buy bitcoin. Fees range from about 0.3% down to less than 0.1%! So a $100 btc buy costs you 30¢. You have two options: 1.) You can buy/sell (but never sell!) in the "₿" tab, but note that this is custodial (i.e. your bitcoin stays under their control) until you withdraw it to a wallet that you control. Or 2.) You can directly convert USD to bitcoin and send it to your own wallet via the "Pay" option. Just paste in a receive address from your wallet or scan a receive QR code.



When you withdraw from the "₿" tab, Strike pays the Bitcoin miners' fee for you (don't expect that to last). When you directly "Pay" to a bitcoin address, you pay the miners' fee.



You can also use Strike to:

* send other Strike users USD, just like Cash App.

* pay a Lightning Network invoice by auto-converting your USD to bitcoin on Lightning.

* receive bitcoin or Lightning transactions that are then auto-converted to USD.

* (coming soon) convert a portion of your employer's direct deposit payments straight to bitcoin.

* (coming soon) auto-DCA (dollar cost average) to buy bitcoin on a regular schedule.



Jack Mallers and Strike are changing the world. El Salvador adopted bitcoin as legal tender because of the fiat-to-bitcoin interoperability it provides. Vendors will be able to accept both bitcoin and USD but can autoconvert payments to whichever they prefer (e.g. businesses scared of bitcoin volatility can have all payments show up in their account as USD).



[Swan Bitcoin](https://www.swanbitcoin.com/banzai): Currently the best option for casual investors who want to automate as much as possible. Link your bank account and set an investment schedule (e.g. $10 every week) and it'll automatically do the buys for you. Fees depend on amount purchased per week, ranging from 1.19% to 2.29%. And because Swan is built by true bitcoiners, they encourage you to get your btc off of their platform. You can provide them with a receive address and set up autowithdrawals. They pay the bitcoin network fee on the withdrawal. You then have complete set-it-and-forget-it bitcoin buys that land safely in a wallet that you control!



*note: You can get lower fees if you pre-pay a year's worth of your current auto-buy schedule's fees. But given the rapid development of Strike and their goal of rolling out auto-DCA soon, I don't think it's a good idea to pre-pay for a year of Swan.*



[Gemini](https://www.gemini.com/share/v588gelc8): For more serious investors moving larger sums of money. At this level you need to really minimize fees and avoid the price spreads that the other services tack on to the price. Their normal website and app has a high fee structure. But if you change your account to use their "Activetrader" trading UI, you'll pay really minimal fees: currently 0.25% for "maker" orders and 0.35% for "taker" orders. These fees are higher than Strike, but Gemini allows for moving much larger sums of money (Strike is currently limited to $1000 per week). Big bonus: Gemini withdrawals are free(?) up to a monthly limit.



Be warned: the _Activetrader_ UI is overwhelming and chaotic.



#### Not recommended

[Coinbase Pro](https://www.coinbase.com/join/mukai_os): Base fees are terrible, but trading instead on their Coinbase Pro platform drops your total fees to a 0.5% flat fee (one $100 buy carries the same 50¢ fee that you'd end up paying for twenty $5 buys). But compared to Strike or Gemini's fee structure, there's no reason to choose Coinbase Pro.



[Cash App](https://cash.app/app/BCGVHBJ): At one point it was my favorite way to onboard brand new Bitcoiners. But Strike has completely wiped out any reason to use Cash App for bitcoin purchases. Use Strike.



[Paxos / itBit](https://paxos.com): Matches Gemini for low fees, simpler UI. If you set a "post only" limit order, you only pay 0.25%. If you do an instant "market" order it's 0.35%. Only makes sense if you need to set up an account for a business entity, but Gemini also supports business accounts so just use Gemini.



---



### Bitcoin "wallets"

"Wallets" is a misnomer; they're really more like storehouses for your bitcoin private keys (which you can sort of think of as the password for your bitcoin funds).



[BlueWallet](https://bluewallet.io/): This is where I start all beginners. It's an open-source software wallet that lives on your phone or desktop app. Not the most secure option but is good enough and is better than leaving your coins on an exchange. see my [step-by-step beginner's guide](https://github.com/kdmukai/bitcoin_gift_guide).



Hardware wallets:

(this list is not exhaustive)

* Trezor

* Ledger

* Coldcard

* KeepKey

* various DIY projects: [SeedSigner](https://github.com/SeedSigner/seedsigner), Specter DIY



---



### Earning interest on bitcoin and USD stablecoins

**Update 2022: Just don't.**



~~Lending platforms offer interest on bitcoin in the 4.5-6.25% range and up to 12.5% on USD stablecoins (a crypto token where 1 USDC, PAX, TUSD, etc is "guaranteed" to be worth $1 regardless of how prices are swinging in the broader crypto markets). You take on some greater risk ("not your keys, not your bitcoin") but if you dig into each platform's risk management approach you might decide that the modest risk is well worth the huge interest payouts.~~



[Ledn](https://platform.ledn.io/join/f28658694234fd0a38458952642f59d5): Best rate is currently capped at 2.0 btc. As with every platform they offer overcollateralized loans against your deposited btc. Currently have the best USDC interest rates. They primarily (exclusively?) lend their assets to Genesis Capital. Lots of useful discussion [here](https://twitter.com/danheld/status/1334152341881311234?s=20).



[Abra](https://abra.com): Smaller player but like the others moving towards being a completely crypto-backed bank account. Deposit your USD, earn interest on it as a stablecoin, spend it as needed via debit card, convert as much as you like to bitcoin and then earn interest on that. Also provide excellent rates on bitcoin-backed USD loans.



Pomp's [interview with CEO Bill Barhydt](https://podcasts.apple.com/us/podcast/bill-barhydt-founder-ceo-abra-bitcoin-future-asset/id1434060078?i=1000457327798) is excellent.



---



### Bitcoin "cashback" cards & incentive programs

[Fold App](https://use.foldapp.com/r/9PH3CUKE): Buy gift cards for popular retailers and earn "sats back". A debit card with much better bonuses (e.g. 5% sats back on Amazon purchases) is now available.



---



## What about Ethereum and the other altcoins?

see: [Discussion of altcoins](altcoins.md)