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  • Jordan Hinsch

Bitcoin Starter and Onboarding Guide

Updated: Feb 26

Note: Investing in Bitcoin or other cryptocurrencies come with inherent risks associated. Always do your own due diligence.

I receive a lot of questions related to Bitcoin. Most of which is "What is Bitcoin?", "How do I get started?", or "Where do I store Bitcoin?". This guide should help you to hopefully jump start yourself into the world of Bitcoin. Share it with someone who you feel can benefit as well.

Table of Contents:

Keywords & Definitions

Altcoin - any cryptocurrency that is NOT Bitcoin

Bitcoin Maximalist - someone who only invests in Bitcoin and no other asset class

Blockchain - can be described as a data structure that holds transactional records and while ensuring security, transparency, and decentralization. You can also think of it as a chain or records stored in the forms of blocks which are controlled by no single authority.

BTC - the ticker symbol for Bitcoin

Cryptocurrency (Crypto) - a digital currency created specifically for usage on a blockchain. There are thousands of cryptocurrencies.

Exchange - a marketplace for buying, trading, and selling cryptocurrencies

Fiat - a government-issued currency that is not backed by a commodity such as gold. AKA the US Dollar, Euro, Japanese Yen, etc.

KYC - "Know Your Customer". This is the process of verifying your identity. This is used for tax and residential purposes.

Proof of Stake (PoS) - a type of consensus mechanism by which a cryptocurrency blockchain network achieves distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age.

Proof of Work (PoW) - a form of cryptographic zero-knowledge proof in which one party proves to others that a certain amount of computational effort has been expended for some purpose. Verifiers can subsequently confirm this expenditure with minimal effort on their part.

Satoshi/Sat - named after the mysterious founder of Bitcoin, a Satoshi is a unit of Bitcoin and is equivalent to 0.00000001 BTC. In other words, Satoshi is to Bitcoin as a Penny is to a US Dollar. The plural abbreviation for Satoshis is "sats".

Shitcoin - another way of referring to an altcoin

USD - US Dollar

Educate Yourself

I am not an expert or a Bitcoin "OG". I educated myself on the topic using the various tools below. I suggest you delve into these resources before becoming too trustworthy in what you read elsewhere.

Recommended Reading

Recommended Podcasts

Recommended Twitter Accounts

Note: Twitter is not a reliable source of news or education. Always do your own due diligence. I prefer following accounts which educate and provide statistically-backed information, rather than someone just saying "Buy Bitcoin". Having said that, I recommend following these accounts:

Other Recommended Platforms

  • Clubhouse App - this is a great resource for education, BUT take everything you hear with a grain of salt. Some individuals could be pushing their own product and not providing an unbiased perspective.

  • Instagram - same as the above, but less reliable

How to Invest

Investing in Bitcoin is very easy. First, it's important to know that you can invest in as little as $1 worth of Bitcoin. You don't need to spend tens of thousands of dollars to get started. Here are the best platforms to get started. Most links below come with a Bitcoin bonus :).

  • Coinbase - the most popular onboarding platform into the world of Bitcoin

  • KuCoin - available to Americans without KYC

  • Gemini - a high profile exchange with high fees, but it's trusted

  • Cash App - primarily used to send fiat to other users, but is also a great way to buy BTC

  • Voyager - new to the crypto space. Offers buying, selling, and interest bearing.

  • Bittrex - an excellent US-based exchange with a great reputation

  • Kraken - a very trusted exchange with great staking opportunities

  • Swan Bitcoin - primarily used for averaging, but has the lowest fees for acquiring Bitcoin

  • - offers a wide variety of cryptocurrencies.

BONUS: you don't always have to pay to earn Bitcoin! Click here to view the best ways to earn FREE Bitcoin.