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What is Bitcoin?
“Chancellor on Brink of Second Bailout for Banks” – The Times (Jan.3, 2009)This title was quoted and embedded into the very first transaction ever to be included in the Bitcoin blockchain, by Satoshi Nakamoto. The block containing this transaction is called The Genesis Block.
How is Bitcoin value determined?
Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility and recognizability) based on the properties of mathematics rather than physical properties like gold and silver. Trust and adoption is required for a form of money to hold value. In the case of Bitcoin this can be measured by its exponential growing base of users, merchants and startups. As with all money, Bitcoin value comes directly from people willing to accept it.
Why should I buy Bitcoin?
Bitcoin is simply better money – trustless, censorship resistance, store of value and a medium of exchange. It relies on mathematics and a decentralized network of nodes to enforce rules.
“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” – Satoshi Nakamoto
What is dollar cost averaging?
Dollar cost averaging allows you to acquire Bitcoin over a period of times rather than purchasing all at once. You don’t need to time the market, and you don’t need to buy a whole Bitcoin, as Bitcoin is devisable by 8 decimals.
1 BTC = 100,000,000 satoshis
How to Buy Bitcoin?
Bitcoin Well has a number of options to help you invest into Bitcoin from buying Bitcoin In-Person, Bitcoin ATMs across Canada, Interac e-Transfer, Rise Wallet Gift Cards and Bank Transfer.
How to Store Bitcoin?
Bitcoin is based on public and private key cryptography. A wallet will store your private keys giving. you access to spend your Bitcoin. A mobile wallet on your phone is great for smaller amounts and spending on the go. For large amounts you will want to use a hardware wallet. Bitcoin Well is an authorized reseller of Ledger Nano S and Ledger Nano X.
Helpful Resources
Mempool.Space – Bitcoin Block Explorer and Mempool Viewer
The Bitcoin Standard – Book by Saifedean Ammous that explains the history of money, the issues we face today and the possible solutions Bitcoin can provide.
FAQs
A wallet has a public address where you receive Bitcoin and a private key used to spend your Bitcoin.
Bitcoin mining is the process of verifying blocks of bitcoin payments and adding those transactions to a public ledger.
Private keys are used to authenticate Bitcoin ownership by signing messages and allow spending of Bitcoin in a wallet.
A Bitcoin address is a string of letters and numbers that represents a destination on the Bitcoin network, also known as a public key.
You don’t need permission to create a Bitcoin wallet. Simply download the software and you are good to go.
The best way to store your seed phrase is to store it offline. When you store it on a paper it is important to keep multiple copies in different places just in case one of it gets destroyed.
No. Never store your seed phrase on the cloud or in your computer. Always write it down with pen and paper and secure it accordingly.
Don’t. Scammers have been known to send fake wallets and users have lost all their funds. Only buy directly from the manufacture or an authorized reseller.
Yes, devices like Ledger will also store Ethereum, Litecoin and many others.