Welcome To The /Bitcoin Sticky FAQ
Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
What are Bitcoins worth and where can I buy them?
Bitcoins are valued at what market price people are willing to pay for them. Here are a couple useful sites 1
that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Some recommendations include: US & Europe Australia China All countries Always do your own personal due diligence on the validity of an exchange and check the URL prior to sending them money or entering login credentials. Phishing sites are not uncommon. Use this checklist if you aren't sure which exchange to choose.
Where can I spend Bitcoins?
A comprehensive list can be found at TheBitcoinPage.com
but some of the key ones are below:
|Store ||Product |
|Microsoft ||Xbox games, phone apps and software |
|Spendabit and The Bitcoin Shop ||Search engines of online retailers accepting bitcoin with millions of results |
|Overstock ||Everything under the sun |
|Gyft ||Gift cards for thousands of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, etc. |
|Reddit Gold ||Premium membership which can be gifted to others |
|NewEgg, TigerDirect and Dell ||For all your electronic needs |
|Expedia, Cheapair and 9flats ||For when you need to get away |
|Wordpress, Namecheap, Mullvad and PIA ||Handy web services |
|Foodler and Takeaway ||Takeout delivered to your door! |
|HumbleBundle and GreenmanGaming ||For when you need to get your game on |
are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk
There are also lots of charities which accept bitcoin donations, such as Wikipedia
, Red Cross
and the RNLI
. You can find a longer list here
If you operate a business and want to accept bitcoin as a payment method, there are several options available:
Can I mine bitcoin?
Mining bitcoins can be a fun hobby 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
. If you want to learn more about mining you can read more here
. Still have mining questions? The friendly folks at /BitcoinMining
would be happy to help you out.
If you want to contribute to the bitcoin network, you can run a full node by hosting the blockchain and propagating transactions. Here is a handy setup guide
Securing your bitcoins
With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase
which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, Android and iOS where you alone hold your private keys. Electrum
are popular, but there are many options. Find a wallet that works best for you For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email!
(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 two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy
(for printing multi-signature
paper wallets) and the Trezor Hardware Wallet
are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage
Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.
Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.
- Use ChangeTip.com (/changetip) for tipping people on Reddit, Twitter, YouTube, Tumblr, GitHub and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor).
- You can read more about ChangeTip at their reddit wiki.
- Go to /FreeBits to get a few microbits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!
Bitcoin Units Note:
This is a brief overview to the most commonly used Bitcoin units. For full information check out the Bitcoin Units wiki
(work in progress).
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
|Unit ||Symbol ||Value ||Info |
|millibitcoin ||mBTC ||1,000 per bitcoin ||SI unit for milli i.e. millilitre (ml) or millimeter (mm) |
|microbitcoin ||μBTC ||1,000,000 per bitcoin ||SI unit for micro i.e microlitre (μl) or micrometre (μm) |
|satoshi ||sat ||100,000,000 per bitcoin ||Smallest unit in bitcoin, named after the inventor |
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /Bitcoin, please use the search bar 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.
- 0.02 BTC
- 20 mBTC
- 20,000 μBTC (colloquially referred to as bits)
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending mod approval. The original sticky can still be found here.
Welcome to the Bitcoin community and the new decentralized economy!
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