Bitcoin is digital money that you can send via the internet directly without any third party involved. Here are some important links to get started:
Coinbase is the largest online exchange to buy and sell Bitcoin and other coins. The signup process requires id verification and can take a little bit of time. Also you have to connect your bank account with coinbase.
Exodus is a ‘desktop wallet’ where you can store your coins in a little program on your computer. It has a great interface and a trusted team. However the most secure way to store Bitcoin is called ‘cold storage’.
Trezor is a ‘cold storage’ device also known as ‘hardware wallet’. The little device looks like a usb-drive with a small screen. The genius thing about it is that your private keys never go online but are kept safely on the device. That way your coins are protected better.
Get started with Bitcoin
(This is not financial advise)
Similiar to the internet, in the early days of a technology, self-responsibility and learning effort is required to make your first steps safe and successful.
Here is our beginner guide.
1. Learn about Bitcoin
Join our Bitcoin Class for beginners, research on the internet or read books on bitcoin. If you are technical and keen to get heavily involved we recommend the book “Mastering Bitcoin” by the author Andreas Antonopoulos. If you are not as technical and just want to understand how it works in principle, just watch the videos below.
2. Understand and internalize the golden rules of Bitcoin
I. Control you private keys
Only if you control your private keys you own your Bitcoin. If someone else has a copy and knows your private keys, your money can be taken from you at any time. That means if you buy Bitcoin on an custodial exchange you must be aware that it’s technically possible that the exchange gets hacked and your Bitcoin stolen. With proper security practices such as cold storage you can avoid this. Just make sure you also have a backup somewhere safe so you can restore your private key in case the original is lost. Always control your private keys.
II. Never invest what you cannot afford to loose.
What should be logic by itself is still important to point out for some people. Only invest what you are able to loose. Since the markets are unpredictable especially on the short term you shouldn’t make your life depend on your Bitcoin investment. Altough there are quite many Bitcoin experts who literally are ‘all-in’ a more common strategy is to put your savings partially in Bitcoin. The minimum amount you have to invest is somewhat 50cents to cover the transaction fees. More and more investors are so called “hodlers” and invest in Bitcoin with a long-term strategy. That means they invest only money that they will not need in the next 5-10 years.
III. Do your own research
Don’t trust anyone blindly but catch different opinions before you buy. Nothing is more important than understanding how the technology works. The more you know, the better you can make decisions and compare the risks with the expected reward. If you don’t do proper research you’ll be an easy victim for scammers who just want your money. So make sure to attend our events and read our articles.
3. Buy Bitcoin
In order to own Bitcoin you must either buy them or receive a payment in Bitcoin. For buying you have multiple options. The most common is to sign up at an online exchange and fill in the details. It requires authentification of your identity and also a verified bank account. Another option to get Bitcoin is a Bitcoin ATM. Those ATMs are placed all around the world and let you convert your native currency into cryptocurrency. If you prefer the human touch then sign up at localbitcoins.com and meet with a local trader. This is good for larger sums in cash since most traders wouldn’t meetup just for a couple of hundret euros. Last but not least a clever way to get Bitcoin is to accept it in your business or get paid in Bitcoin.
4. Store Bitcoin
If you bought your Bitcoin on an online exchange it’s recommended to take them off the exchange to prevent complete loss if the exchange gets hacked. Therefore you need to get informed about the various ways to store your Bitcoin in a safe manner.
The best idea to do so is called cold storage. Hereby you make sure that your private key of your Bitcoin wallet never sees the internet, meaning being kept offline the entire time until you would want to sweep the wallet. Recommended products are hardware wallets of the companies trezor or ledger.
If you want to go 100% and are a bit tech savvy you can also print paper wallets with a specifically secure setup of computer and printer optimized towards security.
5. Spend Bitcoin
To spend Bitcoin you can shop in plenty of online shops accross the globe and visit some of the early adopters in Malta such as Buddahman Restuarant and Hole in the wall bar. On top of that you an order a wirex credit card which is connected to you Bitoin wallet and let’s you pay almost everywhere.
For more information, some selected resources that we can recommend are:
There are also plenty of facebook forums, reddit forums, chatgroups and self-help communities. Just use your favorite search engine. First and foremost you can join the Bitcoin Club Malta Groups on Telegram and Facebook.
Please restrain from posting and using bitcoin.com as a resource.
There are fantastic videos free to watch and some great documentary movies. Here is a selection.
If you have never heard of Andreas Antonopoulos, then please don’t wait a second and watch one of his amazing speeches. His outstanding public speaking skills together with a strong opinion but most importantly an extreme deep knowledge about Bitcoin make Andreas one of the best spokes persons for the decentralized digital gold.
Saifedean Ammous dedicated his Phd to Bitcoin, is a great public speaker and very knowledgeable about Bitocoin and econmics. It’s fascinating to listen to his ideas.
AUSTRIAN SCHOOL OF ECONOMICS
You might heard of the austrian school of economis. If not, now it happened. The austrian school is a wonderful philosophy coming from Vienna, Austrian. The school of thought follows a very logic approach to understand economics and is based on moral principles. It’s capabilities to help understand the world and solve problems are underestimated but thankfully more and more people are becoming interested.
We highly recommend you to read into it and can you can trust, you won’t regret.
Good ressources are:
BITCOIN ACADEMY MASTERCLASS
B21 BLOCK e-courses
Similar to the Bitcoin Master Class, B21 Block courses are a great source for everyone who wants a guided and professional course. Follow the links below to join the online university.
The Complete Bitcoin Course: Get .0001 BTC In Your Wallet:
Certified Bitcoin Professional: Pass The Certification Exam