Before you buy your first anonymous Bitcoin, there are a few things you should consider. The most important point is that nothing is absolutely anonymous these days. For example, if you buy Bitcoin with cash, your face will be recognised or there are other things that reveal data or your identity. Another point is that Bitcoin is not absolutely anonymous, like Monero for example, but only pseudonymous. The ledger stores every transaction to and from every wallet forever. So once you have linked an ID to a wallet, your transaction history can be traced. But as long as you keep your private keys truly private (so that no one but you knows them), no one can steal your coins.
Way more dangerous is to give other controll about your Bitcoin. It is not comparable to buying a digital asset (some say BTC is a digital asset) on an exchange that might later refuse to hand over the coins for unknown reasons. Or a government forces the stock exchange to freeze all accounts, and then expects the trading venue to release the name, address, mobile phone number and other information of all investors/buyers. But there are ways to be your own bank and take full responsibility again.
Privacy and personal responsibility is something you regain nowadays when you dive into the world of Bitcoin. Give yourself a jolt!
1. Before you can start (with buying a fraction of Bitcoin)
because this page is a great guide.
Please note that there are individual regulations and tax aspects depending on your home country. Bitcoin is code, code is not illegal. But certain interactions can lead someone to believe you have to pay taxes.
So to the best of your knowledge, follow the rules that apply to your home country (or the country you currently reside in) and do not act against the law.
Furthermore, this website does not contain advice on legal or tax matters. No financial advice of any kind is given!
2. Do it right!
Before you start burning FIAT money for solid money like Bitcoin, invest in some tools and software. Familiarise yourself with the basics of Bitcoin and read a book. Just like we have done in the past! Once you have read the book, you can start watching some YouTube videos. Dive deeper into the rabbit hole. There are things like “a bitcoin wallet, whirpool and other confusing things, but I know you will do it”.
After that, you might need some money to buy new equipment, such as a smartphone that you only use for Bitcoin, a laptop that you buy with cash, and at a later stage you will probably want to invest in a hardware wallet. We will do it step by step, we will go through it together!
3. Yes, yes - you told me!
But now I want to start
As I said, start by reading a book about Bitcoin. I can recommend The Bitcoin Standard. But there are more. Another great resource is Gigi and his great book 21 Lessons. You can find even more under the Resources link in the menu. This section will grow over time.
4. There is a rush, because..
When you start investing your free time in learning about Bitcoin, you will find that there is so much about money, history and social behaviour that no one has taught you. The way we live is not the way it should be. It is the way institutions and governments have shaped it over the years. But now is the time for us to take back our lives and our opinions. Because we don’t live and work for the government, we don’t do it for the banks, we do it for ourselves and our families, our social circle and every other person on this planet who works for the common good. And Bitcoin can be a big part of that! Maybe it is the key.