By the time you read this, most of your friends will either be greedily buying up more BitCoin than they can afford, or be spitting out pieces of their own teeth covered in blood after the financial curb-stomping they’ve taken and are desperately trying to sell off their BitCoin.
For everyone asking me for a quick tutorial on learning BitCoin fast, I don’t have one. What I have for you here is a complete map of what you need to learn, the long way.
The men who coached and mentored me on BitCoin* took me through a banausic process. It wasn’t fun and required me to walk through the process to observe its moving mechanical parts before they were comfortable with my buying BitCoin on my own.
My training is why I’m not having to deal with the emotional and financial ups and downs people who weren’t able to learn, or refused to learn how the BitCoin works are dealing with.
The process of learning is much more streamlined than it was when I learned it, although it isn’t fun and requires active thinking and learning.
The good news is, there are several credible and free MOOCs (massive open online course) where you can complete dense tutorials on BitCoin and Cryptocurrency to cover all the fundamentals.
Two courses my friends use and speak well of are:
Introduction to Cryptocurrencies and Blockchain,
What Will I Learn?
“This course will provide you with an understanding of a new technology that is set to disrupt the way we deal with money!
After taking this course, you will gain access to our Bitcoin/Blockchain community. This network consists of enthusiasts, entrepreneurs, experts and investors interested in this technology. Whether you want to get a job in this industry or start your own mining system, this community can provide you with all the knowledge and resources you need.”
Taught by Vizitech Solutions
Bitcoin and Cryptocurrency Technologies
About this course:
“To really understand what is special about Bitcoin, we need to understand how it works at a technical level. We’ll address the important questions about Bitcoin, such as:
How does Bitcoin work? What makes Bitcoin different? How secure are your Bitcoins? How anonymous are Bitcoin users? What determines the price of Bitcoins? Can cryptocurrencies be regulated? What might the future hold?
After this course, you’ll know everything you need to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies. You’ll have the conceptual foundations you need to engineer secure software that interacts with the Bitcoin network. And you’ll be able to integrate ideas from Bitcoin in your own projects.”
Arvind Narayanan, Princeton University
DFIN-511 Introduction to Digital Currencies
This is the course I completed. It’s taught by none other than Andreas Antonopoulos himself along with Professor Antonis Polemitis of The University of Nicosia!
Andreas Antonopoulos is the foremost BitCoin expert and he has taught and lectured all over the world. He is the single foremost authority in the world today. I want you to watch one of his free online lectures at least once, a week after you have completed one of the courses above.
It’s a 12-week course I devoted 2-3 hours to every week, and then attended the optional live YouTube Q&A sessions with the professors. This course is a deep dive into. BitCoin. It made me more than someone who can only Buy and Sell, I understand how the process works. I walked away with quite a comprehensive understanding of how the system and numbers work.
What I did was overkill!
If you don’t want to nerd-out on the tiny details, or don’t have the time and still need to be competent and confident you know what you are doing, I suggest the first class I mentioned, Introduction to Cryptocurrencies and Blockchain.
A group of my friends decided to get together on a Saturday morning and take it all together, on their laptops. They finished it in one afternoon, you can too. If you need any help, ask me, I’m here for you.
After understanding the mechanics of the system, you need to learn the details of BitCoin. What you read online and what your friends tell you may help. However, you need to start with what BitCoin says about itself first. Every Cryptocurrency has a White Paper. An introduction to what it is, how it’s to be used, and why they think it’s beneficial.
When anyone asks me about a specific Cryptocurrency or BitCoin, my first question is “What did you think of the White paper?”
Few people even know they exist! The BitCoin White Paper is only nine pages long and worth the read. Still, I wouldn’t care if it was nine hundred pages long. If we aren’t ready and willing to do the homework on where we are placing out hard-earned money, then we deserve to lose it!
If I ever take a major loss in Bitcoin, it will be because of an unforeseen circumstance and not something I could have educated myself against and been prepared for.
After understanding the system and White Papers, it’s time to find a reliable Wallet for your phone. A wallet is where you can store small, reasonable amounts of BitCoin people send you or you need to use to pay for inexpensive everyday items.
It’s not for the bulk of your BitCoin.
There is no one wallet with every single feature you need or want. Just like guns, your best friends may have wallets are great for them, though not for you. The timeless struggle is balancing ease of use, security, and functionality.
I advocate having two wallets on your phone, the wallets should be complete opposites, and not being afraid to experiment with other wallets until you find the right pair for you.
No, we’re not done.
Once you have everything above sorted out, use the same criteria of balancing ease of use, security, and functionality to find a Desktop Wallet where you download to your computer, where you will store the bulk of your BitCoin, in private.
*Feel free to substitute the Cryptocurrency you use instead of the word BitCoin. The process still applies.
BitCoin’s Bloody Battle is the uphill path to financial independence and security using BitCoin or the larger Cryptocurrency world in general. The bloody battle is not against technology or the government, it’s against the understandable human vices of Ignorance and Want.
Wanting to achieve a financial goal without taking the time to educate ourselves against Ignorance, will always lead to making long-term decisions based on short-term problems.
I know what I am giving you is valuable, and not fun at all.
I want what you read here to be thought of as a necessary inconvenience you had to go through to feel good about what you are doing with BitCoin.
I’ve written other pieces on BitCoin strategies and tactics to answer questions you haven’t asked yet. Please, be sure to start here before jumping to anything else.
If what I wrote helps, send $5 in BitCoin to this address.
It’ll buy me coffee to fuel my mind while I write!