If you haven't already, please read our "Meet
the 2 Bitcoins" page before you proceed. Because there are
actually 2 Bitcoins... Bitcoin Cash and Bitcoin Core. The BitcoinIsComing campaign believes that both
Bitcoins will flourish in an eventual global digital money
system similar to what we already have.
be used as cash similar to how people use cash now. People will
retain complete control and privacy over their "Cash". They will
spend it directly, peer-to-peer, between individuals and businesses.
What is spent is the private affair of those doing the transacting.
Bitcoin Core (BTC) will be controlled by a new breed of Internet Banking
Hubs. Probably along the lines of Amazon, Apple, Google, Coinbase,
Gemini, Kraken, Poloniex etc.
Many of the existing banks will survive a transition to being Digital
Banking Centers as well. These new breeds of digital currency
banks will operate pretty much like banks now do. They will
handle security, offer wide varieties of loan and other products, but
they will also get into mischief, charge you high fees, and will keep
records of everything you do.
It is possible though that at various adoption
points, one Bitcoin will out compete the other in certain metrics.
To be prudent in the short run, the official advice of the
BitcoinIsComing campaign is that everyone should purchase equal
monetary amounts of both Bitcoins. For example, if you plan to
put in $10,000 - put $5000 into BCH and $5000 into BTC. In the
mid to long term both are destined to go up, yet near future it is
unclear as to how much and how fast Bitcoin Cash will make higher gains
as it plays short term catch up. Again, the fiscally responsible
way to get into Bitcoin is to exchange for both.
The easiest way to buy Bitcoin or Bitcoin
Cash is to go to
https://www.coinbase.com/ . Personal
opinion is to stay away from Ethereum and Litecoin until you have put
at least 10% of your net worth into Bitcoin & Bitcoin Cash. If
you are smart you will begin transitioning even more of your net worth
in. Do it slowly. Get used to this. Here a bit, there
a bit as you get comfortable that this is real.
Bitcoin.com's Getting Started Section also has great
educational resources and videos that are designed for absolute
l initially suggest Coinbase because it is
simple, and the closest thing to a Bitcoin Bank that there is. It
even allows you to hold U.S. Dollars. But as you get comfortable
with things, go to
https://www.bitcoin.com to download the official
PERSONAL wallet that holds both Bitcoins. The default
wallet is Bitcoin Cash (BCH). You will need to activate and
generate a backup security seed for each wallet separately. This
security seed allows you to recover your account from any device,
anywhere in the world instantly, even if your computer dies or phone
gets stolen, your funds are secure and accesible. Once you get
this setup, you can transfer your Bitcoins in and out of the
Bitcoin.com Wallet, which gives you 100% direct and personal control of
your funds. Most true Bitcoiners keep most of their Bitcoin under
their direct and personal control. Not a huge beginning issue -
but it will be the next learning evolution in your journey.
Coinbase also has a Wallet App. These "Wallets" are how you will
eventually spend your bitcoin in stores. Coinbase, Bitpay and
others, also have
Debit Card programs that link directly to your Bitcoin Wallet and is
spendable anywhere that Visa is accepted. You can find other neat
opportunities for how to use your Bitcoin at
This will be a learning process over the next
year. No hurries, except that the price of Bitcoin is going up
fast. During the transition most people are just buying and
holding and slowly learning. And I really need to say this
again.... Bitcoin IS Coming, whether you like it or
not. You can get in now at today's exchange rates, or later at
much higher ones. But you will get in sooner or later, even if
you hate it. Because digital currency will be THE currency of the
planet in short order. The new generation has spoken.
setting up any wallet or online Bitcoin account, follow the provided security advice carefully. Write down your
security seed and keep it in a safe place. NEVER store it online.
If your code gets hacked, then so can your money. Really no
different that bank access codes. Bitcoin is real money and you
should treat security issues as you do that of your bank account, purse
or wallet. And remember.. never rush when confused. If you take a
deep breath and read carefully you will usually find that this isn't as
hard as it seems. It will become second nature over time. I
realize that this whole move to technology is scary and aggravating for
many of the older generation, myself included. But this IS coming
fast. Best to get ahead of things. Personally I don't like
it either, but I long ago realized that I am powerless to fight the
fast paced change of this technology generation. I am just trying
to help people get ahead of the curve.