Bitcoin Basics

Q: What is Bitcoin?

A: Bitcoin is a digital commodity.

Q: What gives Bitcoin value?

A: There are only 21 million Bitcoin in the world. 19 million are already owned. This scarcity gives it value. 

Q: Can't I make my own Bitcoin?

A: Yes, you can. And millions of people have tried. Fortunately, Bitcoin is unique not because of its code, but rather because of its network effect. Think of it like this: you could create a new social media platform, but it will not necessarily have facebook's success.  

Q: If Bitcoin is software can't someone just hack it?

A: Bitcoin has been operational for over a decade and has not been taken offline. Even after the country of China and Russia banned Bitcoin, the network survived and continues to be uninterrupted. 

Q: Can Bitcoin go to $0?

A: Yes. If someone was able to take down the entire internet forever. 

Q: Where can I buy Bitcoin?

A: Try using major exchanges like Coinbase.com or Crypto.com. If you have a younger relative in their late teens or 20s, try asking them as well. Most older folks need less complexity in their lives, not more. If you would like to carry your own private Bitcoin keys in a hardware wallet, use extreme caution. Lose the wallet, lose the money. 

Q: Am I too old for Bitcoin?

A: No

Q: Why do people buy Bitcoin?
A: Because they expect it's value to increase over time. Average returns are over 100% year over year. 

Q: Isn't Bitcoin volatile?

A: Yes. Very volatile.