1. Get A Wallet
Bluewallet – Can be downloaded on both Android / iOS from the App Store.
2. Create / Setup Wallet
Watch this tutorial video on how to create your first Bitcoin wallet by Ben Perrin:
3. Buy Bitcoin
In Canada there are a number of ways to get your first bit of Bitcoin. Keep in mind you don’t need to buy a whole coin, Bitcoin is devisable by 8 decimal points.
The smallest unit of account is named a “satoshi” after the creator of Bitcoin, Satoshi Nakamoto.
0.00000001 Bitcoin = 1 Satoshi
Shakepay is the easiest way to buy Bitcoin in Canada. If you sign up with this link upon buying $100 of Bitcoin, they give you $30 for free!
Watch this video by Ben Perrin on how to buy Bitcoin with Shakepay:
After purchasing your first bit of Bitcoin, it is now time for you to withdraw this amount to your own Bitcoin wallet. This is known as self-custody, as you are no longer trusting a third party like Shakepay to custody the Bitcoin.
In Bitcoin circles, there is a saying “not your keys, not your coins” – simply meaning if you don’t control the private key, the third party in control of those keys owns your coins and you would lose them should something happen to that third party.
Step 1 : Open Blue Wallet and click on “Receive”.
You will click on the Bitcoin Wallet address, which will copy it to clipboard.
Step 2 : Open Shakepay, select on Bitcoin, then click on “Send”.
You will paste or select the Bitcoin address from clipboard. Ensure this is the same address from Bluewallet.
You now can select the amount of Bitcoin to send, clicking Max sends the full amount, select continue and then “confirm”.
Shakepay will now send your Bitcoin to your Bluewallet, which usually takes 10-60 minutes depending on the activity on the Bitcoin network. Bluewallet will notify you when this is complete, if you have notifications turned on.
Book: The Bitcoin Standard by Saifedean Ammous
In The Bitcoin Standard, economist Saifedean Ammous walks readers through the fascinating history of the technologies of money and explores what gave these technologies their monetary role, how they lost it, what that teaches us about the desirable features of money, and how Bitcoin is designed to improve on these technologies. Ammous elucidates the economic, social, cultural, and political benefits of sound money over unsound money to allow for an informed discussion of the potential role Bitcoin could play in the digital economy of the future. Rather than as a currency for criminals or a cheap mass consumer payment network, this book argues Bitcoin is emerging as a decentralized, politically neutral, free-market alternative to national central banks, with potentially enormous implications for individual freedom and prosperity. For anyone looking for a clear understanding of this new digital money, The Bitcoin Standard is the essential resource.
Podcast: The Ultimate Bitcoin 101
On What Bitcoin Did, host Peter McCormack interviews software engineer and author, Vijay Boyapati in this ultimate beginners guide. Bitcoin is multifaceted, and the use cases can vary dramatically depending on where you live in the world and your circumstances. There is no standard narrative or way of explaining Bitcoin; for example, it is a medium of exchange, a way to bypass government and as an inflation hedge. Others are investing in Bitcoin to speculate against the net benefit of all use cases.
Vijay Boyapati wrote The Bullish Case for Bitcoin, making a case for why it is the hardest form of money and the best store of value.
Podcast: Bitcoin Common Misconceptions
Robert Breedlove talks about all the common misconceptions that new investors to Bitcoin face. This is a great discussion for anyone skeptical of Bitcoin to listen to.
Dollar Cost Averaging
It is hard to time the market. By allocating a small amount of money each pay check you can take the complexity out of timing the market. The DCA Bitcoin tool is an excellent resource to show you what a small amount invested over time is worth today.
Improve Your Self Custody
Storing large amounts of Bitcoin is not advised on a mobile wallet. You want to use a hardware device that keeps your private keys off the internet.
Casa offers a unique multi-location security setup for $10/month, that is user friendly, highly secure and is less intimidating than doing it on your own.
Casa’s Co-Founder Jameson Lopp walks through Casa Gold service: