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Bitcoin FAQ
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FAQ - Frequently Asked Questions

Is now a good time to buy bitcoin?

Yes. The best time to buy bitcoin was ten years ago. The second best time is now.

Am I too late?

No. Everyone thinks that they "missed the bus."

It is never too late to adopt electricity. It is never too late to adopt the internet. It is never too late to adopt the Bitcoin Standard.

Are any other coins worth exploring?

Only if you want to learn the lessons of sound money the hard way.

...but isn't Bitcoin too slow?

No. Bitcoin travels at the speed of light, just like all information. In terms of final settlement, the important metric to look at is the settlement assurance. A trustless settlement mechanism has to use proof-of-work. Bitcoin absolutely dominates in terms of hashrate, having its hands on virtually 100% of the global hashrate.1

...but isn't Bitcoin a Ponzi scheme?

No. Bitcoin does not meet the defin­i­tion of a Ponzi scheme. Many shitcoins do, but Bitcoin is different.

Where do I buy bitcoin?

Good question. It depends on where you are in the world and what kind of risks and privacy tradeoffs you are willing to accept.

Is Bitcoin bad for the environment?

Bitcoin is the holy grail for power grids and can incentivise investments in renewable energy. Human flourishing rests on our ability to use energy effectively.2 Bitcoin's incentive structure leads to a higher demand for energy and thus the proliferation of cheap and abundant energy.

Is Bitcoin used by criminals?

Yes. All tools are. As of 2020, around 0.34% of use is linked to criminal activity. This is lower than the estimated 2-5% of the fiat banking system with their custom-made teller windows.

What wallet should I use?

The most important thing to learn is that holding your own keys is paramount. After that, it depends.

How do I run a node?

Short answer: download Bitcoin Core and run it. Long answer: it depends on what you want to do with your node.

Are all bitcoiners crazy?

Maybe. However, more and more reasonable people and CEOs are starting to see the value of bitcoin.

Won't governments just ban it?

Some will, some won't. In any case, outlawing speech is futile, as was the Prohibition.  The implications of an outright ban are ridiculous. Bitcoin is equivalent to free speech.

Footnotes

  1. Hashrate comparison chart: https://bitinfocharts.com/comparison/hashrate-btc-eth-ltc-bch-xrp-doge-xmr-etc-dash-bsv-zec.html#3y ↩

  2. Alex Epstein, 2014 & 2022 ↩