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Your Bitcoin Journey
A Beginner's Guide to Bitcoin
Your Bitcoin Journey provides a concise, accessible overview to help you understand the fundamentals of this transformative digital asset.
If you're new to Bitcoin, this top level page summarises some key factors that will enable you to understand Bitcoin and is best read sequentially. Look out for embedded cards and orange buttons and links that will give you more information once you understand the basics.
Don McAllister
April 2025

Whats New on the Your Bitcoin Journey Site

If this is the first visit to Your Bitcoin Journey, I'd recommend reviewing the main page in sequential order, as it's designed to take you on a journey learning about Bitcoin. However, as the website is being constantly updated, if you're a repeat visitor, this page will list any significant additions that might have been made since your last visit. 18th April 2025 New Page - Bitcoin Savings Strategies - Smash Buy vs Dollar Cost Averaging Once you're set up with a Bitcoin exchange account, chances are you'll want to add to your stack. This page takes you through the two comman strategies - Smash Buying and DCA. The page also includes a video walkthrough. 18 April 2025 New Section - Bitcoin Tutorials We will be using Strike as a best of class Bitcoin exchange to demonstrate various features. I have created a new section to act as a list of links as well as a link in the site header. 17 April 2025 New Card - Further Resources Very much a work in progress but a start! Some of the books resources and podcasts I found to be immensely useful. 16 April 2025 New Video - Getting Your First Bitcoin via Strike In this easy to follow video , Don takes your through the process of setting up a Strike Account, Navigating the FCA questions, Funding your Strike account and buying your first Bitcoin. Whilst it's always best to keep hold of your Bitcoin, the video also demonstrates how easy it is to transfer your Bitcoin back to GBP if you really want to!

What is Bitcoin?
Bitcoin Is Money
It's as simple as that - Bitcoin is Money!
In the same way as pounds or dollars can be used to buy goods and services, so can bitcoin.
We're still very early in the adoption of bitcoin, so most people tend to use bitcoin as a way to save and grow their money.
However, more and more places are now starting to allow you to use bitcoin to pay for goods and services, and this will only increase over time.
Bitcoin Is A Better Money
Bitcoin is digital money, it's not a physical coin. Being digital money brings many advantages:
  • It's easy to access from your phone or from your computer.
  • Easily transfer bitcoin, from tiny to massive amounts, to anyone without any middlemen or permissions needed.
  • It's highly secure and you can protect your bitcoin with strong passwords.
  • Despite being digital, bitcoin cannot be copied or counterfeited.
Bitcoin Is Global
It's simple to transfer bitcoin digitally to anyone across the globe.
Bitcoin transfers happen instantly around the world, making it perfect for international payments and remittances without the delays and fees of traditional banking systems.
Using a technology called the Lightning network, bitcoin transfers can be virtually instant and at little to no cost.
But What Is Money?
Although we use it everyday, you may never have asked yourself the question "What is Money?"
Money is simply a tool we use to exchange value.
Money does not have intrinsic value in itself, it's just coins, pieces of paper or digits on a computer system.
Money is something that we all have a shared agreement in that it represents value.
Money allows us to trade our time and skills for goods and services, rather than having to barter or directly exchange one good for another.
Traditional Origins
Money began as shells, beads, and precious metals. Chosen for scarcity and durability.
Government Control
Modern currencies are controlled by central banks. They can print unlimited amounts.
Inflation Problem
When more money is created, each unit becomes less valuable. Your savings shrink.
Bitcoin Solution
Bitcoin has a fixed supply of 21 million. No central authority can create more.
Bitcoin is considered better money because it's finite, borderless, and not controlled by any government or bank.
Bitcoin Is Just Like Cash But Better!
Cash Is King
Bitcoin is just like traditional physical cash, but in a digital form. There is a saying "Cash is King" - if you hold cash, it belongs to you.
Once you physically give the cash to someone else for goods or services, the cash now belongs to them.
It's not credit, its not a promise to pay later, it's cold, hard cash.
It Belongs To The Holder
Bitcoin is the same as physical cash, but in a digital form. If you have bitcoin in your possession you own it, it belongs to you.
If you transfer your bitcoin to someone else, and then the ownership of bitcoin transfers to them.
Once they receive the Bitcoin, they become the owner of the Bitcoin to do with what they like.
They can spend it or save it.
Global Transfer
Bitcoin is a better form of cash as you don't need to be in the same place with someone to transfer it.
You would never send cash via the post, you always transfer cash in person, as physical cash is easily stolen or lost.
With Bitcoin, it's digital and secure, so you can send it safely to anyone on the globe, instantly and at virtually no cost. No matter how large or small an amount.
But What Exactly Am I Buying?
The Question
A friend asked me once: "If Bitcoin is digital, what do I get if I buy Bitcoin? If I can't touch it, where does my money go, what am I buying?"
The Answer
The best way to look at this is you don't buy Bitcoin, you exchange other currencies for it.
The Comparison
We do this all the time with our existing currencies, for instance when you go on holiday. You might go to a Bank or bureau de change and exchange £100 for the equivalent of Dollars or Euros.
"Buying" Bitcoin is exactly the same, you're exchanging one type of money to another - Bitcoin.
The Process
Simply create an online account with a "Bitcoin Exchange" such as Strike using your phone or computer, then exchange pounds or dollars for the equivalent value of Bitcoin.
You can then keep your Bitcoin online with the exchange or preferably transfer the Bitcoin to a Bitcoin wallet or other device for safe keeping.
What Makes Bitcoin Valuable?
You might often hear people saying that bitcoin has no "intrinsic value" unlike, for example, Gold.
Bitcoin is a "hard asset" and its value is the result of its scarcity, due to its fixed supply, and its utility in some of its properties. …
Fixed Supply
There will only ever be 21,000,000 bitcoins making it a very scarce asset.
Compare this to the Pound or Dollar or other FIAT currencies. These FIAT currencies are unlimited and more can be created out of thin air by Governments and Banks, diluting their value causing Inflation.
A £100 note from 50 years ago would now only be worth approximately £6.06 today, a staggering 93.9% decrease, due solely to inflation from money printing.
Decentralised
Bitcoin is not issued or controlled by a government or centralised authority unlike FIAT currencies.
It operates without trusted third parties through a secure, global, public network based on Open Source software.
The Bitcoin network is spread around the globe and since its launch has had a staggering 99.99% uptime.
Permissionless
There is no single person or group of people that control Bitcoin or sets the monetary policy.
Although we already have many digital money networks like VISA and Mastercard, these are private networks controlled by multi-national companies.
Bitcoin is the first global public financial network that doesn't rely on trusted third parties.
Transactions are routed from sender to recipient directly, across borders and timezones.

Some Additional Key Differences

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But Bitcoin Is So Volatile?
Understanding Bitcoin Price Movements

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Short-Term Volatility
Yes, Bitcoin's price can change a lot in the short term.
The price might go up or down by large amounts within just a few weeks, days or even hours!
Even though the value of Bitcoin is becoming more stable as it grows, it's still very unpredictable in the short term.
Long-Term Growth Trend
Over the longer term, Bitcoin's price tends to increase. The average yearly growth rate for Bitcoin over the past 4 years (up to the end of 2024) is about 42.11%.
Despite the ups and downs, Bitcoin has grown significantly when looking at longer periods.
Multi-Year Perspective
To save in Bitcoin, you need to think long-term and not worry about short-term price changes.
Buy Bitcoin and keep it for at least 4 years. Don't try to predict the best time to buy or sell, and don't sell in a panic if the price drops.
The Time-Based Approach to Bitcoin
Taking a time-based approach to Bitcoin investing helps manage volatility concerns. By extending your time horizon, the short-term price fluctuations become less important than the long-term growth trajectory.
The Four-Year Strategy
A minimum four-year holding period aligns with Bitcoin's historical cycles and has historically provided positive returns for savers who maintained this discipline.
But Bitcoin Is So Expensive?
Yes, a single Bitcoin is hugely expensive, and potentially out of reach for most people. At the time of writing a single Bitcoin is around $84,000 or £65,000 (April 2025). When you read this it could be less or it could be more. Such is the volatility of Bitcoin.
However, you don't need to own a full Bitcoin.
Each Bitcoin is made up of 100,000,000 smaller units called Sats (short for Satoshi's). As such, there is technically no minimum limit to the amount of Bitcoin you can acquire - if you want $100 worth of Bitcoin fine. $10? $1 - yes you can have $1 worth of Bitcoin. Because of it's divisibility you can have as little as 1c worth of Bitcoin if you want.
So forget about thinking in terms of whole bitcoins and start thinking in Sats.
$84,000
Bitcoin Price
Current price of a single Bitcoin (April 2025)
100,000,000
Satoshis or Sats
Number of sats in one Bitcoin (BTC)
At the time of writing, you can buy 1,000,000 sats for around $840 or £650. Yes, you can become a satoshi millionaire for just $840!
1,000,000
Satoshi Millionaire Status
One Million Sats
$840
Cost to become a Satoshi Millionaire!
As of April 2025
Just 10 years ago, it would have cost you $2.56 to become a satoshi millionaire i.e to buy 1,000,000 sats or just 0.01 BTC. To get a deeper dive into the historical value of 1,000,000 sats, and the potential value for the next ten years (it may astound you) click on the button below…
Looking ahead, while Bitcoin's impressive growth rates may stabilize as the market matures, its past performance indicates that satoshis remain a compelling choice for diversified portfolios. Many savers are now asking not just "whether" to own satoshis, but "how many" to accumulate for a successful long-term wealth strategy.

How Bitcoin Divisibility Works

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Bitcoin, Not Crypto
You may hear the phrase "Bitcoin Not Crypto" and may be confused as to what this means? Yes, Bitcoin is one of many cryptocurrencies but should be regarded separately and uniquely. Bitcoin was the first cryptocurrency and all others are merely copies of Bitcoin, or alternatives (altcoins) with little or no value.
Revolutionary, Not Speculative
Bitcoin introduced a revolutionary monetary system with a fixed supply of 21 million.
Most "crypto" projects are speculative tokens with centralized control and unlimited supply.
  • Bitcoin: decentralised money network
  • Crypto: investment schemes promising returns
Fundamentally Different
Bitcoin emerged organically without pre-mines, venture capital, or marketing teams.
Other cryptocurrencies typically have founders who control development and hold large stakes.
  • No CEO or marketing department
  • No venture capital funding
  • No one controls the network
Security Matters
Bitcoin's network has never been hacked in 14+ years of operation.
Its unmatched security comes from massive computing power and true decentralisation.
  • Strongest computing network in history
  • No single point of failure
  • Resistant to censorship and capture
Saving in any cryptcurrency other than Bitcoin is extremely risky and should be avoided at all cost.
But Is Bitcoin Legitimate?
Newcomers & Traditional Investors
This question is asked by newcomers and skeptical traditional investors alike.
Bitcoin Evolution
Bitcoin has grown from an obscure digital experiment to a trillion-dollar asset class.
Legitimacy Debate
The debate about its legitimacy has evolved with growing institutional adoption and regulatory acceptance.
Expert Perspective
Most experts now see it as a portfolio diversifier, despite challenges like volatility and policy uncertainty.

Explore Further

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But Isn't Bitcoin Bad for the Environment?
Energy Efficiency Improvements
Bitcoin's mining network continually optimizes for energy efficiency to maximize profits.
Renewable Energy
Over 50% of Bitcoin mining now uses renewable sources, including stranded and wasted energy.
Value Per Unit
The security Bitcoin provides justifies its energy usage, similar to other essential systems.
Geographic Flexibility
Miners can relocate to areas with abundant clean energy, unlike traditional industries.
Common criticisms often overlook Bitcoin's increasingly green profile. Miners actively seek the cheapest energy sources—which are increasingly renewables—creating demand for new sustainable projects worldwide.
The environmental narrative has shifted as research reveals Bitcoin's role in stabilizing energy grids and monetizing previously wasted energy resources.
Doesn't Existing Money Already Work?
For many people in the Western World, they feel they are already well serviced by the existing system despite the constant dilution of the money in their pocket and the subsequent inflation. They have banks, they have access to easy credit and they have credit cards to spend their money.
Bitcoin has also been recognized for its ability to provide financial inclusion for individuals in regions with limited access to traditional banking services. This can empower people to participate in the global economy and improve their financial circumstances. Additionally, Bitcoin has the potential to revolutionize cross-border transactions by offering faster and cheaper alternatives to traditional banking systems.
Banking the Unbanked
1.7 billion adults lack banking access. Bitcoin provides financial services to anyone with a mobile phone.
Remittance Revolution
Migrants save up to 20% on fees. Money moves instantly across borders without intermediaries.
Protection from Instability
In countries with hyperinflation, Bitcoin serves as a safeguard against currency collapse.
Economic Sovereignty
Communities gain independence from broken financial systems. Individuals control their own wealth.
Bitcoin's greatest impact may be in developing economies where traditional banking fails millions. People use Bitcoin to preserve savings, conduct business, and receive international payments.
Bitcoin By The Numbers
The world of Bitcoin has its own vocabulary and nomenclature. Here's a handy guide to common terms you'll encounter on your Bitcoin journey.
Bitcoin by the Numbers
This can be very confusing for newcomers, but basically bitcoin can be denominated in whole bitcoins (BTC) or in Satoshis (sats)
Let me explain…
1 whole Bitcoin = 100,000,000 satoshis (sats)
1 whole Bitcoin is also referred to as 1 BTC
So you may see a long number with up to 8 decimal places which shows bitcoin denominated in BTC
For example, you may see 0.5000000 BTC or 0.5 BTC which means half a full bitcoin.
Or you may see 0.00005000 BTC for a fraction of a bitcoin
0.00005000 BTC can also be written in sats e.g 5,000 sats
So 0.00005000 BTC = 5,000 sats

If the number has a decimal point and up to 8 decimal places, it's denominated in BTC e.g. 1.04545670 BTC
If the number has no decimal point, it's denominated in Sats e.g 35,679 sats
Most bitcoin wallets will allow you to swap the units that are displayed in the wallet between BTC and sats. Most people these days tend to work with just sats as full bitcoins are becoming more out of reach for most people each day.

Bitcoin Jargon

This is an alphabetical list of some of the words you'll come across when reading about bitcoin. Don't worry, you really don't need to understand all of these, but we will be expanding and explaining some of these in the future. Block A bundle of Bitcoin transactions grouped together. Blocks are added to the blockchain approximately every 10 minutes as new transactions are verified. Blockchain The public ledger that records all Bitcoin transactions. Think of it as a digital spreadsheet that everyone can see but nobody can alter. Cold Storage Keeping Bitcoin offline for security, like on a hardware wallet that isn't connected to the internet. The safest way to store large amounts. HODL Slang for holding onto your Bitcoin rather than selling it. Originally a typographical error for "hold" that became a popular term. Lightning Network A second layer built on top of Bitcoin that enables faster and cheaper transactions. Perfect for small, everyday purchases. Mining The process of verifying transactions and adding them to the blockchain using powerful computers. Miners are rewarded with Bitcoin. Node A computer that stores a copy of the Bitcoin blockchain and helps validate transactions. Like a guardian of the network. Private Key A secret code that gives you access to your Bitcoin. Never share this with anyone—it's like the PIN to your bank account. Public Key A unique code generated from your private key that allows others to send Bitcoin to you. It's safe to share your public key for receiving transactions. Public Address A string of letters and numbers that others use to send you Bitcoin. Safe to share, like your email address. Satoshi Nakamoto The mysterious creator(s) of Bitcoin whose true identity remains unknown. Published the Bitcoin whitepaper in 2008. Seed Phrase A set of 12-24 words that can restore access to your Bitcoin wallet. Write it down and keep it extremely safe. Transaction Fee A small amount paid to miners to process your Bitcoin transaction. Higher fees typically mean faster processing times. Wallet A digital tool that stores your private keys and allows you to manage your Bitcoin. Like a bank account for your Bitcoin. Whitepaper The original document published by Satoshi Nakamoto explaining how Bitcoin works. The blueprint for the entire Bitcoin system.

How Do I Get Bitcoin?
There are many ways to get Bitcoin…
Acquiring Bitcoin via an Exchange
The first step in your Bitcoin journey is to acquire Bitcoin through regulated Bitcoin Exchanges like Strike or CoinCorner . This can be done by using bank transfers or debit/credit cards to buy Bitcoin on these exchanges.
Buying Bitcoin on exchanges is a straightforward process. Simply create an account, verify your identity, and then you can start purchasing Bitcoin using the payment method of your choice. This is a great way for beginners to get started with Bitcoin, as these platforms provide a user-friendly interface and robust security measures.
Once you have purchased Bitcoin, you can then store it in a digital wallet, either provided by the exchange or a self-custodial wallet that you control. This will allow you to securely hold and manage your Bitcoin, and prepare you for the next steps in your Bitcoin journey.
Click on the link below to access our growing library of bitcoin tutorials and presentations to step you through the process of acquiring your first bitcoin via a Bitcoin exchange. In the first video, Don takes your through the process of setting up a Strike Account, Navigating the FCA questions, Funding your Strike account and buying your first Bitcoin. Whilst it's always best to keep hold of your Bitcoin, the video also demonstrates how easy it is to transfer your Bitcoin back to GBP if you really want to!
This is the first of many video tutorials in preparation so check back often and check our "Whats New" page.

Accept Bitcoin as Payment
Receiving Bitcoin for your goods or services is a great way to get started with Bitcoin. As a business owner or freelancer, you can start accepting Bitcoin as a payment option alongside traditional methods like cash, credit cards, or bank transfers.
By accepting Bitcoin, you open up your business to a new customer base that values the benefits of Bitcoin, such as faster settlement times, lower fees, and increased security. Customers who pay with Bitcoin are often passionate advocates for the technology and may become repeat customers as a result.

Accept Bitcoin as Payment

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Accept Bitcoin as a Gift
It's possible to receive Bitcoin as a gift from Friends and Family members. All you need is a Bitcoin Address or a Bitcoin Wallet to be ready to receive Bitcoin.
You can then easily share your Bitcoin address or QR code with those wanting to gift you Bitcoin, making it a convenient and versatile option for receiving gifts. Once you receive Bitcoin gifts, you have the flexibility to hold onto them as savings or convert them to your local currency when needed. This way, you can make the most of the financial possibilities Bitcoin presents.

How to Receive Bitcoin as a Gift

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Peer to Peer Trading
It is possible to buy Bitcoin from other individuals rather than a Bitcoin Exchange but this is potentially more complex. It may well be that you have family members that already have Bitcoin holdings that they may well be open to transferring Bitcoin to you.
Whilst available, this option is best left until you are comfortable with transacting in Bitcoin

Peer-to-Peer Trading

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Bitcoin Mining
Bitcoin mining involves using powerful computers to solve complex mathematical puzzles, which in turn verifies transactions on the Bitcoin network.
Miners are rewarded with newly generated Bitcoins as an incentive for their work in securing the network and validating transactions.
Long gone are the days when people could mine Bitcoin on laptops and PCs and receive significant amounts of Bitcoin. However, domestic Bitcoin mining has had a recent resurgence as a hobby project with the availability of devices optimised for bitcoin mining at home.

Bitcoin Mining: From Industrial to Home Scale

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Why Do We Need Bitcoin?
Our current financial system is broken. Banks and governments control your money, restricting access and devaluing it through inflation.
Bitcoin provides an alternative—money you truly own and control.
As Joe Bryan explains in his "What's the Problem" video, Bitcoin solves issues of censorship, confiscation, and currency debasement.
With Bitcoin, you become your own bank. No permission needed to save or spend your own money.
If you don't know what the problem is, I recommend taking the time to watch Joe's video and come back to learn more about Bitcoin!
Next Steps
After getting started with Bitcoin, focus on growing your holdings at your comfort level, securing your Bitcoin in cold storage as your investment grows, and continuing to learn through educational resources.
Increasing Your Bitcoin Holdings
Once you're comfortable with acquiring bitcoin, you may want to increase your holdings.
There is no set amount of how much you should hold, it's whatever you are comfortable with.
As you get more comfortable and start to do some research, invariably, you'll want to get more!
Securing Your Bitcoin
Once your bitcoin holdings reach a significant amount, it's recommended that you transfer your bitcoin away from the Exchange and onto a cold storage device for safe keeping.
Learning More
Check back for more content as we update Your Bitcoin Journey on a regular basis with extra information and video tutorials.

Further Resources

Continue your Bitcoin journey with these valuable resources. Each provides unique insights to deepen your understanding. Books The Bitcoin Standard by Saifedean Ammous A seminal book on monetary history and the potential impact bitcoin has. The Progressives Case for Bitcoin by Jason Mier One of the best all round bitcoin explainer books. The Big Print by Lawrence Lepard A personal account of how the current monetary sytem has broken down and how bitcoin can fix it. Resources Bitcoin Resources with Jameson Lopp Comprehensive list of other resourses to go further down the rabbit hole. Podcasts ​The Bitcoin Collective​ with Jordan Walker Some really interesting guests and not overly technical. ​​The Robin Seyr Podcast with Robin Seyr Robin posts an episode nearly every day so do pick and choose the most interesting guests. You may need to listen to the first 5 minutes to see if the episode is for you. I was on an episode with the worst photo as a thumbnail you will ever see!

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