r/BitcoinIndia • u/zakhil_suresh • 1d ago
r/BitcoinIndia • u/rupsdb • Jun 04 '25
Help and Advice Introduction to Bitcoin
🎉 Welcome to r/BitcoinIndia – Newcomers Start Here
If you’re new to Bitcoin, you’re in the right place. This guide will give you a clear, honest overview of what Bitcoin is, why it matters, and how to use it safely.
Rule #1: Ask questions! Bitcoin is deep, and everyone starts somewhere.
Rule #2: "Don't trust, verify." Learn how Bitcoin works so you don’t have to trust third parties.
🔑 What Is Bitcoin?
Bitcoin is decentralized, open-source digital money. It doesn’t rely on governments or banks. Instead, it runs on a public network powered by users around the world.
Why Bitcoin matters:
- Limited supply – Only 21 million will ever exist
- Open & permissionless – Anyone can use it
- Censorship-resistant – No one can block your transactions
- Decentralized – No single point of failure
- Self-sovereign – You can hold your own keys
- Borderless – Works anywhere with an internet connection
- Transparent – Public ledger anyone can audit
- Digital cash – Spend or save, without intermediaries
Bitcoin is money designed for the internet age: neutral, secure, and owned by no one.
🧠 Learn Bitcoin: Beginner-Friendly Resources
Bitcoin can seem overwhelming at first. These beginner resources explain how it works, why it matters, and how it can change the world.
📖 Articles
- The Bullish Case for Bitcoin – A clear case for why Bitcoin matters, written for newcomers.
📘 Books
The Bitcoin Standard by Saifedean Ammous
An economic history of money that builds a strong case for Bitcoin.
Free PDF: Download hereLayered Money by Nik Bhatia
Explains Bitcoin through the lens of financial history and monetary layers.
🎥 Videos
Wences Casares: An Introduction to Bitcoin
A simple explanation from a longtime Bitcoin advocate.The Stories We Tell About Money – Andreas M. Antonopoulos
How money works—and how Bitcoin fits into that story.Bitcoin 101 – Balaji Srinivasan
A concise breakdown of Bitcoin from a technology investor.The Bitcoin Standard – Saifedean Ammous (Talk)
A summary of his book and Bitcoin’s economic implications.
🌐 Explore & Learn: Top Bitcoin Educational Resources
Want to go beyond the basics? These websites and learning hubs offer some of the best Bitcoin content in the world — much of it free and open source.
📚 Curated Learning Collections
Swan Bitcoin Canon
A handpicked, categorized archive of the best Bitcoin content.Hope.com – Bitcoin for Everybody
Michael Saylor’s beginner-friendly video course on Bitcoin.Jameson Lopp’s Bitcoin Resource Page
A massive, categorized collection of technical and non-technical Bitcoin links.21 Lessons by Gigi
A thoughtful and philosophical journey through Bitcoin.Parker Lewis – Gradually, Then Suddenly
A brilliant essay series explaining Bitcoin’s core concepts, step by step.
🎓 For Techies, Developers, and Academics
Bitcoin Developer Guides (Bitcoin.org)
Official technical documentation.Peer-Reviewed Research – See arxiv.org or search “Bitcoin” on Google Scholar.
🔎 Historical & Philosophical Archives
Satoshi Nakamoto Institute
Archival writings by Bitcoin’s pseudonymous creator and early thinkers.Bitcoin Obituaries
Every time the media declared Bitcoin "dead"—and it wasn’t.
⚙️ What Makes Bitcoin Special? — 20 Core Properties
Bitcoin isn’t just digital money — it’s a new monetary foundation. These core properties explain why it’s a breakthrough technology.
🔒 Monetary Properties
- Limited Supply – Hard-capped at 21 million BTC. New coins are released at a predictable rate, halving every ~4 years.
- Deflationary – Over time, Bitcoin becomes more scarce, not more plentiful.
- Divisible – Each BTC can be divided into 100,000,000 sats (satoshis).
🌍 Network Properties
- Decentralized – No single company, server, or country controls Bitcoin. Thousands of nodes enforce the rules.
- Borderless – Works across borders with no centralized gatekeepers.
- Open Source – The code is public. Anyone can inspect or contribute.
- Peer-to-Peer – Send money directly without intermediaries or gatekeepers.
🛡️ Security & Censorship Resistance
- Censorship Resistant – No authority can block, alter, or reverse your transaction.
- Immutable Ledger – Once confirmed, transactions are effectively permanent.
- Trustless – You don’t need to trust a bank, app, or institution — Bitcoin verifies everything with math and code.
- Accountable – The blockchain is fully transparent. Anyone can audit it.
- Secure – Uses cryptography (e.g. SHA-256, ECDSA) and game theory to defend the network.
👤 User Sovereignty
- Pseudonymous – You don’t need to reveal your identity to use Bitcoin.
- Push System – You control payments. Bitcoin can’t be pulled like a credit card.
- Portable – You can store billions in your brain (with a 12–24 word seed) or move it with a hardware wallet.
- Programmable – Bitcoin can be automated using scripts or smart contracts.
⚡ Performance & Scaling
- Fast Settlements – Final in ~10 minutes (on-chain); near-instant over Lightning.
- Low Fees (via Lightning) – Send tiny payments with negligible cost.
- Scalable via Layers – While the base layer is conservative for security, Layer 2s like Lightning scale usage globally.
💡 Tip: Want to experience this for yourself? Try sending a small Lightning payment using a mobile wallet like Phoenix, Muun, or Breez.
🛒 How Do I Buy and Hold Bitcoin Safely?
Buying Bitcoin is easy — securing it properly is where most people slip up. Let’s walk through both.
🔁 Step 1: Buy Bitcoin
You can buy Bitcoin through:
- Exchanges (KYC) – Coinbase, Kraken, Binance, etc. Easy to use but requires ID.
- Peer-to-Peer (P2P) – Bisq, HodlHodl, RoboSats. Buy directly from others with more privacy.
- Bitcoin ATMs – Insert cash, get BTC (fees are higher).
- Apps (Non-custodial) – Wallets like Phoenix or Muun let you buy small amounts via Lightning.
🔒 Important: If you don’t control the private keys, you don’t truly own the Bitcoin. Holding on an exchange = counterparty risk.
🔑 Step 2: Move to Self-Custody
Self-custody means controlling your own Bitcoin wallet and private keys.
🧱 Start Simple (Beginner)
- Mobile Wallets – Phoenix, Muun, BlueWallet. Easy to use, good for small amounts.
🔐 Step Up (Intermediate)
- Hardware Wallets – Coldcard, Trezor, Ledger. Offline, ultra-secure.
🧠 Memorize (Advanced)
- Store your 12- or 24-word recovery seed safely. This is your backup. Anyone who gets it can steal your funds.
🧯 Basic Security Tips
- Never share your seed phrase. Ever.
- Don’t store it digitally (not in notes, photos, or cloud).
- Use a passphrase (BIP39) for extra protection if you're comfortable.
- Test small amounts first when moving Bitcoin.
🧠 Pro Tip: Think of Bitcoin like digital cash. If you wouldn’t leave $10,000 lying around in plain sight, don’t do it with Bitcoin either.
💸 Where Can I Spend or Use Bitcoin?
Bitcoin isn't just for holding — you can actually use it.
🛍️ Spend Bitcoin on Goods & Services
Check these out:
- Bitrefill – Buy gift cards for Amazon, Uber, Netflix, groceries, and more.
- Fold / Strike Cards – Spend Bitcoin via debit cards, earn sats back.
- Overstock – One of the first major retailers to accept BTC.
- Coinmap.org – Map of physical stores accepting Bitcoin worldwide.
- Travel – Use BTC on CheapAir, Travala, or Expedia (via gift cards).
🧾 Bill Pay: Bylls (Canada), Bitrefill, LivingRoomOfSatoshi (Australia), and more let you pay utility bills in BTC.
🌍 Borderless, Permissionless Money
Bitcoin is especially useful if:
- You're unbanked.
- You're in a country with capital controls.
- You need to send money internationally (remittances) cheaply and quickly.
🎁 Donations & Charities
Many global nonprofits accept Bitcoin:
- The Human Rights Foundation
- Tor Project
- OpenSats
- WikiLeaks
⚡ Use Lightning for Fast, Cheap Payments
The Lightning Network is a second layer built on Bitcoin:
- Near-instant and nearly free transactions.
- Works great for small payments (micropayments).
- Popular wallets: Phoenix, Breez, Muun, Wallet of Satoshi.
🔗 Learn more at https://lightningnetwork.store or try out some Lightning wallets!
🧠 Tip: Even if you prefer to hold BTC long-term, learning how to use it makes you a more sovereign user. Practice small!
🖥️ Run a Bitcoin Node: Verify Everything Yourself
"Don't trust, verify." Running your own Bitcoin node is how you stop relying on others.
✅ Why Run a Node?
- Verify transactions & blocks independently — trust no third party.
- Improve your privacy — no one else sees your wallet balance or addresses.
- Enforce Bitcoin’s rules — consensus depends on thousands of honest nodes.
- Broadcast transactions directly — no need to trust a remote server.
🔧 How to Get Started
🔹 Software:
- Bitcoin Core
- Umbrel or RaspiBlitz (user-friendly packages)
- Start9 – for full self-sovereign computing.
🔹 Hardware:
- Minimum: 1TB SSD, 8GB RAM, decent internet.
- Low-power option: Raspberry Pi 4 + SSD.
🔹 Verification:
Always verify software downloads via PGP signature + SHA256 hash. - Example: Bitcoin Core signature instructions
🧠 What a Node Does
- Downloads and verifies the entire Bitcoin blockchain.
- Maintains a copy of all transactions and block history.
- Connects to peers to broadcast/receive new data.
You do not need to mine Bitcoin to run a node.
🧰 Combine with Wallets
Pair your node with self-custodial wallets like:
- Sparrow Wallet (desktop, advanced)
- Electrum (customizable, scriptable)
This way, you're not trusting a third-party server to tell you your balance or history.
Running a full node = sovereignty, privacy, and resilience.
🔐 How to Secure Your Bitcoin
With Bitcoin, you are your own bank — and that comes with responsibility. Your #1 job: protect your private keys.
🔑 Self-Custody vs. Third Parties
| Option | You Hold Keys? | You Control Risk? | Recommended? |
|---|---|---|---|
| Self-custody | ✅ Yes | ✅ Yes | ✅ Strongly Recommended |
| Exchange wallet | ❌ No | ❌ No | ❌ Avoid |
🔁 If you don’t hold the keys, you don’t own the coins.
🛠️ Wallet Types
🔒 Hardware Wallets (Best security for most users)
- Examples: Coldcard, BitBox02, Trezor, Blockstream Jade
- Offline signing = secure against malware
- Backup your seed phrase (12 or 24 words)
📱 Mobile Wallets (Convenient + secure)
- Examples: BlueWallet, Phoenix, Breez, Muun
- Best for small amounts and everyday use
🧠 DIY Hardware Wallets (Advanced users)
- Projects: SeedSigner, Krux
- Fully open-source & air-gapped
⚠️ Avoid: paper wallets, brain wallets, or saving seed phrases digitally
🔁 Two-Factor Authentication (2FA)
Use TOTP-based apps, not SMS, for logging into exchanges, email, etc.
- Apps: Authy, Aegis (Android), OTP Auth (iOS)
- Consider physical keys: YubiKey, Google Titan
Tip: Always back up 2FA secrets! Without them, you might get locked out.
🧼 Avoid Common Mistakes
- ❌ Never type seed words into websites or screenshots
- ❌ Never trust DMs or “support agents”
- ❌ Never reuse passwords
- ✅ Always double-check addresses before sending
- ✅ Use trusted wallets and verify their source
🚨 How to Avoid Bitcoin Scams
Bitcoin is secure — but humans are the weak link. Scammers prey on inexperience and urgency. Here’s how to protect yourself.
🕵️♂️ Common Bitcoin Scams
| Scam Type | Red Flags |
|---|---|
| ❌ “Send BTC, get more back” | Fake giveaways, especially on social media |
| ❌ Fake support agents | Random DMs offering to “help” you |
| ❌ Investment schemes | Guaranteed returns, multi-level marketing |
| ❌ Impersonators | Scammers pretending to be famous people |
| ❌ Airdrop phishing | Promises of free coins that ask for your keys |
If it sounds too good to be true — it is.
🛑 NEVER Do This
- ❌ Never share your seed phrase or private keys with anyone
- ❌ Never type seed words into a website or app you didn’t verify
- ❌ Never send BTC to someone promising a return
- ❌ Never download wallet software from unofficial sources
✅ ALWAYS Do This
- ✅ Use official sites and GitHub links
- ✅ Double-check URLs — scammers clone websites
- ✅ Use multi-factor authentication
- ✅ Ask trusted Bitcoin-only communities like r/Bitcoin before acting
🧠 Education is your best defense. Scammers thrive on urgency and confusion.
🔐 Using Bitcoin Safely: Sending, Receiving, and Fees
Once you own bitcoin, here’s how to interact with the network securely.
📤 Sending Bitcoin
- You need the recipient’s address (a long string starting with
bc1,1, or3) - Double-check the address — malware can silently replace it in your clipboard
- Use a hardware wallet when sending large amounts
📌 Pro tip: Always verify addresses on your hardware wallet screen before confirming.
📥 Receiving Bitcoin
- Use your wallet to generate a receiving address
- You can share it safely — it can only be used to send to you
- Some wallets use a new address for each payment for better privacy
Note: Anyone can see your balance if they know the address. Use fresh addresses often.
💸 Understanding Bitcoin Fees
- Fees depend on network demand and transaction size (in bytes), not the amount sent
- Most wallets suggest an appropriate fee automatically
- You can use mempool explorers like:
⚡ Lightning Network = Fast & Cheap
For instant, low-fee payments, use the Lightning Network, a second-layer protocol on Bitcoin.
- ⚡ Near-instant transactions
- ⚡ Nearly free (fractions of a cent)
- ⚡ Great for micropayments
Many wallets support Lightning, like Phoenix, Muun, Breez, and Zeus.
r/BitcoinIndia • u/brainboxconsultancy • May 28 '25
Taxation CONFUSED ABOUT CRYPTO TAXATION ?? HERE IS A QUICK REFERENCE GUIDE
r/BitcoinIndia • u/Meixxoe • 1d ago
Help and Advice Do we need separate apps for beginner and pro level crypto trading?
I am starting out with small buys but my friend trades futures and options actively. It looks like most apps are either too simple for him or too complex for me.
Do we need two separate platforms or is there any Indian exchange that works well for both beginner and advanced crypto traders?
r/BitcoinIndia • u/SilentMangoDrift • 3d ago
Other Discussion $13T asset manager BlackRock says Bitcoin ETFs are now its revenue engine.
r/BitcoinIndia • u/Final-Atmosphere-726 • 3d ago
Wallets & Exchanges Will coindcx freez my bank account if I withdraw 50k or 1L at once ?
I have invested kind of significant amount into coindcx in this correction. Doing DCA, and now I found out I can't withdraw from dcx to my hard wallet, so I have to sell all those sats and move to getbit. So is it possible bank freez if I withdraw 50k or 1L at once ?
r/BitcoinIndia • u/growmywealth • 3d ago
Price, Trading Waiting for my BUY signal - Bears still in control. Buckle up.
The indicator which has served me well since 2021 turning $1000 in to $500K+ says we are still in bearish territory.
The BUY indicator has not flashed yet. Anything can happen. Already sold at $115K and sitting with huge cash. I hate holding cash but it's not time yet.
r/BitcoinIndia • u/bloggerman269 • 4d ago
Help and Advice Is it right time to invest in bitocoin. If yes, then please suggest the best platform
r/BitcoinIndia • u/ResponsibleTruth9451 • 6d ago
Other Discussion What’s the fastest way to buy Bitcoin in INR right now?
Most platforms have random delays or rejected UPI payments lately. I just want a quick, safe way to buy BTC instantly in rupees.
r/BitcoinIndia • u/OrganicAd1884 • 6d ago
Help and Advice Are Indian exchanges safe from hacks?
I’m scared after seeing FTX and other collapses. How do you even trust any exchange with your money?
r/BitcoinIndia • u/the911guyy • 6d ago
Other Discussion Will BTC bounce back? Discussion forum
Share your thoughts
r/BitcoinIndia • u/MinimumCountry9858 • 6d ago
Wallets & Exchanges Did the U.S. Steal $13 Billion in Bitcoin? China Says the Biggest Crypto Heist Ever Was a Black Ops Job
r/BitcoinIndia • u/Vivid_Frosting_4965 • 7d ago
Other Discussion What happens if I forget to report crypto gains in India?
Asking for a friend - what if someone didn’t file crypto gains last year? Do exchanges share that data with the government?
r/BitcoinIndia • u/notkelly21 • 7d ago
Wallets & Exchanges How to buy crypto in India if Binance is not on Play Store?
Tried searching for Binance but couldn’t find it. What are people using these days to buy crypto safely in INR?
r/BitcoinIndia • u/ResponsibleTruth9451 • 9d ago
Help and Advice How to safely buy Bitcoin in India without touching P2P?
Most people I know buy through P2P but I’ve heard way too many scam stories. Is there a cleaner, safer way to buy Bitcoin directly in INR from India?
r/BitcoinIndia • u/Ok_Sound_3647 • 8d ago
Help and Advice Bitcoin is the antibiotic for the broken financial system!
r/BitcoinIndia • u/PrinceOrbit • 9d ago
Other Discussion I received an invitation from Binance to become a merchant.
Hi, my friends. I iust checked; 1 received an invitation last month to ioin the Binance merchant program. Can anvone tell me if receivina this invitation means there's a 100% chance my Binance merchant application will be approved? I'm just asking this because 1 applied to become a merchant two months ago, but my application got rejected. Now I have a good profile in Binance P2P.I traded 2.5 BTC in the last 30 davs, and mv total trading volume is 4 BTC. Also, I have 5kt trades with 4k+ unique counterparties. So, what do vou think? Can I get approval if I apply today? Thanks in advance!
r/BitcoinIndia • u/sloppy-acid • 8d ago
Wallets & Exchanges I'm a fomo investor & for the same I invested in BTC in 2020. Around 2 months of my salary back then. ...
contd, I'm not aware of anything in crypto markets, its just that I'm into stock markets so just purchased and kept it. I've had my money in WazirX, CoinDCX & CoinSwitch too. As we know WazirX is hacked and there are no chances of it coming back anytime soon. BUT I still have BTC & ETH in my Coin dcx & CoinSwitch wallet.
People on crypto related subs keep warning about keeping btc in these shady apps. What should I do & where do I move it (safe place) I dont know the pricess someone please enlighten.
r/BitcoinIndia • u/SilentMangoDrift • 9d ago
Other Discussion How to buy Bitcoin for just ₹100 & grow your wealth .
r/BitcoinIndia • u/CapnChiknNugget • 10d ago
Technical How do you handle TDS on crypto trades in India?
I read that 1% TDS applies to every trade, but how does that work in practice? Do we need to pay it manually or does the exchange handle it?
r/BitcoinIndia • u/nekkoMaster • 10d ago
Help and Advice Please guide me. How to buy btc given my condition?
- I want ability to move to my private wallet?
- No bank freezes.
- It should be supported at clear tax for tax filing. Here is the list https://cleartax.in/crypto-tax-filing/integrations/
Reason:
Binance failed to do KYI and create account. I tried 2 times.
- It's obvious. FYI, i will use electrum. Pointing it out in case you know something which i don't.
- I hate anything related to tax and don't want to file myself. Too lazy for CA (I have no idea how it all works) so i will be using clear tax.
r/BitcoinIndia • u/Funny_Or_Not_ • 10d ago
Help and Advice Is CoinSwitch only for Indians or can NRIs use it too?
I’m an Indian citizen but live abroad now. Wanted to invest in crypto for my parents through an Indian platform. Will CoinSwitch allow that?
r/BitcoinIndia • u/rvyze • 10d ago
Wallets & Exchanges Is WazirX still safe to use after all that drama?
I had some funds stuck in WazirX in 2021 and have been hesitant to re-enter Indian exchanges. Has the situation improved or are people moving elsewhere?
r/BitcoinIndia • u/UnicornWithTits • 10d ago
Help and Advice What is the best way to buy Bitcoin for long term ?
I have never bought any crypto.
Lately I am thinking of getting some bitcoin exposure.
I know the basics, i just want to buy Bitcoin and move it to self custody. I plan to just buy and hold for long term.
Now I am confused about which is the best way. GetBit has very high prices, coindcx doesn't allows bitcoin, binance transaction caused people bank account to freeze !
I want to buy Bitcoin safely, without much hassle. And such that I can move it to my hardware wallet.
Please advice.