Money without a bank
With bitcoin you send money directly to someone else over the internet. There is no bank in between. Thousands of computers around the world keep track together of who owns what.
Explained for beginners
What is Bitcoin?
Bitcoin is digital money that belongs to no one and that nobody can print more of. Here is how it works in plain language, without jargon.
Never more than 21 million
There will never be more than 21 million bitcoin. Nobody can change that number or print extra. That is why people call it digital gold.
You don’t buy a whole bitcoin
1 bitcoin is made of 100 million small pieces called sats. So you can start with a few euros, just like paying with cents.
Your keys, your money
You keep bitcoin in a wallet: an app on your phone. It gives you a secret recovery phrase of 12 or 24 words. Whoever has that phrase has your bitcoin. Write it on paper and never share it.
Fast payments with Lightning
For small amounts you use Lightning. You pay in a few seconds for almost nothing, for example at Frisian businesses on the Bitcoin map.
The price moves a lot
What a bitcoin is worth in euros goes up and down a lot. Never put in money you cannot afford to lose. This is an explanation, not financial advice.
Words you will hear a lot
- Wallet
- The app where you keep and send bitcoin.
- Sats
- The smallest piece of bitcoin. 100 million sats make 1 bitcoin.
- Recovery phrase
- 12 or 24 words that restore your wallet if you lose your phone. The most important thing you own.
- Blockchain
- The public ledger of all bitcoin payments, kept by computers around the world.
- Lightning
- A fast layer on top of bitcoin for small, cheap payments.
- Exchange
- A company where you swap euros for bitcoin and back.
Who invented Bitcoin?
Bitcoin started in 2009. Its creator used the name Satoshi Nakamoto; nobody knows who that really is. Since then the network has run day and night, without a boss.
What is Bitcoin?
Bitcoin is digital money without a bank. You send it directly to someone else over the internet, and thousands of computers keep track together of who owns what.
How many bitcoin are there?
There will never be more than 21 million bitcoin. Nobody can change that number.
Do I have to buy a whole bitcoin?
No. 1 bitcoin is made of 100 million sats, so you can start with a few euros.
How do I keep bitcoin safe?
In a wallet app. Write the 12 or 24-word recovery phrase on paper and never share it.
What is Lightning?
A fast layer on top of bitcoin for paying small amounts in seconds, almost for free.