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Bitcoin Basics: What You Need to Know – Epi-56

The Bitcoin Breakout Posted on by

Podcast: Play in new window | Download (Duration: 2:13:23 — 38.2MB)

Today we discuss Bitcoin in a way that even the newest folks can understand. If you’ve been on the fence about getting started or just stuck a toe in and feel overwhelmed, this episode is for you. We’ll break down the basics—things like dollar-cost averaging (DCA) and why it’s one of the simplest ways to get started.

We’ll also touch on security, wallets, and why Bitcoin holds value even if no one’s buying coffee with it. No technical rabbit holes or “run-your-own-node-on-Tor” talk here—just practical advice for regular people looking to take the next step.

For those who’ve been in the game a while, I’ve included a few more advanced topics like cold storage and self-custody tips. Whether you’re new or experienced, there’s something here for you. So let’s get into it and make Bitcoin less intimidating, one step at a time.

Join Me Today as we Answer these Questions from the TSPC Community…

  • What is Bitcoin, and why should someone new care about it?
  • How do I get started buying Bitcoin for the first time?
  • What is dollar-cost averaging (DCA), and why is it recommended for beginners?
  • Why is Bitcoin still valuable even if stores don’t accept it?
  • What’s the difference between a Bitcoin wallet and an exchange like Coinbase?
  • Should I leave my Bitcoin on an exchange or move it to a wallet?
  • What is cold storage, and how can I safely store Bitcoin offline?
  • What should I do to secure my Bitcoin keys and seed phrases?
  • How do I avoid scams like “send me Bitcoin, and I’ll send back more”?
  • Should I buy novelty coins like Trump and Melania coins?
  • How can I ensure my family can access my Bitcoin if something happens to me?
  • What steps do I take to transfer Bitcoin from a deceased spouse’s wallet to my own?
  • Is it worth getting out of a Bitcoin ETF and into actual Bitcoin, even with tax implications?
  • What is a lightning wallet, and how is it different from a regular wallet?
  • How do I get started with the Lightning Network and use it to earn Bitcoin?
  • Should I invest in a dedicated device, like a hardware wallet or laptop, for Bitcoin storage?
  • How do I mitigate the risks of self-custody, especially with significant amounts of Bitcoin?
  • What does running a Bitcoin node do, and do I need to worry about it?
  • How do I convert Bitcoin back into fiat currency if needed?
  • What are UTXOs, and why do they matter for understanding Bitcoin?
  • What are the risks of relying on obsolete devices for Bitcoin storage?
  • How can multisig wallets add extra security for holding large amounts of Bitcoin?
  • What is the timeline for Bitcoin adoption, and what might it look like in 1 year or 5 years?
  • How do governments and institutions impact Bitcoin adoption or crashes?
  • How can estate planning help ensure that Bitcoin is accessible to loved ones after a death?
  • How do Bitcoin taxes work and why should you just stop worrying about it?
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Resources for today’s show…

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Remember to comment, chime in and tell us your thoughts, this podcast is one man’s opinion, not a lecture or sermon.

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Comments

Bitcoin Basics: What You Need to Know – Epi-56 — 1 Comment

  1. Love what you do. Thanks for the heads-up on the fold card. FYI-Drove by the tools page and tried to use coinex but found out they no longer allow US citizens.

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