Beginner's Guide To Bitcoin in 2024
The purpose of this isn’t to give you the tech nerd snooze-fest answer to why you should have Bitcoin. We’ve built plenty of resources to go deeper into the subject if you choose but let’s keep it high level and fun, to begin with.
I am just an average guy and writing this in a way that I would understand a new subject cause it’s not easy.
What is Bitcoin?
Basically, Bitcoin is just an F You to the banks. It was created off the back of the 2008 financial crisis as a potential solution. It is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments.
Instead, it uses something called the blockchain which enables people to communicate and transfer value between each other without having someone in the middle, like we are used to today.
Want to go deeper:
I would highly recommend watching this which was produced by a friend of mine and it’s my ‘go-to’ for beginners.
How Does Bitcoin Work?
Now, this is usually the place where others lose the attention of the reader but I don’t think learning the inner workings of Bitcoin at this stage is beneficial to your learning. It’s something that will come over time.
Think of Bitcoin like a car. It gets us from A to B and many of us use them on a daily basis. However, open the hood and we’re clueless. My point is we don’t need to know the technical details of something to use it.
Bitcoin is the same but I would argue you’ll need to learn a little bit of the basics at some point but that’s for another day.
Who Owns Bitcoin?
Richard Branson
Branson has invested in Bitcoin and blockchain ventures, such as the Bitcoin payment processor BitPay, Blockchain.com and his company Virgin Galactic accepts Bitcoin for space travel bookings. He has also spoken positively about Bitcoin in the past and warned against Bitcoin-related scams.
Tyler and Cameron Winklevoss
The Winklevoss twins are notable for their early investment in Bitcoin and for founding the Gemini cryptocurrency exchange. They have been strong advocates for Bitcoin and its broader adoption.
Elon Musk
Musk's comments on Bitcoin, especially via Twitter, have significantly influenced its market price. His company Tesla had purchased Bitcoin and briefly accepted it as payment for Tesla cars.
Mark Zuckerberg's Goat
This is more of a humorous reference. Zuckerberg named his goats 'Max' and 'Bitcoin,' which led to various online speculations, but it doesn't reflect any direct involvement with Bitcoin.
I’m not saying you should invest because these people own it, in fact, I’m not saying you should invest at all as I believe learning about it comes before that. I would like to just point this out and get you thinking why are these people so interested in it, surely they have learnt about it.
Which companies own Bitcoin?
Microstrategy, a NASDAQ-listed company specialising in business intelligence, is a significant corporate investor in Bitcoin. As of 2024, they've seen their Bitcoin investments grow considerably, with their holdings valued at about $9 billion. Notably, Microstrategy owns around 189,150 bitcoins, which they acquired for approximately $4.68 billion, averaging about $29,582 per Bitcoin.
Tesla: As of the information available in early 2023, Tesla, under the leadership of Elon Musk, had made a significant investment in Bitcoin. They had purchased $1.5 billion in Bitcoin and even briefly accepted it as a payment method for their vehicles before halting. The current holdings as of 2024 are 9,720 Bitcoin (approximately $450m).
Block Inc: Formerly known as Square, Block Inc, led by Jack Dorsey, has been involved in Bitcoin both as an investment and as part of their business model. They have integrated Bitcoin into some of their services like Cash App. The exact amount of Bitcoin held by Block Inc as of 2024 is 8,027 (Approximately $400m).
All the company information can be found here.
Where To Learn?
I’m seeing lots of Bitcoin content that’s extremely off-putting and overcomplicated. I made The Bitcoin Collective to solve this problem and I hope this helped spark your curiosity.
We ran the UK’s first major Bitcoin conference in Edinburgh with speakers such as Fidelity, The UK Government and charity: water, along with many more amazing people and companies. You can find it all on our YouTube.
If you enjoyed this Beginner's Guide To Bitcoin and found it valuable, then all I ask is that you share this with a friend and continue down the path with either one of our Top 15 Bitcoin Videos to watch or the Top 15 Bitcoin Books to read. We’ve even ranked them from beginner to advanced, so you don’t get thrown in at the deep end.
Thanks,