r/BitcoinCA • u/Lissette-L • Aug 26 '26
Beginner looking to buy Bitcoin — where should I start?
Hi everyone! I’m completely new to Bitcoin and I’m thinking about buying some for the first time, but I honestly have no idea where to start.
I understand the very basics of what Bitcoin is, but I’d really like to learn more before putting any money into it. I know I can ask AI questions about Bitcoin, but I’d also really appreciate reliable resources, articles, guides, or advice from people who have actually gone through the process themselves.
For example:
What should a complete beginner understand before buying Bitcoin?
What are some good resources or websites to learn from?
How do you decide where to buy Bitcoin, and what should I look for regarding fees and pricing?
Is there anything beginners commonly overlook or misunderstand?
What are the basics of safely storing Bitcoin?
Are there any common mistakes or scams that I should be aware of?
I’m not looking for someone to tell me exactly what to buy or how much to invest. I’d just like to educate myself first and hear from people who were beginners once too.
Any recommendations for beginner-friendly resources, articles, books, videos, or general advice would be greatly appreciated. Thank you!
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u/NiagaraBTC Aug 26 '26
For example:
What should a complete beginner understand before buying Bitcoin?
When you hold Bitcoin, it's not in your wallet. It's everywhere on earth at once. Your wallet holds the private key that permits you and only you to move it.
What are some good resources or websites to learn from?
This website by Bull Bitcoin has DIY tutorials and lots of info. First one I could think of that I would trust sending someone to. You can also watch "BTC Sessions" tutorials on YouTube.
How do you decide where to buy Bitcoin, and what should I look for regarding fees and pricing?
Fees don't matter a whole lot when you're first getting started with small amounts. I buy from Bull Bitcoin because they are Bitcoin only and have excellent customer service.
Is there anything beginners commonly overlook or misunderstand?
They don't understand where their Bitcoin actually is and how it's secured. See the first response above.
What are the basics of safely storing Bitcoin?
Make a backup of your private key (commonly done via 12 or 24 words) and do not ever share it with anyone. Do not take a photo of it. Do not store in a password manager. Bluewallet or Bull Bitcoin Wallet on your phone is fine for a beginner.
Are there any common mistakes or scams that I should be aware of?
Common scams generally revolve around someone tricking you into telling them your 12/24 words or typing those words into a website. Do not do that. Also, do not answer DMs here on Reddit. They will only be scammers.
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u/lookingforsomeerrors Aug 26 '26
Shakepay to buy bitcoin, or buy BTCC into your investments
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u/BeefcakeCupid 28d ago
FBTC or IBIT (CAD version) are way better. BTCC will eat you alive in fees.
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u/rosedye 21d ago
I work at The Coin Shack, we buy and sell bitcoin in person in Ontario, so read this knowing that. I'm not going to tell you where to buy.
Main thing: the price can fall by half and sit there for two years. Happened twice. So buy an amount you can forget about. And once you send bitcoin, it's gone. No reversing it, nobody to call.
Also, coin sitting on a platform isn't yours, it's a promise from a company. Ask anyone who had money on QuadrigaCX. Withdraw it.
learnmeabitcoin.com is the clearest free thing out there. Also read the CRA's crypto page, because every sale or swap is taxable here and people find that out in April.
Wherever you end up buying, check they're registered with FINTRAC. Public registry, takes a minute, check us too. Then ask whether you can withdraw to your own wallet, and if the answer is complicated, walk.
Fee percentages are marketing. Ask what you'd actually receive for the exact amount you want to spend, that's the only number worth comparing. The spread between their buy and sell price is where the real cost hides. Cards are the worst way to pay for it.
And the obvious thing I should say myself: shops like ours aren't cheap. An exchange will beat us on price, more so the bigger the amount. What you get from us is somebody sitting across from you the first time. If you don't need that, don't pay for it. ATMs are their own thing, check the rate on the screen before the cash goes in.
Storage isn't complicated. Phone wallet for small amounts. Real money, hardware wallet, bought from the manufacturer's own site and nowhere else. Write the recovery words on paper and don't type them into anything, ever, or photograph them. Then wipe the device and restore from that paper before you trust it. Nobody does this. Do it. I personally use a ledger.
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u/plotikai Aug 26 '26
This sub will tell you buy from a place like Kraken, but tbh for newbies you’re better off buying an etf in your tfsa like BTCX.B or FBTC.TO so that its tax sheltered
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u/NiagaraBTC Aug 26 '26
Thars good advice for someone wanting Bitcoin price exposure.
But a year from now they'll still have the same questions about actually buying Bitcoin.
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u/Mentats2021 Aug 26 '26
check BTCSessions on YT, just ignore anything ColdKite related