Bitcoin, the simple version

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What bitcoin is

Bitcoin is digital money you can send to anyone online, with no bank in the middle (the Bitcoin white paper).

No company or government runs it, and there will only ever be just under 21 million bitcoin.

You don't need a whole coin. One bitcoin splits into 100 million tiny pieces called sats.

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Why some people hold it

Some people like that nobody can print more of it. Others like that, with their own keys, no bank or app can freeze it.

It also has real risks. The price can rise or fall a lot in a short time, so only put in what you could afford to lose.

Why self-custody matters  →What inflation does to savings  →

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The one rule

When you make a wallet, it shows you recovery words: a list of 12 or 24 ordinary words (BIP 39).

Your bitcoin isn't stored in your wallet. It's recorded on the blockchain, and your wallet holds the keys that let you spend it. Your recovery words can rebuild those keys on a new wallet (where is my bitcoin, really?).

So those words control your bitcoin. Anyone who has them can take it, from anywhere. If you lose them and your phone, nobody can get it back for you.

• Write them on paper, in order, numbered.
• Never take a photo or a screenshot of them.
• Never save them in the cloud, email, notes or a password app.
• Never tell them to anyone, even someone who says they're from support.

Where is my bitcoin, really?  →Seed phrase backup  →Common scams  →

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Start small

A wallet is just an app (or a small device) that holds the keys to your bitcoin. A phone wallet app is the easiest place to begin.

• Pick an app that's licensed where you live, and buy a few dollars' worth. Our how to buy page compares the big US apps.
• Install a well-known self-custody wallet app (one where you get recovery words) from the official app store (Apple App Store or Google Play). Check the developer's name.
• Tap "create a new wallet" and write the recovery words on paper.
• Send a small amount from the buying app to your wallet first. Once it arrives, you know it works.

We don't recommend a specific phone app. When your savings grow, a hardware wallet is the safer place to keep your keys.

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Check your backup works

Not sure you wrote the words down? Many people aren't. Your phone's passcode or Face ID only opens the app. It is not your backup.

Open the wallet's settings and look for "Backup" or "Recovery phrase". Write the words on paper. If the app has a "verify backup" step, do it.

Step by step: Check your wallet backup  →