A beginner’s guide to Bitcoin

Bitcoin.

Money on the internet that nobody owns.
The story that began with a nine-page paper, told in six chapters.

By the numbers

Start with four numbers.

21,000,000

coins is the hard cap. Nobody can ever raise it.

~10min

between new blocks added to the ledger.

~4yrs

between halvings of the mining reward.

100M

satoshis make one bitcoin. You can own a tiny slice.

2009.1.3

The day the very first block was created.

$100,000

In December 2024, one bitcoin passed $100,000 for the first time.

The price story

From $0.0008
to $100,000.

Scroll to follow fifteen years of price history.

  1. Oct 2009
    $0.0008

    The first price, based on the electricity used for mining. One dollar bought 1,309 BTC.

  2. May 2010
    $0.004

    Two pizzas for 10,000 BTC: the first time bitcoin bought something real.

  3. Feb 2011
    $1

    One bitcoin reaches one dollar, up more than 250-fold since Pizza Day.

  4. Dec 2013
    $1,150

    Past $1,000 for the first time as trading surges in China.

  5. Jan 2015
    $200

    After the Mt. Gox collapse, a long winter. Development carried on regardless.

  6. Dec 2017
    $19,500

    The great boom: nearly $20,000, and bitcoin becomes mainstream news.

  7. Dec 2018
    $3,200

    Down more than 80% from the peak: the "crypto winter."

  8. Nov 2021
    $69,000

    Companies and institutions pile in, and the price peaks near $69,000.

  9. Nov 2022
    $16,000

    FTX collapses. Once again, it was the custodian that broke.

  10. Dec 2024
    $100,000

    After spot ETFs are approved, bitcoin passes $100,000 for the first time.

Six chapters

Six chapters. The whole story.

Five to eight minutes each. Reading them in order works best.

  1. Chapter 1What is Bitcoin, anyway?Start here

    Is it money? Is it data? The bare minimum you need before the history.

    ₿Read ›
  2. Chapter 2Before Bitcoin1980s – 2008

    The dream of digital cash that came first, and the crisis that pushed it forward.

    1983Read ›
  3. Chapter 3Birth2008 – 2010

    Satoshi’s paper, the first block, and two pizzas.

    #0Read ›
  4. Chapter 4Growth and trials2011 – 2017

    Crossing $1, the Mt. Gox collapse, Japan’s new law, and a split.

    $1Read ›
  5. Chapter 5Going global2018 – 2024

    Crypto winter, a country adopts it, FTX falls, ETFs arrive.

    $100KRead ›
  6. Chapter 6What’s next2025 onward

    The 2025 peak and 2026 crash, Japan’s new crypto law, and the risks every beginner should know.

    2025→Read ›

What’s new about it

Three big ideas.

No one in charge

No government or company runs it. Computers around the world keep the same ledger and check each other.

A fixed supply

There will only ever be 21 million. The cap is written into the program and nobody can change it.

Open to anyone

The code is public and anyone can keep a copy of the ledger. Nobody can switch it off.

The line inside Block #0

“Chancellor on brink of second bailout for banks”

The Times headline of 3 January 2009.
Bitcoin started up in a world busy bailing out its banks.

How to read this site

Learn it while you enjoy it.

Mini timelines

Each chapter opens with event cards you can swipe through first.

Pop-up notes

Words with a dotted underline show a short explanation.

Price charts

Each chapter ends with an approximate price chart for its era.

Chapter quizzes

Three quick questions with instant answers and explanations.

Ready? Let’s begin.

Please note

This site is an educational read and not investment advice. Prices are rounded, approximate values chosen for clarity.