1. Getting Started with Bitcoin

For beginners, the easiest entry point is buying Bitcoin through a trusted exchange. These are called custodial solutions — the exchange holds your Bitcoin on your behalf while you get started.

Exchanges with withdrawal support

Start with exchanges that allow you to later withdraw your Bitcoin to your own wallet:

Bison — Crypto app by Börse Stuttgart
Bitvavo — User-friendly European crypto exchange
Kraken — Established global exchange with strong security
Coinbase — Widely available with a simple interface

Services without direct withdrawal

These providers let you buy Bitcoin but don't support withdrawal to your own wallet:

Trade Republic
Smartbroker

Easy to use, but not ideal for long-term holding — you don't have full control over your Bitcoin.

ETPs / ETCs in Europe

In Europe you can also gain Bitcoin exposure via ETCs (Exchange Traded Commodities). Key points:

An ETC tracks the price of Bitcoin — you don't hold real Bitcoin.
Management fees apply; withdrawal to a personal wallet is not possible.
For most beginners, buying real Bitcoin through an exchange is the better option.

Set up a DCA savings plan

Dollar-Cost Averaging (DCA) is the recommended strategy for beginners. Invest a fixed amount at regular intervals, regardless of the current price. This reduces the risk of emotional decisions during market volatility.

Our recommended Bitcoin exchanges

2. Going Deeper

To truly understand Bitcoin, explore the underlying technology, the economics, and the security concepts.

Recommended resources

Andreas M. Antonopoulos (YouTube) — In-depth explanations of Bitcoin for all levels
The Bitcoin Standard (book) — Foundational work on the economics of Bitcoin by Saifedean Ammous
Mastering Bitcoin (book, free online) — Technical deep dive by Andreas M. Antonopoulos
Podcasts: What Bitcoin Did, The Bitcoin Podcast, Stephan Livera Podcast
Bitcoin Trivia Quiz — Test and build your knowledge through play

The more you learn, the clearer the principle "not your keys, not your coins" will become — and why self-custody matters.

3. Self-Custody

After your first experience with Bitcoin, consider moving to a self-custodial wallet. This gives you full control over your Bitcoin.

What does "non-custodial" mean?

Non-custodial means you alone hold the private key controlling your Bitcoin. No third party can freeze, confiscate, or lose your funds. The most important principle in Bitcoin: "Not your keys, not your coins."

Not dependent on a third party's solvency
Bitcoin cannot be frozen or confiscated
No identity verification needed to access your own funds
You bear full responsibility for the security of your private keys

Hardware wallets

A hardware wallet is the most secure option for most users:

BitBox02 (Bitcoin-only edition) — Swiss-made, open-source, strong security standard
Jade (Blockstream) — Open-source, air-gap capable
Ledger — Widely used with broad app support
Trezor — Pioneer of hardware wallets, open-source

Always buy directly from the manufacturer or an authorised retailer to avoid receiving tampered hardware.

Exchanges with direct hardware wallet withdrawal

Relai — Simple Bitcoin purchase with direct withdrawal
21Bitcoin — Direct Bitcoin purchase platform

Backing up your seed phrase

Your seed phrase is everything. Lose it and your Bitcoin are gone forever:

Paper — Write it on acid-free paper and store securely
Steel wallet — Metal plate for fire- and water-resistant storage
Mnemonic split — Split into three parts (e.g. home, safe deposit box, trusted person). Any two parts are enough to recover.

For beginners, avoid complex passphrase setups or multi-sig — these are for advanced users.

Our recommended hardware wallets

4. Taxes

Tax rules for Bitcoin vary by country. Always consult a tax advisor for your specific situation.

Hold period benefits (Germany)

In Germany, gains from selling Bitcoin are tax-free after a holding period of one year. This makes Bitcoin an attractive long-term investment. Rules may change — always verify current regulations.

Documentation is essential

Keep accurate records of all purchases and sales. Useful tools:

Cointracking — Comprehensive tracking and tax reporting
Koinly — Popular in many countries, supports many exchanges
CoinLedger — Widely used in the US and UK

When in doubt, consult a tax advisor with cryptocurrency expertise.

Our recommended tax tracking tools

5. Inheritance Planning

When self-custodying Bitcoin, plan for what happens when you're gone. Unlike a bank account, there is no customer service to restore access.

Why it matters

Without the private key or seed phrase, Bitcoin are irrecoverable
Your heirs need clear instructions on how to access your Bitcoin
The plan must be both secure and understandable to non-technical people

Approaches

Will with clear instructions — Describe the location of your seed phrase and how to use it
Emergency document — A step-by-step guide for your heirs
Seed phrase split — Distribute parts so they can only be combined in the case of inheritance
Time-locked solutions — Systems that grant access after extended inactivity

Resources

Bitcoins vererben — Comprehensive book on Bitcoin inheritance planning
Consult a lawyer specialising in cryptocurrency and estate planning

Review and update your inheritance plan regularly — especially after major life changes or when you change your storage method.

Bitcoin Beginner Guide