‹ CHAPTER 6, ALL LESSONS

EXPLORER · CHAPTER 6 · LESSON 1 OF 5

Your first transaction

Getting your first sats

How do people actually get bitcoin? 5 min

Buying on an exchange

The most common way is a regulated exchange or broker. You will be asked for identity documents: this is KYC, know your customer, required by law in most countries. Your purchases are then linked to your identity.

Buying from a person

Peer to peer marketplaces connect buyers and sellers directly. They can offer more privacy, but require more care: use platforms with escrow and reputation, and never pay outside them.

Earning bitcoin

You can also be paid in bitcoin for work, sell goods for it, or receive tips. Earning in sats is how many people start.

Little and often

The price of bitcoin moves a lot, sometimes 20% in a week. Many people buy a fixed amount at regular intervals, whatever the price. This is called dollar cost averaging, or DCA, and it removes the stress of choosing the right moment.

Then withdraw

Once bought, withdraw your bitcoin to a wallet you control. Remember chapter 3: an exchange balance is a promise, not bitcoin.

What to remember

  • Exchanges require identity checks (KYC).
  • Buying a fixed amount regularly (DCA) smooths out volatility.
  • Withdraw to your own wallet after buying.

Quick check

What is DCA?

After buying bitcoin on an exchange, what is the recommended next step?