Matthew Kratter’s ‘A Beginner’s Guide to Bitcoin’ is an excellent resource. At the time of this book review, Mr. Kratter is quite bullish on Bitcoin and he lays out some strong arguments for those considering this choice of investment.
Ever wonder: Is Bitcoin considered money? Is Bitcoin a good investment? Or, how to buy Bitcoin? Mr. Kratter’s book covers this and more. This book review covers some key points I enjoyed in the book, “A Beginner’s Guide to Bitcoin.”
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REVIEWING KRATTER’S “A BEGINNER’S GUIDE TO BITCOIN.”
Mr. Kratter continues to impress and encourage in his matter-of-fact, transparent, and practical writing style. If you’re looking for something to establish a baseline of Bitcoin knowledge, then look no further. This is what you need to get started with buying Bitcoin! Interested? Click here to purchase a copy.
Resource Richness and Readability “A Beginner’s Guide to Bitcoin.”
This book does well in providing readers with enough information to get started without drowning and overwhelming anyone along the way. It also does a good job providing summary level information so that readers don’t make costly user-error mistakes at the beginning. I think it is also worth mentioning the decision to invest in Bitcoin (or any type of investment) may not be for everyone. Mr. Kratter is as he says “very bullish on Bitcoin” and that may not be where everyone else is on their personal finance journey.
Quality of Content
As a guide, this book provides readers with essential definitions and historical context, and practical ‘how-to’ suggestions for those who aren’t quite sure where to start. The decision on whether or not to buy Bitcoin of course is the decision of the individual, and I think he does a good job balancing the approach. If you chose to buy Bitcoin, then this book will get you there.
I appreciate the author’s writing style and I wish more financial material read this way. While I’m sure he could ‘go deep’ on the content I can tell he makes an effort to ensure readers follow the points and understand where he is coming from. Because he writes well, even if people may not buy Bitcoin they can at least appreciate where he is coming from and hopefully learn something along the way.
Adaptability and Application from “ A Beginner’s Guide to Bitcoin.”
While I have only tinkered with Bitcoin myself, this book is all you need to get started and build good holdings within your portfolio. From economic explanations and historical lessons for context to the difference between hot and cold wallets, Mr. Kratter provides the critical points you need to start. Mr. Kratter also provides excellent ‘tips’ on mistakes to avoid and matters of security to ensure your investment is safe and secure. Of course, as he also recommends, this should be done after consulting with your financial advisor.
Mr. Kratter also has a website, books, and YouTube channel full of helpful information that one could use to ‘dive deeper’ as needed. There is a lot of good quality free content as well as paid courses for those who are interested (please note, I have not reviewed those at this time.)
HOW TO USE “A BEGINNER’S GUIDE TO BITCOIN” IN YOUR MONEY MATTERS
With all that said, does it have a place in Family Finances? Mr. Kratter, a Bitcoin ‘Bull’ (i.e. optimistic on the future of Bitcoin) seems to suggest that it absolutely does. I appreciate the fact that Mr. Kratter declares his position, and makes the argument for Bitcoin in his book. He acknowledges and debunks a few of the criticisms of Bitcoin in his book as well, and he generally challenges the status quo. Even if you disagree with buying Bitcoin as an investment, I think it is healthy to hear the argument from an opposing viewpoint. (Of course, a financial advisor should be consulted to help determine your individual application).
Developing Mêtis: How to use Bitcoin in your Family Finances
Mr. Kratter’s expertise and perspectives are very helpful, and I personally see myself more aligned with the idea of using Bitcoin as part of a diverse portfolio. Like I’ve discussed with silver, I think Bitcoin could serve a family well as a buy and hold strategy. In keeping with my general approach to investing, I think a buy-and-hold approach makes the most sense.
Here are some of my favorite parts of the book:
Is Bitcoin a good Investment?
As with any investment decision the classic “it depends” answer also fits here. In general, my approach to investing is to buy-and-hold, invest for the long-term, and to avoid ‘emotionally charged’ buying and selling. With that in mind, I think yes, Bitcoin is a good investment, very possibly a great investment as a store of value.
Is Bitcoin safe and Secure? Can Bitcoin be stolen?
If you decide to buy into Bitcoin then you should be prepared with adequate safeguards to ensure you are protecting your investment. As he shares in his book, Bitcoin owners should remember “Not your keys, not your coins.” This means that if you don’t hold the private keys you are not truly holding the investment.
How to store Bitcoin securely.
Fitting nicely with the previous point, there are very real security elements to consider when buying Bitcoin and not all places that allow you to purchase Bitcoin allow you to transfer your Bitcoin to a wallet where you hold the keys. For example, at the time of this post, Robinhood allows users to purchase Bitcoin, but it does not provide a way to transfer the coins to their wallet. I love Robinhood but I do not think that is the safest way to buy Bitcoin. One of the methods the author recommends are products like Trezor, or Ledger to secure Bitcoin securely offline.
Where to buy and invest in Bitcoin? (Coinbase, Kraken, etc.)
I have used Coinbase to purchase Bitcoin, and so does the author (he uses the upgraded Coinbase Pro version which has reduced fees). However, there are certainly other exchanges where you can purchase Bitcoin (and altcoins). I think the author makes a good point by reminding people to buy on a reputable exchange, and then transfer the bitcoin to their possession instead of leaving it on the exchange. Regardless of your approach, do your research, read reviews, and never EVER share your recovery seed or private keys.
Final thoughts on “A Beginner’s Guide to Bitcoin.”
I think this is a great book, and I’d like to close out the post with a few points. Part of cultivating Mêtis in your Money Matters could be to incorporate 1% or so of your net worth as a good starting point. The author uses this example and I think it makes sense as a good place to start, especially if your goal is to diversify and plan for the long term.
Value for the Price
This is a short, quick read. But, it is packed full of practical resources. It wastes no time in getting started, and for the price, I think it is well worth it. This belongs in any Family Finance Library; pick up a copy today!
Consult a Professional
Like all investments, it is important to understand the ramifications before jumping in. Being a perfect example of a ‘free market’ there are swings and trying to time any of that is risky. Even with that in mind, I also think buying and holding for the long term is the better approach for Bitcoin. All that said, I think the best way to do this is with the help of a trusted financial advisor, and the same applies to Bitcoin.
Here are a few more posts that might interest you:
- The Only Investment Guide You’ll Ever Need | My Review
- A Beginner’s Guide to the Stock Market | Book Review
- Passive Income, Aggressive Retirement | Book Review
- Winning the Loser’s Game | My Review
- Introduction to Investments and How to be Intentional with your Investments
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