Start Here
New to Bitcoin? This is the right place. Work through the sections below at your own pace — from the basics to safely storing your first Bitcoin.
What Is Bitcoin?
Bitcoin is money for the internet, the first digital currency not controlled or issued by any central authority: no government, bank, or company controls it.
But Bitcoin is more than a currency. It also functions as a secure, distributed network of peers, where security comes from a process called mining, the same process by which new Bitcoin is issued and by which it derives its value.
Through mining, a digital object (a bitcoin unit) is tied to real-world cost: it is expensive to produce because of the energy required to generate it. This creates, for the first time in distributed computing, a direct link between a digital asset and physical cost, a genuinely revolutionary technological advancement.
Why It Matters
Bitcoin is the first time in history that people have access to digital money that nobody controls. As more of our lives move online, the internet needs a public, neutral money, one that doesn't belong to any single company, government, or group. Bitcoin is that money.
Sound Money
Traditional currencies lose purchasing power over time as governments print more of them. Bitcoin is different, its supply is fixed, so no authority can inflate it away or quietly devalue your savings.
Financial Sovereignty
With Bitcoin, you can hold and send money anywhere in the world without a bank account, without asking permission, and without anyone being able to stop you. You are the sole custodian of your own wealth.
Censorship Resistance
No one can freeze your Bitcoin. No one can block your transaction. The network is open to everyone and has run continuously, without interruption, since 2009.
Common Pitfalls & Misconceptions
“Bitcoin is just one of thousands of cryptos”
Bitcoin is fundamentally different from other cryptocurrencies. It has the longest track record, the most decentralised network, and the only credible claim to being digital sound money. Most other projects are unrelated speculative assets.
Leaving Bitcoin on an exchange
If you don't control your private keys, you don't own your Bitcoin. Exchanges can be hacked, go bankrupt, or freeze withdrawals. Always move meaningful amounts to your own wallet.
Trying to time the market
Most beginners lose money trying to trade in and out. A simple strategy of regular purchases over time (dollar-cost averaging) has historically outperformed active trading for most people.
“I missed it”
This has been said at every price level throughout Bitcoin's history. Bitcoin adoption is still in early stages globally — the opportunity is not over.
How It Actually Works
The Blockchain
Bitcoin transactions are grouped into blocks and added to a chain, one after another. Each block references the one before it, making the history tamper-proof. This ledger is replicated across thousands of nodes worldwide.
Mining & Proof of Work
New transactions are validated by miners — computers competing to solve a mathematical puzzle. The winner adds the next block and earns newly issued Bitcoin as a reward. This process, called Proof of Work, secures the network and controls how new Bitcoin enters circulation.
Public & Private Keys
Your Bitcoin is locked to a public address (like an account number) and can only be spent with the corresponding private key (like a password). Whoever holds the private key controls the Bitcoin — guard it accordingly.
How to Store It Safely
Software Wallets
A good starting point for small amounts. Apps like Relai or Pocket Bitcoin give you full control of your keys on your phone.
Hardware Wallets
For larger amounts, a hardware wallet stores your private keys offline and away from hackers. BAS corporate member BitBox makes a trusted Swiss-designed hardware wallet purpose-built for Bitcoin.
Your Seed Phrase
When you set up a wallet, you'll receive a 12 or 24-word seed phrase. This is the master backup for your Bitcoin. Write it down on paper and store it somewhere safe and private — never take a screenshot or store it digitally. Anyone with your seed phrase can access your funds.
Bitcoin in Switzerland: Tax & Legal
Switzerland has one of the most developed regulatory environments for Bitcoin in the world. Here are the key points for Swiss residents:
Taxation
In Switzerland, Bitcoin held by private individuals is generally treated as a movable asset. Capital gains from private trading are typically tax-free for most individuals, but Bitcoin holdings must be declared as wealth on your annual tax return. Rules vary by canton — always consult a tax advisor for your specific situation.
Legal Status
Bitcoin is fully legal in Switzerland. The Swiss Financial Market Supervisory Authority (FINMA) provides guidelines on crypto assets, and Switzerland's "Crypto Valley" in Zug is home to many of the world's leading Bitcoin and blockchain companies.
Further Reading
- Bitcoin Whitepaper — the original 9-page paper by Satoshi Nakamoto
- Swiss Federal Tax Administration (ESTV) — official guidance on crypto taxation
- FINMA — Swiss financial regulator's position on crypto assets
Swiss Bitcoin Communities
Switzerland has an active and welcoming Bitcoin community. Here's where to connect with people in person and online:
Bitcoin Association Switzerland
That's us. We organise regular meetups across Switzerland, run working groups, and connect individuals and companies around Bitcoin. Check our events page for upcoming gatherings.
Partner Organisations
The BAS works alongside other Swiss organisations dedicated to Bitcoin and sound money. See the full list on our members page.