Bitcoin Basics

New to Bitcoin?
Start here.

A guided, plain-English path from first principles to the products — what Bitcoin is, how to hold it safely, how to get exposure, and how to put it to work. No jargon. No hype. Every step links to the receipts.

Start the journey or jump straight to the comparison hub →

The newcomer arcSix stages, in order — Understand → Own → Get exposure → Put to work → Know risks → Compare.

Step 01

Start here — what Bitcoin is.

Before custody, ETFs, or loans, it helps to understand the asset itself: a fixed-supply, internet-native money that no single company or government runs. Get that foundation first — everything after it makes more sense.

ExplainerWhat is Bitcoin?The plain-English version: what it is, why supply is fixed, and why people hold it — no charts, no hype.Read the explainer Existing guideBitcoin loan basicsOnce you own some, the most common first question is borrowing. Here is the beginner-level version.Open the beginner guide

Step 02

Own it safely — custody & keys.

Owning Bitcoin really means controlling the keys. Decide who can move your coins — you alone, a shared multisig setup, or a custodian — before you put serious value at stake. This is the decision the failed platforms got wrong.

ExplainerCustody & keysWhat a private key actually is, the custody models, and how to pick one without losing your coins to a mistake.Read the explainer Pledge dataCompare custody providersSelf-custody, collaborative multisig, and institutional providers — scored on one 8-factor safety methodology.Open custody comparison Pledge dataBrowse walletsThe software and hardware that holds your keys. Tracked for evidence so you can see how each one works.Browse wallets

Go deeper · custody

Custodial vs Non-Custodial

Security · 5 min read

Multi-Sig vs Custodial: Which Custody Model Protects Your BTC?

Security · 10 min read

Step 03

Get exposure — coins, ETFs, or stock.

There is more than one way to get Bitcoin exposure. Owning coins means you hold the keys. A spot ETF gives you spot exposure inside a brokerage. Treasury companies and equities give you indirect exposure through the stock market. Each is a different trade on cost, control, and tax wrapper.

ExplainerETF vs owning BitcoinWhen a share beats holding coins, when it does not, and what you give up either way — in plain English.Read the explainer Pledge dataCompare spot ETFsEvery spot Bitcoin ETF side by side — expense ratio, AUM, and the custody chain behind each one.Compare ETFs Pledge dataTreasury companiesCompanies that hold Bitcoin on their balance sheet, and what their stock actually gives you exposure to.See treasuries Pledge dataBitcoin equitiesMiners, exchanges, and other listed companies with Bitcoin exposure — how each one is actually tied to BTC.See equities

New to the lineup of ETFs themselves? The full ETF directory lists each fund with its own profile.

Step 04

Put it to work — borrow & earn.

Once you hold Bitcoin, you can borrow dollars against it without selling — keeping ownership and any upside, but paying interest and accepting liquidation risk. You can also park value in dollar products. This is where research matters most, because the downside is real.

Existing guideBorrowing, for beginnersWhat a Bitcoin-backed loan is, how LTV and liquidation work, and when borrowing actually makes sense.Read the beginner guide Pledge dataCompare lendersBitcoin-backed lenders scored on safety — APR, custody treatment, and liquidation behavior on every row.Compare loans Pledge toolModel your scenarioBorrow, sell, hold an ETF, self-custody, or park in dollars — scored on cost, tax, risk, and control.Open the scenario tool Pledge dataDollar products & creditBitcoin-linked dollars and Digital Credit, risk-ranked first — because yield is not risk-free, and not Bitcoin.See Digital Credit

Go deeper · borrowing

Borrow or Sell? A Decision Framework

Strategy · 10 min read

Understanding LTV Ratios and Liquidation

Risk · 6 min read

Step 05

Know the risks.

Bitcoin is volatile, the products around it carry their own failure modes, and “not your keys” is a real lesson, not a slogan. Understanding the risks — price, custody, counterparty, rehypothecation — is what separates a confident newcomer from an exposed one.

ExplainerBitcoin risk basicsThe risks that actually matter for a newcomer — volatility, custody failure, and counterparty risk — and how to size them.Read the explainer Pledge dataHow we score riskThe published 8-factor methodology behind every safety score — the lens Pledge applies to every product.Read the methodology

Go deeper · risk

Platform Collapses: Post-Mortems

Risk · 15 min read

Bitcoin-Backed Loan Risks: 5 Dangers & How Each Lender Handles Them

Risk · 12 min read

Step 06

Compare & decide.

You have the foundation. Now use the tools the education was built for: one hub that ranks loans, ETFs, custody, and dollar products on the same safety axis, and a scenario modeller that pits the paths against each other for your exact situation.

Pledge toolThe cross-product hubLoans, ETFs, custody, and dollar products ranked together under one methodology — sort, filter, compare.Open the hub Pledge toolThe scenario modellerYou hold BTC and want a decision. Model every path on cost, tax, risk, and control — every number sourced.Model your scenario LibraryBrowse all guidesThe full guide library — reviews, comparisons, and explainers across every Bitcoin product vertical.Browse the library

Common questions

The questions newcomers actually ask.

I have never owned Bitcoin. Where should I actually start?

Start with what Bitcoin is and why it holds value, then learn how to hold it safely before you think about exposure or borrowing. This hub walks that order: what it is, custody and keys, getting exposure, putting it to work, and the risks. Each step links to the relevant plain-English explainer and then to Pledge’s independent comparisons.

Is a Bitcoin ETF the same as owning Bitcoin?

No. A spot Bitcoin ETF gives you price exposure inside a brokerage, IRA, or 401(k), but a custodian holds the actual coins and you hold a share. Owning coins yourself means you control the keys. They are different trade-offs on cost, convenience, tax wrapper, and control. The ETF vs owning explainer covers it, and you can compare real ETFs side by side on Pledge.

Can I borrow cash without selling my Bitcoin?

Yes. A Bitcoin-backed loan lets you borrow dollars against your BTC as collateral, so you keep ownership and any future upside, but you pay interest and risk liquidation if the price falls. Pledge tracks and scores lenders on safety, and the scenario tool models borrow vs sell vs hold side by side.

Is Pledge selling any of these products?

No. Pledge is independent research with no paid rankings and no commercial relationships with the products it reviews. Every figure traces to a source, and the scoring runs on one published methodology. The education here is the on-ramp; the comparison tables are where you decide.