FAQ

Should I invest all my savings in Bitcoin?

NO, you should not. You should never invest more than you can afford to lose, whether it's stocks or bitcoin. The exchange rate varies a lot. If losing money keeps you awake at night, it would be better to leave your money in the bank.

The exchange rate goes up and down all the time. Is it smart to buy now?

If I could answer that, I wouldn't have written it here. Then I would be a multimillionaire and lie on the beach on my private island in the Caribbean. You have to evaluate for yourself whether it is safe to buy or sell.

Which Bitcoin client/wallet should I use?

It is entirely up to the equipment you use. The most complete for regular use is Bitcoin Core. It requires a reasonably fast machine with a fast disk and a fast network. For easier-to-use equipment and simpler usage, Electrum is a good alternative. Especially interested parties can install Armory, but note that it requires at least 16 GiB of RAM and is resource-intensive.

If you want an app for your mobile phone or tablet, or a web-based wallet, then Green Address is a good alternative. This is available as an app for Android, iPhone and Chrome. See the overview on bitcoin.org for more alternatives, including many apps for smartphones and tablets.

How do I secure my wallet?

If you have more money in your Bitcoin wallet than you're comfortable having in cash, you should encrypt the wallet. Write down the password on a piece of paper and keep it safe. Place it in a secure location. You will forget the password. The other thing you must do, and this always applies, is take a backup of the wallet. In the menu, there is usually an "export wallet" or similar option. Newer wallets often give you twelve words that you must write down. Make sure to store the backup physically in a different location than where you have the wallet. Be very careful not to leave too much money on unsecured web-based wallets, exchanges, and the like. Anonymous transactions are not always the best way to take care of your money.

It is time for tax returns. What was the rate at the end of the year?

At the end of 2023 we bought at 427088.58 NOK/BTC and sold at 433962.04 NOK/BTC.

At the end of 2022 we bought at 159437.75 NOK/BTC and sold at 162226.96 NOK/BTC.

At the end of 2021 we bought at 402550.71 NOK/BTC and sold at 409893.19 NOK/BTC.

At the end of 2020 we bought at 248475.32 NOK/BTC and sold at 253850.01 NOK/BTC.

At the end of 2019 we bought at 63211.68 NOK/BTC and sold at 64562.97 NOK/BTC.

At the end of 2018 we bought at 32054.48 NOK/BTC and sold at 32855.93 NOK/BTC.