Episode Details

In this Short Stack episode of Sat Chats, we break down one of the most misunderstood concepts in Bitcoin: What the heck is a Bitcoin exchange, really? Is it a street corner deal? A farmer's market? Do you have to trade chickens for sats in a Walmart parking lot?

Nope. Turns out, it's a lot more like the currency exchange stand at an airport. Chris and Stewart unpack the real function of Bitcoin exchanges, why they matter, and how they're different from brokers. They discuss popular options like Coinbase, River, and Bitcoin Well, explain how exchanges make money (spoiler: it's the spread), and offer tips on how to get started—without freaking out.

We cover:

✅ What a Bitcoin exchange actually is

✅ The difference between a broker and an exchange

✅ Why “exchanging” is more powerful than “investing”

✅ How exchanges make money (the spread explained)

✅ Which ones we’ve used—and why

✅ Why you should think of Bitcoin as money, not just an investment

✅ The easiest way to buy your first $50 in Bitcoin

Chapters:

00:00 Understanding Bitcoin Exchanges

05:53 How Bitcoin Exchanges Operate

10:09 Getting Started with Bitcoin

Whether you're a total beginner or just crypto-curious, this episode will make the world of Bitcoin exchanges feel way less intimidating. No jargon, no hype—just clarity.

Support Sat Chats directly by:

— Zapping Lightning to satchats@getalby.com

— Grabbing your slot in the studio today at https://satchats.com/

— Sending Bitcoin to bc1q5yrwe6qxujzumg5j28g0rvckx9n859sa08fupc