A concept only nine pages long: This is how the history of Bitcoin began in 2008. The idea of blockchain was born, the idea for a new financial world. Since then, thousands of cryptocurrencies have established themselves and with them several central trading venues, such as Sam Bankman-Fried's crypto exchange FTX. Can such exchanges be trusted? What steps are safe if you want to get into crypto?

When we report on Bitcoin or crypto at SPIEGEL, we receive questions about investments. We can't give concrete investment tips, but in our "Crypto Basics" we explain the basics of the crypto world. What is the revolutionary idea behind Bitcoin – and where do most scams come in? Find out in this podcast, the first of five episodes of our "Crypto Basics".

To listen to our series on what is believed to be one of the most spectacular fraud cases in the financial world, subscribe to the podcast »Krypto-Guru«. There is a new episode every Saturday (and another edition of the "Crypto Basics" on Tuesdays).