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Bitcoin Workshop
 

Bitcoin Workshop

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Buying and selling bitcoin. Installing the software and transacting. Contact AcademyX (www.academyx.com) for more info.

Buying and selling bitcoin. Installing the software and transacting. Contact AcademyX (www.academyx.com) for more info.

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    Bitcoin Workshop Bitcoin Workshop Presentation Transcript

    • Bitcoin
    • What is Bitcoin?  Decentralized, distributed currency  No third-party like a bank or Paypal  Based on public/private key cryptography  Somewhat anonymous  in terms of who‟s sending and receiving money  Transactions are public though  Good for porn, drugs, money laundering  Deflationary currency  Only 21 million bitcoins can exist  Inflation while more bitcoins are mined until it slows down  Gold 2.0? Reference: https://weusecoins.com
    • History  Satoshi Nakamoto originator  Individual or group?  Seminal paper published Oct. 2008  Pizza bought for 10,000 BTC May 2010  MtGox established July 2010  Etc. Reference: https://en.bitcoin.it/wiki/History
    • Software  PC Desktop:  Bitcoin-QT  Multibit  Electrum  Mac Desktop  Bitcoin-QT  Multibit  iPhone  Blockchain  Android  Bitcoin Wallet Reference: http://bitcoin.org/en/choose-your-wallet
    • Try it!  Try downloading a client, Electrum, and installing it on the PC in front of you.  Try installing a client on your smartphone:  Blockchain for iPhone  Bitcoin Wallet on Android  Send money between the accounts! Let me know if you need a loan Post your public wallet addresses here: http://bit.ly/1d3rGNq
    • Exchanges  MtGox  Pros: lots of buyers  Cons: hard to extract money; Japanese; often down  Bitstamp  Pros: large audience  Cons: does not offer Litecoin  Coinbase  Pros: simple, easy for US buyers  Cons:  Localbitcoins  Pros: no traces! Transaction immediate. Meet new people.  Cons: Sometimes sketchy!
    • Try it!  Try signing up for an account on:  Coinbase  Bitstamp  Send yourself some money
    • Security  Two-factor authentication  Choosing good passwords (combine „em!)  Keyphrase reminders  Create new wallets and transfer balances
    • Mining  CPUs vs. GPUs  Mining Pools and clients  Bitminter  GUIMiner  Butterfly Labs ASIC hardware Reference: https://www.weusecoins.com/en/mining-guide
    • Resources  reddit.com/r/bitcoin  bitcointalk.org  weusecoins.com
    • Alternatives  Litecoin  “Altcoins”  Ripple