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Getting Started with Bitcoin
- 1. Bitcoin Cheryl Fong Getting Started with bubblemelon.com
- 2. What is a Bitcoin? Decentralized Digital Currency || Cryptocurrency
- 3. Why be interested in Bitcoin ? Benefits of using Bitcoin: ● No Credit card/Paypal approval ● No Bank fees ● For Everyday usage ● Passive income: e.g. FOREX ● Explore Fintech
- 4. Bitcoin features: Low Fees Web Anonymous
- 5. Transactions with Bitcoin Bitcoin Wallet
- 11. The Blockchain https://blockchain.info/home ● Functions as a digital ledger ● Made of linked nodes (network) of verified transaction ● Recorded chronologically ● Publicly available
- 12. Secure Hash Algorithm SHA - 256 The Genesis Block: The first transaction ever made on the first block ever created.
- 13. Learning more about the Blockchain . . . *Blockchain applications http://www.blockchaintechnologies.com/blockchain-applications
- 14. Start Bitcoin Mining A process of adding transaction records to Bitcoin's public ledger of past transactions. The Process: 1. Generate a SHA-256 hash less than the current target ( 256-bit number - bitcoin client ) 2. Block with transaction gets added to blockchain 3. Receive Bitcoin reward 4. Repeat
- 17. Mining Pool Group Mining Versus Mining Solo Shared mining resources You are left to your own devices Shared hashing power Split rewards Rewards are all yours Rewards are consistent Once every few years A way for Bitcoin miners to pool their resources together.
- 18. Bitcoin Mining
- 20. Thank you Get started today !
Editor's Notes
- So before I tell you how to mine, you need to know what you are mining: First decentralized digital currency, The most important word in this simple definition is “ decentralized” This is one of the features that makes bitcoins unique: Not owed by one authority such as the federal reserve, any banks or one person, For everyday conversation, this is what you need to know. Because of it’s decentralised nature
- It’s the same thing as asking why should I be interested in Money? Or say Cash ?
- Now lets talk a little more about what it means for a currency to be decentralised and the features that come with it: Lower fees ( transfer cost is out of the equation ) -- Bank have account minimums, when you reach a certain age and we are not getting any younger Account wont freeze , no prerequisits like minimum saving/checking amount Transferred via the internet (WEB) - connect to wifi as simple as that Any country In fact you can remain anonymous, and make as many bitcoin accounts as you want
- Use a GUI to deal to work with Transactions. It’s like, how do i send a message to Andrew, well you download an app and use it to send a message. Works just like SSH public keys
- Explain GUI https://www.hackerrank.com/tests/30f6int7c9r/2976be9e189d8974554aed089c322ff2 Do their technical interview test online
- 1 bitcoin value
- a digital ledger in which transactions made in bitcoin are recorded chronologically and publicly. You can look at it recorded transactions. this will give you feel of what fintech is about, i.e. financial technology. Anonymity Many blockchain applications
- Developed by the NSA == National Security Agency 256 == output is 32 bytes == each block is 32bytes BitCoin uses the SHA-256 hash algorithm to generate a block containing the verified transaction. The hash output (the block generated) depends on the block before it.
- The target is a 256-bit number (extremely large) that all Bitcoin clients share. The SHA-256 hash of a block's header must be lower than or equal to the current target for the block to be accepted by the network. The lower the target, the more difficult it is to generate a block.
- Bitmain is the brand Antminer is the model name Fin Array == helps cools the device ASIC == Application specific integrated circuit Miner in a form of a usb drive.
- Bitmain is the brand Antminer is the model name ASIC == Application specific integrated circuit Miner in a form of a usb drive.
- Computation power is very expensive Bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the reward equally according to the amount of shares they contributed to solving a block. A "share" is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block reward on a consistent basis, rather than randomly once every few years.
- Are bitcoin created ? Bitcoins are not created as a tangible objects. There are no physical representation of bitcoins It is in fact, they are not stored as a value on the blockchain. When coins are mined , the miner’s balance is credited by a "generate" transaction which adds to his or her available balance. When coins are sent from A to B, that transaction subtracts from A's balance and adds to B's balance. This is just like how paypal works or doing online banking. You don’t actually see money being transferred physically. Is bitcoin anonymous? Yes it is. You’re identity is identified by a number. If are afraid of people keeping track, then make a new account that gives you a new identity number. Can you make money from bitcoin mining? Yes and No. Who is the creator of Bitcoin? Satoshi Nakamoto Is not a real person but is a pseudonym of a person or maybe a group of people who created the original Bitcoin client. Nakamoto helped with the code and mining but in 2010 he/they disappeared, never heard from again.