Bitcoin Webinar: Friend or Foe, Fad or Future
•Download as PPTX, PDF•
1 like•747 views
The webinar covered what Bitcoin is, why it was created, how it works, how it is mined, its dependability, effect on currencies, maturity as an investment, how transactions are tracked, and resources for further information. Presenters from Welch LLP and BitAccess Inc. discussed Bitcoin as a digital currency independent of central banks that uses a peer-to-peer network to enable instant transactions with minimal fees. Questions from the audience were taken at the end.
Recommended
Recommended
More Related Content
Viewers also liked
Viewers also liked (13)
Similar to Bitcoin Webinar: Friend or Foe, Fad or Future
Similar to Bitcoin Webinar: Friend or Foe, Fad or Future (20)
More from Welch LLP
More from Welch LLP (20)
Recently uploaded
Recently uploaded (20)
Bitcoin Webinar: Friend or Foe, Fad or Future
- 1. Welcome to Today’s Webinar The Expert Toolkit Series: Bitcoin: Friend or Foe? Fad or the Future?
- 2. Micheal Burch, CPA, CA, CFP Managing Partner – Welch LLP mburch@welchllp.com www.welchllp.com @WelchLLP Haseeb Awan Co-Founder of BitAccess Inc. haseeb@bitaccess.co www.bitaccess.co @ahaseeba Presenters Jim McConnery, CPA, CA, TEP Partner – Welch LLP jmcconnery@welchllp.com www.welchllp.com @WelchLLP
- 3. • What is it? • Why was Bitcoin created? • Essential elements • How to mine Bitcoins • Dependability • Affect on currencies • Mature enough as an investment? • Who’s maintaining the scorecard? • Resources • Audience Q & A What we will cover today
- 4. What’s the best way to describe Bitcoin? • Digital currency • Operates independently from a Central bank • Payment network system is powered by all users • Exchanged through sending to valid electronic addresses • Minimal transaction fees • Instant transactions
- 5. Why was Bitcoin created in the first place? • Ease of transfer • Anonymous form of payment • Not controlled by a central authority • Concept created by Satoshi Nakamoto
- 6. What are the essential elements of Bitcoin that our clients should know about? www.bitcoins.com • Bitcoins are not tax exempt! • Increasingly popular currency among businesses • Bitcoin money supply is completely transparent • Not the 1st digital currency. Won’t be the last
- 7. How does one mine Bitcoins? • Require software with specialized hardware within the network • Software solves mathematical problems ïƒ based on accuracy, miners receive bitcoins in exchange
- 8. Is Bitcoin dependable? What about these stories we hear about hundreds of thousands of dollars’ worth going missing? • Sophisticated hackers can get a hold of the private cryptographic key associated with your digital wallet through attacking online services that store the keys for many users • There is still no great option for storing digital currencies to ensure theft protection
- 9. Does this mark the demise of national currencies? www.bitcoins.com • Difficult to say at this point • Bitcoin is an example of currency evolving • Cheaper to produce than paper & coins
- 10. Is it mature enough to be considered an investment? • Still very volatile • Bitcoin mining has become exponentially more difficult • Market risk: value has bounced up & down considerably in the past year • Fraud risk
- 11. Who is maintaining the score card? How do I know how much anybody has? Is it verifiable? • Maintained by all Bitcoin users around the world • https://blockchain.info is a bitcoin transaction database & displays how much bitcoin is in circulation • Bitcoin uses private encryption keys to verify owners & register transactions
- 12. What are the best articles you have read/written on the subject? • White papers on Bitcoin • Bitcoin.org
- 13. Micheal Burch, CPA, CA, CFP Managing Partner – Welch LLP mburch@welchllp.com www.welchllp.com @WelchLLP Haseeb Awan Co-Founder of BitAccess Inc. haseeb@bitaccess.co www.bitaccess.co @ahaseeba Audience Q & A Jim McConnery, CPA, CA, TEP Partner – Welch LLP jmcconnery@welchllp.com www.welchllp.com @WelchLLP
Editor's Notes
- Darryl - introductions: Micheal Burch, CPA, CA, CFP, Managing Partner of Welch LLP since 2006, is responsible for the direction and operations of Welch LLP. Micheal provides specialty service support in all areas of strategy and he has extensive experience in taxation, financial and estate planning and cross-border consulting. Haseeb Awan is Electrical Engineer by Degree, Entrepreneur by profession. Mr. Haseeb Awan, is a successful serial entrepreneur, based out of Ottawa and San Fransisco. A recent Y-Combinator graduate, his company BitAccess-Digital Currency ATM is now a world leading bitcoin ATM manufacturer with operation in 48 cities in 15 countries, across 4 continents within only 10 months of launching. Mr Haseeb has previously served in different capacities with Pakweels.com, Efani, Spano Drinks and ChipTag Technologies and managed various online stores. Jim McConnery, CPA, CA, TEP, Partner at Welch LLP is a Tax and Estate Practitioner with a wide range of expertise in tax which he has acquired through his 18 years of public accounting.
- Seed Questions: 1) Can bitcoins become worthless? 2) What if someone creates a better digital currency? 3) Why do people trust Bitcoin?