3. INTRODUCTION TO BITCOIN
Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank
or single administrator, which can be sent from user to user on the peer-to-peer
bitcoin network without the need for intermediaries.
To cut through some of the confusion surrounding bitcoin, we need to separate it into
two components. On the one hand, you have bitcoin-the-token, a snippet of code
that represents ownership of a digital concept – sort of like a virtual IOU. On the
other hand, you have bitcoin-the-protocol, a distributed network that maintains a
ledger of balances of bitcoin-the-token. Both are referred to as “Bitcoin.”
The system enables payments to be sent between users without passing through a
central authority, such as a bank or payment gateway. It is created and held
electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by
computers all around the world, using free software.
It was the first example of what we today call cryptocurrencies, a growing asset class
that shares some characteristics of traditional currencies, with verification based on
cryptography.
4. NUMBER 1
Nobody owns the Bitcoin network much like no one owns the
technology behind email. Bitcoin is controlled by all Bitcoin users
around the world. While developers are improving the software,
they can't force a change in the Bitcoin protocol because all
users are free to choose what software and version they use.
IT BELONGS TO NO BANK, CORPORATION, OR GOVERNMENT
5.
6. NUMBER 2
IN FACT, THERE ARE ONLY 21 MILLION BITCOINS THAT CAN BE MINED
IN TOTAL.
ONCE MINERS HAVE UNLOCKED THIS AMOUNT OF BITCOINS, THE
PLANET'S SUPPLY WILL ESSENTIALLY BE TAPPED OUT, UNLESS
BITCOIN'S PROTOCOL IS CHANGED TO ALLOW FOR A LARGER SUPPLY.
ALL CONFIRMED BITCOIN TRANSACTIONS ARE RECORDED IN THE
BLOCKCHAIN.
10. NUMBER 4
ALL BITCOIN TRANSACTIONS ARE PUBLIC, TRACEABLE, AND
PERMANENTLY STORED IN THE BITCOIN NETWORK.
ANYONE CAN SEE THE BALANCE AND ALL TRANSACTIONS OF ANY
ADDRESS.
SINCE USERS USUALLY HAVE TO REVEAL THEIR IDENTITY IN ORDER TO
RECEIVE SERVICES OR GOODS, BITCOIN ADDRESSES CANNOT REMAIN
FULLY ANONYMOUS.
11.
12. NUMBER 5
YOU CAN MINE BITCOIN
BITCOIN MINING IS DONE BY SPECIALIZED COMPUTERS.
THE ROLE OF MINERS IS TO SECURE THE NETWORK AND TO PROCESS EVERY
BITCOIN TRANSACTION.
MINERS ACHIEVE THIS BY SOLVING A COMPUTATIONAL PROBLEM WHICH ALLOWS
THEM TO CHAIN TOGETHER BLOCKS OF TRANSACTIONS (HENCE BITCOIN’S
FAMOUS “BLOCKCHAIN”.
FOR THIS SERVICE, MINERS ARE REWARDED WITH NEWLY-CREATED BITCOINS AND
TRANSACTION FEES.
13.
14. NUMBER 6
YOU CANT REVERSE A TRANSACTION OR BE FORCED TO
PAY
YOU’RE IN TOTAL CONTROL
15.
16. NUMBER 7
YOU CAN SEND
MONEY WITH LITTLE
TO NO FEES IN A
FEW MINUTES
24. NUMBER 11
TO BUY AND SELL WITH BITCOIN, YOU WILL NEED A PUBLIC AND PRIVATE KEY.
THERE ARE OVER 4 BILLION POSSIBLE COMBINATIONS THAT SOMEBODY WOULD
HAVE TO WORK THROUGH TO GUESS YOUR PRIVATE KEY
SUPER SAFE BEST WAY YET
25.
26. NUMBER 12
THE UNITED STATES HAS THE MOST BITCOIN
ATMS OUT OF ALL COUNTRIES
MORE THAN ALL THE OTHER COUNTRIES IN
THE WORLD COMBINED
30. NUMBER 14
THE FIRST EVER BITCOIN PURCHASE WAS FOR
PIZZA
during 2010, when early adopter Laszlo Hanyecz
paid 10,000 BTC for pizza.
Many have argued that this is the first time that BTC
was assigned an actual dollar value. eToro’s Mati
Greenspan has even said that without that one
transaction, the industry wouldn’t be where it is
today.
31. NUMBER 15
MY PERSONAL FAVOURITE
BITCOIN IN 2019
WAS THE BEST
PREFORMING
ASSET
1
AND THAT’S OUT
OF EVERYTHING
ELSE,GOLD
SILVER,TC
2
AND IT WENT
THROUGH A 41%
DECLINE
3
