SlideShare a Scribd company logo
Introduction to Bitcoin
By- Anshu Negi
What is Bitcoin?
Bitcoin is a global Peer-to-Peer currency that is designed
for the Internet. It is modeled after gold and behaves like
cash online, and can be used by anyone.
It has no central authority, and is deflationary in nature.
There will only be a total of 21 Million Bitcoins created, and
or mined between now and the year 2140.
What is Bitcoin?
The only regulated factor built into the system is the
number of coins generated through mining.
Currently, the network allows approximately 25 Bitcoins to
be mined every 10 minutes. This number halves
approximately every four years.
The currency is divisible by 8 decimal places.
(฿.00000001)
This number can be adjusted within the Bitcoin protocol if
needed.
What are they worth?
Like fiat currencies, they are worth what we think they are.
When the first Bitcoin exchanges went online, the price per
Bitcoin was about $.05*.
Currently** the price has been hovering around $100 per
Bitcoin.
Bitcoin reached its all time high in April of 2013 when it
reached $266 per coin.
Speculators anticipate it can go much higher.
*Source: http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zv
**August 15. 2013
How do you get Bitcoins?
There are currently four methods of acquiring
Bitcoins.
1. Mining (Requires large investment)
2. Wiring in fiat currency to an BTC
exchange.
3. Buying from an individual.
4. Selling items for BTC
Bitcoins are commonly abbreviated as BTC. However, ISO standards require an
“X” in front of non-centralized currencies. The official abbreviation has yet been
decided.
Where do you store Bitcoins?
Bitcoins are stored in what are called wallets.
A wallet is a randomly generated string of
numbers and consists of two parts:
the public key and private key.
Example of a public key:
14GabW85FUMQy62CMWLCToQLo81w7iXL2x
Where do you store Bitcoins?
The second half of the Bitcoin wallet is what is known as
the private key.
The reason it is called a private key is that it is intended
that only you, the wallet owner, has access to it.
Disclaimer: If anyone gets ahold of your private key, they
will have access to all of your Bitcoins.
ALWAYS KEEP YOUR PRIVATE KEY PRIVATE!
What is a Bitcoin wallet?
There are three different types of Wallets.
Online Wallet Services:
All that is required on your behalf is to create and
remember a password.
The most popular services are Blockchain.info and
Coinbase.
Considered safe, but still susceptible to network failures
and hacking. You can take measures to increase security.
What is a Bitcoin wallet?
Local Wallets or Offline Wallets:
A local wallet is an application that can be downloaded to
your personal computer.
Your private key(s) are stored locally on your hard drive.
Considered safe, yet is important to make backups of your
private keys in case your hard drive fails.
Also carries a risk of hacking or physical theft.
There are safeguards to make this method more secure.
What is a Bitcoin wallet?
Paper Wallets:
A paper wallet is a public/private key that is generated
offline and printed on a physical piece of paper and then
stored in a safe location.
Arguably the most secure way to store your BTC.
No record of the private key online or your hard drive.
Impossible to be hacked.
They are still susceptible to theft, fire and water damage.
How do I send Bitcoins to someone?
Sending or receiving Bitcoins is as simple as scanning a QR
code with your smartphone.
Online services such as Blockchain.info and Coinbase both
use their own official apps.
Both have security features that require you to use a PIN to
make transactions.
Simply scan the receivers QR, enter the number of coins to
send, and you are done.
The transaction appears within the network almost instantly!
Example of a QR code.
QR Code Generated for the public key:
14GabW85FUMQy62CMWLCToQLo81w7iXL2x
How can I keep my Bitcoins secure?
Here are a few tips to keep your Bitcoins safe:
1: Use strong passwords.
2: Use 2 Factor Authentication for online services.
3: Always encrypt your wallet files.
4: Keep your paper wallets in a safe and secure place.
5: ALWAYS run antivirus software if you are on Windows.
Think of Bitcoin as cash. You would never leave $10,000 out in the open. The same should be said
for Bitcoin. As the Bitcoin economy continues to grow, taking proper security measures will me much
Do I have to buy whole Bitcoins?
No. It is very easy to buy fractional amounts of Bitcoins.
Coinbase, a service that lets you buy BTC with your bank
account, requires a minimum of .10 BTC to be purchased.
Therefore, if the market value is $105, then the minimum
amount you can buy would be $10.50.
If you want to buy less, it is recommended that you wire
money into one of the many BTC exchanges.
The process of wiring money takes about 3-5 days.
What can I do with my Bitcoins?
You can spend them, just like cash.
You can save them.
You can day trade with them.
You can invest in various BTC based
companies.
What are the risks involved?
Bitcoin carries many of the same risks that cash does.
Susceptible to physical theft.
Holes in online services could lead to hacking and theft.
The market is incredibly volatile. Fluctuations of 10% or
more are fairly common.
Government intervention.
Misinformed slandering by the Media.
Should I invest, and if so, how much?
Short answer, yes.
While many traditional industry analyst still proclaim Bitcoin
as a joke, or a fad, the truth is that many of these
individuals are perfectly fine with the system in its current
form.
Their arguments are very similar to those of the 90’s when
the Internet was coming to fruition.
It is highly likely that many of these talking heads are in fact
investing heavily into BTC, whilst keeping the mainstream
at bay... For now.
Rule #1 of investing:
What is the potential outcome of Bitcoin’s price?
Bitcoin will either succeed with the mainstream or fail.
Below is an example of what the price may be by 2025:
The estimated world GDP is expected to be around $71T in
the year 2025.
If Bitcoin can establish a 0.1% Market Cap or $71B
(APPL is $456B) and 25% are used for transactions, then
the market price of one Bitcoin would be about...
$14,947
Source: http://www.btcglobe.com/tool/calculate-future
Have you ever said one of the following to yourself?
“I should have invested in Apple.”
“I should have invested in Microsoft.”
“I should have invested in Google.”
If the answer is, “yes” then make sure that in
ten or more years you are not stating to
yourself...
“I should have invested into Bitcoin.”
Bitcoin Presentation.pptx

More Related Content

Similar to Bitcoin Presentation.pptx

Bitcoin technology
Bitcoin technologyBitcoin technology
Bitcoin technology
PatrickLanceDeVera
 
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
Bitcoin Wallet Canada
 
CryptoCurrency CashOut
CryptoCurrency CashOutCryptoCurrency CashOut
CryptoCurrency CashOut
rodmister
 
Bitcoin:Global Digital Currency
Bitcoin:Global Digital CurrencyBitcoin:Global Digital Currency
Bitcoin:Global Digital Currency
Surbhi Jain
 
BITCOIN TECHNOLOGY(AAappZZ)
BITCOIN TECHNOLOGY(AAappZZ)BITCOIN TECHNOLOGY(AAappZZ)
BITCOIN TECHNOLOGY(AAappZZ)
Arun Nair
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
Lalit Kumar Gangwar
 
“Emerging Investment Avenues: A new path for Financial Investors”
“Emerging Investment Avenues: A new path for Financial Investors”“Emerging Investment Avenues: A new path for Financial Investors”
“Emerging Investment Avenues: A new path for Financial Investors”
Mohit Garg
 
What is bitcoin?
What is bitcoin?What is bitcoin?
What is bitcoin?
Sharesarkar
 
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
Bitkingdom
 
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdfWhat is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
Suraj Sharma
 
Bitcoin Breakthrough Training Guide.
Bitcoin Breakthrough Training Guide.Bitcoin Breakthrough Training Guide.
Bitcoin Breakthrough Training Guide.
KepharsKunda
 
Crypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre GholamCrypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre Gholam
PMILebanonChapter
 
Article - Bitcoin 101.docx
Article - Bitcoin 101.docxArticle - Bitcoin 101.docx
Article - Bitcoin 101.docx
Athena yung
 
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
Chimezie Chuta
 
Bitcoin is the future of money in developing economies
Bitcoin is the future of money in developing economiesBitcoin is the future of money in developing economies
Bitcoin is the future of money in developing economies
KamitrisDorsey
 
Crypto Quantum Leap (1).pdf
Crypto Quantum Leap (1).pdfCrypto Quantum Leap (1).pdf
Crypto Quantum Leap (1).pdf
Mukeshbhaskar8
 
Bitcoin for beginners
Bitcoin for beginnersBitcoin for beginners
Bitcoin for beginners
GinoCarbone1
 
Bitcoin
BitcoinBitcoin
Bitcoin 101: The Currency, The Network, The Community
Bitcoin 101: The Currency, The Network, The CommunityBitcoin 101: The Currency, The Network, The Community
Bitcoin 101: The Currency, The Network, The Community
Earthsite
 
Bitcoin A General Overview
Bitcoin A General Overview Bitcoin A General Overview
Bitcoin A General Overview
Bradley W. Deacon
 

Similar to Bitcoin Presentation.pptx (20)

Bitcoin technology
Bitcoin technologyBitcoin technology
Bitcoin technology
 
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
Is It Safe To Invest In Bitcoin? Check Out How To Easily Buy Bitcoin In Canad...
 
CryptoCurrency CashOut
CryptoCurrency CashOutCryptoCurrency CashOut
CryptoCurrency CashOut
 
Bitcoin:Global Digital Currency
Bitcoin:Global Digital CurrencyBitcoin:Global Digital Currency
Bitcoin:Global Digital Currency
 
BITCOIN TECHNOLOGY(AAappZZ)
BITCOIN TECHNOLOGY(AAappZZ)BITCOIN TECHNOLOGY(AAappZZ)
BITCOIN TECHNOLOGY(AAappZZ)
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
 
“Emerging Investment Avenues: A new path for Financial Investors”
“Emerging Investment Avenues: A new path for Financial Investors”“Emerging Investment Avenues: A new path for Financial Investors”
“Emerging Investment Avenues: A new path for Financial Investors”
 
What is bitcoin?
What is bitcoin?What is bitcoin?
What is bitcoin?
 
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
Bit kingdom { Join Bitkingdom http://bit.ly/1WVBMS8}
 
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdfWhat is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdf
 
Bitcoin Breakthrough Training Guide.
Bitcoin Breakthrough Training Guide.Bitcoin Breakthrough Training Guide.
Bitcoin Breakthrough Training Guide.
 
Crypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre GholamCrypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre Gholam
 
Article - Bitcoin 101.docx
Article - Bitcoin 101.docxArticle - Bitcoin 101.docx
Article - Bitcoin 101.docx
 
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
Conceptual Issues and Basic Method of BitCoin, Cryptography, Economics & The ...
 
Bitcoin is the future of money in developing economies
Bitcoin is the future of money in developing economiesBitcoin is the future of money in developing economies
Bitcoin is the future of money in developing economies
 
Crypto Quantum Leap (1).pdf
Crypto Quantum Leap (1).pdfCrypto Quantum Leap (1).pdf
Crypto Quantum Leap (1).pdf
 
Bitcoin for beginners
Bitcoin for beginnersBitcoin for beginners
Bitcoin for beginners
 
Bitcoin
BitcoinBitcoin
Bitcoin
 
Bitcoin 101: The Currency, The Network, The Community
Bitcoin 101: The Currency, The Network, The CommunityBitcoin 101: The Currency, The Network, The Community
Bitcoin 101: The Currency, The Network, The Community
 
Bitcoin A General Overview
Bitcoin A General Overview Bitcoin A General Overview
Bitcoin A General Overview
 

Recently uploaded

一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
ecqow
 
Comparative analysis between traditional aquaponics and reconstructed aquapon...
Comparative analysis between traditional aquaponics and reconstructed aquapon...Comparative analysis between traditional aquaponics and reconstructed aquapon...
Comparative analysis between traditional aquaponics and reconstructed aquapon...
bijceesjournal
 
AI assisted telemedicine KIOSK for Rural India.pptx
AI assisted telemedicine KIOSK for Rural India.pptxAI assisted telemedicine KIOSK for Rural India.pptx
AI assisted telemedicine KIOSK for Rural India.pptx
architagupta876
 
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURSCompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
RamonNovais6
 
People as resource Grade IX.pdf minimala
People as resource Grade IX.pdf minimalaPeople as resource Grade IX.pdf minimala
People as resource Grade IX.pdf minimala
riddhimaagrawal986
 
integral complex analysis chapter 06 .pdf
integral complex analysis chapter 06 .pdfintegral complex analysis chapter 06 .pdf
integral complex analysis chapter 06 .pdf
gaafergoudaay7aga
 
Data Driven Maintenance | UReason Webinar
Data Driven Maintenance | UReason WebinarData Driven Maintenance | UReason Webinar
Data Driven Maintenance | UReason Webinar
UReason
 
Advanced control scheme of doubly fed induction generator for wind turbine us...
Advanced control scheme of doubly fed induction generator for wind turbine us...Advanced control scheme of doubly fed induction generator for wind turbine us...
Advanced control scheme of doubly fed induction generator for wind turbine us...
IJECEIAES
 
Material for memory and display system h
Material for memory and display system hMaterial for memory and display system h
Material for memory and display system h
gowrishankartb2005
 
22CYT12-Unit-V-E Waste and its Management.ppt
22CYT12-Unit-V-E Waste and its Management.ppt22CYT12-Unit-V-E Waste and its Management.ppt
22CYT12-Unit-V-E Waste and its Management.ppt
KrishnaveniKrishnara1
 
Null Bangalore | Pentesters Approach to AWS IAM
Null Bangalore | Pentesters Approach to AWS IAMNull Bangalore | Pentesters Approach to AWS IAM
Null Bangalore | Pentesters Approach to AWS IAM
Divyanshu
 
spirit beverages ppt without graphics.pptx
spirit beverages ppt without graphics.pptxspirit beverages ppt without graphics.pptx
spirit beverages ppt without graphics.pptx
Madan Karki
 
IEEE Aerospace and Electronic Systems Society as a Graduate Student Member
IEEE Aerospace and Electronic Systems Society as a Graduate Student MemberIEEE Aerospace and Electronic Systems Society as a Graduate Student Member
IEEE Aerospace and Electronic Systems Society as a Graduate Student Member
VICTOR MAESTRE RAMIREZ
 
BRAIN TUMOR DETECTION for seminar ppt.pdf
BRAIN TUMOR DETECTION for seminar ppt.pdfBRAIN TUMOR DETECTION for seminar ppt.pdf
BRAIN TUMOR DETECTION for seminar ppt.pdf
LAXMAREDDY22
 
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
Gino153088
 
Embedded machine learning-based road conditions and driving behavior monitoring
Embedded machine learning-based road conditions and driving behavior monitoringEmbedded machine learning-based road conditions and driving behavior monitoring
Embedded machine learning-based road conditions and driving behavior monitoring
IJECEIAES
 
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
Sinan KOZAK
 
cnn.pptx Convolutional neural network used for image classication
cnn.pptx Convolutional neural network used for image classicationcnn.pptx Convolutional neural network used for image classication
cnn.pptx Convolutional neural network used for image classication
SakkaravarthiShanmug
 
Properties Railway Sleepers and Test.pptx
Properties Railway Sleepers and Test.pptxProperties Railway Sleepers and Test.pptx
Properties Railway Sleepers and Test.pptx
MDSABBIROJJAMANPAYEL
 
Generative AI leverages algorithms to create various forms of content
Generative AI leverages algorithms to create various forms of contentGenerative AI leverages algorithms to create various forms of content
Generative AI leverages algorithms to create various forms of content
Hitesh Mohapatra
 

Recently uploaded (20)

一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
一比一原版(CalArts毕业证)加利福尼亚艺术学院毕业证如何办理
 
Comparative analysis between traditional aquaponics and reconstructed aquapon...
Comparative analysis between traditional aquaponics and reconstructed aquapon...Comparative analysis between traditional aquaponics and reconstructed aquapon...
Comparative analysis between traditional aquaponics and reconstructed aquapon...
 
AI assisted telemedicine KIOSK for Rural India.pptx
AI assisted telemedicine KIOSK for Rural India.pptxAI assisted telemedicine KIOSK for Rural India.pptx
AI assisted telemedicine KIOSK for Rural India.pptx
 
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURSCompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
CompEx~Manual~1210 (2).pdf COMPEX GAS AND VAPOURS
 
People as resource Grade IX.pdf minimala
People as resource Grade IX.pdf minimalaPeople as resource Grade IX.pdf minimala
People as resource Grade IX.pdf minimala
 
integral complex analysis chapter 06 .pdf
integral complex analysis chapter 06 .pdfintegral complex analysis chapter 06 .pdf
integral complex analysis chapter 06 .pdf
 
Data Driven Maintenance | UReason Webinar
Data Driven Maintenance | UReason WebinarData Driven Maintenance | UReason Webinar
Data Driven Maintenance | UReason Webinar
 
Advanced control scheme of doubly fed induction generator for wind turbine us...
Advanced control scheme of doubly fed induction generator for wind turbine us...Advanced control scheme of doubly fed induction generator for wind turbine us...
Advanced control scheme of doubly fed induction generator for wind turbine us...
 
Material for memory and display system h
Material for memory and display system hMaterial for memory and display system h
Material for memory and display system h
 
22CYT12-Unit-V-E Waste and its Management.ppt
22CYT12-Unit-V-E Waste and its Management.ppt22CYT12-Unit-V-E Waste and its Management.ppt
22CYT12-Unit-V-E Waste and its Management.ppt
 
Null Bangalore | Pentesters Approach to AWS IAM
Null Bangalore | Pentesters Approach to AWS IAMNull Bangalore | Pentesters Approach to AWS IAM
Null Bangalore | Pentesters Approach to AWS IAM
 
spirit beverages ppt without graphics.pptx
spirit beverages ppt without graphics.pptxspirit beverages ppt without graphics.pptx
spirit beverages ppt without graphics.pptx
 
IEEE Aerospace and Electronic Systems Society as a Graduate Student Member
IEEE Aerospace and Electronic Systems Society as a Graduate Student MemberIEEE Aerospace and Electronic Systems Society as a Graduate Student Member
IEEE Aerospace and Electronic Systems Society as a Graduate Student Member
 
BRAIN TUMOR DETECTION for seminar ppt.pdf
BRAIN TUMOR DETECTION for seminar ppt.pdfBRAIN TUMOR DETECTION for seminar ppt.pdf
BRAIN TUMOR DETECTION for seminar ppt.pdf
 
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
4. Mosca vol I -Fisica-Tipler-5ta-Edicion-Vol-1.pdf
 
Embedded machine learning-based road conditions and driving behavior monitoring
Embedded machine learning-based road conditions and driving behavior monitoringEmbedded machine learning-based road conditions and driving behavior monitoring
Embedded machine learning-based road conditions and driving behavior monitoring
 
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024
 
cnn.pptx Convolutional neural network used for image classication
cnn.pptx Convolutional neural network used for image classicationcnn.pptx Convolutional neural network used for image classication
cnn.pptx Convolutional neural network used for image classication
 
Properties Railway Sleepers and Test.pptx
Properties Railway Sleepers and Test.pptxProperties Railway Sleepers and Test.pptx
Properties Railway Sleepers and Test.pptx
 
Generative AI leverages algorithms to create various forms of content
Generative AI leverages algorithms to create various forms of contentGenerative AI leverages algorithms to create various forms of content
Generative AI leverages algorithms to create various forms of content
 

Bitcoin Presentation.pptx

  • 2. What is Bitcoin? Bitcoin is a global Peer-to-Peer currency that is designed for the Internet. It is modeled after gold and behaves like cash online, and can be used by anyone. It has no central authority, and is deflationary in nature. There will only be a total of 21 Million Bitcoins created, and or mined between now and the year 2140.
  • 3. What is Bitcoin? The only regulated factor built into the system is the number of coins generated through mining. Currently, the network allows approximately 25 Bitcoins to be mined every 10 minutes. This number halves approximately every four years. The currency is divisible by 8 decimal places. (฿.00000001) This number can be adjusted within the Bitcoin protocol if needed.
  • 4. What are they worth? Like fiat currencies, they are worth what we think they are. When the first Bitcoin exchanges went online, the price per Bitcoin was about $.05*. Currently** the price has been hovering around $100 per Bitcoin. Bitcoin reached its all time high in April of 2013 when it reached $266 per coin. Speculators anticipate it can go much higher. *Source: http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zv **August 15. 2013
  • 5. How do you get Bitcoins? There are currently four methods of acquiring Bitcoins. 1. Mining (Requires large investment) 2. Wiring in fiat currency to an BTC exchange. 3. Buying from an individual. 4. Selling items for BTC Bitcoins are commonly abbreviated as BTC. However, ISO standards require an “X” in front of non-centralized currencies. The official abbreviation has yet been decided.
  • 6. Where do you store Bitcoins? Bitcoins are stored in what are called wallets. A wallet is a randomly generated string of numbers and consists of two parts: the public key and private key. Example of a public key: 14GabW85FUMQy62CMWLCToQLo81w7iXL2x
  • 7. Where do you store Bitcoins? The second half of the Bitcoin wallet is what is known as the private key. The reason it is called a private key is that it is intended that only you, the wallet owner, has access to it. Disclaimer: If anyone gets ahold of your private key, they will have access to all of your Bitcoins. ALWAYS KEEP YOUR PRIVATE KEY PRIVATE!
  • 8. What is a Bitcoin wallet? There are three different types of Wallets. Online Wallet Services: All that is required on your behalf is to create and remember a password. The most popular services are Blockchain.info and Coinbase. Considered safe, but still susceptible to network failures and hacking. You can take measures to increase security.
  • 9. What is a Bitcoin wallet? Local Wallets or Offline Wallets: A local wallet is an application that can be downloaded to your personal computer. Your private key(s) are stored locally on your hard drive. Considered safe, yet is important to make backups of your private keys in case your hard drive fails. Also carries a risk of hacking or physical theft. There are safeguards to make this method more secure.
  • 10. What is a Bitcoin wallet? Paper Wallets: A paper wallet is a public/private key that is generated offline and printed on a physical piece of paper and then stored in a safe location. Arguably the most secure way to store your BTC. No record of the private key online or your hard drive. Impossible to be hacked. They are still susceptible to theft, fire and water damage.
  • 11. How do I send Bitcoins to someone? Sending or receiving Bitcoins is as simple as scanning a QR code with your smartphone. Online services such as Blockchain.info and Coinbase both use their own official apps. Both have security features that require you to use a PIN to make transactions. Simply scan the receivers QR, enter the number of coins to send, and you are done. The transaction appears within the network almost instantly!
  • 12. Example of a QR code. QR Code Generated for the public key: 14GabW85FUMQy62CMWLCToQLo81w7iXL2x
  • 13. How can I keep my Bitcoins secure? Here are a few tips to keep your Bitcoins safe: 1: Use strong passwords. 2: Use 2 Factor Authentication for online services. 3: Always encrypt your wallet files. 4: Keep your paper wallets in a safe and secure place. 5: ALWAYS run antivirus software if you are on Windows. Think of Bitcoin as cash. You would never leave $10,000 out in the open. The same should be said for Bitcoin. As the Bitcoin economy continues to grow, taking proper security measures will me much
  • 14. Do I have to buy whole Bitcoins? No. It is very easy to buy fractional amounts of Bitcoins. Coinbase, a service that lets you buy BTC with your bank account, requires a minimum of .10 BTC to be purchased. Therefore, if the market value is $105, then the minimum amount you can buy would be $10.50. If you want to buy less, it is recommended that you wire money into one of the many BTC exchanges. The process of wiring money takes about 3-5 days.
  • 15. What can I do with my Bitcoins? You can spend them, just like cash. You can save them. You can day trade with them. You can invest in various BTC based companies.
  • 16. What are the risks involved? Bitcoin carries many of the same risks that cash does. Susceptible to physical theft. Holes in online services could lead to hacking and theft. The market is incredibly volatile. Fluctuations of 10% or more are fairly common. Government intervention. Misinformed slandering by the Media.
  • 17. Should I invest, and if so, how much? Short answer, yes. While many traditional industry analyst still proclaim Bitcoin as a joke, or a fad, the truth is that many of these individuals are perfectly fine with the system in its current form. Their arguments are very similar to those of the 90’s when the Internet was coming to fruition. It is highly likely that many of these talking heads are in fact investing heavily into BTC, whilst keeping the mainstream at bay... For now. Rule #1 of investing:
  • 18. What is the potential outcome of Bitcoin’s price? Bitcoin will either succeed with the mainstream or fail. Below is an example of what the price may be by 2025: The estimated world GDP is expected to be around $71T in the year 2025. If Bitcoin can establish a 0.1% Market Cap or $71B (APPL is $456B) and 25% are used for transactions, then the market price of one Bitcoin would be about...
  • 20. Have you ever said one of the following to yourself? “I should have invested in Apple.” “I should have invested in Microsoft.” “I should have invested in Google.” If the answer is, “yes” then make sure that in ten or more years you are not stating to yourself...
  • 21. “I should have invested into Bitcoin.”