Bitcoin and Cryptocurrency

By Ethan Herdrich Experiential Learning Specialist

DIGITAL

What is Bitcoin?

Well it is two things.


Bitcoin the Token

• · The digital currency itself
• · a snippet of code that represents ownership of a digital concept

Bitcoin the Protocol

• · a distributed network that maintains a ledger of balances of bitcoin-the-token.
• · Otherwise known as the Block Chain

The Block Chain

• · A publicly accessible Ledger
• · Ordered chronologically in blocks
• · Unchangeable
• · Verified by a decentralized network of miners

Block Chain


Mining

• · Verifying Transactions
• · By solving computational puzzles
• · Miners compete to win Bitcoin similar to a lottery
• · Awarded transaction fees as well as new bitcoin
• · High overhead with power consumption
• · Uses high end GPUs
• · Has lead to a Graphics Card Shortage

Mining Infographic


Origins and the Deep Web

• · created in 2009 by an unknown person using the alias Satoshi Nakamoto
• · Silk Road launches in 2011, uses bitcoin as it's currency, as bitcoin can be pseudo -anonymous

I thought it was anonymous?

• · No personal info is required to use bitcoin
• · Transactions are verified by the network, making it hard to trace
• · However the block chain is a permanent and public ledger
• · The easiest way to buy and sell requires bank account info

Other Cryptocurrencies

• · Lite Coin
• · Bitcoin Cash
• · Ethereum
• · Atari Token
• · Zcash
• · Dash

Volatility


Buying and Selling

• · Requires a Bitcoin Wallet
• · Many wallets are tied to an Exchange
• · Coinbase is the leading Exchange
• · Buy and Sell based on the current exchange value

Paying with Bitcoin

• · Overstock.com
• · Expedia
• · eGifter
• · Newegg
• · Dish Network
• · Intuit, a paywithbitcoin service for small businesses
• · Microsoft
• · Reeds Jewelers
• · Green Man Gaming Accepts Bitcoins As

Payment? List of Companies | 99Bitcoins



Thank You

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