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Introduction to bitcoin

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C
CHETAN THAKRE

This document provides an introduction and overview of Bitcoin, including how it works, different types of Bitcoin wallets, and how to manage and secure wallets. It begins with background on Bitcoin, explaining that it is the first decentralized digital currency created in 2008. It then describes how Bitcoin works at a high level, including how transactions are processed through a shared public ledger called the blockchain using private keys. The document also categorizes and describes different types of Bitcoin wallets like desktop, mobile, hardware, and physical wallets, and provides tips for choosing and securing a wallet.

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By Chetan Thakre
Something about me?  A cybersec enthusiast.  A budding programmer.  A dancer.  And the founder of Neo’s foundation.
Overview  Introduction to Bitcoin  How Bitcoin works ?  What are the different types of wallets?  How to choose your wallet ?  How to manage them
Introduction to Bitcoin First decentralized digital currency. Introduced in 2008 by Satoshi Nakamoto. peer to peer payment system. Also called Crypto-currency.
How Bitcoin Works ?  Balances – Block chain  Transactions - Private keys  Processing – Mining
Balances – Block chain  It is a shared public ledger.  The whole Bit-coin network relies on it .  It includes all the confirmed transactions.
Introduction to bitcoin
Transactions – Private keys  A transfer of value between bitcoin wallets that gets included in the block chain.  First transaction in a bitcoin is a special transaction it start a new coin.  Bitcoin wallet keeps a secret piece of data which is called private key or seed which is used to sign transactions.
Processing - Mining  Required for the existence of bitcoin network and generation of new bitcoins .  It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system.
Bitcoin faucet :-  Was developed by Galvin Anderson in 2010.  Bitcoin faucet are a reward system in the form of a web or an application, that dispenses rewards in the form of satoshi which is a hundreds of a millionth BTC.
Introduction to bitcoin
Introduction to bitcoin
Top list of bitcoin faucets :-  1. Milli – The best faucet around :)  2. Bitcoin Aliens: Have fun, earn money  3. Bonus Bitcoin  4. BitcoinZebra  5. Bitcoinker  6. Robot Coin: Become the champion, become rich  7. Wonderland Coin: Feed critters, feed your wallet
What is a bitcoin wallet :-  A bitcoin wallet resembles to your bank account.  It lets you send, receive and store bitcoins.  A wide variety of wallets are available over the internet.
Categories of bitcoin wallets :-  Hot and Cold wallets  Desktop wallets  Mobile wallets  Hardware wallets  Physical wallets
How to secure your wallet :-  be careful with any online services designed to store your money online.  Small amount for everyday uses  Backup your wallets  Encrypt online backup  Use offline wallets for saving  Encrypt your wallet too.  Multi-signature to protect against theft
Any question?
Introduction to bitcoin

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Introduction to bitcoin

  • 2. Something about me?  A cybersec enthusiast.  A budding programmer.  A dancer.  And the founder of Neo’s foundation.
  • 3. Overview  Introduction to Bitcoin  How Bitcoin works ?  What are the different types of wallets?  How to choose your wallet ?  How to manage them
  • 4. Introduction to Bitcoin First decentralized digital currency. Introduced in 2008 by Satoshi Nakamoto. peer to peer payment system. Also called Crypto-currency.
  • 5. How Bitcoin Works ?  Balances – Block chain  Transactions - Private keys  Processing – Mining
  • 6. Balances – Block chain  It is a shared public ledger.  The whole Bit-coin network relies on it .  It includes all the confirmed transactions.
  • 8. Transactions – Private keys  A transfer of value between bitcoin wallets that gets included in the block chain.  First transaction in a bitcoin is a special transaction it start a new coin.  Bitcoin wallet keeps a secret piece of data which is called private key or seed which is used to sign transactions.
  • 9. Processing - Mining  Required for the existence of bitcoin network and generation of new bitcoins .  It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system.
  • 10. Bitcoin faucet :-  Was developed by Galvin Anderson in 2010.  Bitcoin faucet are a reward system in the form of a web or an application, that dispenses rewards in the form of satoshi which is a hundreds of a millionth BTC.
  • 13. Top list of bitcoin faucets :-  1. Milli – The best faucet around :)  2. Bitcoin Aliens: Have fun, earn money  3. Bonus Bitcoin  4. BitcoinZebra  5. Bitcoinker  6. Robot Coin: Become the champion, become rich  7. Wonderland Coin: Feed critters, feed your wallet
  • 14. What is a bitcoin wallet :-  A bitcoin wallet resembles to your bank account.  It lets you send, receive and store bitcoins.  A wide variety of wallets are available over the internet.
  • 15. Categories of bitcoin wallets :-  Hot and Cold wallets  Desktop wallets  Mobile wallets  Hardware wallets  Physical wallets
  • 16. How to secure your wallet :-  be careful with any online services designed to store your money online.  Small amount for everyday uses  Backup your wallets  Encrypt online backup  Use offline wallets for saving  Encrypt your wallet too.  Multi-signature to protect against theft