Introduction to Bitcoin and Crypto-currency
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This document is a comprehensive overview of Bitcoin and cryptocurrency, hosted by Justin Denton, focusing on topics such as mining, purchasing, and spending Bitcoin. It outlines the characteristics of cryptocurrencies, the various methods of acquiring them, security measures, and the future of digital currencies. The content also highlights the volatility of the market and the importance of informed decision-making in the crypto space.
Introduction to Bitcoin and Crypto-currency
- 1. Introduction to Bitcoin and Crypto-currency
- 2. Justin Denton I’m a Technology Innovator who spent time developing new technologies at IBM some of which were deployed to millions of new IBM machines between 2002 to 2011. I also was the Faculty Lead and acting Dean for the School of Technology at Rasmussen College. I’ve always focused on the implementation of technology into my day to day work/life to drive continued efficiencies. Currently I am the Director of the Support Services division at Collegis Education which is focused on supporting over 40 College’s and Universities’ online classroom environments. The Support Services division consists of 40+ staff which includes developers, helpdesk techs & deskside support technicians. I’m currently focused on providing industry leading levels of support to the Higher Education Industry as well as grooming team members of the support center into high performing technology professionals. My passions are new technologies, education, business process development, and accelerating the growth of individuals through custom tailored learning technologies. • Masters: Keller Graduate – Communications & Network Management • Bachelors: Devry – Network & Telecommunications Management • Certifications: ITIL Foundations, MCDST, MCP, & Crystal Reports LinkedIn - https://www.linkedin.com/in/justindenton1/
- 3. Bitcoin What is bitcoin? And how do I mine it? Will users be paying fees in the library with it? Should it be your retirement plan? During this webinar, we will explore Bitcoin, the Crypto-currency with all the buzz and learn: • What is it? How do you purchase it? • How does it work? Is it like a stock? Where does one spend it? • Is it safe? • Will users be purchasing them on workstations? If so, how can I make this transaction as safe as possible? This webinar will cover everything bitcoin as well as other crypto- currencies. We discuss what it is, how you and yours users are likely to interact with it. We’ll talk about the hardware and software technologies involved. And what the future looks like.
- 4. Agenda • What is Crypto-Currency? • How to I get it? • How do I spend it? • Should I hold on to it?
- 5. Does anyone have Bitcoin at the moment? If so.. How did you acquire it?
- 7. What is Crypto-Currency? • Started back in the 90’s but failed • Satoshi Nakamoto – developed bitcoin in 2009 • Rumored to be biggest Bitcoin owner (980k Coins) • Digital or virtual currency • Uses Cryptograph to secure & verify transactions • Resembles peer to peer file sharing • Its completely decentralized = no central authority • Started as a non-regulated & private currency
- 8. Types of Currency • As of January 2018 – There are 1384 Crypto- Currencies. • Most generated in the last couple years • Bitcoin was the first in 2009 • By market capitalization, Bitcoin is currently (January 6, 2018) the largest blockchain network, followed by Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin. • It can be very volatile
- 9. Without looking do you know how much Bitcoin is worth this minute?
- 10. Sample Values • Its not just Bitcoin (Price as of 4/6/2018) • Bitcoin (BTC) - $6,795.53 • Etherium (ETH) - $378.22 • Litecoin (LTC) - $116.88 • Zcash (ZEC) - $181.40 • DASH - $289.73 • Ripple (XRP) - $0.48 • Monero (XMR) - $170
- 11. How do I get it?
- 12. I just want COINS! • Mine for them • Buy them • Trade on the Exchange • Trade stuff for payment in Coins
- 14. Mining • Self Mining • Use your computers Video Card • Buy a Specialty Miner (ASIC Miner) • Join a Mining Pool • Group of people working together and sharing resources • Cloud Mine • Buy time on someone's pool • Genesis Mining
- 15. Example Stock Computer • AMD RX580 Video Card (Costs between $300-$400) • Stock Hashrate is: 24 megahash • Profitability Rate = $3.29/mo • Using 200watts of electricity • Cost per KWh = 12 cents • That’s less than 1 ETH/yr
- 16. Mining Pools • Top 10 Mining Pools • Antpool • BTC.top • BTC.com • Bixin • BTCC • F2Pool • ViaBTC • BW Pool • Bitclub.Network • Slush
- 18. How do I get started • Get a Bitcoin Wallet • Hardware based: • Ledger Nano S • TREZOR • KeepKey • Online based: • GreenAddress • Mycelium • Airbitz • Greenbits • Get Bitcoin Mining Software • Bitcoin Miner • BTCMiner • CGMiner • BFGMiner • EasyMiner • Generate a PrivateKey (Keep this Safe & Never Share)
- 19. Types of Wallets • What types of wallets are there? • Online • Web-wallet. Accessed via web-browser. Access to money gained through username or password. • Offline • Desktop • Access gained via physical access to computer. • Mobile • Access gained via physical access to phone. • Hardware (Cold Storage) • Paper, Brain, Hardware • Hardware wallets delimit access of your funds to the hardware device alone. The coins are stored in a microcontroller, and are to be transferred only when authorized. • The act of storing of your wallet’s private keys in a way that is completely detached from a network.
- 20. Which should I select • Really is it worth it? You can go to: https://www.cryptocompare.com • Shows how much hashing power it takes to generate “X” money. • How much will the hardware cost? • What kind of fees do you have to pay? • Are you willing to risk the volitility?
- 21. Trading – Stock Market or buying outright • Bitcoin Exchanges • LocalBitcoins • BitQuick • Wall of Coins • Bitcoin ATMs • https://coinatmradar.com/ • Stock Markets • BTC – Bitcoin is publicly traded now • https://www.cnbc.com/quotes/?symbol=BTC= • Use Tools like: • https://www.cryptohopper.com • GunBot
- 22. Trade Goods to Acquire • Many people use various websites to sell personal belongings for Crypto-Currencies. • Bitify • Craigslist • Open Bazaar • Common to see people sell higher priced goods cars, electronics, computers, etc for Crypto.
- 23. How to Spend it or Sell it
- 24. Online Stores & Craigslist, etc • Many major retailers are starting to accept Crypto-Currency • Overstock.com • Expedia • eGifter • NewEgg • Dish Network • Roadway Moving company • Microsoft • CheapAir • Gyft
- 25. Sell it • Coinbase • Craigslist • Some digital ATMs • Trade it on a Market • Bitcoin Exchanges • https://www.bestbitcoinexchange.io/
- 26. Security
- 27. Security • The currency itself is fairly secure, the currencies that have been around longer more secure. • Most theft occurs because of: • People giving or losing there Secret Keys • Someone hacking there Digital Wallet • The company that stores the currency • Bitcoin Banks: $1 Billion Lost in Hacks • It will become more regulated • Do your homework.
- 28. Scams • Bitfinex hack, in which users lost $70 million • The failure of Mt Gox, in which users lost $450 million or more • To avoid theft, scams, and any other loss of funds, follow these three basic principles: • Generate your private keys in a secure, offline environment. (Except if using trivial amounts, in which cases keys may be created in a hot wallet). • Create backups of your private keys. This helps to protect against the loss of your bitcoins due to hard drive failure or some other problem or accident. Ideally you should have a duplicate set of backups kept off-site to protect against the possibility of fire, robbery, etc. • Encrypt wallets to provide additional security. This helps prevent the physical theft of your funds in the event that your device or hardware wallet is stolen.
- 29. Is it worth hanging onto?
- 30. History • Based on base history, although its volatile the currency continues to rise in value. Therefore as its harder to obtain the price starts to rise. • Regulations will be on the horizon. • Don’t be the person who sells to early for a Pizza.
- 32. Are you ready to get Digital?