Bitcoin & Blockchain
Buying & Selling
Where to learn more
bitcoin.org
antonopoulous.org
www.buybitcoinworldwide.com/united-states
coinmarketcap.com
blockchain.info
anders.com/blockchain
dedi.jochen-hoenicke.de/queue
Unchained podcast
Everyone is a speculator
$0.08
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$1
$19,000
$31
$2
$260
$70
$1,200
$1,000
$6,800
Largest historical
wealth transfers
- Gold rush
- Oil rush
- Gold Reserve Act of 1934
- Internet
- Digital gold rush?
Bitcoin is a currency
Or is it?
Some hurdles...
-
Scalability
-
HODLing
?
Viable single global currency
It really is a currency
So how do I exchange dollars for it?
Exchange
Currency 1
Currency 2
Exchange
Me
You
Four ways to buy cryptocurrency
- Peer-to-peer
- Crypto ATM
- Exchange
- Broker
Peer-to-peer
Friends & Family
-or-
Bitcoin ATM
Exchange
Exchange
Exchange
Lots of wallets to hold your coins
Exchanges set up wallet for you
- Coinbase
- Uphold
- Abra
But there are other wallets (recommended)
Wallet concepts
Bank Account
- Routing no. / Account no.
- Balance (in USD)
- Ledger
- Username/password
Crypto Wallet
- Address
- Balance (in BTC & USD)
- Transaction history
- Private key
Forget your password, bank will help you out
Lose your private key, you're screwed
Address
- Think of this as your account number
- Share this - its one way - money can only come in
- Series of letters and numbers
- Use QR code for simplicity
Private Key
- Think of this as your signature
- It authorizes money to go out of your wallet
- Represented as collection of seed words
- Don't lose them!
- Don't share them!
- Don't save them on a computer/phone/cloud!
- There is no customer support to save you!
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- Some wallet providers maintain your private key (convenient, but riskier)
A wallet is simply a window into the blockchain
- You are not bound to any wallet provider
- You can use your seed words in any wallet and see your funds
More Concepts
- Typical wallet app allows multiple currencies
- Each currency has its own unique blockchain
Next time...
Bitcoin and Blockchain: Buying & Selling
By Bob Holben
