Getting Started with Bitcoin

BitcoinCheryl Fong

Getting Started with

bubblemelon.com

What is a Bitcoin?

Decentralized Digital Currency

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Cryptocurrency

Why be interested in Bitcoin ?

Benefits of using Bitcoin:

● No Credit card/Paypal approval

● No Bank fees

● For Everyday usage

● Passive income: e.g. FOREX

● Explore Fintech

Bitcoin features:

Low Fees Web Anonymous

Transactions with Bitcoin

Bitcoin Wallet

Selling Bitcoin

Bitcoin Wallet

Buying Bitcoin

Bitcoin Wallet

The Blockchain

https://blockchain.info/home

● Functions as a digital ledger

● Made of linked nodes (network) of verified transaction

● Recorded chronologically

● Publicly available

Secure Hash Algorithm

SHA - 256

The Genesis Block:

The first transaction ever made on the first block ever created.

Learning more about the Blockchain . . .

*Blockchain applications

http://www.blockchaintechnologies.com/blockchain-applications

Start Bitcoin MiningA process of adding transaction records to Bitcoin's public ledger of past transactions.

The Process:

1. Generate a SHA-256 hash less than the current target ( 256-bit number - bitcoin client )

2. Block with transaction gets added to blockchain

3. Receive Bitcoin reward

4. Repeat

Bitcoin Mining Hardware

https://bitcoin.org/en/bitcoin-core/

Mining Pool

Group Mining

Versus

Mining Solo

Shared mining resources You are left to your own devices

Shared hashing power

Split rewards Rewards are all yours

Rewards are consistent Once every few years

A way for Bitcoin miners to pool their resources together.

Bitcoin Mining

Thank youGet started today !