Understanding
Bitcoin and the
Blockchain

Bitcoin Basics

How to buy and store BTC?

As I walk you through the ins and outs of digital currency, I make buying, selling, and storing them easy!

What makes Bitcoin valuable?

Some people see it as a new store of value, just like gold or the US dollar. Some think it is valuable because it is a deflationary currency and only 21 million will ever exist.

Use Case: Blockchain

Bitcoin and blockchain opened up a whole new way of storing and securing ownership without using a trusted centralized authority. So, what does that look like?

What is Bitcoin?

Bitcoin is a peer-to-peer digital currency that does not pass through any middleman, like a bank.

What is a distributed ledger?

Bitcoin is made up of multiple technologies, which allow it to securely and accurately exchange ownership from person-to-person.

Ethereum Basics

What is Ethereum?

Ethereum has created a decentralized world computer where applications can be built on top of the Ethereum network.

What are Smart Contracts?

Smart contracts exchange value - property, money, or any asset - without a middleman. It’s a piece of software with rules or terms coded into it.

What is a DAO?

A DAO is a decentralized autonomous organization that is governed by code. It’s Ethereum’s most complex idea.

Ethereum vs. Bitcoin Blockchain

The Ethereum blockchain is like a giant supercomputer that allows not only decentralized applications (DApps), but also protocols, and decentralized autonomous organizations (DAOs) to be built on top of its network.

What is a DApp?

Decentralized applications are different from traditional applications due to 4 main reasons: they are built on top of a decentralized network, their code is visible to anyone, they provide tokens or digital assets, and they use a consensus mechanism to govern their network.

The Bitcoin Blockchain

New American dollars are printed at the discretion of the Federal Reserve, whereas a new Bitcoin (BTC) is created by verifying previous BTC transactions on the blockchain.

To understand this better, check out the Bitcoin Blockchain lesson to look at how the supply of currency is managed.

History of Bitcoin

The early years of Bitcoin were marked by an entrepreneurial spirit that spanned the globe. From developers in Europe who volunteered regularly to scale the blockchain, to people who built exchanges in the US and Tokyo, to Bitcoin believers who toured the globe educating people on this new revolutionary technology.

We'll walk you through the personalities, politics, price fluctuation, and history of Bitcoin from 2009 to Present.

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