Down Qrrow

Back to Videos

What is Bitcoin?

What is Bitcoin?

  • Bitcoin is a digital currency
  • Crypto-currency
  • Exchanged peer-to-peer

What does it look like?

Not like a dollar, euro, or paper money

It is a set of alphanumeric characters
Example: 3L78S1QyDZ86BRpStcfrlsfikqsrTyXMPg

Who created Bitcoin?

One or more anonymous hackers aka Satoshi Nakamoto.

Features of Bitcoin

  • Transfer funds without a fee
  • Anonymous transactions
  • Anyone with internet can use
  • Don’t need a bank account
  • No limit on transactions
  • Use anywhere in the world

Where do you store Bitcoin?

In a Bitcoin wallet.

A Bitcoin “wallet” is a digital bank account.

How do you acquire Bitcoin?

  • Purchase it on an exchange
  • Receive it from someone else
  • “Mine” for it

Bitcoin Value

Extremely volatile and fluctuates frequently.

Downsides to Bitcoin?

  • Not insured
  • If hacked gone for good
  • Not widely accepted
  • Price volatile
  • Payments irreversible
  • Facilitates illegal activity

You can use Bitcoin to pay for travel on Virgin Galactic to the moon.

Lamborghini was the first car company to accept Bitcoin in exchange for cars.

Related Napkins: