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.
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