Introduction to Bitcoin

August 30, 2022    Bitcoin Finance Life

Introduction to Bitcoin

Over the last few months, since Bitcoin Days 2022 , I’ve been going down the Bitcoin Rabbit Hole (as you can see from Bitcoin and the Bible ). I asked and was allowed to give a presentation at our weekly Lunch and Learns at Omnitech.


Here’s a link to the PowerPoint Presentation .

I tried to do this in an hour and could have used another hour to allow for more discussion. There was a lot of good interactions throughout.

Please find more links in the notes of the PowerPoint. I’ve referenced most of the material in the notes, but have missed others as well.

A Short History Story

Before there were checks in Freemont, SD (a small town of less than 500) they had counter checks. A customer would choose the ledger for their bank, write down their bank account number and amount they were paying. At the end of the day or week, the business would take the ledger to the banks where an accountant went through each transaction debiting the customer and crediting the business account.

We could go back further to pioneer days where they put purchases on an account and payed up later with bartering or money.

Bitcoin works in a similar way, but with computers where all the nodes have a copy of the ledger and then have to agree on that amount (which creates a block). The more computers running, the more secure the network. It is much better in that the businesses don’t have to risk the customer doesn’t have the money, there isn’t a single accountant to trust and there is instant clearance.

Bitcoin Island is helpful to understand this as well as It’s all about the ledger .

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