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All You Need to Know about Bitcoin in 5 Minutes

Bitcoin is increasing in popularity, but let's be honest, we don't really know what it is. Here is our five-minute guide to everything Bitcoin.<br><br>WARNING: This may make you sound like an expert to fellow novices.

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All You Need to Know about Bitcoin in 5 Minutes

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  1. All You Need to Know about Bitcoin in 5 Minutes In 5 minutesLearn about Bitcoin

  2. I’m sure you’ve heard of that bitcoin thing.. ..and probably wondered what it was.

  3. I wondered too, so I did some research.. I’m not an expert or anything…

  4. But if you are trying to sound well cultured in front of your coworkers… You’ve come to the right place.. ??

  5. The simple answer: Electronic currency or electronic cash $ What is it?

  6. Bitcoin is universal. It can be used nearly anywhere, and can be bought with most currencies $ € £¥ What is it?

  7. Bitcoin seeks to remove the middleman from exchanges And also eliminate his fees (- $10) (- $10) (+$20) Why use it?

  8. (- $0.006) Instead of $20 or more, Bitcoin costs just 6/10ths of a cent Why use it?

  9. Countries like the U.S and U.K may not see as much value in Bitcoin. Why use it?

  10. But in areas where economic collapse is frequent… …the utility is self explanatory. (Source: usnews.com) Argentina Venezuela Mexico …and there is no trust in banks or credit card companies… Why use it?

  11. Some retailers like bitcoin … … because it is cheaper than accepting credit or debit cards Why use it?

  12. and therefore require a very high bitcoin minimum 50+ However some are nervous about the volatility OPEN ENERAL STORE 50+ Why use it?

  13. You can use almost any currency to buy bitcoin. The price will vary day to day depending on popularity… M Tu W Th F … much like the stock market How do you buy it? $ € £ ¥

  14. There are several physical bitcoin exchange centers where you can buy bitcoins. How do you buy it?

  15. But it is much more popular to use online exchanges How do you buy it?

  16. But you should be cautious ! ! Even the bitcoin website warns users about frequent issues with fraud How do you buy it?

  17. You use bitcoin by downloading a digital wallet to your mobile phone How do you USE it?

  18. Which you can scan at participating retailers How do you USE it? This gives you a barcode… GOODS

  19. You simply enter the amount of bitcoin you wish to send a person or business How do you USE it? Screenshot of bitcoin pay/stylized version STORE

  20. STORE If you’ve ever paid using ‘Square’, it’s a similar concept How do you USE it?

  21. It’s actually a well thought out, stable system. It doesn’t appear it was thought up and started all in one lunch date. How does it actually work?

  22. There are several different bit coin “mining” locations. But its not the kind of mine you might think of… How does it actually work?

  23. A bitcoin mine is essentially a large room filled with highly powerful processors. How does it actually work?

  24. People who work at these “mines” are called bitcoin Miners They make sure you have enough bitcoin to complete each requested transaction How does it actually work? And yes, they mine the bitcoin

  25. The way the mining process works is… These servers generate really complex math problems. And miners solve them.. In order to release bitcoins How does it actually work?

  26. Every time a bitcoin is released the math equations get more and more difficult.. ..in order to keep bitcoin from being mined too fast. How does it actually work?

  27. When bitcoin was first born, the creator(s) decided that only 21 million bitcoin would be released into currency How does it actually work?

  28. < Limiting the number of bitcoin makes the system more stable. How does it actually work? Compare this to a government who can print more currency at any time, if need be.

  29. How does it actually work? 2009 21402015 21 Million 13 Million 0 Currently there are 13 million bitcoin in circulation. It’s predicted that we won’t run out until 2140.

  30. My question is, what happens after that? Is it sustainable to manage with what we have? How does it actually work? 2009 21402015 21 Million 13 Million 0 ?

  31. Or will the system collapse shortly after? How does it actually work? 2009 21402015 21 Million 13 Million 0

  32. it seems like just another finite resource.. Kind of like oil… ..and the last thing we need is dependency on another finite resource. How does it actually work?

  33. Is it regulated ? No Is it insured ? Is it safe? No

  34. So basically if something goes wrong there is no one to be held accountable Everyone just loses. Is it safe? SAD FACE

  35. From that perspective it doesn’t seem very safe… However some would argue that its more reliable than some lesser developed economies. Is it safe? !*%!! >

  36. But from the hacker/coder perspective it is a highly advanced system Is it safe? 1001001011100101010101001001010100101010001101 0100111011100101010001001001010100111001010010 001001011010010101001001000100001011111100001 010101011001001010100100100010011100001010101

  37. “It is a very safe, well thought out system, that is always getting safer” -CNN Is it safe?

  38. … but lawmakers aren’t exactly happy about it … Is it illegal? ANGRY FACE No…

  39. ???? There is a big debate even amongst bit coin enthusiasts on whether or not bitcoin should start being regulated… Is it illegal? …….. ???? ……..

  40. On the one hand, the entire purpose of bitcoin was to have an unregulated currency … But on the other side of the argument, regulation would make bitcoin safer and more secure. Is it illegal?

  41. This would also safeguard bitcoin against scandals that could tarnish its reputation… …Such as the ‘ Silk Road ‘ scandal Is it illegal?

  42. ‘Silk Road’ was an online marketplace where you could basically buy anything black market. From illegal drugs… … to medical equipment … to watches … to fake IDs And even foreign animals (All available for purchase only via bitcoin) Is it illegal?

  43. Since bitcoin isn’t regulated, it was difficult for governments to track down.. ..both the customers Is it illegal? ..and the source ?

  44. Remember, bitcoin is like electronic cash Is it illegal? $

  45. $ $ Think about paying cash at a store… There may be a record that someone came in and exchanged $2 cash for a cup of coffee, But they don’t necessarily have a way of finding that person again Is it illegal? $ STARCUPS ?

  46. So while usually governments can track down these illegal online operations via credit card statements … Is it illegal? STATEMENT

  47. Is it illegal? ? With bitcoin tracking people down becomes a lot trickier.. ? ? ? ? ? ? ?

  48. It’s like trying to prove that someone paid cash to buy one specific item… … months ago.… at a specific store Is it illegal? DECEMBER 2014

  49. Bitcoin is an electronic form of payment. It isn’t regulated by any government… …which is good for some countries. …but investing in it can be risky So to conclude.. $

  50. If you want your presentation to look like this… Click here! Elizabeth StodolskiDavid Talavera Brought to you by:

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