A_Gentle_Introduction_to_Bitcoin and stuff.pptx

A_Gentle_Introduction_to_Bitcoin and stuff

1. A Gentle Introduction to Bitcoin Based on the work of Antony Lewis (Brave New Coin Publication)

2. Overview Bitcoin is a decentralized digital currency. Transactions occur directly between users without intermediaries. Blockchain ensures transparency and trust.

3. Why Bitcoin? Solves double-spending problem without central authority. Provides financial autonomy and low-cost global transactions. Immutable ledger ensures verifiable ownership.

4. How Bitcoin Works Bitcoin network is peer-to-peer. Each transaction is verified by nodes and recorded on the blockchain. Miners compete to add new blocks to the chain.

5. Wallets, Keys, and Addresses Wallets store private and public keys. Public key acts as an address to receive bitcoins. Private key authorizes transactions; must remain secret.

6. Bitcoin Transactions Transactions are signed with private keys. They are broadcast to the network and validated by miners. Each block contains a set of verified transactions.

7. Mining and Blocks Miners solve computational puzzles (Proof-of-Work). First to solve adds a block and earns bitcoin rewards. Ensures network security and coin issuance.

8. Tracking and Validation Every node maintains a copy of the blockchain. Validation ensures integrity and prevents double spending. Consensus rules maintain a single valid chain.

9. Security and Risks Private key loss = loss of funds. Exchange hacks and phishing are major threats. Use hardware wallets and backups for protection.

10. Decentralisation and Consensus No single entity controls Bitcoin. Consensus is achieved through majority agreement on valid blocks. Encourages transparency and censorship resistance.

11. Future and Impact Bitcoin influences fintech, regulation, and global economics. Blockchain technology extends beyond currency applications. Ongoing scalability and energy debates continue.