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Bitcoin How To

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by

Levin Keller

on 22 March 2016

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Transcript of Bitcoin How To

Bitcoin How To
Why Bitcoin?
Software for Bitcoin
Bitcoin dos and don'ts
Buying your first bitcoins
The Bitcoin kiss
Not covered today
Mining
Confirmation / Transaction time
Why is Bitcoin secure?
A better payment processor
A system that enables its users to send money from person A to person b. Just like a bank.

But:
everyone is included (banking the unbanked)
anybody can send money to anybody (there are no borders in the internet)
no identity or registration required (digital cash)
low (fair) costs
fast payment processing
secure system (against: fraud, theft, manipulation)
no central authority ("Keine Macht für niemand")
A store of value
There will never be more than 21 M Bitcoins
This fact is as secure as the statement "2+2=4"
Hefty price swings / volatility
Huge gains and substantial losses!
Invest only as much as you can lose!
No guarantee on gains!
Not seizable
As long as you don't share your password, nobody can access your funds.

As long...
Bitcoin today
Number of Bitcoins in circulation: < 13.471 Mio
Transaction cost: ~ 0.3 Eurocents
Bitcoin Price: ~ 260 Euro
You can chop one Bitcoin into 100,000,000 Satoshis
Self responsibility
In Bitcoin there is no safety net:
No chargebacks
No password reset
No regulation

When in doubt: TNO*
Use strong passwords
At least 20 random characters
Use password mangers (Lastpass, Keepass)
use 12 to 24 random words from dictionaries
Don'ts
Don't:
Send bitcoins to strangers on the internet
Open any .exe file sent in context with Bitcoin
Share your secret keys
Handle bitcoins without a backup
Trade bitcoins on dubious exchanges
Invest more that you can lose
Invest before you understand the technology
Spread the risk
Store only small amounts on vulnerable devices (like your phone)
Use cold storage and multisignature wallets*
Use a "secure" OS
preferably open source (Linux, Android)
current Antivirus software
*Trust No One (but yourself)
*Homework for Investors
Small to medium amount
Android
Play store: "Bitcoin Wallet"

Features:
first Android Wallet
easy to use
lightweight
secure for medium amount of funds
trustworthy and proficient developer
iOS
Notebook / computer
Bitcoin wallet:
"Electrum"
www.electrum.org

Features:
light client
convenient one time backup
HD wallets
high security with encryption
AppStore:
"breadwallet"

Features:
simple and easy to use
convenient backup
free and open source
Large amounts
Armory
Software for all OS

Features:
HD Wallets
Cold Storage

Remarks:
Complex
Slow
Memory intense (about 8 Gigs)
Trezor
Copay
Multisignature Wallet

Features:
Only joint parties can spend funds

Remark: Do NOT use the website, go for the browser plugin.
First Hardware Wallet

Features:
Secure from trojan horses
User friendly
lightweight
physical dongle

Price: $120
Math is like religion.
Things you don't understand,
you have to believe.
Homework first!
“Never invest in a business you can’t understand.”
Warren Buffett
Online Exchanges
From Germany / EU
Kraken (www.kraken.com)
Bitstamp (www.bitstamp.net)
Bitcoin.de (www.bitcoin.de)
From US
Coinbase (www.coinbase.com)
Circle (www.circle.com)
In general:
rather time consuming
no privacy whatsoever
Person to Person Trading
Tools / Websites:
Localbitcoins (www.localbitcoins.com)
Mycelium (Android App)
Local Meetups:
Meetup Groups
Satoshi Squares
Bitcoin Exchange Berlin
Be cautious. People are usually honest and friendly. But better be safe than sorry.
Earn Bitcoins
Charge customers and employers in Bitcoin
Pay bills for bitcoiners and get reimbursed in Coins (check splitting)
Ask friends to settle debts in Bitcoins rather than Wire-Transfer
Warnings
Bitcoin is highly addictive!
Once you go Bitcoin you will not go back!
One cannot stop thinking "Bitcoin would make this better". Ever!
Plusside:
There is nothing more exciting in Fintec
First beer for Bitcoin
The Bitcoin wallet
What does a wallet do?
A wallet
holds your private keys
holds your public keys
shows how many bitcoins you can spend
sends payments
notifies you of incoming bitcoins
Private / public key?
Private and public keys always come in pairs.
Private key
always to be kept a secret
"pen with a uniquely colored ink"
used to sign transactions
Public key
bank account number
"describes color of the special secret pen"
used to verify transactions
The private key is more important than the public key. Always keep it safe (secret and backed up).
Private key lost = money lost!
Account balance
The wallet shows you:
sum of all spendable bitcoins over all pulic keys
value in Euros / Dollars
list of incoming and outgoing transactions for your Bitcoin-account
Receiving and spending bitcoins
With a wallet you can:
send other people your public key to receive bitcoins from them
get notifications about received bitcoins
send bitcoins to friends / merchants / other accounts
Berlin:
Room 77 (Beers and Burger)
Otherland (SciFi Books)
Leckerurlaub (Hostel)
Bars & Cafes
When in a new town, check www.coinmap.org
Online Places
Overstock.com
Tigerdirect.com
Lieferservice.de / all european sisters
VPN Providers
Wikileaks
Call to Action
Bitcoin is a grassroots movement! Its success depends on you using it. So:
buy a small amount
play with it
use it wherever you can
dig into it
if you
love it, spread the word!
if you
hate it, spread the word and talk to us!
go to meetups!
Levin Keller, www.coyno.com
Ask me for sources on further reading about the technology.
Full transcript