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Bitcoin 101
- what the f*#! is it
- why should I care
- why is it so volatile
- and more
Yes, bitcoin twitter is scary, but missing out on the craziest investment opportunity is scarier.
LFG.
- what the f*#! is it
- why should I care
- why is it so volatile
- and more
Yes, bitcoin twitter is scary, but missing out on the craziest investment opportunity is scarier.
LFG.
What is bitcoin?
It’s not a physical coin.
It’s a digital currency.
All balances & transactions are kept in a public ledger called the blockchain.
It’s not a physical coin.
It’s a digital currency.
All balances & transactions are kept in a public ledger called the blockchain.
Why was bitcoin created?
There was a whitepaper by the pseudonymous (aka no one knows who this is) Satoshi Nakamoto
Their goal was to create a peer to peer electronic payment system (aka no banks)
There was a whitepaper by the pseudonymous (aka no one knows who this is) Satoshi Nakamoto
Their goal was to create a peer to peer electronic payment system (aka no banks)
While we are on the topic of banks
Americans pay over $329 in bank fees every year and even more when we try to exchange money from one country to another.
Bitcoin will allow the entire world to adopt one currency
without excess fees and delays
Americans pay over $329 in bank fees every year and even more when we try to exchange money from one country to another.
Bitcoin will allow the entire world to adopt one currency
without excess fees and delays
Why is it so volatile?
The US dollar was created on April 2, 1792, when Congress passed the Mint act.
Bitcoin is less than 10 years old. We don’t exactly know how to value it yet.
It’s baby yoda.
The US dollar was created on April 2, 1792, when Congress passed the Mint act.
Bitcoin is less than 10 years old. We don’t exactly know how to value it yet.
It’s baby yoda.
Note the value of bitcoin over the last 5 years. We might see a new record high very soon! 
Do I have to mine bitcoin and WTF does that mean?
Very smart people use very expensive computers to solve very complex computer problems and are rewarded with bitcoin.
Most people will buy or earn bitcoin.
Very smart people use very expensive computers to solve very complex computer problems and are rewarded with bitcoin.
Most people will buy or earn bitcoin.
Note: there are, and will only ever be, 21 million bitcoin.
Today, 18.55m bitcoin have been mined.
Today, 18.55m bitcoin have been mined.
You don’t have to own a FULL bitcoin (currently valued at $17k/bitcoin)
You can own a fraction of a bitcoin. These are called satoshis.
1 bitcoin = 100m satoshis
People call satoshis “sats”
A common phrase = stacking sats
You can own a fraction of a bitcoin. These are called satoshis.
1 bitcoin = 100m satoshis
People call satoshis “sats”
A common phrase = stacking sats
Can I pay for things with bitcoin?
You can! However.....
Because of the volatility, the most common use case right now is as a store of value
Aka buy & hold (or “HODL” like bitcoiners say) and watch it go up and down and up...and up.
You can! However.....
Because of the volatility, the most common use case right now is as a store of value
Aka buy & hold (or “HODL” like bitcoiners say) and watch it go up and down and up...and up.
Where do I store bitcoin?
Most ppl store it in a wallet where they buy (if you go through Gemini, Coinbase, etc they hold your bitcoin for you)
Advantage: if you lose your “address” to your wallet, these custodial agents can help you recover.
Most ppl store it in a wallet where they buy (if you go through Gemini, Coinbase, etc they hold your bitcoin for you)
Advantage: if you lose your “address” to your wallet, these custodial agents can help you recover.
You’ll hear “not your keys, not your coins” from hardcore bitcoiners. They don’t want anyone holding their coins. They store their BTC differently (cold storage, paper wallets, etc)
I use Coinbase, Lolli and Gemini. Those are called “custodial wallets” and they hold my bitcoin
I use Coinbase, Lolli and Gemini. Those are called “custodial wallets” and they hold my bitcoin
You don’t have to buy bitcoin, you can EARN it.
Download the @trylolli chrome extension and earn bitcoin as you shop online.
I “stacked sats” (remember?!) on Postmates, Lululemon and a Vrbo spot this month.
Download the @trylolli chrome extension and earn bitcoin as you shop online.
I “stacked sats” (remember?!) on Postmates, Lululemon and a Vrbo spot this month.
Don’t mess with Taxes
But seriously, talk to your accountant (or use ZenLedger or CoinTracking)
What I know is you will pay capital gains if you sell your BTC and even more taxes if you sell within the same year (called short term capital gains)
But seriously, talk to your accountant (or use ZenLedger or CoinTracking)
What I know is you will pay capital gains if you sell your BTC and even more taxes if you sell within the same year (called short term capital gains)
Why does bitcoin twitter seem scary?
There is a lot of anonymity that comes with bitcoin because it’s a way to store money without people being able to find it.
If not stored correctly, it can be stolen and not recovered.
Just know, non-trolls like bitcoin too.
There is a lot of anonymity that comes with bitcoin because it’s a way to store money without people being able to find it.
If not stored correctly, it can be stolen and not recovered.
Just know, non-trolls like bitcoin too.
Why does bitcoin feel scary?
It’s new.
It’s different.
It’s the first of its kind.
Bitcoin allows you to “be your own bank”
That’s scary but powerful. Yes, you no longer have banks watching your money in a vault. You control your own money.
It’s new.
It’s different.
It’s the first of its kind.
Bitcoin allows you to “be your own bank”
That’s scary but powerful. Yes, you no longer have banks watching your money in a vault. You control your own money.
How much should I invest in bitcoin?
That’s a v personal question but more and more wealth managers, institutional investors, and billionaires are recommending everyone should own at least a little bitcoin.
That’s a v personal question but more and more wealth managers, institutional investors, and billionaires are recommending everyone should own at least a little bitcoin.
What women should I follow to learn more?
@girlgone_crypto
@HaileyLennonBTC
@La__Cuen
@CryptoWendyO
@aubreystrobel
@cryptocoley
@katherineykwu
Who else? Please tag them below!
@girlgone_crypto
@HaileyLennonBTC
@La__Cuen
@CryptoWendyO
@aubreystrobel
@cryptocoley
@katherineykwu
Who else? Please tag them below!
TL;DR (too long, didn’t read)
Bitcoin is going to be a big part of the future of money. Get in now!
Hope this was helpful!
Bitcoin is going to be a big part of the future of money. Get in now!
Hope this was helpful!
