BITCOIN MADE SIMPLE
Three ways to use Bitcoin (own, send, and mine)
The Pretty Soul wants girls to understand how the digital money works and offer a learning platform for females
1.) De-centralized Digital Currency
2.) Cryptocurrency is cash that you can send through the internet
3.) Transferred from person to person
4.) Fees are much lower
5.) Can not be frozen
6.) Used around the world
7.) No pre-requisites or arbitrary limits
8.) Uses a Digital File that lists accounts like Ledger
9.) Cryptocurrency is anonymous
10.) Cryptocurrency is an asset
Bitcoin Cheat Sheet
HOW IT WORKS
Crypto-mining
Miners verify transactions
There are two chains
The Two Chains are:
The transaction chain (History of Ownership) and the Blockchain (Transaction ordering)
Each new Block is made of Cryptographic Hash
The Block can be thought of as a block puzzle
The Hash output can be thought of like a fingerprint
Nodes are used to prevent spending fraud (Transaction Order)
Nodes keep ownership of funds, not balances
Keeping your Crypto Safe
You are given two keys
The Public Key (this is the address that people can send you bitcoin)
The Private Key (Authentication) (verification key, do not loose can not be recovered and if stolen you are S.O.L)
The Digital Signature is an ecdsa
ECDSA stands for (elliptical curve digital signature algorithm)
WHERE DO I KEEP MY CRYPTOCURRENCY?
Keep your Crypto in one of two places
Wallet or an Exchange
Wallet is stored securely with a password you select
http://coinbase.com (wallet)
OR YOU CAN PUT YOUR DIGITAL FUNDS IN AN EXCHANGE (MY SUGGESTION WOULD BE:)
https://poloniex.com (exchange)
Note: Wallets are designed to be very simple and easy to use. You have a basic overview screen, send coins, and receive coins. It also shows how many coins you have in your wallet and where they came from. Familiarize yourself with two advanced features the encrypt wallet (password protection) and wallet backup.
Mining Software
Download the following mining software.
http://sourceforge.net/projects/cpuminer/files/pooler-cpuminer-2.3.3-win32.zip
The ABC’s of Cryptocurrency
A list of Terminology
Address cryptocurrency addresses are used to send or receive transactions on the network. An address usually presents itself as a string of alphanumeric characters.
Bitcoin is the first decentralized, open source cryptocurrency that runs on a global peer to peer network, without the need for middlemen.
Blocks are packages of data that carry permanently recorded data on the blockchain network.
Blockchain is a shared ledger where transactions are permanently recorded by appending blocks. The blockchain serves as a historical record of all transactions that ever occurred.
Cryptocurrency are representations of digital assets
Cryptohash is a computational algorithm.
Decentralised Autonomous Organizations can be thought of as corporations that run without any human intervention and surrender all forms of control to an incorruptible set of business rules.
Distributed Ledgers are ledgers in which data is stored across a network of decentralized nodes. A distributed ledger does not have to have its own currency and may be private.
Distributed Network is where processing power and data are spread over the nodes rather than having a centralized data center.
Digital Signature is a digital encrypted code generated for a public key that is attached to an electronically transmitted document to verify its contents and the sender’s identity.
Ethereum is a blockchain-based decentralized platform for apps that run smart contracts and is aimed at solving issues associated with censorship, fraud and third-party interference.
Cryptographic Hashing means taking a string of numbers (input) and giving out a fixed length of numbers (output) through a hashing algorithm.
Mining is the pr0cess of adding transaction records to the public ledger to validate blockchain transactions.
Node is a copy of the ledger operated by a participant of the blockchain network. Nodes pass around transaction data (payments) and block data (additions to the ledger)
Peer to Peer (P2P) refers to the decentralized interactions between two parties or more in a highly-interconnected network. Participants of a P2P network deal directly with each other.
Public Key is a digital address
Private Key is a string of data that allows you to access the tokens in a specific wallet. The key must be kept hidden from anyone but the owner of the address.
Transaction Block is a block that can then be hashed and added to the blockchain.
Transaction Fee is a small fee that all cryptocurrency transactions use. These transaction fees add up to account for the block reward that a miner receives when he successfully processes a block.
The wallet is a software program allowing access to view and creates transactions on a specific blockchain that the wallet is designed for.
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