How to use bitcoin
Group presentation
What is bitcoin
Semi-live demo
There are 2 ways to use bitcoin. You can trade it or you can mine it
There are a limited number of bitcoins. As of 6:45, 14, 11, 2022 there were 19,204,512.5 bitcoins discovered out of 21 million. Which leaves 1,795,487.5 bitcoins to be mined.
Mining a bitcoin is a process of solving extremely complicated math problems that verify transactions in the currency.(Brian Baker, 2022, para 1)
How to mine bitcoin
To mine bitcoin you need crypto wallet, mining software and mining hardware.
Mining hardware incudes a GPU or ASIC (application-specific integrated circuit) which means you can’t just mine bitcoin on your current computer. You will need to get a new computer set up and wired just for bitcoin mining.
Mining software can be found online with many options available.
According to www.investopedia.com the best mining softwear is CGMiner because its open-source software with cross-platform/hardware compatibility.
Bonus facts
- Mining gets slower over time
- All bitcoins are expected to be mined by 2140
(Adam Hayes, 2022, para 9)
Something to think about
What happens after all the coins are mined?
- Not be used/valueless
- OR
- Like gold/oil
Bitcoin inventor Satoshi Nakamoto, the anonymous name used by the creators of the Bitcoin cryptocurrency, designed the cryptocurrency essentially as digital gold and capped the Bitcoin maximum supply to mimic the finite quantity of physical gold. (Adam Hayes, 2022, para 2)
Recap
- Bitcoin is a cryptocurrency
- Value changes over time
- Can be bought or mined
- To mine you need a good GPU or ASIC
- To use it you need a crypto wallet/account