BITCOIN VISUALLY. Part I.
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BITCOIN VISUALLY. Part I.

Understanding Bitcoin: What It Is & How It Works.
5.0 (5 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
98 students enrolled
Created by Expert in Finance
Last updated 10/2015
English
Current price: $10 Original price: $50 Discount: 80% off
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Includes:
  • 3.5 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Part I is aimed at explaining in simple terms what Bitcoin is and how it works.
  • Part II, a separate course, delivers a practical application of Bitcoin concept explained in Part I.
View Curriculum
Requirements
  • Keep an open mind, free up a couple of hours and you'll be ready to dive into an innovative concept that marries finance, cryptography and technology called Bitcoin!
Description

Have you heard anything about Bitcoin yet?

Bitcoin currently creating controversy and history at the same time.

Will it eliminate credit cards and become as big as the Internet in the 90s? Take a look at the recent media buzz about Bitcoin:

“The next revolution to hit the Web after social media" Bloomberg

“A major means of payment for e-commerce", Bank of America

"96% of Merchant would recommend Bitcoin to Peers" Coindesk

As Bitcoin enters mainstream media, now is the time for you to better understand what Bitcoin is, how it works and why it's emerging as a significant breakthrough in the financial system!

Don't miss your to seize the moment. Take this course to make your own mind whether it's time to expand your financial portfolio, adopt it in your business as a new payment method with no transaction fees or simply be well versed at a dinner party.

Although the Internet is full of information about Bitcoin, it's often very technical and hard to understand unless you have a Ph.D. in cryptography or can afford to spend hours researching the subject. Save your precious time by taking this course and learning the practical information you will need to decide if Bitcoin is for you and how to use it.

We've prepared a concise and very visual tutorial that is easy to follow and explains the fundamentals of Bitcoin in plain English. We are honored to take you by the hand and lead you into the exciting new world of Bitcoin!

Part I of our course is all about the concept of Bitcoin – Here are highlights of what you will learn:

* What is Bitcoin

* Where Did Bitcoin Come From

* How Bitcoin Works

* Who Created Bitcoin

* Bitcoin Benefits & Drawbacks.

* Regulation of Bitcoin and MtGox Collapse

* Future Outlook

Who is the target audience?
  • Take this course if you are looking to:
  • a) really understand what Bitcoin is all about and get a grasp of the main terms widely used in the media related to Bitcoin such as digital wallet, Bitcoin address, block, block chain, hashing, Bitcoin mining,etc
  • b) be ahead of the curve in order to seize potential business and investment opportunities
  • c) educate others on Bitcoin as knowledge is power!
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Curriculum For This Course
Expand All 31 Lectures Collapse All 31 Lectures 03:51:45
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What Is Bitcoin?
4 Lectures 12:49

This is a short introduction to Bitcoin. Is it currency, money,..or a payment system? As currency it needs to be issued by a sovereign entity, but it is not. As money, it needs to have 4 characteristics: be durable, portable, divisible and have intrinsic value.

Preview 01:57

The price of Bitcoin had a dramatic increase from several cents, to $100 and finally to $1,200 in November of 2013. It's an unprecedented growth that made first adopters of the technology millionnairs.

Preview 01:31

Bitcoin - the good, the bad and the ugly in the media:

- The shut down of the Bitcoin black market site "Silk Road";

- The $25mil. investment in Coinbase, a US-based Bitcoin Exchange;

Preview 05:21

A simple explanation is provided by comparing snail mail to an email. The parallel is then drawn between cash and Bitcoin. The logical chain helps understand a complex concept of Bitcoin by tapping into things that we are all very familiar with.

What is Bitcoin Anyway?
04:00
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Where Does Bitcoin Come From?
1 Lecture 06:23

Where Does Bitcoin Come From?

You could mine it, purchase it on Bitcoin exchanges, purchase locally or get it via an ATM, and finally, you could earn it by playing computer games or accepting it for your goods and services.

Ways to Get Bitcoins
06:23
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How Does Bitcoin Work?
10 Lectures 01:26:49

How Does Bitcoin Work? What is a Bitcoin Address?

This video talks about Bitcoin addresses. A simple explanation tells you exactly what a Bitcoin address is, how it looks and what it means.

Preview 04:46

What is a Bitcoin Wallet? Where would you get it from? Similar to an email, you can open an email account online, or download an email client to your computer, a Bitcoin wallet can be located online or downloaded to your computer. There are things to consider whether you have a Bitcoin wallet on your computer and store your bitcoins there or use the Internet to access your web Bitcoin wallet.

Bitcoin Wallet Explained
07:40

What is a Public Key Cryptography? What is a Public Key, a Private Key in a Bitcoin Wallet? What is a Digital Signature?

Public-private key pair is at the heart of the Bitcoin protocol. It is based on an encryption algorithm called Curve Digital Signature Algorithm (ECDSA) . How does bitcoin wallet work? It has two keys, a public key, and a private key. What is the function of each key in the context of encryption the Bitcoin transactions.

Bitcoin Public and Private Keys Explained
13:11

How Does a Bitcoin Transaction Work?

An explanation of goes into a Bitcoin transaction is given by using a simple example where Lisa is sending 1 bitcoin to Mike. Bitcoin is a decentralized payment system; transactions are not funneled through one entity. They are direct, one-on-one or peer-to-peer. Bitcoin transactions are happening only between Bitcoin addresses (no private personal information is needed such as when you shop online - you are asked to enter your credit card info, your physical address, your name). Because of this, the Bitcoin protocol has to have checks and balances in place to address security concerns and other risks involved when dealing with strangers. Each transaction in the Bitcoin world is a set of inputs and outputs. The heavy reliance by the Bitcoin protocol on cryptography and math allows to address these concerns and validate a transaction. Until then its an unconfirmed transaction. Finally, a live transaction on the Bitcoin network is observed in real time.

Bitcoin Transaction Explained
09:52

Bitcoin Transaction - How Things Work in Real Time
01:47

What is a Block? What is a Block chain?

These two terms that are widely used when you read articles about Bitcoin or hear people talk about it. Understanding what a block and a block chain are is essential to understanding what Bitcoin is and how it works. Often, a concept of general ledger is used to explain how a Bitcoin block chain works. We see why that is the case.

Blocks and Block Chain Explained
06:54

Cryptographic hash and hash functions are explained in simple terms. A real life example is presented of where hash information can be found for each Bitcoin transaction and what it means.

What is a valid pr confirmed block? What is a nonce?

How is hashing performed? What is a proof of work?

The difference between the traditional banking and Bitcoin is reviewed.

Cryptographic Hash Values & Hashing Explained
16:30

What is a mining difficulty? How long does it take to mine a block? Bitcoin protocol has these variables identified so that the difficulty of hashing a block changes according to certain conditions. Again, the technical concepts are tied directly into a real life example.

Mining Difficulty Explained
07:41

This is where everything we've discussed in this chapter is put together. We see exactly what happens when you (or Lisa in our example) send a bitcoin to someone and how the transaction gets first, confirmed, and second, added to the blockchain. This is a culmination of previous bits and pieces explained thoroughly to finally show you how Bitcoin actually works from a much higher level - you'll get a view at Bitcoin from 10,000 feet.

Bitcoin - A View From 10,000 Feet
06:20

From theory to reality - in this video we take a look at a Bitcoin blockchain, blocks and transactions as they change their status across the Bitcoin network from being 'unconfirmed' to 'confirmed'. You will see how transactions get recorded across the network, and how all those concepts (hashing, mining, blockchain,etc) exist in action.

Bitcoin - How Things Work In Real Time
12:08
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Who Created Bitcoin?
3 Lectures 09:37

Who created Bitcoin? An enigma called Satoshi Nakamoto. The name has a deeper meaning than what one can guess. Satoshi published a whitepaper describing the concept of Bitcoin, problems with the current financial and banking system and how Bitcoin protocol addresses them.

The Origin of Bitcoin - Bitcoin Whitepaper
01:05

Satoshi Nakamoto Whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System”

Courtesy of bitcoin.org

PDF - Bitcoin Whitepaper
9 pages

What does Satoshi's whitepaper address? There are two main problems Saroshi saw with the financial system back in 2008.

Bitcoin had a number of precursors: Ecash, E-Gold, B-money, and Bit Gold.

Bitcoin Precursors
08:32
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Who Is Satoshi Nakamoto?
4 Lectures 27:22

Who is Satoshi Nakamoto? The answer as it turns out not as simple... It can be anyone. Several, most probable candidates as suggested by the analysis of Bitcoin code and the Bitcoin whitepaper are discussed.

Satoshi Nakamoto Has Many Faces
08:58

Ted Nelson, US sociologist, who coined the tesrm 'hypertext', unveils who he thinks Satoshi Nakamoto, the creator or Bitcoin is.

Ted Nelson YouTube Video - I Think I Know Who Satoshi Is
12:42

LINKS - Satoshi Nakamoto Has Many Faces
00:52

Who else could be the creator or Bitcoin? There are many guesses as we've previously seen.

Some people suggest it can be government..we discuss a number of theories aroung this idea.

Who Is Satoshi Nakamoto Anyway?
04:50
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Economics of Bitcoin
3 Lectures 24:43

Is Bitcoin Like Gold? Some people believe Bitcoin is Gold 2.0 or digital gold. Is it so?

Peter Schiff and Max Keiser provide their opinion.

Is Bitcoin Like Gold?
05:39

Peter Schiff, an American businessman, investment guru and financial commentator, discusses similarities and differences of Bitcoin versus gold.

Peter Schiff YouTube Video - Bitcoin vs Gold
12:07

The number of bitcoins is limited, making people believe that its price will eventually go up even more. The rewards for mining bitcoins are set to change every 4 years and be reduced by 50% every time.

Limited Supply of Bitcoins & Rewards for Mining
06:57
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Pros and Cons of Bitcoin
4 Lectures 36:56

A set of pros of Bitcoin is discussed in depth. Specifically, Bitcoin is decentralized, quasi-anonymous, secure and global. Economic and financial implications and considerations are presented for why people believe in Bitcoin and what function it could play in the society.

Pros of Bitcoin - Decentralized, Quasi-Anonymous, Encrypted, Global
14:55

One of the drawbacks of Bitcoin currently is a lack of regulation and consumer protection.

An overview of how countries around the world regulate (or not) Bitcoin is discussed.

MtGox collapse is explained.

Cons of Bitcoin - Lack of Regulation & MtGox Collapse & Transaction Malleability
14:04

Cons of Bitcoin such as irreversibility of transactions, price volatility and concerns with scalability are discussed.

Cons of Bitcoin - Irreversible, Volatile & Not Scalable
07:16

LINKS - Existing Regulation of Virtual Currencies
00:41
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What's Next?
2 Lectures 10:23

PDF file containing links to Bitcoin Wallets (Desktop, Mobile, Online) and Bitcoin Exchanges.

Scroll down to see the links.

PDF - Useful Resources and Links
6 pages

First mover advantage and seizing an opportunity for those who believe in Bitcoin.

Alternative crypto-currencies such as Litecoin, Ripple, Dogecoin, Feathercoin, etc and their market capitalization are discussed.

Significant business developments in Bitcoin and a potential for the price to hit $50,000.

Bitcoin Visually. Part II is a hands-on video training for those who would want to use, invest, trade Bitcoin.

What's Next? - Alternative Cryptocurrencies & Future Outlook
10:23
About the Instructor
Expert in Finance
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98 Students
2 Courses
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