Blockchain and Bitcoin Fundamentals

A quick personal message.

Welcome to Blockchain and Bitcoin Fundamentals. In this video I introduce myself and I let you know how you can communicate with me and ask me questions. I also let you know more about what you can expect to see in the coming lessons.

Let's take a look at Bitcoin at this moment in time and a preview of some of what you can expect to see in the coming lessons!

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In this lesson we will review what a blockchain is and what makes it such an innovative technology.

I also include a downloadable glossary of key blockchain and Bitcoin key terms.

Let's do a quick check to see what you have learned...

Please watch this video. It has an important message about leaving a review for this course.

A description of Bitcoin, what it is, how it works, and how blockchain technology plays into Bitcoin.

Let's check what you have learned in this lesson with a few questions!

If you've ever asked yourself where bitcoins come from and how they are placed into circulation, this video is for you. We will be discussing the concept of Bitcoin mining and a very special group of nodes on the network called "mining nodes."

Bitcoin mining is how transactions are processed on the Bitcoin network, and how new blocks get added onto the Bitcoin blockchain.  It is also how new bitcoins are created and added into the system

Bitcoin is a type of Cryptocurrency.

Because of this, Bitcoin uses cryptography to control the creation of new units of bitcoin and to verify the transfer of bitcoins between parties.

In this video demo, I describe a SHA-256 hash function which is a type of cryptographic hash function that is used during the bitcoin mining process to sign, confirm and secure the blocks on the bitcoin blockchain.

I also include a link to the free, open source SHA-256 Hash generator I use in the video so you can go try it yourself!

Now that you know about Cryptographic Hash functions and learned what a SHA-256 Cryptographic Hash is, let's see how block hashing works and how hashes are used in a block that will be used in a blockchain.

In this video demo, I describe how a blockchain gets built and how it preserves its integrity by using Cryptographic hashes.

Earlier, we defined that "A blockchain is a constantly growing ledger that keeps a permanent record of all the transactions that have taken place, in a secure, chronological and immutable way."

As you will see in this video, this chronological order and how Cryptography ties into the equation is what makes blockchain such a powerful technology to keep Bitcoin secure.

Notice how a blockchain links each new block to the previous block by using Hash Cryptography, and how changing a single block "breaks the chain."

As you have learned in previous lessons, Bitcoin is a decentralized network with thousands of full nodes around the world which maintain an identical copy of the Bitcoin blockchain.

In this video demo, I show how all these multiple copies of the Bitcoin blockchain work together, and how having distributed copies of the blockchain help Bitcoin be more secure, while in the process avoiding having a single point of failure.

Time to see how much you understand the concept of cryptographic hashing.

There are four main components to Bitcoin which work together in order to enable Bitcoin to run.

We've covered them in different lectures of this course, now we tie them all together into one seamless flow.

In Bitcoin, there is a very important transaction called the "Coinbase" transaction. 

Find out in this video what it is all about and why it is so important!

Join me on a "virtual fieldtrip" through several leading destinations in Bitcoin including some block explorers you should know about!

Try it out yourself and go on your own Bitcoin virtual fieldtrip!

An analysis of key concepts in Bitcoin which you need to know about as they are very commonly used in regular business conversations.

It's time for a quick review of what you have learned in the previous lesson!

Where did Bitcoin come from? How did it all start? Let's explore the birth of Bitcoin.

What makes blockchain so valuable and why is it regarded as such a revolutionary innovation.

A bitcoin is a type of digital asset called a "Cryptocurrency." In this lesson we explore what cryptocurrencies are and some of the most popular types of cryptocurrency.

You may have heard the term "Smart Contracts" before. In this lesson we explore what they are, how they work and why they are so important.

As you continue to learn more about the value of blockchain, it's important that you learn about what digital tokens are, and how they are used.

Decentralized Autonomous Organizations (DAO) and Decentralized Autonomous Corporations (DAC) are a very exciting area in smart contracts and blockchain technology. In this lesson we discuss what they are as well as why they are so important to know.

This lesson explores 5 business use cases of blockchain above and beyond Bitcoin.

These are real use cases in renowned organizations, with real, measurable results. The objective is to show the impact of how applying blockchain technology can cause positive change, and drive performance improvements across multiple different verticals, organizations and focus areas.

Much is said about about the value and benefits of blockchain, however it is important to note that there are also limitations to this technology.

In this lesson I cover some of the most evident and important limitations of blockchain technology.

Here is a list of common misconceptions about blockchain and Bitcoin. You will run into these quite regularly and it's good for you to know the truth behind them.

On August 1st, 2017 Bitcoin went through a "Hard Fork" which created a new cryptocurrency called "Bitcoin Cash."

In this lecture, I explain what Bitcoin Cash is and how it came to be, as well as how it relates to Bitcoin.

I have also included as a downloadable resource an "Infographic: Hard Fork Guide" with "Three Steps to Successfully Handling a Bitcoin Hard Fork" like the one that created Bitcoin Cash.

In this video lesson I explain what Forks on a blockchain are, and I describe and compare the Hard Fork that created Bitcoin Cash with the Soft Fork which was used to activate Segregated Witness (SegWit). 

I also explain Bitcoin Transactions, along with what SegWit is and how it works.

Additionally, I have provided for you a valuable downloadable Infographic with 3 steps you should follow in case of a Bitcoin Hard Fork like the one that created Bitcoin Cash.

This is a very valuable lesson loaded with important information you should know!

In this lesson we will go over the number of transactions that are in a block on the Bitcoin blockchain, and we will look at a fun, informative way to view and understand the process.

Since only a maximum number of 21 million bitcoins will ever be available.... That means that at some point - there will not be any more bitcoins to mine. What will happen to the global network of miners?

As you become more familiar with Bitcoin, there are several key dates in Bitcoin history which you should know about as they are very commonly discussed in various Bitcoin circles.

By now, you have learned what cryptographic hashing is, and how the Bitcoin blockchain is assembled and linked together into a chain of blocks of transactions.

It is now time to learn about "Merkle Trees", a very special data structure used in Bitcoin. In this lesson, we will explore what Merkle Trees are, how they are built, and we will see the way they are used to help strengthen the integrity of the Bitcoin blockchain.

A few quick questions to see what you have learned so far...

In this lecture, we will be discussing how the price of Bitcoin is determined. I also include some additional valuable resources as links which can further help you.

Before we move onto the next section where we get started with Bitcoin. Let's take a different, fun look at Bitcoin working hard all around the world!

This lesson is geared towards people who have never used Bitcoin and would like to know how they may be able to get started using Bitcoin.

In this lesson, I will walk with you through the process of choosing a Bitcoin wallet and I present you with various alternatives along with the benefits and drawbacks of each.

Let's explore how you send and receive bitcoins by analyzing a sample transaction between Alice and Ben.

In this lesson we will go over important safety precautions you should follow when storing your bitcoins.

I describe the differences between "Hot Storage" and "Cold Storage", and provide you with options you can use to better protect your bitcoins. 

I also provide for you a series of carefully selected links featuring additional resources that contain valuable information on how to further protect your bitcoins.

Once you have your bitcoins, there will be times when you will want to convert those bitcoins into local "fiat" currency such as dollars, euros or yen.

In this lesson, I present to you several easy ways that you can convert your bitcoins into fiat currency.

This lesson features a review of what we've covered in the course as well as links to valuable free resources.

In this episode of the Crypto and Cookies podcast, host George Levy explains why everyone should consider owning some Bitcoin and how to get started with a special offer to receive $10 of bitcoin for free.

Bitcoin isn't just another digital currency; it's a game-changer in the world of finance, offering a hedge against inflation and serving as a store of value in uncertain times.

Learn how to begin your Bitcoin journey and claim your free bitcoin today!