Bitcoin

Who created bitcoin? and when?

Satoshi Nakamoto

Halloween 2008

What does HODL mean?

Hold On for Dear Life

What is the maximum amount of bitcoin?

21 million

1 Bitcoin = to how many Satoshis

100 million

Which rank of bitcoin holder is the most common?

whale

Blocks are created every…

10 min

Block cannot be added until _______

verified (miners/nodes)

What is mining?

Bitcoin transactions are validated and added to the blockchain

what is node?

A computer that stores the whole blockchain and runs the Bitcoin software.

How many bitcoin remaining?

1.7 million

What is Bitcoin used for? (5)

stop throwing rotten bananas, immidetly

investment

store of value

transactions - mainstream use

reserve currency

Be Your Own Bank

Where to buy bitcoin?

Use an exchange

Bitcoin saying

Not your Keys, Not your Coincs

What is public and private key?

public key = email, private key = password

What does KYC mean?

Know Your Customer

fiat

Fund your account with dollars

Can you buy parts of Bitcoin?

yes

Custody or where coin are stored or held

online “hot wallet”
cold wallet - offiline storeage

How Bitcoin is Viewed As An Investment? (5)

Giraffes Dance Slow, Money Spins!

guard against inflation
digital gold
speculative - High risk and price volatility
funds
many public companies investing
scarce asset

What is a ETF

exchange traded fund, like a bunch of differnet stocks all wrapped into 1 stock

Why are bitocin price predicted to increase? (4)

Stock To Flow modeling – Scarcity drives value. Years of inventory relative to annual production (amount in reserve/annual production).

How is supply and demand for bitcoin different from normal supply and demand?

in elastic supply

Is bitcoin an asset?

yes

What is a collateralized debt? exmaple

asset basked debt
house, equity

What is uncollateralized debt? examples

not asset backed credit cards

Can you take out loans against stocks?

yes

Why take loans backed by bitcoin

asset worth> fiat worth

asset growth > interst paid

Advantages and Disadvantages of living off bitcoin

How to live tax-free off you bitcoin (3 steps)

1. go to a lender and take out loans against your bitcoin

2. put collateral

3. receive fiat or stablecoin

Ways to Pay off the Bitcoin Loan (2 ways)

1. make monthly payments with your income

2. If you bought real estate (or income producing asset) with the loan, use the rental income to satisfy the payment.