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What Is Bitcoin? How To Mine, Buy, and Use It

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What Is Bitcoin?

Understanding bitcoin.

• Blockchain Technology
• Mining Bitcoin
• Buying Bitcoin
• Using Bitcoin
• Investing Risks

The Bottom Line

Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions. It is rewarded to blockchain miners who verify transactions and can be purchased on several exchanges.

Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.

It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies.

Read on to learn more about the cryptocurrency that started it all—the history behind it, how to mine it, buy it, and what it can be used for.

Key Takeaways

• Launched in 2009, bitcoin is the world's largest cryptocurrency by market capitalization.
• Unlike fiat currency, bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain .
• Bitcoin and its ledger are secured by the number of participants in its network and in the way the system confirms and verifies transactions.
• Bitcoin can be purchased on various cryptocurrency exchanges.
• Bitcoin's history as a store of value has been turbulent; it has undergone several boom and bust cycles over its relatively short lifespan.

In August 2008, the domain name Bitcoin.org was registered. It was created by Satoshi Nakamoto and Martti Malmi, who worked with the anonymous Nakamoto to develop Bitcoin.

In October 2008, Nakamoto announced to the cryptography mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party." The now-famous white paper published on Bitcoin.org, entitled "Bitcoin: A Peer-to-Peer Electronic Cash System," would become the Magna Carta for how Bitcoin operates today.

First Block

On Jan. 3, 2009, the first Bitcoin block was mined . Called Block 0, it is also known as the genesis block and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps proof that the block was mined on or after that date.

Bitcoin rewards are halved every 210,000 blocks. For example, the block reward was 50 new bitcoins in 2009. On May 11, 2020, the third halving occurred, bringing the reward for each block down to 6.25 bitcoins. The fourth halving occurred in April 2024 and lowered the reward to 3.125 bitcoins. The next halving should happen in mid-2028 and reduce the reward to 1.5625 BTC.

Denominations

One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a satoshi.

On Jan. 8, 2009, the first version of the Bitcoin software was announced to the Cryptography Mailing List, and on Jan. 9, 2009, Block 1 was mined, and bitcoin mining began.

Bitcoin's Blockchain Technology

Bitcoin as a form of digital currency isn't hard to understand. For example, if you own a bitcoin, you can use your cryptocurrency wallet to send smaller portions of that bitcoin as payment for goods or services. By contrast, the way Bitcoin actually works is very complex.

A blockchain is a distributed ledger, a shared database of information that is chained together via cryptographic techniques. "Distributed" means that it is stored on many computers rather than on a centralized server, as is typical of data storage.

A network of automated programs installed on these computers maintains the blockchain and performs the functions necessary for it to operate.

A block on a blockchain is a file that contains a block header, transaction counter, and the transactions recorded in the block. The transaction counter lists how many transactions are in the block, while the block header is made up of several elements:

• Software version : Which version the blockchain is running (sometimes called the magic number)
• Previous block hash : The encrypted information from the previous block
• Merkle root : A single hash (encrypted information) that contains all the hashed information from previous transactions
• Timestamp : The date and time the block was opened
• Difficulty target : The current network difficulty problem miners are attempting to solve for
• Nonce : Short for " number used once ," which is used to solve the mining problem and open the block.

As noted, each block contains the hashed information of the previous block. This creates a chain of encrypted blocks (files) that contain information from all previous blocks, going back to the first block of the blockchain.

Bitcoin uses the SHA-256 hashing algorithm to encrypt (hash) the data stored in the blocks on the blockchain. Simply put, transaction data stored in a block is encrypted into a 256-bit (64-digit) hexadecimal number. That number contains all the transaction data and information linked to the blocks before that block.

While the data in a block is encrypted and used in the next block, the block is not inaccessible or non-readable. The hash is used in the next block, then its hash is used in the next, and so on, but all blocks can be read. This makes it so blocks cannot be changed without changing all other blocks and ensures anyone can audit the blockchain.

How To Mine Bitcoin

A variety of hardware and software can be used to mine bitcoin. When the Bitcoin blockchain was first released, it was possible to mine it competitively on a personal computer. However, as it became more popular, more miners joined the network, which lowered the chances of being the one to solve the hash.

You can still use your personal computer as a miner if it has newer hardware, but the chances of solving a hash individually using a home computer are minuscule.

This is because you're competing with a network of miners that generate around 600 quintillion hashes (as of May 15, 2024) per second. Machines—called Application Specific Integrated Circuits (ASICs) built specifically for mining—can generate more than 400 trillion hashes per second. In contrast, a computer with the latest hardware hashes around 100 megahashes per second (100 million).

Options for Successful Mining

There are two hardware options available for Bitcoin mining and several software options.

1. You can use your existing computer and mining software compatible with Bitcoin software and join a mining pool. Mining pools are groups of miners that combine their computational power to compete with large ASIC mining farms.

There are many mining programs to choose from and pools you can join. Two of the most well-known programs are CGMiner and BFGMiner. Some of the most popular pools are Foundry Digital, Antpool, F2Pool, ViaBTC, and Binance.com.

2. If you have the financial means, you could purchase an ASIC miner. You can generally find a new one for around $10,000, but used ones are also sold by miners as they upgrade their systems. There are some significant costs, such as electricity and cooling, to consider if you purchase one or more ASICs. Keep in mind using one or two ASICs is still no guarantee of rewards as you're competing with businesses with large mining farms of tens, if not hundreds, of thousands of ASICs. For example, bitcoin mining firm CleanSpark ordered 100,000 ASICs from Bitmain in April 2024.

You can increase your chances of being rewarded bitcoins by joining a pool, but rewards are significantly decreased because they are shared. When choosing a pool , it's important to make sure to find out how it pays out rewards, what any fees might be, and to read some mining pool reviews.

How To Buy Bitcoin

If you don't want to mine bitcoin, you can buy it using a cryptocurrency exchange. Most people will be unable to purchase an entire BTC because of its price, but you can buy portions of one BTC on these exchanges in fiat currency, such as U.S. dollars.

For example, you can buy bitcoin on Coinbase by creating and funding an account using your bank account, credit card, or debit card. The following video explains more about buying bitcoin.

How to Buy Bitcoin

How to use bitcoin.

Bitcoin was initially designed and released as a peer-to-peer payment method. However, its use cases are growing due to its increasing value, competition from other blockchains and cryptocurrencies, and developments on blockchains that process information for the Bitcoin blockchain.

Bitcoin is accepted as a means of payment for goods and services at many merchants, retailers, and stores.

Brick-and-mortar stores that accept cryptocurrencies will generally display a sign that says "Bitcoin Accepted Here." The transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touchscreen apps. An online business can easily accept bitcoin by adding this payment option to its other online payment options: credit cards, PayPal, etc.

To use your bitcoin, you need to have a cryptocurrency wallet . Wallets are your blockchain interface and can hold the private keys to the bitcoins that you own. These keys must be entered when you're conducting a transaction.

Investing and Speculating

Investors and speculators became interested in bitcoin as it grew in popularity. Between 2009 and 2017, cryptocurrency exchanges emerged that facilitated bitcoin sales and purchases. Prices began to rise, and demand slowly grew until 2017, when its price broke $1,000.

Many people believed bitcoin prices would keep climbing and began buying bitcoin as long-term investments . Traders began using cryptocurrency exchanges to make short-term trades, and the market took off.

After reaching a high of about $69,000 in November 2021, bitcoin's price crashed in 2022. In March 2022, it was as high as $47,454, but by November, it was $15,731. It then recovered in 2023, seeing a price as high as $31,474 before dropping back below $30,000.

In early 2024, bitcoin's price jumped into the mid $40,000s as expectations grew for Bitcoin Spot ETFs' approval. By mid-February 2024, after the ETFs were approved, bitcoin's price climbed to more than $50,000.

Bitcoin prices tend to follow stock market trends because bitcoin is treated the same way that investors treat other investments. However, bitcoin price movements are greatly exaggerated and sometimes are prone to movements of thousands of dollars. Many bitcoin investors tend to "trade the news," as demonstrated by the fluctuations that occur whenever there is a significant news event.

Bitcoin's  all-time high price is $73,794, reached on March 14, 2024.

Risks of Investing in Bitcoin

Bitcoin had a price of $7,167.52 on Dec. 31, 2019, and a year later, it had appreciated more than 300% to $28,984.98. It continued to surge in the first half of 2021, trading at a record high of $69,000 in November 2021. It then fell over the next few months to hover around $40,000.

As a result of such price movements, many people purchase bitcoin for its investment value rather than its ability to act as a medium of exchange . However, the lack of guaranteed value and its digital nature mean its purchase and use carry several inherent risks.

In fact, many investor alerts issued by the Securities and Exchange Commission (SEC) , the Financial Industry Regulatory Authority (FINRA) , and the Consumer Financial Protection Bureau (CFPB) concern bitcoin investing.

Here are some of the risks that you're exposed to when trading or investing in bitcoin:

• Regulatory risk : The continuous battle between cryptocurrency-related projects and regulators makes longevity and liquidity an unknown. As of May 2024, bitcoin is not considered a security by the authorities, but that stance could change in the future.
• Security risk : Most individuals who own and use bitcoin have not acquired their tokens through mining operations. Rather, they buy and sell bitcoin and other digital currencies on popular cryptocurrency exchanges. These exchanges are entirely digital and are at risk from hackers, malware, and operational glitches.
• Insurance risk : Bitcoin and other cryptocurrencies are not insured by the Securities Investor Protection Corporation (SIPC) or the  Federal Deposit Insurance Corporation (FDIC) . However, some exchanges provide insurance through third parties. For instance, Gemini and Coinbase offer cryptocurrency insurance, but only for failures in their systems or cybersecurity breaches. Any cash deposits you've made at either exchange might be eligible for "pass-through" FDIC coverage.
• Fraud risk : Even with the security measures inherent within a blockchain, there are still opportunities for fraudulent activity.
• Market risk : As with any investment, bitcoin values can fluctuate. Indeed, the currency's value has seen wild price swings over its short existence. Subject to high volume buying and selling on exchanges, it is highly sensitive to any newsworthy events.

Regulating Bitcoin

As with any new technology, it has been difficult to regulate bitcoin. The U.S. administration seeks to impose regulations on bitcoin but, at the same time, walks a tightrope in trying not to throttle a growing and economically beneficial industry.

Enforcement agencies in the U.S. continue to rely on existing securities, commodities, and tax laws, but as of May 2024, no attempts from legislators have gained much attention from the country's law-making bodies.

The European Commission put its long-anticipated Markets in Crypto Assets legislation into force in 2023, setting the stage for cryptocurrency regulations in the European Union.

India banned several exchanges in December 2023 and continues to push back reviews of any legislation regarding bitcoin and other cryptocurrencies.

How Long Does It Take To Mine One Bitcoin?

It takes an average of 10 minutes for the mining network to validate a block and create the reward. The bitcoin reward is 3.125 BTC per block. The block reward halves every four years, so when the next halving occurs in mid-2028, the reward will be 1.5625 BTC every 10 minutes.

Is Bitcoin a Good Investment?

Bitcoin has a short investment history that is filled with very volatile prices. Whether it is a good investment depends on your financial profile, investing portfolio, risk tolerance, and investing goals. You should consider consulting with a financial professional before investing in cryptocurrency to ensure that it is right for your circumstances.

How Does Bitcoin Make Money?

Miners on the Bitcoin network can be rewarded by successfully opening blocks. Bitcoins are exchangeable for fiat currency via cryptocurrency exchanges. Investors and speculators can make money from trading bitcoins.

How Many Bitcoins Are Left?

The total number of bitcoins in existence was about 19.7 million on May 15, 2024. At that time, the number left to be mined was about 1.3 million.

Bitcoin was the first cryptocurrency introduced to the public and was intended to be used as a form of payment outside of legal tender. Since its introduction in 2009, bitcoin's popularity has surged, and its blockchain uses have expanded.

Though the process of generating bitcoin is complex, investing in it is more straightforward. Investors and speculators can buy and sell bitcoin on crypto exchanges. As with any investment, particularly one as new and volatile as bitcoin, investors should carefully consider if bitcoin is the right investment for them.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our  warranty and liability disclaimer  for more info.

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• Benefits and Risks of Trading Forex With Bitcoin 8 of 11
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• Gold vs. Bitcoin: Which Is Better? 10 of 11
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What is Bitcoin? [The Most Comprehensive Step-by-Step Guide]

• Cryptocurrency

Home » Guides » Bitcoin

Ameer Rosic

What is Bitcoin and how does it work?

Definition: Bitcoin is a cryptocurrency , a form of electronic money. It is a decentralized digital currency without is independent of banks and can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries.

Updated April 2023

If you want to know what is Bitcoin, how you can get it, and how it can help you, without floundering into technical details, this guide is for you. It will explain how the system works, how you can use it for your profit, which scams to avoid. It will also direct you to resources that will help you store and use your first pieces of digital currency. If you are looking for something even more in detail please check out our blockchain courses on bitcoin.

What is a Bitcoin and how does it work?

Small wonder that Bitcoin emerged in 2008 just after Occupy Wall Street accused big banks of misusing borrowers’ money, duping clients, rigging the system, and charging boggling fees. Bitcoin pioneers wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption, create organic network value, and cut fees. They created a decentralized system, where you could control your money and know what was going on without depending on banks.

Bitcoin has come far in a relatively short time. All over the world, companies, from REEDS Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too. Websites promote it, publications such as Bitcoin Magazine publish its news and price actions, forums discuss cryptocurrency and trade its coins. It has its application programming interface (API), price index, and exchange rate.

Problems include thieves hacking accounts, high volatility, and transaction delays. On the other hand, people in third world countries may find Bitcoin their most reliable channel yet for giving or receiving money.

Key Metrics:

– Data source

Key Highlights

• October 31, 2008: Bitcoin whitepaper published by the anonymous Satoshi Nakamoto.
• January 3, 2009: The Genesis Block or block number one is mined.
• January 12, 2009: The first Bitcoin transaction .
• December 16, 2009: Version 0.2 is released.
• November 6, 2010: Market cap value exceeds $1 million USD.
• October 2011: Bitcoin forks for the first time to create Litecoin.
• June 3, 2012: Block 181919 created with 1322 transactions. It is the largest block to-date.
• June 2012: Coinbase launches.
• September 27, 2012: Bitcoin Foundation is formed.
• 4th December 2013: Price reaches a high of $1,079.
• 7th December 2013: Price falls to around $760.
• February 7, 2014: Mt. Gox gets hacked. This was one of the worst hacks ever which lead to a drop in price.
• June 2015: BitLicense gets established. This is one of the most significant cryptocurrency regulations.
• August 1, 2017: Bitcoin forks again to form Bitcoin Cash .
• August 23, 2017: SegWit gets activated.
• September 2017: China bans BTC trading.
• December 2017: First bitcoin futures contracts were launched by CBOE Global Markets (CBOE) and the Chicago Mercantile Exchange (CME).
• December 2017: Bitcoin price reaches its all-time high.
• January 2018: Price drops as a result of the 2018 cryptocurrency market crash.
• September 2018: Cryptocurrency value collapses 80% from their peak in January 2018, making the 2018 cryptocurrency bearish run worse than the Dot-com bubble’s 78% collapse.
• November 15, 2018: Bitcoin’s market cap value fell below $100 billion for the first time since October 2017.
• October 31, 2018: 10-year anniversary of Bitcoin
• May 11, 2020: 3rd Bitcoin halving

Bitcoin’s all-time high price is $68,990, reached in November 2021  

Understanding Bitcoin – What is Bitcoin in-depth?

Understanding Bitcoin – What is Bitcoin in-depth?

At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency . Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services. The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system. Satoshi Nakamoto leveraged blockchain technology to allow bitcoin to gain decentralization, complete transparency, and immutability.

Bitcoin Transactional properties:

1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your banks, not the president of the US, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.

2.) Pseudonymous: Neither transactions or accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real-world identity of users with those addresses.

3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent to your physical location. It doesn‘t matter if I send Bitcoin to my neighbor or to someone on the other side of the world.

4.) Secure:  Bitcoin funds are locked in a public key cryptography system . Only the owner of the private key can send cryptocurrency. Strong cryptographic technology and the magic of big numbers make it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.

5.) Permissionless : You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you from transacting with your own money. There is no gatekeeper.

The creator of bitcoin figured out a way to let two entities confidently trade directly with one another, without the need to rely on all these intermediaries. The key is mathematics. As long as we both trust in math, we can be confident the exchange to occur as expected. Bitcoin uses public key cryptography and an innovative approach to bookkeeping to achieve the authorization, balance verification, prohibition on double spending, delivery of assets and record inalterability described above. And it happens in near real time at no cost. Cryptography ensures authorization. You need a private key to transact. And your key is complex enough that it would take the best computer longer than the earth has existed to crack it. In other words, it’s essentially unhackable. – Director of Communications at Overstock.com and Chief Evangelist at t0.com

Where can I find Bitcoins?

First, we would recommend you read this in-depth guide for buying Bitcoin .

You can get your first bitcoins from any of these four places.

• A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, which are like the BTC-type of cents. Resources:  Coinbase and Coinsquare in the US & Canada, and BitBargain UK and Bittylicious in the UK.
• A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency. Resources: Your best bets are BTER and CoinCorner
• A classified service where you can find a seller who will help you trade bitcoins for cash. Resources: The definitive site is LocalBitcoins.
• You could sell a product or service for bitcoins . Resources: Sites like Purse.

Caution! Bitcoin is notorious for scams, so before using any service look for reviews from previous customers or post your questions on the Bitcoin forum.

How does Bitcoin work?

Without getting into the technical details, Bitcoin works on a vast public ledger, also called a blockchain , where all confirmed transactions are included as so-called ‘blocks.’ As each block enters the system, it is broadcast to the peer-to-peer computer network of users for validation. In this way, all users are aware of each transaction, which prevents stealing and double-spending, where someone spends the same currency twice. The process also helps blockchain users trust the system.

“Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. Instead it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, an audio, video and chat service. Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure known as Bitcoin “mining”.  The mathematics of the Bitcoin system  were set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21 million. There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.”

Is Bitcoin safe and legal?

To see how the system works, imagine someone called Alice who’s trying out Bitcoins. She’d sign up for a cryptocurrency wallet to put her bitcoins in.

The Bitcoin Wallets

There are three different applications that Alice could use.

• Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners.
• Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction.
• Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction.

You’ll find wallet technology that comes in five main types: Desktop, mobile, web, paper and hardware. Each of these have its advantages and disadvantages.

Bitcoin as Legal Tender

Currently, Bitcoin is legal tender in two countries – El Salvador and Central African Republic (CAR).

El Salvador

During Bitcoin Miami 2020, Nayyib Bukele – the president of El Salvador – made a game-changing announcement. Bukele said that in 2021, the country would officially accept BTC as legal tender. It made perfect sense for them to do so for multiple reasons.

• A significant chunk of the country’s GDP came from international remittances. Folks working in the US would usually send money back to their family via services like Western Union. They end up losing a significant amount of money due to transaction fees.
• The El Salvador economy has been suffering due to dollarization. Adopting bitcoin gives them more control over their monetary policies.
• Create a friendly ecosystem where Bitcoin entrepreneurs from all over the world can come and create businesses.

Central African Republic

In May 2022, CAR officially made Bitcoin a legal tender. CAR uses the Central African CFA franc – a currency shared by six other Central African countries and governed by the Bank of Central African States (BEAC). The Central African Republic aims to speed up financial innovation by legalizing BTC.

The Real-World Use of Bitcoin as a Payment Method

Bitcoin, the popular cryptocurrency, is not just an investment opportunity but also a viable payment system. Its increasing acceptance by merchants worldwide has made it possible for customers to pay with bitcoin for goods and services. This has opened up new avenues for using digital currency in everyday transactions.

Increasing Acceptance by Merchants Worldwide

One of the key advantages of using bitcoin as a payment method is its growing acceptance by retailers and businesses globally. Many online and physical stores now offer the option to pay with bitcoin alongside traditional payment methods like credit cards or cash. This means that customers who hold bitcoin can conveniently use their digital assets to make purchases without having to convert them into fiat currency.

Fast and Borderless Transactions

Bitcoin’s decentralized nature allows for fast and borderless transactions, making it an ideal payment method for international payments. Unlike traditional banking systems that involve intermediaries and can take several days to process cross-border transactions, bitcoin enables near-instantaneous transfers across borders. This eliminates the need for costly intermediaries and reduces transaction times significantly.

Adoption as Legal Tender in Some Countries

In certain countries, bitcoin has been adopted as legal tender, which further facilitates its use in everyday transactions. For example, El Salvador became the first country to recognize bitcoin as legal tender in 2021. This means that businesses within the country are required to accept bitcoin as a form of payment alongside the national currency. Such adoption provides greater legitimacy to bitcoin and encourages its usage in day-to-day activities.

Seamless Integration with Existing Payment Systems

Bitcoin can be seamlessly integrated into existing payment systems, allowing users to make payments through various channels such as debit cards or mobile wallets. Payment processors have developed solutions that enable retailers to accept bitcoin payments while still receiving funds in their preferred currency, mitigating any potential volatility risks associated with cryptocurrencies.

Decimal Places for Fractional Payments

Bitcoin’s divisibility allows for fractional payments, making it suitable for transactions of any size. Unlike traditional cash where the smallest unit is a cent, bitcoin can be divided into eight decimal places, known as satoshis. This means that even microtransactions can be conducted using bitcoin, further expanding its usability in various industries.

How do I buy and sell stuff with Bitcoins?

Here’s the funny thing with Bitcoins: there are no physical traces of them as of dollars. All you have are only records of transactions between different addresses, with balances that increase and decrease in their records that are stored on the blockchain.

To see how the process works, let’s return to Alice.

Example of a Bitcoin transaction

Alice wants to use her Bitcoin to buy pizza from Bob. She’ll send the bitcoin to Bob’s public address, which is like his bitcoin bank account. She signs off the transaction with her private key to verify that she is indeed the sender of the digital currency. Once the miners have verified the validity of her transaction, the bitcoin get sent to Bob’s public address. Bob can now unlock the bitcoin with her private key. At the same time, Alice’s transaction is broadcast to all the other network participants (called “nodes”) on the bitcoin blockchain and, approximately, ten minutes later, is confirmed, through a process of certain technical and business rules called “mining.” This “mining” process gives Bob a score to know whether or not to proceed with Alice’s transaction.

What is Bitcoin Mining?

Mining , or processing, keep the Bitcoin process secure by chronologically adding new transactions (or blocks) to the chain and keeping them in the queue. Blocks are chopped off as each transaction is finalized, codes decoded, and bitcoins passed or exchanged.

Miners can also generate new bitcoins by using special software technology to solve cryptographic problems. This provides a smart way to issue the currency and also provides an incentive for people to mine.

The reward is agreed-upon by everyone in the network but is generally 12.5 bitcoins as well as the fees paid by users sending transactions . To prevent inflation and to keep the system manageable, there can be no more than a fixed total number of 21 million bitcoins (or BTCs) in circulation by the year 2040, so the “puzzle” gets increasingly harder to solve.

So to summarize the Bitcoin mining process:

• Bitcoin miners are nodes in the Bitcoin network that possess specialized software technology called ASICs.
• The Bitcoin miners constantly solve cryptographically hard puzzles.
• If successful, they get to add a block to the Bitcoin blockchain and get a reward, in return.
• Currently, the bitcoin block reward is around 12.5 BTC.

There are a few more key things to remember about bitcoin mining or proof-of-work are as follows:

• It’s extremely difficult to do. Miners often need to spend a lot of money and computing power to successfully mine a Bitcoin. In fact, mining is now so difficult to do that it is impossible for a lone miner to do it on their own. This is why miners often join forces to create mining pools.
• The metric which defines the degree of toughness of mining is known as “difficulty.”
• Difficulty is directly proportional to network hashrate. Hashrate is a value that calculates the rate in which miners are executing operations within the ecosystem. Higher the network hashrate, higher the speed and security of the network.
• When bitcoin hashrate increases, the difficulty increases as well to keep mining under control and maintain a consistent bitcoin block time of 10 mins.

What do I need to know to protect my Bitcoins?

Here are four pieces of advice that will help your bitcoins go further.

As you’d do with a regular wallet, only store small amounts of bitcoins on your computer, mobile, or server for everyday uses, and keep the remaining part of your funds in a safer environment.

• Backup your wallet on a regular basis and encrypt your wallet or smartphone with a strong password to protect it from thieves (although, unfortunately, not against keylogging hardware or software).
• Store some of your bitcoins in an offline bitcoin wallet disconnected from your network for added security. Think of them as your bank accounts, while you, generally, keep only some of your money in your wallet.
• Don’t store your cryptocurrency in bitcoin exchanges or any third-party storage place for that matter.
• Update your bitcoin software. For added protection, use Bitcoins’ multi-signature feature that allows a transaction to require multiple independent approvals to be spent.

Spending some time on these steps can save you money.

We recommend the Nano Ledger S – Hardware Wallet

Nano Ledger X is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price and is backed by top-class technology.

Bitcoin Distribution

The graph above shows how many addresses own a particular range of Bitcoins. There are only five addresses that own more than 100,000 BTC. 98 addresses own 10,000-100,000 Bitcoins. A huge chunk of the addresses (45.5%) either own 0.0001-0.001BTC or 0.001-0.01 BTC

What else do I need to know?

Protect your address: Although your user identity behind your address remains anonymous, Bitcoin is the most public form of transaction with anyone on the network seeing your balances and log of transactions. This is one reason why you should change Bitcoin addresses with each transaction and safeguard your address. You can also use multiple wallets for different purposes so that your balance and transaction history remain private from those who send you money.

Your confirmation score: As said, you receive a confirmation score of about 10 minutes before you make your purchase. Different wallets have their own reading.

What are the disadvantages of Bitcoin?

In the beginning, a lot of people were skeptical about bitcoin since nobody knows the identity of its founder- Satoshi Nakamoto. In fact, we don’t even know if Satoshi Nakamoto is a man, woman, or a group of people.

Regarding more practical concerns, hacking and scams are the norms. They happen at least once a week and are getting more sophisticated. Bitcoin’s software complexity and the volatility of its currency dissuade many people from using its payment system, while its transactions can be frustratingly slow. You’ll have to wait at least ten minutes for your network to approve the transaction. Recently, some Reddit users reported waiting more than one hour for their transactions to be confirmed.

Scams to watch out for

The four most typical Bitcoin scams are Ponzi schemes, mining scams, scam wallets, and fraudulent exchanges.

• Ponzi Scams : Ponzi scams, or high-yield investment programs, hook you with higher interest than the prevailing market rate (e.g. 1-2% interest per day) while redirecting your money to the thief’s wallet. They also tend to duck and emerge under different names in order to protect themselves. Keep away from companies that give you Bitcoin addresses for incoming payments rather than the common payment processors such as BitPay or Coinbase.
• Bitcoin Mining Scams : These companies will offer to mine outrageous amounts of bitcoin for you. You’ll have to pay them. That’s the last you’ll see of your money (with no bitcoins to show for it, either).
• Bitcoin Exchange Scams : Bitcoin Exchange Scams offer features that the typical bitcoin wallets don’t offer, such as PayPal/Credit Card processing, or better exchange rates. Needless to say, these scams leave you in the hang while they siphon your dollars.
• Bitcoin Wallet Scams : Bitcoin scam wallets are similar to online wallets – with a difference. They’ll ask you for your money. If robbers like the amount, that’s the last you’ll see of your deposit. The address, in other words, leads to them, rather than to you.

Of all of these, wallet scams are the most popular with scammers managing to pinch millions.

What are the advantages of Bitcoin?

The best thing about Bitcoin is that it is decentralized, which means that you have a payment system that can settle international deals without messing around with exchange rates and extra charges. Plus, you don’t need to go through a third party like a bank to conduct your transactions. Bitcoin is free from government interference and manipulation, so there’s no Federal Reserve System‍ to hike interest rates. It is also transparent, so you know what is happening with your money. You can start accepting bitcoins instantly, without investing money and energy into details, such as setting up a merchant account or buying credit card processing hardware. Bitcoins cannot be forged, nor can your client demand a refund.

It’s a small wonder that users call Bitcoin “Money 2.0” or that Bill Gates called it “a techno tour de force.”

Tyler Winklevoss, co-creator of Facebook, summed it up when he said:

  “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”

Rick Falkvinge, Founder of the Swedish Pirate Party, predicted that

“Bitcoin will do to banks what email did to the postal industry.”

According to John McAfee, Founder of McAfee,

  “You can’t stop things like Bitcoin. It will be everywhere and the world will have to re-adjust.”

Regulatory Landscape and the Future of Bitcoin

The regulatory landscape surrounding Bitcoin is a topic of great importance as governments around the world grapple with how to address concerns related to money laundering and fraud. Each country has taken its own approach, resulting in a varied range of regulatory frameworks.

Governments are keen on preventing illicit activities such as money laundering and fraud that can be facilitated through cryptocurrencies like Bitcoin. As a result, many countries have implemented regulations to ensure greater transparency and accountability within the cryptocurrency ecosystem. These regulations aim to strike a balance between protecting consumers and businesses while still allowing for innovation and growth.

Some countries have chosen to ban or heavily restrict the use of cryptocurrencies altogether, citing concerns about their potential misuse. China, for example, has imposed strict regulations that effectively prohibit cryptocurrency trading and initial coin offerings (ICOs). On the other hand, countries like Japan have embraced cryptocurrencies by implementing supportive regulatory frameworks that encourage their use.

The future of Bitcoin hinges on how it navigates these regulatory challenges while maintaining its decentralized nature. Striking this delicate balance is crucial for ensuring the continued adoption and acceptance of Bitcoin as a legitimate form of digital currency.

One possible outcome is that governments may adopt more favorable regulations over time as they become better acquainted with the benefits and potential applications of cryptocurrencies. This could lead to increased mainstream adoption of Bitcoin as individuals and businesses gain confidence in its stability and security.

Another possibility is that governments may continue to impose stricter regulations, making it more challenging for individuals and businesses to engage with cryptocurrencies like Bitcoin. This could potentially hinder its growth and limit its accessibility, particularly in regions where regulatory restrictions are stringent.

It’s worth noting that while governments play a significant role in shaping the future of Bitcoin, they do not have complete control over its destiny. The decentralized nature of cryptocurrencies means that they operate independently from any central authority or government intervention

Evaluating Bitcoin’s Role in the Financial Ecosystem

Bitcoin, as a digital currency, has emerged as an alternative financial system that operates outside traditional banking structures. It offers unique opportunities for financial inclusion to unbanked populations worldwide. However, the role of Bitcoin as a store of value and medium of exchange continues to be a subject of debate among economists and experts.

Alternative Financial System

Bitcoin provides individuals with the ability to transact without relying on banks or other intermediaries. Unlike traditional currencies issued by central banks, Bitcoin is decentralized and operates on a peer-to-peer network known as the blockchain. This means that transactions can be conducted directly between parties without the need for a bank or any third-party involvement.

Financial Inclusion Opportunities

One of the key advantages of Bitcoin is its potential to provide financial services to those who are currently excluded from traditional banking systems. In many parts of the world, particularly in developing countries, large segments of the population do not have access to basic banking services. Bitcoin offers them an opportunity to participate in global financial transactions, store value securely, and make payments without needing a bank account.

Store of Value vs Medium of Exchange

The debate surrounding Bitcoin’s role centers around whether it is primarily a store of value or a medium of exchange. Proponents argue that Bitcoin has characteristics similar to gold and can serve as a long-term store of value due to its scarcity and limited supply. They believe that over time, more people will view it as a reliable asset class.

On the other hand, critics contend that Bitcoin’s volatility makes it unsuitable for use as a medium of exchange in everyday transactions. The price fluctuations inherent in cryptocurrencies can create challenges when trying to determine their purchasing power or stability over shorter timeframes.

While some businesses accept Bitcoin as payment for goods and services, its adoption remains limited compared to traditional fiat currencies. Factors such as scalability issues and regulatory uncertainty contribute to this hesitation among merchants and consumers.

What is Bitcoin: Conclusion

Where do I go from here?

Here are various resources that will direct you to best places for finding wallets , stores that accept bitcoins, exchanges for trading Bitcoin , and Bitcoin news, prices, charts, guides, and analysis among other information.

Bitcoin has been through several obstacles recently with the Bitcoin Cash fork and SegWit implementation. Bitcoin, over the last 11 years, has truly disrupted the world’s economy and financial systems by providing a payment system that is ahead of its time. The idea of you being your own bank and owning your own bank account as opposed to storing your money in third party financial institution or payment processor is revolutionary. Having said that, this is just the beginning. The Bitcoin revolution still has a lot of miles to go. It is going to super exciting to see where we are going to go on from here.

• Blockchain.info – Blockchain info is the go-to place for checking transactions on the ledger. You can check how much money your wallet contains, or, for that matter, how much BTC is stored at any particular wallet address.
• Bitnodes – Run by the Bitcoin Foundation, Bitnodes estimates and visualizes the size of the bitcoin network.
• Wizbit – Wizbit shows all transactions and newly mined blocks in real-time on an eye-catching spinning globe.
• We Use Coins – Weusecoins.com is a list of credible exchanges for trading Bitcoins worldwide or in the U.S.
• Buy Bitcoin Worldwide – Get help finding bitcoin exchanges.

Frequently Asked Questions

What is bitcoin.

Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks. It operates on a technology called blockchain, which ensures transparency and security. Think of it as digital cash that can be sent and received globally.

Bitcoin works through a network of computers that validate and record transactions on the blockchain. When someone sends Bitcoin to another person, the transaction is verified by miners who solve complex mathematical problems. Once confirmed, the transaction is added to a block in the blockchain, making it permanent and tamper-proof.

Is Bitcoin safe to use?

While Bitcoin offers security features like encryption and decentralization, it’s important to take precautions when using it. Safeguard your private keys (like passwords) and consider using reputable wallets or exchanges. Be cautious of phishing attempts or scams. With proper care, Bitcoin can be a secure payment method.

Can I buy physical Bitcoins?

Physical Bitcoins do exist as novelty items but these are not the same as the digital currency itself. The actual ownership and transfer of Bitcoin happen electronically through wallets and addresses on the blockchain network. Physical Bitcoins are usually collector’s items rather than functional forms of cryptocurrency.

How can I get Bitcoin?

You can acquire Bitcoin through various methods. One way is to buy it from cryptocurrency exchanges using traditional fiat currency or other cryptocurrencies. Another option is to receive it as payment for goods or services you provide. Some individuals mine new Bitcoins by dedicating computational power to solving complex algorithms.

Like what you read? Give us one like or share it to your friends and get +16

Its almost about that Time of the year when Bitcoin gets to Sky Rocket, so many people are ignorant, they are staying on the sideline, waiting for a move up and the right time to get in. I suspect that the rise will happen in a very short period of time, leaving those waiters behind and their reaction will push the price even higher, so that they will end up under water when btc is consolidating, I know the price will speed up more, then bleed off and have an extended winter and actually go lower than current lows… Then as it goes higher, All we need to do is invest what we’re Holding and make more profit, So we don’t feel the lost in fall of price when it happens again, I discovered a comment of someone giving Accolades to Diego Louis and also thanking him for helping him increase his Portfolio from having 3.4BTC to `*16BTC So i contacted him, Behold I have made 15 Btc in less than two month with his working strategies, if you have lost so much during fall or want to increase your portfolio like me, Reach him on Email Diegolouis000gmail .COM

Thank you so much for the detailed article. Will share it in our Tutlane.com site.

I have thoroughly enjoyed reading. Since I’m a Crypto enthusiast working a leading blockchain development company called Zab Technologies, I found this content close to heart!

Cryptocurrency App Development – https://www.zabtechnologies.net/

Interesting read….Good for beginners

The Blockchain database isn’t stored in any single location and is hosted by millions of computers simultaneously. According to AWS!

Seems bitcoin investment game is booming as I can see various investment opportunities. I will surely consider something very soon. Thanks for sharing.

DO NOT PLAY BITCOIN IF YOU DO NOT KNOW ABOUT IT. There are a lot of person throw money out of the window just because they do not know the information about the Digital Currency. The new trend is always welcome, but you should be smart investors, do not let the page ads flickering comments that make you crazy insane believe. I have lost my mind, I joined the stream of bitcoin response because information will make easy money, young people sure have a few mistakes. And this mistake will probably help you a little miss. I joined the bitcoin a few years ago, Remitato floor is the floor I have chosen, after a time watching the Triggers evaluation, I decided to invest in it. With initial investment $ 1000, I bought 500 TRIG for 0.3200023 and after a few weeks worth 0.3400010, tends to go up, the newcomer saw the will to make a professional Trader Coin . But after that time the floor was hacked to make it freezing, I can not access and some other players said the number of coins in the account vanish without trace. After this incident, the TRAG has been falling completely, despite having recovered the account but the value of TRAG after several months did not go up and the floor of Remitano was disastrous despite gaining ownership. Still persist for a few weeks later hoping for the TRAG to go up but the scandal of the floor is not small. And I have since abandoned the Remitano floor. Unceasing hope, this time I have chosen Binance floor with safety and stability. Binance uses multi-layered architecture, and is committed to security for players. This time I only invested $ 500 because still worried about the safety of the floor. Binance has seen …  Read more »

very good beginner guide. thanks

Shall be submitting your tutorial here – https://hackr.io/tutorials/learn-bitcoin Thank You.

Hey Ameer, do you happen to know a resource to read and gain a better understanding about the current and/or projected domestic legislative roadblocks blockchain technology companies have / will have (ie, specific regulation laws, patenting, etc.)? I’ve been read the cbinsights main read and the http://bit.ly/2oWFNyf market overview, felt they were excellent overviews. However, if anyone has specifics into the legislation, I would greatly appreciate filling in the last gaps.

Interesting read!

This is a great write up, appreciate your work!

-B http://www.realbitco.in

1) Q: What is Bitcoin?

2) q: who created bitcoin, 3) q: is bitcoin real money, 4) q: how old is bitcoin, like what you’re reading.

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Top 10 Bitcoin PPT Templates to Cash in on Cryptocurrency

Lakshya Khurana

When bitcoin came into existence in 2009, it was worthless. By the time this blog was published, a single bitcoin was worth around $56,561 (USD).

For the uninitiated, bitcoin is a decentralized digital currency, aka cryptocurrency. There are no physical coins, of course, but it does work like any other form of money . You can spend it, trade it, and keep a ledger of its transactions.

A small experiment for our readers:

Take some money in your hands, let’s say a single $10 bill. Now think about this bill for a little bit. That bill is worth 10 dollars. Undoubtedly, it gives you the power to purchase things that cost $10 or less. But it is, after all, just a piece of paper. The ink on the paper or even the plain paper itself isn’t worth its value as a $10 bill. But you can be sure that that piece of paper issued by the government is worth $10.

Who or what gives this paper its value?

Well, the government does, you might say. And you would be right. Complicated economics aside, the value of a currency has a lot to do with the entity that controls it. The paper money we use today is centralized to entities such as the government, the federal reserve, etc.

So then, what does it mean that bitcoin is decentralized ?

It simply means that its value is determined to be what we all collectively agree upon; we being the people who use bitcoin. No single person or group of persons can unilaterally change its value.

Do you wish to give your audience a thorough understanding of what cryptocurrency is and how it works? Click here to access our Comprehensive Training Curriculum On Cryptocurrency to give them the presentation of a lifetime!

Download Content-Ready Cryptocurrency Training PowerPoint Deck

Unlike its debut, it is now simply not feasible for people to “mine” bitcoin due to the colossal amount of processing power it would require. It would set your computer on fire and melt its processors. Very easily too. But there are other ways for people to venture into cryptocurrencies. And although at first, it might seem complicated for your audience, we have for you the

PPT templates to explore bitcoin, blockchain, and more

No one could have predicted that the value of bitcoin would surge so drastically. But now, it is slowly gaining favor as a transparent and uncheatable currency free from the influence of large corporations or even governments.

Having bitcoin and using it is a complicated process that requires specific knowledge and even massive computational power at times. And we are here to help you present this knowledge to the people who wish to learn it.

Check out these 10 bitcoin cryptocurrency templates to make it easier for your audience to understand cryptocurrencies. Let’s dive right in!

Template 1: Bitcoin Powerpoint Presentation Slides

This template enables you to illustrate bitcoin and the concepts associated with it, such as distribution ledger, blockchain, smart contract, etc. You can also use this layout to explain mining , which is how new bitcoins come into circulation. So seize this opportunity to simplify your audience’s journey into the world of cryptocurrency. Get this PPT design right now!

Download this template  

Template 2: Cryptocurrency Powerpoint Presentation Slides

You can bridge the gap between theory and practical applications with our cryptocurrency PPT . It contains information about the letters of credit, corporate debt, privacy, etc. So download this 20-slide presentation and start disseminating valuable information.

Grab this template

Template 3: DLT Powerpoint Presentation Slides

With this PPT layout, you can describe the working of the Distributed Ledger Technology (DLT) process and its applications. You can also explain how DLT is used to record cryptocurrency transactions. Make this template yours and untangle the mystery of cryptocurrencies.

Download this template

Template 4: Blockchain Powerpoint Presentation Slides

With the help of this PowerPoint design, you can explain how a blockchain works and how it relates to bitcoin. You will be able to describe why a blockchain is named so. Choose this PPT theme and visually illustrate the ins and outs of secure online cryptographic transactions.

Template 5: Blockchain Digital Transformation Powerpoint Presentation Slides

You can pick this Blockchain PPT template and make it a guide to blockchain. This 32-slide presentation covers topics such as blockchain overview, architecture, working, etc. It will also help you visualize complex computational puzzles, solving which rewards you with blocks . So download it right now!

Template 6: Blockchain Basics Architecture Use Cases And Implementation Timeline Complete Deck

You must incorporate this PowerPoint deck to visualize a detailed analysis of blockchain. This PPT layout covers the elements of blockchain such as its versions, variants, use cases, etc. Download this template and create a definitive bitcoin manual.

Template 7: Investment Pitch Presentation For Cryptocurrency Funding Powerpoint Presentation Slides

This is an investment pitch PPT deck to detail the funding process for cryptocurrencies. With this Powerpoint theme, you can set forth the perfect pitch for your investors to describe the reasons and benefits of this investment to them. Let the investors know the target amount and where the money will be utilized while reassuring them with a simple exit plan. Get this layout and convince people to invest in your business.

Template 8: Investment Pitch Presentation To Raise Funds From Cryptocurrency IPO Complete Deck

You can employ this cryptocurrency IPO PPT deck to earn the trust of your investors by making everything transparent. Showcase essential themes such as the objectives of the ICO funding, key financial projections of the company, the leadership behind the project, etc. Download this creative set and start editing it right away.

Template 9: Pitch Deck For Cryptocurrency Funding Powerpoint Presentation Slides

This PowerPoint design is an editable pitch layout for your investor meetings. It covers important matters regarding the funding, such as the company’s cryptocurrency solution, market potential, etc. Download it right now and charm your audience.

Template 10: Pitch Deck To Raise Funding From Cryptocurrency IPO Powerpoint Presentation Slides

This creative bundle will help you achieve an excellent ROI against your fundraising pitch. With this PPT layout, you can introduce the audience to your company’s operations, the reasons for the rising use of bitcoin, and the benefits of investing. Get this template here and start creating the perfect pitch.

To conclude 

Satoshi Nakamoto is the person or persons behind the creation of bitcoin. Their identity remains a mystery to this day. The influence of cryptocurrencies, however, is no secret. It is increasingly being used for online transactions and has been legitimized by the governments of many countries.

Today, you can buy a Tesla with bitcoins. Although it started as a parody, similar cryptocurrencies like Dogecoin can be used legitimately as well.

Financial literacy is an indispensable skill for everyone. Many believe that the use of virtual currencies is inevitable. So our articulate bitcoin templates will help demystify the technicalities associated with cryptocurrencies.

P.S: Share your thoughts and experiences with bitcoin and bitcoin templates in the comments down below!

P.P.S: Check out this helpful guide (with templates included) to leverage innovations in bitcoin technology.

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A Basic Blockchain Technology PPT Presentation You Can Use

Salomon Kisters

This post may contain affiliate links. If you use these links to buy something we may earn a commission. Thanks!

Slide Overview

Slide 1: cover slide.

What is Blockchain technology? What is Bitcoin? How does it work and how can it be used?

Slide 2: The History of Blockchain Part 1

A short history of Bitcoin.

• 2008: The first description of Bitcoin was published in 2008 by an individual or a group under the pseudonym “Satoshi Nakamoto” in a now very famous white paper.
• 2009: The Bitcoin Network goes live and the first Bitcoins are mined.
• 2010: The first cryptocurrency stock exchange for trading Bitcoin is launched.
• 2011: One Bitcoin equals one USD.

Slide 3: The History of Blockchain Part 2

• 2013: One Bitcoin now equals 100 USD.
• 2014: Microsoft starts accepting Bitcoin as payments.
• 2017: One Bitcoin equals 10'000 USD.

Slide 4: Bitcoin is not Blockchain

Bitcoin does not equal Blockchain.

• Bitcoin is a currency and a system that uses a blockchain as underlying datastructure, which can be used for many things, including cryptocurrencies.
• Blockchain is the underlying data structure.

Slide 5: What is a Blockchain?

• A blockchain is a datastructure, which is a growing list of data blocks.
• The data blocks are linked together, such that old blocks cannot be removed or altered.

Slide 6: Bitcoin Ecosystem Part 1

• The Bitcoin ecosystem contains a public network in which anyone, including a malicious participant, can participate without restriction. The amazing breakthrough that came with Bitcoin is that although malicious participants can participate, the system works without a regulator.

Slide 7: Bitcoin Ecosystem Part 2

Slide 8: cutting the middleman, slide 9: building consensus, slide 10: creating witnesses, slide 11: key features.

A public blockchain has some characteristic features:

• Write-only, immutable, transparent data storage.
• Decentralized, no need for intermediaries.
• Consistent state across all participants.
• Resistant against malicious participants.
• Open to everyone.

For converting and preserving blockchain-related documents, consider using the best PPT to PDF converter to ensure the security and accessibility of your information, as demonstrated by our use of a public blockchain for creating secure timestamps.

Slide 12: Challenges

Although Blockchain technology has a strong disruptive power and can change many areas of our daily lives, there are still some challenges that need to be addressed.

• The high energy consumption - Bitcoin uses a lot of energy.
• The scalablity issue - Bitcoin supports far less transactions per second than e.g. VISA.
• It opens up possibilities for money laundering - Some blockchains as Monero are anonymous.
• The question remains as to how far we want to bypass the middleman. Often he can also protect us, e.g. a bank can protact us to the extend that we do not transfer the money to the wrong person.

Stay informed with the latest insights in Crypto, Blockchain, and Cyber-Security! Subscribe to our newsletter now to receive exclusive updates, expert analyses, and current developments directly to your inbox. Don't miss the opportunity to expand your knowledge and stay up-to-date.

Love what you're reading? Subscribe for top stories in Crypto, Blockchain, and Cyber-Security. Stay informed with exclusive updates.

Please note that the Content may have been generated with the Help of AI. The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.

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Your gateway to unforgeable data. Imprint the authenticity of your information with our blockchain timestamp

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What is Bitcoin? Editable Power Point Presentation

Subject: Design, engineering and technology

Age range: 14-16

Resource type: Lesson (complete)

Last updated

20 March 2024

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This “What is Bitcoin?” presentation consists of 25 editable slides featuring engaging visuals, high-quality images, charts, and infographics. It’s tailor-made to provide your students with an in-depth understanding of Bitcoin, making it an great addition to your teaching materials.

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Furthermore, You can rely on it year after year, ensuring that your students receive up-to-date and comprehensive information about Bitcoin’s history, technology, and its important role in the financial world.

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Bitcoin Bundle - PPT, Reading Comprehension, Worksheets, Station Activity

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What is Bitcoin?

Nov 01, 2014

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What is Bitcoin?. A Worldwide Digital Currency that is decentralized and not controlled by any government or institution. Bitcoin is sent using the Internet directly from person to person with no bank or intermediary Bitcoin is a Fast, Safe and Anonymous way to send money

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What is Bitcoin? • A Worldwide Digital Currency that isdecentralized and not controlled by any government or institution. • Bitcoin is sent using the Internet directly from person to person with no bank or intermediary • Bitcoin is a Fast, Safe and Anonymous way to send money • Anyone can set up a Bitcoin account (No Qualifications) • No Fees, No Chargebacksand No Borders Bitcoin is the FUTURE of MONEY!!

How Does Bitcoin Work? • Anyone can purchase Bitcoin from a Bitcoin exchange using dozens of different currencies and payment methods to buy and sell it. (localbitcoins.com) • Bitcoin is sent from person to person similar to how paypal works with an email. All you need is a BTC address to send to and it will arrive instantly • Bitcoin relies on miners who verify all transactions that are sent. • Bitcoin is traded on the open market so there is always a real value determined

Who Uses Bitcoin? • Over 100,000 Business in the US and estimated 500,000 worldwide • Growing fast as more merchants accept it daily (its easy to set up) • There are no refunds, chargebacks or fees to accept bitcoin and the money is received instantly when sent (Soon it will be everywhere)

Is Bitcoin Safe? • Yes, Bitcoin is designed with privacy and security in mind with all transactions happening anonymously so there is no personal information exchanged. • Every transaction must be verified by the Bitcoin mining network before being validated • Bitcoin uses 2 keys… • 1 Private Key (only available to owner of wallet) • 1 Public Key (used by miners to verify the public ledger)

What is Bitcoin Mining? • Everyone who uses Bitcoin becomes part of the bank of Bitcoin • Miners use special software to solve math problems that verify all transactions and they are rewarded with newly issued Bitcoin in exchange for using their computing power • As more miners come online, the network gets more secure and the math gets harder • Bitcoin would not work without miners

What Are Mining Pools? • It’s nearly impossible for individuals to mine because the math is getting so hard to solvethat it takes massive computing power to work • The Solution… Mining Pools! People can share in the profits by pooling together their resources and splitting up the Bitcoin that is mined • There are no limits or restrictions on how big a pool can get or how one is set up.

What is BitClub Network? • We make Bitcoin Simple! • We are a team of experts, professionals and programmers who set up this membership to help the average person cash in on Bitcoin. • Gain exclusive access to our mining projects and other Bitcoin opportunities Lifetime Membership Only $99

**Bitcoin has Sparked a Digital Coin Revolution** Crypto Currencies • There are OVER 400 Digital Currencies (also called Crytpo Currencies) • Litecoin, Dogecoin, and Blackcoin are a few of the big ones • Some of these coins are a lot more profitable to mine based on the industry. • With BitClub we give you full access to our proprietary software that allows us to mine for dozens of other crypto currencies and exchange them into Bitcoin.

BitClub Mining Software • We have built our own proprietary software that controls mining hardware. • We use real time data to analyze Crypto Currencies to see which coin is the most profitable to mine, then we allocate our hardware to mine for it *This Software Creates MORE PROFIT For Everyone*

Pool #1 = $500/Share BitClub Mining Pools • Purchase a share for $500 USD • Get paid daily from your share of total mining profits (everyday) • Each share will pay 50% in profits with the other 50% being used to re-purchase more shares in this mining pool. (fractional shares issued daily)

Pool #2 = $1,000/Share BitClub Mining Pools • Purchase a share for $1,000 USD • Get paid daily from your share of total mining profits (everyday) • Each share will pay 60% in profits with the other 40% being used to re-purchase more shares in this mining pool. (fractional shares issued daily)

Pool #3 = $2,000/Share BitClub Mining Pools • Purchase a share for $2,000 USD • Get paid daily from your share of total mining profits (everyday) • Each share will pay 70% in profits with the other 30% being used to re-purchase more shares in this mining pool. (fractional shares issued daily)

BitClub Referral Network • Get Paid in Bitcoin by referring other members • There are 4 ways to earn commissions… • Binary commissions paid on all volume • 2 level Matching Bonus • Level-up Bonus structure paid on entire network • Global Founders Pool (Limited Time) • With BitClub you can earn a percentage of all the Bitcoin being mined and paid out to your personal network • All commissions are paid daily in Bitcoin (almost instantly) Earn Daily Profits from Bitcoin Mining

Binary Tree All new people you introduce to BitClub will be placed on your LEFT Teamor RIGHT TEAM of your binary tree depending on your placement settings • For every 20 Credits on your Left + 20 Credits on your Right you earn a one time $400 bonus • Mining Pool # 1 = 1 Credit • Mining Pool # 2 = 2 Credits • Mining Pool # 3 = 4 Credits • *The most you can cycle is 1 time per day Binary Pays Through Infinite Levels

Matching Bonuses Double Matching Bonus Paid on each cycle • You earn $50 each time one of your personally enrolled members completes a cycle in the Binary • Plus, you earn another $50 each time one of your 2nd generation members completes a cycle • Each cycle pays $100 matching bonus to upline • No daily, weekly, or monthly maximum • No qualifications to earn this match Help YOUR TEAM Cycle and Get Paid More!

The First TWO (1,2) people you enroll will be placed on Team #1 Level-up Team Infinity Bonus 1 2 • Earn 15% on whatever these team members purchase. This commission is paid on FULL Shares as well as Partial Shares purchases from the mining pools • Everyone who enrolls below these two people will Level-up to the qualified upline members and pay extra commissions up.

The next THREE (3,4,5) people you enroll will be placed on Team # 2 Level-up Team Infinity Bonus 2 1 3 4 5 20% 20% 15% 5% 2 1 • Earn 20% on whatever these three team members purchase. This commission is paid on FULL Shares and Partial Shares purchased from the mining pools • You also earn a 5% Level-up Bonus on all of their first TWO personally sponsored people and all of their first TWO personals, and so on through INFINITY!

The next THREE (6,7,8)people you enroll will be placed on Team # 3 Level-up Team Infinity Bonus 25% 25% 4 3 2 1 5 20% 15% 8 7 6 4 5 1 2 3 10% 5% • Earn 25% on whatever these three team members purchase. • You also earn a 10% Level-up Bonus on all of their first TWO personally sponsored people and all of their first TWO personals, and so on through INFINITY! • You also earn a 5% Level-up Bonus on all of those people’s 3rd, 4th, and 5th personally sponsored people and so on through INFINITY!

The 9th person and beyond that you enroll will be placed on Team # 4 Level-up Team Infinity Bonus 27.5% 4 3 2 6 7 8 1 5 20% 15% 25% 9+ 4 5 1 2 6 7 3 8 12.5% 7.5% 2.5% • Earn 27.5% on whatever these three team members purchase. • You also earn a 12.5% Level-up Bonus on all of their first TWO personally sponsored people and all of their first TWO personals, and so on through INFINITY! • You also earn a 7.5% Level-up Bonus on all of those people’s 3rd, 4th, and 5th personally sponsored people and so on through INFINITY! • You also earn a 2.5% Level-up Bonus on all of those people’s 6th, 7th, and 8th personals

Level-up Team Infinity Bonus 27.5% 9+ When anyone that you sponsor into your level 4 team gets to their own level 4 (they enroll 9 and more) you will receive a 2.5% level up bonus on all of their personally sponsored level 4 share purchases. And you will also receive a 2.5% level up bonus on all of those peoples first 8, first 8, first 8 and so on through infinity.

Join BitClub You must have a Bitcoin Account to join BitClub. If you don’t have one you can get one very easily from (Blockchain.info, Coinbase.com) etc.

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Bitcoin PowerPoint

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Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is operated by a decentralized authority.

Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. All Bitcoin transactions are verified by a massive amount of computing power via a process known as mining. Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity. Despite it not being legal tender in most parts of the world, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as BTC when traded.

The Bitcoin system is a collection of computers (also referred to as nodes or miners) that all run Bitcoin’s code and store its blockchain. Figuratively speaking, a blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all of the computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks as they’re filled with new Bitcoin transactions, no one can cheat the system.

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Bitcoin/Cryptocurrency PowerPoint Template

Cryptocurrency presentation template with explanations, icons, and charts.

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Our PowerPoint template on cryptocurrency includes comprehensive information and numerous graphics. An Innovative Payment Platform Digitalization continues to evolve in the twenty-first century, bringing many technical advances and innovations into various areas of everyday life and work. Bitcoin has been an innovative payment method since 2009. Cryptocurrencies are code-based, digital currencies that only exist in a network. Cryptography guarantees that this digital payment system remains secure.  There are over 500 cryptocurrencies in addition to the well-known Bitcoin, such as Ripple, Paycoin, and BitShare. Large corporations, such as Microsoft and Samsung, are already investing in digital currency projects. Present the Latest on Bitcoin Cryptocurrency has enormous potential to become an established payment method. Many startups already use cryptocurrencies for financial transactions. Managing directors must assess the opportunities and risks that cryptocurrencies bring to their own companies. Use our presentation to discuss this highly relevant topic with your team and develop strategies for the future. With This PowerPoint Template, You Can

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21shares lists four physically backed crypto-asset etns on london stock exchange.

London, UK, 28 th May 2024 – 21Shares, the world’s largest issuer of crypto exchange-traded products (ETPs), today announced the launch of four physically backed crypto-asset exchange traded notes (ETNs) on London Stock Exchange – available for professional investors. Each ETN is listed in both GBP and USD. This launch marks 21Shares official entrance into the UK market.

The listings come in response to a new regulatory environment in the UK, following the recent news that the Financial Conduct Authority will allow professional investors to access Bitcoin and Ethereum-backed exchange-traded notes.

The milestone marks the latest expansion in 21Shares’ global growth, providing professional and institutional investors with regulated, transparent, and secure access to the rapidly evolving cryptocurrency market and asset class.

Founded in 2018, 21Shares pioneered the world’s first physically-backed crypto ETN and has established a solid track record of creating innovative, reliable, and compliant crypto investment products. With ETNs already listed on prominent exchanges such as Nasdaq OMX, Euronext Paris and Amsterdam, Deutsche Börse Xetra, and SIX Swiss Exchange, 21Shares is there to meet a growing demand from investors to gain exposure to digital assets through their existing bank or brokerage accounts.

Ophelia Snyder, co-founder, said:

“The UK is one of the deepest, most-liquid capital markets in the world. As institutional interest in cryptocurrencies grows, it is only natural that London Stock Exchange hosts responsible, properly-constructed funds offering access to these markets.

That’s where an established firm like ours, with a proven track record through volatile markets, can play an integral role. We have listed more than 40 ETNs on 11 different stock exchanges. We are excited to be part of this evolution in the UK.”

Hany Rashwan, co-founder, said:

“Crypto is here to stay. There is a clear role for decentralised finance in a global world, and more people are coming around to that point of view. More and more institutional investors want to have an exposure to the transformational potential of cryptocurrencies, as part of a balanced investment portfolio.

That demand already exists, and we are helping to supply the products to meet that demand. We are keen to watch how the space evolves, and how we can continue to support growth in the sector as the regulatory environment progresses.”

21Shares offers the largest suite of cryptocurrency exchange-traded notes (ETNs) globally, catering to a wide range of investor needs, including 7 diversified index ETNs, which provide exposure to a basket of top cryptocurrencies, and 5 staking ETNs that generate additional returns through staking. Additionally, 21Shares provides 2 inverse ETNs that profit from price declines.

21Shares’ currently has over $3.6bn in European assets under management (AUM), as of 24 May 2024.

For further information, interviews, or high-resolution images, please contact Christian Round [email protected] (+44 7585 996379)

Notes to Editors

21Shares was founded to solve a specific problem: making cryptocurrency accessible to everyday investors. Co-founders Ophelia Snyder and Hany Rashwan combined their backgrounds in finance and technology to create a bridge between traditional finance and the burgeoning world of digital assets.

Co-founder Ophelia Snyder graduated from Stanford University in 2014, before embarking on a career in investment banking. In 2013, Snyder’s interest in cryptocurrencies was sparked by her mother, a former banker and business owner, who introduced her to Bitcoin during a discussion about the impact of the 2008 financial crisis. Snyder realised that crypto could offer decentralised, transparent, inclusive, and secure alternatives to traditional financial systems during times of economic instability – leading her to co-found 21Shares with university friend Hany Rashwan, with the ultimate mission of building bridges into the crypto world.

Co-founder Hany Rashwan, an Egyptian businessman and computer engineer, was born in Cairo and raised in Alexandria. Inspired by his grandfather’s expertise in cryptography, Rashwan’s journey with technology began early, building gaming sites at the age of 14. He launched multiple start-ups while studying for an MBA at Columbia, including a digital payments business that he sold at a considerable profit.  He moved to Silicon Valley, and started networking around the Stanford campus – where he met Ophelia.

Alex Pollak, Head of UK & Israel, spent 15 years at BlackRock and part of the team which worked on BlackRock’s exchange-traded fund, iShares, before joining 21Shares in 2021. He set up BlackRock’s Israel business where he was exposed to the vibrant crypto culture in the country. Prior to BlackRock, Alex was an investment analyst at a London asset manager, his first professional role in finance after graduating from the University of Georgia.

With a strong focus on research, client service, and regulatory compliance, 21Shares continues to lead the way in crypto investment solutions.

21Shares launched the world’s first physically backed crypto ETN in 2018, marking a significant milestone in the sector.

Offers the largest suite of cryptocurrency exchange-traded products (ETNs) globally, catering to a wide range of investor needs.

Listed more than 40 ETNs across 11 different exchanges around the world, and manages 29 single asset ETNs that track the performance of individual cryptocurrencies such as Bitcoin and Ethereum.

The assets under management for the Bitcoin ETN alone amounted to approximately $693.8 million as of April 2024.

Introduced the world’s first staking ETN product - a new type of investment product that allows investors to earn returns not just from market price movements but also by participating in the process known as “staking” in the cryptocurrency world.

Staking involves holding ETNs in a cryptocurrency wallet to support the operations and security of a blockchain network. In return, stakers receive rewards, similar to earning interest in a traditional bank account. The 21Shares Ethereum Staking ETN (AETH) is the largest ETN tracking Ethereum and has the longest track record of any physical ETH product on the market.

Find out more at https://www.21shares.com/en-eu/about-us

Important Information

This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.

This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.

This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.

Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.

The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.

This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2023 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with SIX Exchange Regulation AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2023 Base Prospectus and the key information document for any products may be obtained at 21Shares AG's website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).

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More From Forbes

Sensing success: openai, anthropic and 40+ others leverage multimodal ai.

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LONDON, ENGLAND - APRIL 04: Ai-Da Robot, an ultra-realistic humanoid robot artist, paints during a ... [+] press call at The British Library on April 4, 2022 in London, England. Ai-Da will open her solo exhibition LEAPING INTO THE METAVERSE at the Venice Biennale this year curated by Aidan Meller. (Photo by Hollie Adams/Getty Images)

What does Artificial Intelligence mean to you? Ask the average man or woman to define AI and might describe a digital interface where you type in a question or request, and a few seconds receive a ‘humanlike’ answer. Something a lot like ChatGPT, for example. But while these applications seem like science fiction, they only scratch the surface of what AI can - and should - be capable of doing.

If we want AI to move from a novelty (although a useful one) to a truly transformative technology, it needs to learn in the same way humans do. Not just from text commands typed into an online form, but by integrating data from a full range of ‘stimuli’ – including images, video, and sound – into a single cohesive learning model. The AI industry terms this ‘multimodal learning’. I prefer to call it the internet of senses.

In chatting with one of Silicon Valley’s lead influencers on AI, Robert Scoble, the founder of Unaligned, commented to me that “Multimodal models are hugely important for the future of robotics, spatial computing devices, autonomous vehicles, and personal AI assistants.”

One of the biggest challenges in AI is how to make computers think like people, even though our ‘cortexes’ are wired completely differently. As Spock noted in Star Trek, humans can appear a deeply ‘illogical’ species, since the meaning of our speech often depends on a complex web of factors: from conversational context, to barely-perceptible nuances in our facial expressions and tone of voice.

This is not a problem for human-to-human communications, because we’ve all had lifelong training in the various cultural codes that give language meaning. This is much harder for human-to-AI interactions. Taking an holistic approach is crucial not only for enhancing AI’s ability to understand and to learn from humans, but also significantly broadens its practical applications.

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KBV Research on Multimodal Prospect over a 7 year period.

The growth in this space per KBV Research, estimates in a 2023 report that the market will reach $8.4 billion by 2030, marking an average annual growth of 32% in a seven-year period.

The Value is Context

One of the key advantages of multimodal AI models is their ability to understand context. By recognizing patterns and connections across various data inputs—such as text, images, audio, and video—these systems generate outputs that are more accurate, natural, intuitive, and informative. This capability enhances the human-like quality of the AI's responses, making interactions feel more seamless and insightful.

From SXSW 2024, Sandy Carter Keynote on Mind Machine Meld.

Multimodal learning is crucial because it brings AI closer to human-like perception and cognition. By combining different data types, these models can generate richer, more nuanced insights by understanding not just our words, but our meaning .

Similarly, recognizing an object might involve both its visual appearance and the sound it makes. This comprehensive data integration allows AI to make more informed decisions and provides a deeper understanding of complex scenarios.

The Impact of Multimodal Learning

At this year’s South by Southwest (SXSW SPDR S&P Software & Services ETF ), I spoke about Multimodal as one of the top new trends. I listed about 40 modals in my Trend discussion, and I predict that by next year, we’ll see thousands more. This is backed up with research from Deci who states that the number of multimodal AI models is expected to surge, with predictions suggesting there could be thousands by 2025​.

BEIJING, CHINA - AUGUST 18: A boy points to the AI robot Poster during the 2022 World Robot ... [+] Conference at Beijing Etrong International Exhibition on August 18, 2022 in Beijing, China. The 2022 World Robot Conference kicked off on Thursday in Beijing. (Photo by Lintao Zhang/Getty Images)

This rapid proliferation is driven by the immense benefits it brings: enhanced data analytics, deeper insights, and increased accessibility . One compelling example is Google's Google recent Super Bowl ad, which showcased how AI could assist individuals with poor eyesight. The reason the ad worked so well is that it was less about how ‘smart’ multimodal AI is, and much more about how it caniimprove quality of life.

Real-World Applications of Multimodal Learning

One way that almost everybody has interacted with AI is through customer service chatbots, and the experience is often more frustrating than it is useful. The next generation of multimodal AI will not only bring a step-change in customer interactions, but will transform the way that businesses and marketers engage with the public.

The multimodal approach significantly enhances the way products are identified and described by integrating visual and textual data. For instance, OpenAI’s ChatGPT can recognize a product from an image and provide detailed descriptions, nutritional information, and branding details. Chat GPT supports multimodal in their intuitive interface that allows you to have a voice conversation or show ChatGPT what you’re talking about.

OpenAI CEO Sam Altman speaks during a keynote address announcing ChatGPT integration for Bing at ... [+] Microsoft in Redmond, Washington, on February 7, 2023. - Microsoft's long-struggling Bing search engine will integrate the powerful capabilities of language-based artificial intelligence, CEO Satya Nadella said, declaring what he called a new era for online search. (Photo by Jason Redmond / AFP) (Photo by JASON REDMOND/AFP via Getty Images)

This capability is particularly beneficial for marketers who need to ensure that their products are accurately represented in various digital formats. Hugging Face is expanding into multimodal AI to enhance conversational agents by incorporating visual and textual data. Their models aim to provide more accurate and contextually relevant responses, with co-founder Clément Delangue noting, "Multimodal learning is key to creating more engaging and effective conversational AI."

UNITED STATES - SEPTEMBER 13: Clément Delangue, CEO of Hugging Face, arrives for the Inaugural AI ... [+] Insight Forum in Russell Building on Capitol Hill on Wednesday, September 13, 2023. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

Personalized voice assistants are another area where multimodal AI excels. Devices equipped with this technology can listen to voice commands, interpret visual inputs, and understand contextual information such as location and user preferences. This makes everyday tasks like ordering transportation or managing schedules much more efficient and user-friendly.

Suki AI is at the forefront of this innovation, developing voice-enabled AI assistants for healthcare professionals. By integrating voice, text, and context, Suki streamlines administrative tasks and improves patient care. CEO Punit Soni explains: "Our multimodal AI approach ensures that healthcare providers can interact with our system as they would with a colleague."

Autonomous navigation and object avoidance are also significantly improved by multimodal AI. Devices like robotic lawnmowers like Electric Sheep, can navigate complex environments using integrated visual, auditory, and tactile data. They can detect and avoid obstacles like pets or furniture, ensuring safe and effective operation without the need for manual boundary setups.

Electric Sheep uses multi-modal learning to manage lawn mowing service.

Viz.ai exemplifies this application in the medical field, using AI to analyze medical images and alert healthcare professionals to urgent conditions. Their multimodal approach combines imaging data with patient records and clinical context to improve diagnostic accuracy and response times. The company’s CEO Chris Mansi states, "Integrating diverse data sources allows us to deliver critical insights more quickly and accurately."

Another advanced use case of multimodal AI is in immersive virtual and augmented reality experiences. By integrating visual, auditory, and haptic feedback, these systems can create highly realistic simulations for training, entertainment, and therapeutic applications.

For example, VRHealth uses multimodal AI to provide therapeutic VR experiences for patients undergoing physical and mental health rehabilitation. These systems analyze the patient's movements, responses, and biofeedback to adapt the therapy in real-time, making the treatment more effective and personalized. CEO Eran Orr states, "Our multimodal approach allows us to create deeply immersive and responsive therapeutic environments that significantly enhance patient outcomes."

Startups Leading the Charge in Multimodal AI

Several startups are making significant strides in the realm of multimodal AI, each contributing to the advancement and application of this technology in unique ways.

Vicarious is developing AI systems that integrate vision, language, and motor control. Their approach aims to create AI that can learn and generalize from limited data, much like humans. According to co-founder Scott Phoenix, "Multimodal AI allows us to build systems that perceive and interact with the world more naturally and intuitively."

Another startup showing immense promise is SoundHound, which specializes in voice AI and leverages multimodal learning to improve voice recognition and understanding. Their technology integrates audio, text, and context to provide more accurate and responsive voice interactions. CEO Keyvan Mohajer states, "By combining multiple data types, we can offer a more seamless and intuitive voice experience."

The Flywheel Effect of Multimodal Learning

The excitement around multimodal learning is palpable. As a former vice president at Amazon Web Services, I can attest to the power of data in driving innovation. Multimodal learning models generate a flywheel effect: more data types lead to better models, which in turn provide better analytics and increased usage, perpetuating and reinforcing the cycle. This trend will undoubtedly gain momentum and its impact will be even more profound.

The Flywheel showing the value of increased data coming into from multi-modal sources.

While Multimodal AI benefits all the users of AI, it is also significantly benefiting NVIDIA by driving demand for its advanced GPUs and AI hardware, which are essential for processing complex multimodal data. NVIDIA's GPUs are crucial for training and deploying large multimodal models that handle text, images, video, and audio simultaneously. This has positioned NVIDIA as a key player in the AI hardware market, enhancing its revenue streams and solidifying its leadership in the AI ecosystem. NVIDIA's collaboration with leading AI companies on multimodal projects underscores its integral role in advancing AI technologies.

Embracing Multimodal Learning

So, what’s your action plan for harnessing the power of multimodal? My advice: Keep thinking, but start sensing . During a recent strategic brainstorming session, I noticed a focus on text data alone. To stay ahead, you must incorporate video, images, and sound into your decision-making processes. This approach will not only enhance innovation but also create a competitive edge. Embrace multimodal learning to drive the next wave of technological advancements in your business.

The integration of multimodal learning models signifies a major leap forward in AI and Web3, promising to reshape industries and improve user experiences. Stay tuned as we continue to explore these groundbreaking trends and their implications for the future of AI and Web3.

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Stock market today: Nasdaq hits record, Dow tumbles as bond yields spike

• US stocks were mixed Tuesday. The Nasdaq finished at a record while the Dow tumbled.
• Nvidia soared but the broader market weakened amid a fresh spike in Treasury yields. 
• Tepid demand at the latest Treasury auction and hawkish comments from Fed officials spooked investors.

US stocks finished mixed on Tuesday, with the Nasdaq at a record but the Dow Jones Industrial Average sliding more than 200 points.

The Nasdaq was lifted by Nvidia, which rallied more than 7%. Weighing on shares during the session was a jump in Treasury yields as the latest auction was met with lukewarm demand. The 10-year yield jumped as much as seven basis points before paring some of that rise, but was firmly back above the key 4.5% threshold as the trading session wound down. 

Also weighing on investors were hawkish comments from Federal Reserve officials. Minneapolis Fed President Neel Kashkari reiterated that the central bank was not convinced inflation is falling quickly enough to warrant rate cuts. he went further still by saying more rate hikes aren't off the table if progress stalls. 

"I don't think anybody has formally taken them off the table, even me," he said during a Tuesday presentation. "Of course, if we get surprised by the data, then we would do what we need to do."

Investors are focused on the Friday personal consumption expenditures price index report. The Fed's preferred inflation measure will give important insight into when the Fed might cut rates. 

Nvidia rallied above $1,100 during Tuesday's session to close at a fresh record, as Elon Musk said his xAI artificial intelligence firm will use Nvidia chips in its computers. 

Here's where US indexes stood at the 4 p.m. closing bell on Tuesday: 

• S&P 500 : 5,306.04, up less than 0.1% 
• Dow Jones Industrial Average : 38,852.86, down 0.6% (217 points)
• Nasdaq Composite : 17,019.88, up 0.6%

Here's what else is going on today:

• A study found GPT-4 is better than humans at financial analysis. 
• The promise of AI revolution has added $230 billion to the wealth of seven US tech billionaires this year. 
• UBS raised its price target for the S&P 500 again as recession risk fades and earnings growth looks poised to increase. 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil jumped 3% to $80.19 a barrel. Brent crude , the international benchmark, was higher by 1.6% to $84.48 a barrel. 
• Gold increased 1% to $2,358.30 per ounce. 
• The 10-year Treasury yield jumped six basis points to 4.54%. 
• Bitcoin dropped 2% to $68,117.27.

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