Fundamentals of Bitcoin and Cryptocurrency
With an increasingly number of organizations turning to cryptocurrency, many experts in this field feel that soon there will be widespread adoption of the crypto ecosystem. One major reason for this change is that large financial gatekeepers are making it easier for consumers to transact in cryptocurrencies.
PayPal and its subsidiary Venmo, for example, both recently enabled crypto trading on their platforms. PayPal data showed that users who bought crypto on the PayPal app logged in twice as much as they did before PayPal allowed such transactions.
Additionally, the Chicago Mercantile Exchange (CME) introduced Micro Ether future contracts in December 2021 and CoinDesk has also noted that the number of “bitcoin whales” (addresses that own over 1,000 bitcoin) has been increasing rapidly since the end of 2020.
Cryptocurrency is a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions.
When you transfer cryptocurrency funds, the transactions are recorded in a public ledger and the cryptocurrency is stored in digital wallets.
Cryptocurrency has been gaining traction among businesses because of its benefits, such as payment processing. Cryptocurrency is quite advantageous for expanding a firm because it drastically increases payment processing capacity. While many financial services providers charge fees to process payments, cryptos can save customers and businesses money by avoiding high costs.
They also allow businesses to accept payments for things sold and services rendered in seconds and buyers to obtain what they pay for in a matter of minutes. It enables firms to gather the funds they require to operate and expand.
Due to its ability to allow clients to complete transactions more rapidly, a better payment processing system allows a firm to attract more customers.
Many also consider cryptocurrency a hedge against inflation. For example, Bitcoin, Litecoin, and Monero are mineable cryptocurrencies with a limited supply cap that are considered strong inflation hedges. Due to monetary inflation, which occurs when central banks and governments print more money, the value of scarcer things rises.
The price of these fixed-supply coins, measured in dollars, is more likely to climb as more new dollars seek fewer and fewer coins. Furthermore, the cryptocurrency system, for example, is designed to keep those coins unique regardless of what happens with monetary policy.
Companies also tend to feel more secure using cryptocurrency. Most cryptocurrencies – including Bitcoin – use blockchain technology to record transactions.
The use of cryptocurrency for conducting business presents a host of opportunities and challenges. As with any frontier, there are both unknown dangers and strong incentives.
That’s why companies venturing to use cryptocurrency in their businesses should have two things: a clear understanding of why they are undertaking that action and a list of the many questions they should consider.
Tonex can help.
Fundamentals of Bitcoin and Cryptocurrency Course by Tonex
Fundamentals of Bitcoin and Cryptocurrency, a 2-day interactive course, covers the fundamentals of Bitcoin, Cryptocurrency, Blockchain technology and more.
Blockchain is the technology behind the cryptocurrency. Bitcoin is the name of the best-known cryptocurrency. The blockchain technology was invented for Bitcoin, a cryptocurrency as a medium of exchange like US dollar. Bitcoin is in digital form and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using blockchain technology, participants can confirm transactions without a need for a central clearing authority. Applications can include financial applications, fund transfers, settling trades, voting, and many other issues.
Bitcoin was created by Satoshi Nakamoto. Bitcoin is digital currency that allows for secure peer-to-peer transactions on the internet using decentralized concepts. Bitcoin transactions are tracked on the blockchain similar to a bank’s ledger. Bitcoin blockchain is distributed across the entire network and there are only 21 million bitcoin.
Who Should Attend
Fundamentals of Bitcoin and Cryptocurrency course is designed for engineers, managers, and employees with little or no BItcoin, cryptocurrency or blockchain experience. The course is also useful for those who have experience with cryptocurrency or blockchain but have never had any formal training on Bitcoin.
What You Will Learn
- An overview of Blockchain
- A summary of Blockchain tools and applications
- Overview of cryptocurrency
- How to implement cryptocurrency
- An overview of Bitcoin and its ecosystem
Fundamentals of Blockchain, Cryptocurrency and Bitcoin
- What is Blockchain technology?
- Blockchain’s benefits
- How Blockchain works
- Blockchain building blocks
- How financial services can create trust in blockchain
- What is Cryptocurrency?
- Introduction to Crypto and Cryptocurrencies
- Hash Functions
- Digital Signature
- Smart Contracts
- Digital Currencies
- How secure is Bitcoin?
- How does Bitcoin (BTC) work?
- What makes Bitcoin different?
- Bitcoin as digital money
Overview of Bitcoin Building Blocks
- Bitcoin Basics
- Difference between Bitcoin and Blockchain
- How to use Bitcoin
- How to get Bitcoin
- Bitcoin mining
- How to buy Bitcoin
- The principles behind Bitcoin
- How Bitcoin works
- Bitcoins and Blocks
- Bitcoin Economy
- Bitcoin Exchanges
- Mining Hardware
- Mining Pools
- Security and Centralization
- Bitcoin Open-Source Software
- Bitcoin Decentralized Network
- Bitcoin Addresses and Keys
- Bitcoin and Decentralization
- Bitcoin protocol
- Transactions, script, blocks
- Peer-to-peer network
- Storing Bitcoins
- Hot and Cold Storage
- Splitting and Sharing Keys
- Online Wallets
- Payment Service and Transactions
Other Blockchain Applications
- Business and functional requirements
- Enterprise Blockchain Overview
- Enterprise Blockchain for Grid Modernization
- Enterprise Blockchain for Supply Chain
- Enterprise Blockchain for Internet of Things
- Enterprise Blockchain for Healthcare
- Enterprise Blockchain for the Internet of Things
Fundamentals of Bitcoin and Cryptocurrency