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Bitcoin 101: Time to Mine - presented by Timothy Carver

Title of Chat: Bitcoin 101: Time to Mine
Chat Presenter: Timothy Carver
Date of Chat: 25 Oct 2021
Link to Recording:  View a recording of this Chat via the NCF #CyberChats Playlist on YouTube.

Chat Description: What was once only an idea has exploded into world economics. In 2008, Satoshi Nakamoto published the paper, “Bitcoin: A Peer-to-Peer Electronic Cash System.” This idea was to use a combination of different protocols to allow for the secure transfer of funds. Because Bitcoin users can remain anonymous, there is no accurate way of identifying how many people actually use Bitcoin. Estimates range from 40 to 45 million different users in 2020. On average, there are ~300,000 transactions daily.

During this NCF #CyberChats session, presenter Timothy Carver examined the protocols used to provide the secure transfer of funds over the World Wide Web. Students learned how new Bitcoins come into existence (mining), and look at the basic protocols – Peer-to-Peer transfer of data, Public Key Cryptography, Hashing, SHA-256 based Proof-of-Work scheme, etc.

This Chat was originally presented via Nepris.com and can be viewed on Nepris if you have an account. This session was also a deeper dive into CryptoCurrency following this session about Bitcoin.

View an archive of NCF #CyberChats.

Key Questions
* What is there to know about Bitcoins?
* What protocols are used to provide the secure transfer of funds over the internet?

Expected Outcomes
* Students will learn about Bitcoins, their history, how funds are transferred securely over the internet, and more.

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