Module Summary
In this unit, you gained an understanding of the basics of Bitcoin and Cryptocurrency. You can appreciate Bitcoin and crypto while describing where they fit together and what they can do for YOU.
Outstanding!
Key Takeaways
- You can describe broadly what money and Bitcoin are.
- Cryptocurrencies are the next generation/form of money, which is an agreed-upon value.
- Cryptocurrencies can have a broad range of uses and depend on what you want to get out of them.
- Bitcoin is;
1. A TYPE of cryptocurrency
2. It’s one of the oldest and most battle-tested cryptocurrencies
3. Decentralised—No party can issue more bitcoins or change them without serious negotiation and agreement.
4. The biggest cryptocurrency
5. Is used not only as payment but as a store of value - Bitcoin and its benefits as an alternative financial system, with bitcoin (BTC) as a new internet native money controlled by everyone.
- Appreciate the risk of volatility and the long-term sustainability of your crypto-assets
What’s Next?
Staying Safe & Basic Risks In Crypto – CS10223
Too many people lose their bitcoin. Before you buy your first bitcoin, you must know how to do this securely. We’ll show you how in the next module.
If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.
— Satoshi Nakamoto