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Friday, December 18, 2020

Cryptocurrency

The grand-daddy of crypto is, and always will be, bitcoin.  There's a lot of really interesting stuff you can learn about this topic, but we're going to focus on the financial aspects.  That means we won't be talking about things like the blockchain or the lightning network, as cool as they are.  Cryptocurrencies are digital, not physical. 

Important things to know about bitcoin (BTC), the original cryptocurrency:

  • Currently worth about $20,000 per whole bitcoin
  • Divisible to eight decimal places - you can possess as little as 0.00000001 BTC
  • "Mining" is no longer practical, so the only way to acquire bitcoin now is to buy it

  • You used to be able to get it through a process called "mining", but the hardware required now is so expensive that it isn't worth it.  Practically, the only way to get bitcoins is to buy and sell them.