Michael Rihani

Bitcoin

History of Money
  • 1800s: The Gold Standard
  • 1933: The Great Depression
  • 1944: Bretton Woods Agreement
  • 1971: End of the Gold Standard
  • Today: Fiat Standard
  • Future: Bitcoin Standard

Bitcoin 101

  • Three main features of Bitcoin:
    • Self-Sovereign
      • Trust-less based system
      • Cryptographic verification
    • Scarce
      • 21M bitcoin in total
      • Open to all
    • Can’t be censored by anyone
      • Doesn’t have a single point of failure
      • Anyone in the world can participate
  • Satoshis
    • Often abbreviated to “sats”, are the atomic unit of bitcoin, named after Bitcoin’s creator, Satoshi Nakamoto. A single bitcoin represents 100 million satoshis (1 BTC = 100,000,000 sats). Thus, there will only ever be 21 million bitcoin, and there will only ever be 2.1 quadrillion sats. This feature makes bitcoin more divisible, enabling payments smaller than $0.01 at current prices. In Bitcoin’s codebase, all values are actually denominated in satoshis, and the unit bitcoin is only used by markets and those discussing bitcoin.
  • One, global, internet currency
    • “The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin.” – Jack Dorsey, Founder of Twitter and Square
    • “I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin. I think Bitcoin is really on the verge of getting broad acceptance by conventional finance people.” – Elon Musk

Bitcoin Resources

Bitcoin Books

Bitcoin Videos

Bitcoin News

Where to Buy Bitcoin

Note: you don’t need to buy a whole bitcoin. You can buy fractions of one bitcoin (sats).

Earn Bitcoin (US only for now)

  • Fold (debit card): Earn bitcoin back on every purchase
  • Cash App (debit card): Earn bitcoin boost rewards on some purchases
  • BlockFi (credit card): Unlimited 1.5% back in bitcoin on every purchase
  • Ledn: Earn 6.10% APY on your bitcoin
  • BlockFi: Earn 4.00% APY on your bitcoin
  • Lolli: Earn free bitcoin when you shop online

Bitcoin Software Wallets

Bitcoin Hardware Wallets