In this episode, we go back to basics!

The 5 W's one should ask when learning a new subject. "Who, what, when, where, and why."

Edd Clements, Alex Eaton, and Andres J. Gonzalez have a sit down to talk about Bitcoin's basics. There is a lot of ground to cover, and by the end of the episode we feel we've only scratched the surface.

We hope you enjoy this trip down the rabbit hole.

Episode Glossary:

ASICS: A piece of equipment containing an ASIC chip, configured to mine for bitcoins. They can come in the form of boards that plug into a backplane, devices with a USB connector, or standalone devices including all of the necessary software, that connect to a network via a wireless link or ethernet cable. (Coindesk.com)

Bitcoin: A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Bitcoin address: A bitcoin address is used to receive and send transactions on the bitcoin network. It contains a string of alphanumeric characters, but can also be represented as a scannable QR code. A bitcoin address is also the public key in the pair of keys used by bitcoin holders to digitally sign transactions (see Public key). (Coindesk.com)

Bitcoin Wallet: A method of storing bitcoins for later use. A wallet holds the private keys associated with bitcoin addresses. The blockchain is the record of the bitcoin amounts associated with those addresses. (Coindesk.com)

Block chain: The full list of blocks that have been mined since the beginning of the bitcoin cryptocurrency. The blockchain is designed so that each block contains a hash drawing on the blocks that came before it. This is designed to make it more tamper proof. There is a company called Blockchain, which has a very popular blockchain explorer and bitcoin wallet. (Coindesk.com)

Counter party risk: The risk to each party of a contract that the counterparty will not live up to its contractual obligations. Counterparty risk as a risk to both parties and should be considered when evaluating a contract. In most financial contracts, counterparty risk is also known as "default risk".

Crypto art: Cryptoart is a limited edition giclée printed with archival quality inks on heavy 100% cellulose watercolor paper that is free of optical brighteners. Cryptoart comes in three sizes, all of which are designed to fit ready-made frames. Cryptoart comes with a certificate of authenticity. Lastly, owners receive a reprint right should the art piece become damaged. (cryptoart.com/)

Cypher punks: Defined as a group of thinkers, programmers, and researchers dedicated to preserving individuals’ freedom of speech through action, cypherpunks believe in crypto anarchy (a term that has aspects of anonymous networks, black markets, the destruction of governments, digital cash, and information markets)—along with libertarianism. Moreover, cypherpunks write code—free to anyone worldwide—and they publish it so that their fellow cypherpunks can practice with it and improve upon it.

Mining: The act of generating new bitcoins by solving cryptographic problems using computing hardware. (Coindesk.com)

Mycellium: Awarded the prestigious "Best Mobile App" award by Blockchain.info in 2014, the Mycelium wallet provides the ability to send and receive bitcoins whilst benefiting from bank-grade security. (mycelium.com/)

Satoshi Nakamoto:The name used by the original inventor of the Bitcoin protocol, who withdrew from the project at the end of 2010. (Coindesk.com)

Singal point of failure (SPOF): is a part of a system that, if it fails, will stop the entire system from working. SPOFs are undesirable in any system with a goal of high availability or reliability, be it a business practice, software application, or other industrial system. (Coindesk.com)


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