A Beginner's Guide to Bitcoin and Blockchain

Episode 68

Most of us have heard the names “Bitcoin” or “Blockchain” floating around but would not be able to accurately explain what it is, how it works or what it even does. This decentralised cryptocurrency has been the talk of the town ever since the 2018 spike in value, which is why it’s time to catch you up to speed.

In this exciting new episode of the WineDown series, Nick and Scott help clear up some of the confusion by breaking down Bitcoin and Blockchain foundations, movements, costs, cracking the network, and so much more.

Some other key topics they discuss include:

• Blockchain’s Value, Use and Mining Machine Equipment

Learn how cryptocurrency works, why some people swear by it, and a look inside the powerful equipment involved in building the network.

• Pro’s, Cons and Trustworthiness of Blockchain

Trusting something new and foreign can be intimidating. Learn more about the trustworthiness of blockchain and why some of us treat it the same as we treat horseracing.

• Valid Bitcoin Transactions

Learn about “Proof of Stake”, the mechanism to validate crypto transactions.

• Cryptocurrency and ATO

How is cryptocurrency recognised by the ATO? Is it considered a capital gain?

• How Bitcoin is Recognised in Other Countries

Countries around the world are catching onto crypto, however, different countries have different laws and policies in place based on their crypto recognition.

• What Happens When You Lose Your Crypto “Key”

Losing your Blockchain “Key” is extremely different from losing your car key. Learn what Nick and Scott have to say about people they know who have lost theirs and what the long-lasting effects are.

• Crypto’s Environmental Impact

Even though it’s an intangible asset, this episode shares some insight into how our environment is affected.

So, what are you waiting for? Jump into the latest video to begin to understand the exciting world of crypto!