Bitcoin: Friend or Foe? Fad or the Future?
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Transcript of Bitcoin: Friend or Foe? Fad or the Future?
![Page 1: Bitcoin: Friend or Foe? Fad or the Future?](https://reader030.fdocuments.us/reader030/viewer/2022032419/55a4223c1a28aba4278b46c2/html5/thumbnails/1.jpg)
Welcome to Today’s Webinar
The Expert Toolkit Series:Bitcoin: Friend or Foe? Fad or the Future?
![Page 2: Bitcoin: Friend or Foe? Fad or the Future?](https://reader030.fdocuments.us/reader030/viewer/2022032419/55a4223c1a28aba4278b46c2/html5/thumbnails/2.jpg)
Micheal Burch, CPA, CA, CFP Managing Partner – Welch LLP
www.welchllp.com
@WelchLLP
Haseeb AwanCo-Founder of BitAccess Inc.
www.bitaccess.co
@ahaseeba
Presenters
Jim McConnery, CPA, CA, TEPPartner – Welch LLP
www.welchllp.com
@WelchLLP
![Page 3: Bitcoin: Friend or Foe? Fad or the Future?](https://reader030.fdocuments.us/reader030/viewer/2022032419/55a4223c1a28aba4278b46c2/html5/thumbnails/3.jpg)
• What is it?
• Why was Bitcoin created?
• Essential elements
• How to mine Bitcoins
• Dependability
• Affect on currencies
• Mature enough as an investment?
• Who’s maintaining the scorecard?
• Resources
• Audience Q & A
What we will cover today
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What’s the best way to describe Bitcoin?
• Digital currency
• Operates independently from a Central bank
• Payment network system is powered by all users
• Exchanged through sending to valid electronic addresses
• Minimal transaction fees
• Instant transactions
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Why was Bitcoin created in the first place?
• Ease of transfer
• Anonymous form of
payment
• Not controlled by a
central authority
• Concept created by
Satoshi Nakamoto
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What are the essential elements of
Bitcoin that our clients should
know about?
www.bitcoins.com
• Bitcoins are not tax exempt!
• Increasingly popular
currency among businesses
• Bitcoin money supply is
completely transparent
• Not the 1st digital currency.
Won’t be the last
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How does one mine Bitcoins?
• Require software
with specialized
hardware within the
network
• Software solves
mathematical
problems based
on accuracy, miners
receive bitcoins in
exchange
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Is Bitcoin dependable?
What about these stories we hear about
hundreds of thousands of dollars’
worth going missing?
• Sophisticated hackers can get a hold of the
private cryptographic key associated with
your digital wallet through attacking online
services that store the keys for many users
• There is still no great option for storing
digital currencies to ensure theft protection
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Does this mark the demise of national currencies?
www.bitcoins.com
• Difficult to say at this
point
• Bitcoin is an example
of currency evolving
• Cheaper to produce
than paper & coins
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Is it mature enough to be considered an investment?
• Still very volatile
• Bitcoin mining has
become exponentially
more difficult
• Market risk: value has
bounced up & down
considerably in the
past year
• Fraud risk
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Who is maintaining the score card?
How do I know how much anybody has?
Is it verifiable?
• Maintained by all Bitcoin users around the world
• https://blockchain.info is a bitcoin transaction database &
displays how much bitcoin is in circulation
• Bitcoin uses private encryption keys to verify owners &
register transactions
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What are the best articles you have
read/written on the subject?
• White papers on Bitcoin
• Bitcoin.org
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Micheal Burch, CPA, CA, CFP Managing Partner – Welch LLP
www.welchllp.com
@WelchLLP
Haseeb AwanCo-Founder of BitAccess Inc.
www.bitaccess.co
@ahaseeba
Audience Q & A
Jim McConnery, CPA, CA, TEPPartner – Welch LLP
www.welchllp.com
@WelchLLP