Module 1: What is Bitcoin?
- List four definitions of bitcoin and describe what each of them means
- Identify drivers of the value of bitcoin
- Examine the historical price of bitcoin and label drivers of major price movements
- Compare bitcoin with other methods of payment
- Find the current price of bitcoin and convert bitcoins to US dollars and vice versa
- Describe the divisibility of bitcoin and how this enables micropayments
- Recognize the risks of using bitcoin as a currency and as an extremely speculative investment
Module 2: Cryptography for Beginners
- Describe encryption, decryption, and ciphers
- Define hash function, algorithm, and one-way function
- Demonstrate how to get a hash function from a text string input
- Describe the 3 main properties of a hash function
- Review exponents and evaluate the importance of mathematics in cryptography
- Discuss shortcomings of previous attempts at creating a digital currency and why they failed
- Describe how bitcoin addresses the double spend problem
Module 3: Public and Private Keys
- Define a cryptographic public key and cryptographic private key
- Describe how a private and public key pair control ownership of bitcoin
- Evaluate methods and best practices for securing private keys
- Demonstrate the use of a digital signature
- Define multi-sig and explain how this is used to control bitcoin and other cryptocurrencies
- Identify future career opportunities and pathways in bitcoin
Module 4: Nodes, Wallets, and Addresses
- Define a bitcoin node
- Describe the four functions of nodes in the bitcoin network
- Define a bitcoin address and explain the difference between an address and a wallet
- Compare a digital wallet with a physical wallet
- Categorize the five wallet platforms
- Contrast hardware wallets and software wallets
- Demonstrate how to open a bitcoin wallet
- Select a commercial bitcoin wallet provider to evaluate and describe its key characteristics
Module 5: Bitcoin Mining
- Define bitcoin mining, proof of work, and other key terms related to mining
- Describe the characteristics of the mathematical puzzle that miners must solve and verify to win a mining round
- Describe the history and development of bitcoin mining, including the increase in hashing power of the system
- Evaluate the characteristics of how to make bitcoin mining profitable
- Examine the incentives of miners and nodes to support the bitcoin network
- Discuss the pros and cons of the high energy usage required in bitcoin mining
Module 6: Transacting Bitcoin
- Describe the steps to completing a bitcoin transaction (either receiving money or paying using bitcoin)
- Demonstrate how to transfer, receive, and spend bitcoin
- Identify transaction inputs and transaction outputs
- Explain transaction costs for both buyers and sellers, and compare them across payment methods
- Contrast the irreversibility of bitcoin transactions with other electronic payment networks
- Compare the pros and cons of being a bitcoin merchant
- Describe the Lightning Network and how it is able to reduce transaction costs
Module 7: Bitcoin Security
- Compare the security of holding value in bitcoin wallets to holding dollars in a bank or in the stock market
- Evaluate the security of the bitcoin network
- Describe a 51% attack
- Examine the vulnerability of the bitcoin network to quantum computing developments
- Define pseudonymity, anonymity, and privacy in the context of bitcoin transactions
- Identify best practices of securing personal wallets and bitcoin holdings
Module 8: Bitcoin and Money
- Describe the three principle characteristics of money
- Define monetary system, inflation, and deflation
- Evaluate give historical examples of hyperinflation
- Examine the historical types of money
- List the properties of a strong currency and evaluate Bitcoin’s strength based on these properties
- Discuss the principle of trust associated with various forms of money
- Research a historical monetary unit, describing and evaluating how it was used as currency
Module 9: Altcoins and Regulation
- Define altcoin and explain features of bitcoin that can be altered
- Contrast features of bitcoin with other major altcoins such as Litecoin, Dash, and Ripple
- Define cryptocurrency market capitalization, demonstrate how it is calculated, and look up its current value
- Evaluate the altcoin Ethereum, describing its features and smart contracts
- Describe Initial Coin Offering (ICO) and venture capital and compare how they are used to raise money for new projects
- Examine proposed or existing regulations and discuss how government actions may impact bitcoin and altcoins
- Choose an altcoin or token and describe its purpose and features
Module 10: Bitcoin: The Past and the Future
- List key issues that affect bitcoin’s price and network
- Define a fork and describe the reasons behind past forks in the bitcoin network
- Differentiate between a hard fork and a soft fork
- Evaluate the block size debate and identify how the block size affects transaction fees and costs
- List locations for credible information and updates on bitcoin developments including twitter, reddit, podcasts, and credible news outlets
- Summarize the potential of bitcoin and blockchain technologies to redefine transfer of value and monetary systems
- Choose a recent or current issue in cryptocurrencies and describe and evaluate the arguments made by both sides
