Introduction Course to Bitcoin and Nostr

The following is an audio course on Bitcoin and Nostr: two technologies woven together that can give you custody over your own finances and communications and the ability to send funds and ideas around the world without censorship – if used right. You can either sign up for it below, or add me on Nostr and DM me for the link, and I’ll send it back to you. If you need a quick primer on what Nostr is and to get on there, I wrote the following article for Forbes.

The audio course is delivered as a playlist that you can play at anytime. The following is an outline of the content:

1- What is Bitcoin?

The first section covers the basics of what Bitcoin is – going into a description of this new technology. We talk about the key features of Bitcoin and why they combine to give you the ability to control your finances and store value and send value where you see fit without control from anybody else.

2- Bitcoin Wallets

We then get into how Bitcoin is stored and processed for most users – Bitcoin wallets that can help keep track of the Bitcoin you own, as well as giving you easy send or receive functions so that you can interact with your Bitcoin. Learners are introduced to the different types of Bitcoin wallets, from software wallets which you can interact with on a computer to hardware wallets that look like calculators or hard drives where you can store your private keys away from Internet-connected devices. There are even paper wallets where you store your keys on metal plates and/or paper offline – to keep them away from prying eyes online. Some sample wallets of each type are given as well.

3- Self-Custody vs. Custody by Others

You may have heard the word “custody” bandied around a lot. What does it mean? Custody at its core gives Bitcoin one of its strongest property. When you deposit money in a bank, you are subject to their controls and regulations – you must give them your identity in order to transact. With Bitcoin, if you use it in a self-custody manner, you become your own bank and can control what identity you provide, along with how you choose to send or receive Bitcoin without anybody being able to stop you. This section covers that distinction.

4- Decentralization

Decentralization is another key word when it comes to Bitcoin. What does it mean? You’ll come to understand why a mixture of different people running Bitcoin code, mining hardware and other items means that Bitcoin isn’t dependent on any central authority – giving us some of the properties (like being censorship-proof) we discussed before.

5- Private Keys and Public Keys

Bitcoin operates on principles and tools with public keys and private keys. With your private key, you can gain access to your Bitcoin – with a public key, you can tell people where to send you Bitcoin. This section covers the interaction between the keys we mentioned, the features they have, and how to use and ensure you’re properly working with your private keys and your public keys.

6- Physical Security

There are physical security considerations for using Bitcoin. Learn how to approach your risk when it comes to offline criminals trying to steal your Bitcoin using conventional approaches like the “$5 wrench attack” where criminals threaten to steal your Bitcoin by getting your private key or else you’ll get hit with a wrench.

7- Quantum Security – Post-Quantum Cryptography

Some people have mentioned quantum computers as a threat to Bitcoin’s security. This section of the course covers some of the latest in quantum computing and why Bitcoin can adapt fairly well to different kinds of computers and new attack vectors.

8- 51% Attack and Network Security

We talk here in this section about the security of Bitcoin as a whole. We’ve talked a bit about the quantum implications, but what about the network as it currently stands? What if the network of computers that mines Bitcoin and secures it is taken over by a hostile force? You can learn in this section what it means to have a secure network that can overturn a 51% attack.

9- How to get Bitcoin – Bitcoin Exchanges

Now the question becomes – how do you get Bitcoin? One popular way is through Bitcoin exchanges that offer you Bitcoin for your domestic currency. There are some disadvantages to this approach: you don’t own your Bitcoin unless you take it out in self-custody (which means if the exchange fails, you’re out of luck on your Bitcoin), there are exchange fees, and you will likely have to identify yourself in a process called KYC (“know your customer”). However, the advantage is that you can transact large amounts and buy and sell Bitcoin with a lot of liquidity. This course section covers the tradeoff and also gives you a few examples of Bitcoin-focused exchanges.

10- How to get Bitcoin – Peer-to-Peer Trade

There’s a different way to get Bitcoin, and it involves buying Bitcoin from peers for cash or bank transfer directly. This is a way of transacting Bitcoin that is more in line with Bitcoin principles: you don’t have to share your ID, and you own your Bitcoin. Yet this approach also requires tradeoffs, which this learning section covers.

11- How does Bitcoin Mining Work?

You might have heard about Bitcoin mining – the process of “discovering” blocks of Bitcoin and getting Bitcoin as a reward. Bitcoin mining helps secure the Bitcoin network by dedicating energy and computers to guarantee that any new Bitcoin issued costs something. An overview of Bitcoin mining and its challenges is given.

12- How can I do Bitcoin Mining?

This section allows you to participate in Bitcoin mining with some example hardware given and some tips to help you manage your Bitcoin mining should you decide to venture out and do it yourself.

13- The Difference Between Proof-of-Stake and Proof-of-Work

You might have heard of proof-of-stake, and that Bitcoin still operates on proof-of-work (i.e mining) to secure the network. What are the differences between the two systems, and what are the tradeoffs? This section covers that in-depth.

14- What is a Bitcoin Node?

Now we go into another aspect of the Bitcoin network’s decentralization. There are many nodes running on Bitcoin that validate Bitcoin transactions and blocks. You’ll learn about the different types and how running your own node can contribute to the Bitcoin network.

15- Set up a Bitcoin Node from Start9

It can be easier to set up a Bitcoin node than what you realize. What follows are sample instructions to work with a Start9 hardware device to get your own Bitcoin node up – though there are other ways to do the same thing with all kinds of different hardware.

16- Soft Fork vs. Hard Fork – Blocksize Wars

Forks are the way to change the code for Bitcoin. This course teaches the difference between a soft fork and a hard fork, and talks about the history of the Blocksize Wars, when Bitcoin split into different chains as an example.

17- Austrian Economics

We talk about Austrian economics and its relationship with Bitcoin. Though Austrian economics is not the only lens with which to view Bitcoin, it offers an economic philosophy that tends to scorn government intervention and is more prevalent in Bitcoin discourse.

18- Bitcoin Network Economics

How do we think about the network effects of Bitcoin and what Bitcoin network economics there are? Through a verbal summary of an article by Lyn Alden, noted macroeconomist and Bitcoin analyst, we can answer this question.

19- What is Money?

We talk about the functions of money and how Bitcoin can fit within those different functions – and how to relate on the question of money and Bitcoin.

20- The Lightning Network/Layer 2

You might have heard of Bitcoin’s “scaling” problem – namely that there are more and more people who want to make Bitcoin transactions, but there isn’t a way to do it with Bitcoin’s native layer that would be private, and cost little, while settling instantly. Lightning Network offers the most promising solution, and is part of a growing array of what are called “Layer 2” additions to Bitcoin, protocols secured by Bitcoin’s underlying technology but which allow for it to take on more scale and more functions.

21- Nostr

Nostr is a new type of technology, that brings the same idea of a decentralized protocol to communication rather than to money. The two technologies of Nostr and Bitcoin intersect together – to permit the freedom of ideas and the freedom of money. See how in the concluding lesson of this course.

Or direct message me on Nostr, and I’ll reply back with the link.

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