Buying and Selling Bitcoins
Bitcoin is a new virtual currency that many people think will be as big a phenomenon as email or the web! It costs just a couple pennies to transfer bitcoins to anyone in the world, almost instantly. It's a counterfeit-proof, inflation-proof and untraceable. In this workshop we cover how to use the bitcoin software and how to buy and sell bitcoins. At the end of the class students will buy small amounts of bitcoin from the instructor, exchange it with each other and sign up for, and fund, accounts with bitcoin banks and currency exchanges. By the end of the class you'll be transacting, arbitraging, and speculating in bitcoins! Details:
- Location: 601 Montgomery St. #409, downtown San Francisco
- Date: see dropdown to the left
- Time: 6pm - 8pm
- Price: $20
Instructor: Stephen Fraga
Stephen has been involved in the bitcoin and altcurrency space since 2012, through the ups and downs. He has conducted bitcoin workshops at South by Southwest as well as AcademyX. He maintains an active role in the bitcoin and ripple (another digital currency) community.
Here is Stephen talking about bitcoin at South by Southwest:
To start with, we'll go over the exciting history of bitcoins and how they're different from money that you use now. You'll hear about the mystery surrounding their origins, places where they're used now, and a little about where they might be used in the future.
Where to Get Bitcoins
Due to anti-money laundering laws, bitcoins are actually somewhat difficult to obtain in the United States. You can't just pull out a Visa card and pay for them. We show you how to:
- Set up, fund an account on the most popular bitcoin exchanges and buy and sell on the exchange
- Find local sellers of bitcoin and buy from them
In this part of the workshop we'll show you the three main types of wallet applications for bitcoin: laptop, smartphone, and third-party web sites. You'll download and install a wallet software for both your smart phone and your laptop. We'll use it during the workshop to buy, sell, and exchange bitcoins with your fellow students. Please bring $5 USD in cash to buy some bitcoins.
Transacting with Bitcoin
Once you have some bitcoins, the next step is to send them to someone else, get some from your friends, and buy or sell to strangers over an "exchange". We'll cover:
- Sending bitcoins
- Receiving bitcoins
- Buying and selling bitcoins on an exchange
- Bank restrictions, tax implications and reporting requirements (yes, seriously!)
By the end of this workshop you should be able to install software, acquire bitcoins, exchange them with others, and place buy and sell orders on a bitcoin exchange to trade them for US dollars.