intro to bitcoin

20
BITCOIN

Upload: joseph-thornburg

Post on 14-Apr-2017

110 views

Category:

Internet


0 download

TRANSCRIPT

Page 1: Intro to Bitcoin

BITCOIN

Page 2: Intro to Bitcoin

Founded: 2009

Satoshi Nakamoto中本哲史Identity: Unknown

Page 3: Intro to Bitcoin

What is a Bitcoin?Decentralized Virtual Currency

Digital Asset

Denominated

Publicly Traded

Page 4: Intro to Bitcoin

Distributed Ledger(Block Chain)

How does it work?

Page 5: Intro to Bitcoin

Currency Units(Denominations)

Millibitcoin - mBTC10-3 : 0.001

Microbitcoin - µBTC10-6 : 0.000001

Satoshi10-8 : 0.00000001

ISO-4217 code (BTC, XBT)

How does it work?

Page 6: Intro to Bitcoin

Digitally Signed

Private key must be validated by apublic key, orthe coins are

effectively lost.

In 2013, one user reported losing 7,500 bitcoins,

worth $7.5 million USD at the time.*

Ownership

Page 7: Intro to Bitcoin

Digitally Signed

Multiple PaymentsURI, QR Codes, IANA supported

Buyer pays transaction fees

Transactions

Page 8: Intro to Bitcoin

The CoinbaseSpecial Transaction

25 Bitcoins per blockuntil next halving in

2016

Supply

Page 9: Intro to Bitcoin

Record Keeping ServiceBlock Chain Integrity

Proof-of-work system (nonce)

Mining

Mining Difficulty

Page 10: Intro to Bitcoin

PaperWallets

Page 11: Intro to Bitcoin

ElectrumWallets

Page 12: Intro to Bitcoin

TrezorWallets

Page 13: Intro to Bitcoin

The AddressUsers can have many addresses

Enables transfer offunds without revealing

personal info

Can be generated onlineor offline*

Privacy

Page 14: Intro to Bitcoin

ClassificationEconomics

Page 15: Intro to Bitcoin

Classification“Currency”

“Stock”“Commodity”“Collectible”

“Money-likeInformationalCommodity”

Economics

Page 16: Intro to Bitcoin

Intrinsic Value“The intrinsic value of gold

is its intrinsic value.”

Economics

Page 17: Intro to Bitcoin

Benefits

Privacy

Low Fees

Redundancy

Benefits & Risks

Page 18: Intro to Bitcoin

Risks

Volatility

Refunds dependon vendor

No liabilityprotection

Benefits & Risks

Page 19: Intro to Bitcoin

Bigger than BitcoinBlock-chain based finance

Transparency

Decentralizationor

Regulation

The Future

Page 20: Intro to Bitcoin

ANY QUESTIONS?