Bitcoin
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Transcript of Bitcoin
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Bitcoin lets you send money over the Internet
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Bitcoin is like email
[email protected] [email protected]
The Internet
16UwLL9Risc3QfPqBUvKofHmBQ7wMtjvM
31uEbMgunupShBVTewXjtqbBv5MndwfXhb
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Multibit - DesktopThunderbird
Gmail Electrum - Desktop
Blockchain.info - Browser
“Bitcoin Wallet” - Android
Bitcoin-Qt - Desktop (Fullclient)
Armory - Desktop
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Bitcoin is another currency
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Bitcoin is another currency
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How to get bitcoins?
Exchanges
Person to person
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Why is Bitcoin better?
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Truly international
Online shopping
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Much cheaper than wire transfer
$-30.00
-$0.0001
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Much cheaper than wire transfer
$-30.00
-$0.0001
(How can you send 5 dollars overseas?)
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Difficult to block
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Protect your money from inflation
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Hold your own money
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It’s money with an API!
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Sending
money over Twitter
Sending
money over Reddit
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What is Virtual Currency
• What is virtual currency?
• What is the connection between virtual currency and gambling?
• Virtual currency as currency used in social gaming (Value of virtual currency and virtual goods are generally restricted to virtual world) (E.g. World of Warcraft Gold, Zynga poker chips)
• Virtual currency as electronic money (Form of alternative currency not produced by any central banks) (E.g. Bitcoin)
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Bitcoin
• Created by “Satoshi Nakamoto” – an anonymous or pseudonymous developer or
group of developers
• Debuted in 2009
• Used in peer-to-peer transactions in which participating parties recognize its value
• No central bank or clearing house, no financial regulator, not tied to any currency
• Bitcoin are stored and sent through e-wallets
• Traded/exchanged through online virtual currency exchanges (Mt. Gox, TradeHill)
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Bitcoin (cont’d)
• Approximately 11 million Bitcoin have been mined, 21 million Bitcoin in total.
• “Miners” – supply Bitcoin network with computing power needed to maintain the
security of the block chain (a distributed technology that acts as Bitcoin’s ledger)
• Every single Bitcoin carries the entire history of the transactions it has undergone,
and any transfer from one owner to another becomes part of the code
• Bitcoin is stored in such a way that the new owner is the only person allowed to
spend it.
• Miners are rewarded with “blocks” of issued bitcoins (a “block” currently contains 25
bitcoins); this is how currency is issued
• Price of Bitcoin fluctuates wildly. As of April 23, 2013, 1 bitcoin is worth $130 USD
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Bitcoin (cont’d)
Bitcoin/ $USD chart