What is Bitcoin?
Decentralized, distributed currency
No third-party like a bank or Paypal
Based on public/private key cryptography
in terms of who‟s sending and receiving money
Transactions are public though
Good for porn, drugs, money laundering
Only 21 million bitcoins can exist
Inflation while more bitcoins are mined until it slows down
Satoshi Nakamoto originator
Individual or group?
Seminal paper published Oct. 2008
Pizza bought for 10,000 BTC May 2010
MtGox established July 2010
Try downloading a client, Electrum, and installing it
on the PC in front of you.
Try installing a client on your smartphone:
Blockchain for iPhone
Bitcoin Wallet on Android
Send money between the accounts! Let me know if
you need a loan
Post your public wallet addresses here:
Pros: lots of buyers
Cons: hard to extract money; Japanese; often down
Pros: large audience
Cons: does not offer Litecoin
Pros: simple, easy for US buyers
Pros: no traces! Transaction immediate. Meet new people.
Cons: Sometimes sketchy!
Try signing up for an account on:
Send yourself some money
Choosing good passwords (combine „em!)
Create new wallets and transfer balances