for noobs                        http://bit.ly/bitcoinfornoobs/                                               @mikegreenbe...
for noobs                        http://bit.ly/bitcoinfornoobs/                                               @mikegreenbe...
http://www.flickr.com/photos/anijdam/2585351373Monday, July 18, 2011
http://www.flickr.com/photos/jeco/2246667886Monday, July 18, 2011
(Not really slaves.)                                               http://www.flickr.com/photos/copleys/1842040675Monday, J...
Monday, July 18, 2011
http://www.flickr.com/photos/siutou_amy/1751631879Monday, July 18, 2011
Limited Supply          Fiat Currency                                     Abundant NeedMonday, July 18, 2011
http://www.flickr.com/photos/truthout/4603014252Monday, July 18, 2011
Monday, July 18, 2011
The World’s First Decentralized Digital CurrencyMonday, July 18, 2011
The World’s First Decentralized Digital Currency                          Huh!?                                           ...
That’s right!                        DecentralizedMonday, July 18, 2011
No Centralized Authority Needed                                                   http://www.flickr.com/photos/afagen/23905...
How could that                        possibly work?!Monday, July 18, 2011
How could that                        possibly work?!                             (you crazy hippie...)Monday, July 18, 2011
Bitcoin Transactions & You                        a short storyMonday, July 18, 2011
PUB                                PRIV                         Bitcoin Ledger                        Your Bitcoin WalletM...
Your (Actual) Bitcoin WalletMonday, July 18, 2011
PUB                                      PRIV                               Bitcoin Ledger                        Your (Ab...
2 btc                                          12UE2zDKob8a                        2 btc             RBwW6tL7jpq          ...
PRIV                                   2 btc                                           12UE2zDKob8a                       ...
R U                                  ok?          Bitcoin Ledger                                              a bitcoin P2...
R U                                   ok?                                                      PUB                  Checki...
OK!   = 1 confirmation                        A Typical (Verified) TransactionMonday, July 18, 2011
1 confirmation                        P2P ConsensusMonday, July 18, 2011
6 confirmations                        P2P ConsensusMonday, July 18, 2011
12 confirmations                        P2P ConsensusMonday, July 18, 2011
25 confirmations                        P2P ConsensusMonday, July 18, 2011
52 confirmations                        P2P ConsensusMonday, July 18, 2011
vs       Centralized Authority        Decentralized Authority                         DecentralizedMonday, July 18, 2011
One Large                        Block Chain                           the digital ledgerMonday, July 18, 2011
new transactions                                     f(x)                                verified “block”                  ...
}                                           New Block                                           Block Chain               ...
x                                         ...                        Validating a New BlockMonday, July 18, 2011
Bitcoin Mining                        (yes. like gold, only there’s still something to find.)Monday, July 18, 2011
Logarithmic Bitcoin Seeding over TimeMonday, July 18, 2011
Show and TellMonday, July 18, 2011
Questions?                                  @mikegreenberg                        Bitcoin Donations: 12UE2zDKob8aRBwW6tL7j...
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Bitcoin for Noobs

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A short presentation about bitcoin, how it works and why it's here.

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  • Woah, slides 26-30 are plain wrong. Confirmations have nothing to do with the number of nodes in the network. They refer to the depth of the transaction in the block chain (which is a linked list, not a peer graph).
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Bitcoin for Noobs

  1. 1. for noobs http://bit.ly/bitcoinfornoobs/ @mikegreenberg South Florida Hack and Tell July 9th, 2011Monday, July 18, 2011
  2. 2. for noobs http://bit.ly/bitcoinfornoobs/ @mikegreenberg South Florida Hack and Tell July 9th, 2011Monday, July 18, 2011
  3. 3. http://www.flickr.com/photos/anijdam/2585351373Monday, July 18, 2011
  4. 4. http://www.flickr.com/photos/jeco/2246667886Monday, July 18, 2011
  5. 5. (Not really slaves.) http://www.flickr.com/photos/copleys/1842040675Monday, July 18, 2011
  6. 6. Monday, July 18, 2011
  7. 7. http://www.flickr.com/photos/siutou_amy/1751631879Monday, July 18, 2011
  8. 8. Limited Supply Fiat Currency Abundant NeedMonday, July 18, 2011
  9. 9. http://www.flickr.com/photos/truthout/4603014252Monday, July 18, 2011
  10. 10. Monday, July 18, 2011
  11. 11. The World’s First Decentralized Digital CurrencyMonday, July 18, 2011
  12. 12. The World’s First Decentralized Digital Currency Huh!? http://www.flickr.com/photos/photojonny/2268845904Monday, July 18, 2011
  13. 13. That’s right! DecentralizedMonday, July 18, 2011
  14. 14. No Centralized Authority Needed http://www.flickr.com/photos/afagen/2390552902Monday, July 18, 2011
  15. 15. How could that possibly work?!Monday, July 18, 2011
  16. 16. How could that possibly work?! (you crazy hippie...)Monday, July 18, 2011
  17. 17. Bitcoin Transactions & You a short storyMonday, July 18, 2011
  18. 18. PUB PRIV Bitcoin Ledger Your Bitcoin WalletMonday, July 18, 2011
  19. 19. Your (Actual) Bitcoin WalletMonday, July 18, 2011
  20. 20. PUB PRIV Bitcoin Ledger Your (Abstract) Bitcoin WalletMonday, July 18, 2011
  21. 21. 2 btc 12UE2zDKob8a 2 btc RBwW6tL7jpq mwu97ejNB3w A Typical TransactionMonday, July 18, 2011
  22. 22. PRIV 2 btc 12UE2zDKob8a 2 btc RBwW6tL7jpq mwu97ejNB3w A Typical (Signed) TransactionMonday, July 18, 2011
  23. 23. R U ok? Bitcoin Ledger a bitcoin P2P node A Typical (Unverified, yet Signed) TransactionMonday, July 18, 2011
  24. 24. R U ok? PUB Checking the Signature and Ledger BalancesMonday, July 18, 2011
  25. 25. OK! = 1 confirmation A Typical (Verified) TransactionMonday, July 18, 2011
  26. 26. 1 confirmation P2P ConsensusMonday, July 18, 2011
  27. 27. 6 confirmations P2P ConsensusMonday, July 18, 2011
  28. 28. 12 confirmations P2P ConsensusMonday, July 18, 2011
  29. 29. 25 confirmations P2P ConsensusMonday, July 18, 2011
  30. 30. 52 confirmations P2P ConsensusMonday, July 18, 2011
  31. 31. vs Centralized Authority Decentralized Authority DecentralizedMonday, July 18, 2011
  32. 32. One Large Block Chain the digital ledgerMonday, July 18, 2011
  33. 33. new transactions f(x) verified “block” cryptographic characteristics Gathering New TransactionsMonday, July 18, 2011
  34. 34. } New Block Block Chain ... A Chain of TrustMonday, July 18, 2011
  35. 35. x ... Validating a New BlockMonday, July 18, 2011
  36. 36. Bitcoin Mining (yes. like gold, only there’s still something to find.)Monday, July 18, 2011
  37. 37. Logarithmic Bitcoin Seeding over TimeMonday, July 18, 2011
  38. 38. Show and TellMonday, July 18, 2011
  39. 39. Questions? @mikegreenberg Bitcoin Donations: 12UE2zDKob8aRBwW6tL7jpqmwu97ejNB3wMonday, July 18, 2011

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