Bitcoin for Noobs

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

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