Your SlideShare is downloading. ×
Bitcoin festival of media rome
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.


Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Bitcoin festival of media rome


Published on

  • Be the first to comment

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide


  • 1. BITCOIN: MONEY WITHOUT GOVERNMENT Jon Matonis Executive Director Bitcoin Foundation
  • 2. Giant Stone Money of Yap 2
  • 3. Search for Extraterrestrial Intelligence (SETI) 3
  • 4. Bitcoin Network Computational Power 4
  • 5. What Happens When Trust Is Decentralized? 5
  • 6. Bitcoin is Disruption Within Disruption 6  Supreme disruption in payments occurs when a new monetary unit is introduced  Capital “B” Bitcoin is a distributed network without the need for a third party  Small “b” bitcoin is a new monetary unit of account on this network  Bitcoin sparks currency competition with national issuers
  • 7. Bitcoin Benefits for Consumers  Analog Equivalent Rights  Paper Cash to Electronic Cash  Anonymity Privacy  Untraceability Personal  Irreversibility Finality 7
  • 8. Bitcoin Benefits for Merchants 8  Extend acceptance to countries not reached byVisa, MasterCard, and PayPal (60+)  Provide payment method for the unbanked  No disallowed merchant categories codes (MCCs)  Not subject to payments embargo  Eliminate chargeback and fraud risk  Processing fees approaching zero  Near immediacy of settlement
  • 9. De-Central Banking is the Future 9
  • 10. Bitcoin Active Nodes Worldwide 10
  • 11. We Don’t Need Kings To Coin Our Money 11
  • 12. The Post-Legal Tender Era 12  Absence of financial intermediary transforms current industries  Retail payments go mobile  Interbank transfers go point-to-point  Asset management becomes personal
  • 13. The Post-Legal Tender Era 13  The power of decentralization alters political institutions  Monetary policy impact  Fiscal policy impact
  • 14. Monetary Policy in Post-Legal Tender Era 14  No Fractional Issuance - fractional reserve banking becomes nearly impossible without the emergence of money substitutes  Healthy Deflation - opportunistic and unrestrained inflation gives way to natural deflation  Reduction in detrimental business cycles - interest rates respond more to the risk of the lending activity rather than central bank open market operations
  • 15. Fiscal Policy in Post-Legal Tender Era 15  De-emphasize IncomeTax - governments gradually shift from taxing income to taxing consumption  Endpoint Regulation - registration of exchanges and merchants facilitate higher consumption taxes  Check on Spending - government spending becomes constrained by actual revenue raised, which means that unpopular expenditures will be difficult to fund
  • 16. More Likely To Be Spent Than Hoarded 16
  • 17. Bitcoin’s Cultural Impact on Media  Crowdfunding  Charitable causes  Microtransactions  In-app purchases and gaming  Branding advantage  Free publicity 17
  • 18. Bitcoin Transaction Network Ranking 18
  • 19. ISO Proposal for Bitcoin as XBT 19
  • 20. Quotes From Establishment 20 “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” -Nassim Taleb “I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]… is actually pretty cool.” -Al Gore “I think [bitcoin] is a technical tour de force.” -Bill Gates
  • 21. Quote from Me “Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis 21
  • 22. Thank You Twitter: jonmatonis Email: 22