1
Bitcoin 101 –
Virtual Currency Basics
Colbert Low, BitcoinMalaysia.com
25 July 2013, WebCamp Cyberjaya
2
Colbert Low, BitcoinMalaysia.com
- Listed on Bitcoin Foundation as Colbert Low
- Featured on Personal Money magazine (Ma...
3
Team Members - BitcoinMalaysia.com
Mr Ragu. – COO.
Systems and Project management experience for over 15 years. Domain e...
4
Bitcoin in the News
5
I found out about Bitcoins back in June 2012
 Digital Currency / Cryto Currency / eCash
 Created by computers through ...
6
What is Bitcoin?
- Bitcoin or BTC, is a hybrid protocol.
a. Magic internet money, e-cash, crypto-currency.
b. Global Pay...
7
What is Bitcoin?
- Decentralized peer-to-peer (P2P) system. Bitcoin servers ran by Bitcoin Miners. No central server unl...
8
What is Bitcoin?
- Bitcoin (BTC) is divisible into 8 decimals.
 Low transaction fees / network fee of 0.005 BTC
 Lower...
9
What is Bitcoin?
Bitcoin (BTC) price is volatile.
4 November 2012 – High of USD 15 (MYR 42)
4 April 2013 – High of USD 2...
10
What is Bitcoin ? : Global Payment System
BitPay offers plugins for popular shopping carts and billing systems:
WP e-Co...
11
What is Bitcoin ? : Paying with Bitcoin
Typical Bitcoin (BTC) checkout page:
12
QUIZ TIME! #1
Which is a milliBitcoin (mBTC)?
a. 0.01 Bitcoin
b. 0.001 Bitcoin
c. 0.0001 Bitcoin
d. 0.00001 Bitcoin
13
Bitcoin: Getting Started
- Bitcoin Wallets – online, offline type
- Get Bitcoins – Buy Bitcoins, Bitcoin mining
14
Bitcoin: Getting Started
- Bitcoin Wallet
1. Blockchain Wallet , Android version – https://blockchain.info/wallet/
DOWN...
15
Bitcoin: Getting Started
- Bitcoin Wallet
1. Blockchain Wallet , Apple iTunes version –
DOWNLOAD from Apple iTunes Stor...
16
Bitcoin: Getting Started
- Bitcoin Wallet
1. Blockchain Wallet, web based – https://blockchain.info/wallet/
By Qkos Ser...
17
Bitcoin: Getting Started
- Bitcoin Wallet
2. Electrum Bitcoin Client - http://electrum.org
3. Bitcoin-QT aka Original B...
18
Bitcoin: Getting Started
- Bitcoin Wallet
5. MultiBit v0.5.12, download for Windows, Mac, and Linux. - https://multibit...
19
How do I get Bitcoins?
1. Buy Bitcoins
2. Get Free Bitcoins
3. Bitcoin Mining
20
How do I get Bitcoins : Buy Bitcoins
Ringgit Malaysia (MYR) <> BTC
USD / SGD / AUD <> BTC
1. dgtmkt.com ( Chua u-Zyn) O...
21
How do I get Bitcoins : Buy Bitcoins
USD / SGD / EURO / AUD <> BTC
1. fybsg.com – First Singapore Bitcoin Exchange.
2. ...
22
How do I get Bitcoins : Get Free Bitcoins
Bitcoins faucet :
http://www.btctrade.org/index.html
Chat and Get Free Bitcoi...
23
QUIZ TIME! #2
Which set of cryptographic hash function is used by Bitcoin
(BTC) ?
a. SHA-224
b. SHA-256
c. SHA-384
d. S...
24
How do I get Bitcoins : Bitcoin Mining
Bitcoins are generated (or "mined") by the following process: Cryptographic
puzz...
25
How do I get Bitcoins : Bitcoin Mining
Hardware: CPU > GPU > FPGA > ASIC
 FPGA units
 Unit Speed & Efficiency of 840+...
26
How do I get Bitcoins : Bitcoin Mining
ASIC vendors : Butterfly Labs (BFL), Avalon, ASICminer, BitFury, KnCMiner, Terra...
27
How do I get Bitcoins : Bitcoin Mining
ASIC vendors : 1.Butterfly Labs (BFL), 2. Avalon, 3. ASICminer, 4. BitFury, 5. K...
28
How do I get Bitcoins : Bitcoin Mining
Software:
bitcoin-qt v0.8.3,
cgminer,
29
How do I get Bitcoins : Bitcoin Mining
Software:
bfgminer v 3.1.3,
Easyminer (for BFL ASICs)
30
QUIZ TIME! #3
How many types of Bitcoin Wallet did I talk about earlier ?
a. 5
b. 4
c. 3
d. 2
31
I've got Bitcoins : So what now?
1. Keep them. They will rise in value.
2. Invest in Virtual Shares – www.btct.co
3. Ge...
32
I've got Bitcoins : So what now?
1. Keep them (hoarding). They will rise in value.
a. John (John K.) (bitcointalk.org)
...
33
I've got Bitcoins : So what now?
1. Keep them (hoarding). They will rise in value.
c. Trezor BTC hardware wallet.
d. Mu...
34
I've got Bitcoins : So what now?
2. Invest in Virtual Shares – https://btct.co/security/ASICMINER-PT
8 Feb 2013 – 0.1 B...
35
I've got Bitcoins : So what now?
3. Get interest on your BTC – www.Coinlenders.com
36
Bitcoin Escrow: Don't get scammed!
An escrow-like service that allows safer payment by securely holding
a buyer's BTC i...
37
Bitcoin: Famous People
Martti Malmi aka Sirius (Finland) - Operates the host for bitcoin.org and is an administrator of...
38
Bitcoin: Famous People
Gavin Andresen- (Profile) Satoshi client maintainer. He previously worked at Silicon Graphics an...
39
Bitcoin: Famous People
Mark Karpeles aka MagicalTux- Owner of the largest Bitcoin exchange, MtGox.
Mike Hearn - Google ...
40
Biggest Heists in Bitcoin History
Thousands of bitcoins have been lost to theft over the years.
Here are the top incide...
41
QUIZ TIME! #4
How fast is a Butterfly Labs (BFL) Jalapeno server?
a. 4 giga hashes per second
b. 5 giga hashes per seco...
42
Prizes sponsored by:
Coinjar.io
BitcoinKeychains.com
FYBsg.com
43
Read:
https://bitcointalk.org - Forum (ninjaboon)
http://en.wikipedia.org/wiki/Bitcoin - Basics
https://www.weusecoins....
44
The END. Thank you!
Colbert Low
Email: admin@bitcoinmalaysia.com
www.btc-asia.com
www.bitcoinmalaysia.com
https://www.f...
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Bitcoin presentation webcamp cyberjaya 25 july 2013

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Bitcoin presentation webcamp cyberjaya 25 july 2013

  1. 1. 1 Bitcoin 101 – Virtual Currency Basics Colbert Low, BitcoinMalaysia.com 25 July 2013, WebCamp Cyberjaya
  2. 2. 2 Colbert Low, BitcoinMalaysia.com - Listed on Bitcoin Foundation as Colbert Low - Featured on Personal Money magazine (Malaysia) May 2013; - Featured on Business Times Singapore ; - Verified account at bitcoin-otc IRC (user: ninjaboon) ; - Listed on BTCXperts; - Listed on Lifeboat Foundation as Colbert Low; - City Leader (Malaysia) for BitAngels [www.BitAngels.co ] World’s first distributed veteran entrepreneur and angel Bitcoin investor group ;
  3. 3. 3 Team Members - BitcoinMalaysia.com Mr Ragu. – COO. Systems and Project management experience for over 15 years. Domain experience in banking, hotel management, and IT. Mr Sasi Kumar (above) – Business Consultant. Sasi Kumar has over 15 years of IT domain experience and is currently the Request Manager for Global Business Continuity Services in HP. He was previously an Incident/Problem Manager and Service Improvement Program Consultant, Quality Management Team for Shell Operation Integrators.
  4. 4. 4 Bitcoin in the News
  5. 5. 5 I found out about Bitcoins back in June 2012  Digital Currency / Cryto Currency / eCash  Created by computers through cryptography (SHA-256)  Bitcoin Mining - Sounds exciting, revolution, distruptive!
  6. 6. 6 What is Bitcoin? - Bitcoin or BTC, is a hybrid protocol. a. Magic internet money, e-cash, crypto-currency. b. Global Payment System (any country) - Creator : Satoshi Nakamoto in 3 Jan 2009. Location unknown.
  7. 7. 7 What is Bitcoin? - Decentralized peer-to-peer (P2P) system. Bitcoin servers ran by Bitcoin Miners. No central server unlike other payment systems like Paypal, eGold, Liberty Reserve, etc. Users SHA-256 as the underlying cryptographic hash function. - As of 21 July 2013, there's about 11.4 million BTC out there. (www.ounce.me) Maximum circulation is about 21 million (reached in 2140).
  8. 8. 8 What is Bitcoin? - Bitcoin (BTC) is divisible into 8 decimals.  Low transaction fees / network fee of 0.005 BTC  Lower fees for merchants – > Credit cards 2-3% or Paypal 2.9% + RM2.00 MYR onwards.  Borderless  Faster
  9. 9. 9 What is Bitcoin? Bitcoin (BTC) price is volatile. 4 November 2012 – High of USD 15 (MYR 42) 4 April 2013 – High of USD 266 (MYR 851) http://bitcoinwisdom.com
  10. 10. 10 What is Bitcoin ? : Global Payment System BitPay offers plugins for popular shopping carts and billing systems: WP e-Commerce, Magento, WHMCS, WooCommerce, Ecwid, Opencart, Zen Cart, PrestaShop, Ubercart. https://bitpay.com
  11. 11. 11 What is Bitcoin ? : Paying with Bitcoin Typical Bitcoin (BTC) checkout page:
  12. 12. 12 QUIZ TIME! #1 Which is a milliBitcoin (mBTC)? a. 0.01 Bitcoin b. 0.001 Bitcoin c. 0.0001 Bitcoin d. 0.00001 Bitcoin
  13. 13. 13 Bitcoin: Getting Started - Bitcoin Wallets – online, offline type - Get Bitcoins – Buy Bitcoins, Bitcoin mining
  14. 14. 14 Bitcoin: Getting Started - Bitcoin Wallet 1. Blockchain Wallet , Android version – https://blockchain.info/wallet/ DOWNLOAD from Google Play Store: https://play.google.com/store/apps/details?id=piuk.blockchain.android&hl=en By Qkos Services Ltd
  15. 15. 15 Bitcoin: Getting Started - Bitcoin Wallet 1. Blockchain Wallet , Apple iTunes version – DOWNLOAD from Apple iTunes Store: https://play.google.com/store/apps/details?id=piuk.blockchain.android&hl=en By Qkos Services Ltd
  16. 16. 16 Bitcoin: Getting Started - Bitcoin Wallet 1. Blockchain Wallet, web based – https://blockchain.info/wallet/ By Qkos Services Ltd
  17. 17. 17 Bitcoin: Getting Started - Bitcoin Wallet 2. Electrum Bitcoin Client - http://electrum.org 3. Bitcoin-QT aka Original Bitcoin Client - http://bitcoin.org 4. Armory, Advanced Bitcoin Client - http://bitcoin.org
  18. 18. 18 Bitcoin: Getting Started - Bitcoin Wallet 5. MultiBit v0.5.12, download for Windows, Mac, and Linux. - https://multibit.org
  19. 19. 19 How do I get Bitcoins? 1. Buy Bitcoins 2. Get Free Bitcoins 3. Bitcoin Mining
  20. 20. 20 How do I get Bitcoins : Buy Bitcoins Ringgit Malaysia (MYR) <> BTC USD / SGD / AUD <> BTC 1. dgtmkt.com ( Chua u-Zyn) Online Maybank transfers. 2. localbitcoins.com ( Jeremias Kangas ) COD, online. 3. coinjar.io - Asher Tan (CEO), Jerrold Poh, Ryan Zhou. Melbourne-based startup. Founded in 2013, AngelCube provided them seed funding and mentorship.
  21. 21. 21 How do I get Bitcoins : Buy Bitcoins USD / SGD / EURO / AUD <> BTC 1. fybsg.com – First Singapore Bitcoin Exchange. 2. bitstamp.net – Slovenia Bitcoin Exchange. 3. Crypto-trade.com – Hong Kong. Accepts Perfect Money, Okpay. 4. MtGox.com – based in Tokyo, Japan.
  22. 22. 22 How do I get Bitcoins : Get Free Bitcoins Bitcoins faucet : http://www.btctrade.org/index.html Chat and Get Free Bitcoins : http://coinchat.org
  23. 23. 23 QUIZ TIME! #2 Which set of cryptographic hash function is used by Bitcoin (BTC) ? a. SHA-224 b. SHA-256 c. SHA-384 d. SHA-512
  24. 24. 24 How do I get Bitcoins : Bitcoin Mining Bitcoins are generated (or "mined") by the following process: Cryptographic puzzles are random-generated at a controlled rate by a computer program, then transmitted to a network of volunteer Bitcoin "miners." Using an open-source software program and powerful computer processors, miners crunch insanely complex calculations to solve the cryptographic puzzles. The first miner to solve the puzzle receives 50 bitcoins (BTC) Block halving : every 4 years (every 210,000 blocks), 28 Nov 2012 – from 50 BTC to 25 BTC per block Naturally, the more processing power a miner has, the faster he can solve the cryptographic puzzles and the more bitcoins he can accumulate. The program will generate puzzles until 2140, when it hits a limit of 21 million bitcoins. Technically, anyone with a computer and a download of the open-source Bitcoin software can become a miner. However, as more miners enter the system two things happen: 1) problems get harder; and 2) processing power escalates.
  25. 25. 25 How do I get Bitcoins : Bitcoin Mining Hardware: CPU > GPU > FPGA > ASIC  FPGA units  Unit Speed & Efficiency of 840+Mh/s @ only 40  watts.   BTCFpga.com or ModMinerQuadStore.com– owned by Tom aka cablepair  Sells for USD $1,069.99   or MYR 3424.
  26. 26. 26 How do I get Bitcoins : Bitcoin Mining ASIC vendors : Butterfly Labs (BFL), Avalon, ASICminer, BitFury, KnCMiner, Terrahash, virtualminingcorp.com Below : Butterfly Labs (BFL) ASIC aka Jalapeno BTC mining server, 5 Giga hashes per second (GH/s), cost about MYR 877. Shipping date: unknown ROI calculator : http://mining.thegenesisblock.com
  27. 27. 27 How do I get Bitcoins : Bitcoin Mining ASIC vendors : 1.Butterfly Labs (BFL), 2. Avalon, 3. ASICminer, 4. BitFury, 5. KnCMiner, 6. Terrahash, 7. AMC at virtualminingcorp.com Below : Butterfly Labs (BFL) ASIC mining server, 5 GH/s aka Jalapeno, cost about MYR 999. More pics
  28. 28. 28 How do I get Bitcoins : Bitcoin Mining Software: bitcoin-qt v0.8.3, cgminer,
  29. 29. 29 How do I get Bitcoins : Bitcoin Mining Software: bfgminer v 3.1.3, Easyminer (for BFL ASICs)
  30. 30. 30 QUIZ TIME! #3 How many types of Bitcoin Wallet did I talk about earlier ? a. 5 b. 4 c. 3 d. 2
  31. 31. 31 I've got Bitcoins : So what now? 1. Keep them. They will rise in value. 2. Invest in Virtual Shares – www.btct.co 3. Get interests on your BTC – www.Coinlenders.com
  32. 32. 32 I've got Bitcoins : So what now? 1. Keep them (hoarding). They will rise in value. a. John (John K.) (bitcointalk.org) b. Paper wallets.
  33. 33. 33 I've got Bitcoins : So what now? 1. Keep them (hoarding). They will rise in value. c. Trezor BTC hardware wallet. d. Multibit running on a Linux PC.
  34. 34. 34 I've got Bitcoins : So what now? 2. Invest in Virtual Shares – https://btct.co/security/ASICMINER-PT 8 Feb 2013 – 0.1 BTC per share 21 July 2013 – 4.69 BTC per share ASICMiner has paid out a total of 67,515.09 BTC since first IPO payout on Feb 28th.
  35. 35. 35 I've got Bitcoins : So what now? 3. Get interest on your BTC – www.Coinlenders.com
  36. 36. 36 Bitcoin Escrow: Don't get scammed! An escrow-like service that allows safer payment by securely holding a buyer's BTC in escrow until the terms of the sale are met and as a result the buyer releases payment to the seller. http://btc-asia.com
  37. 37. 37 Bitcoin: Famous People Martti Malmi aka Sirius (Finland) - Operates the host for bitcoin.org and is an administrator of the Bitcoin Forum. Charlie Shrem – is co-founder of BitInstant LLC and the current CEO. Known on the Bitcoin forums as ‘Yankee’, he has over 5 years experience working with start-ups and business development in the eCommerce industry. Gary Rowe (Profile) – Contributor to the MultiBit (http://multibit.org) and BitCoinJ (http://code.google.com/p/bitcoinj/) projects. Working on various Bitcoin based businesses. Martti Malmi Charlie Shrem Gary Rowe
  38. 38. 38 Bitcoin: Famous People Gavin Andresen- (Profile) Satoshi client maintainer. He previously worked at Silicon Graphics and now runs his own company. Hal Finney- one of the creators of PGP and one of the earliest contributors to the Bitcoin project. First to identify a type of double-spending attack that now bears his name — the Finney attack. Jeff Garzik- (Wikipedia Entry) Satoshi client core developer, GPU poold software and the founder of Bitcoin Watch. Worked as a Linux kernel developer at Red Hat. Now working for Bitpay.com Gavin Andresen Hal Finney Jeff Garzik
  39. 39. 39 Bitcoin: Famous People Mark Karpeles aka MagicalTux- Owner of the largest Bitcoin exchange, MtGox. Mike Hearn - Google engineer who works on Gmail and developed BitCoinJ (http://code.google.com/p/bitcoinj/) Roger Ver aka Bitcoin Jesus– BitInstant LLC Director of Marketing. He is also the CEO of MemoryDealers.com Vladimir Marchenko - runs Marchenko Ltd which sells mining contracts, previously developed the figator.org search engine. Roger Ver Mark Karpeles Mike Hearn Roger Ver Vladimir Marchenko
  40. 40. 40 Biggest Heists in Bitcoin History Thousands of bitcoins have been lost to theft over the years. Here are the top incidents and number of bitcoins lost: Bitcoin Savings and Trust 200,000 >> pirate@40 MyBitcoin Theft 79,000 Linode Hacks 46,000 July 2012 Bitcoinica Theft 40,000 May 2012 Bitcoinica Hack 18,000 March 2011, Allinvain Theft 25,000 - a long-time Bitcoiner known as Allinvain had 25,000 Bitcoins stolen from an unencrypted digital wallet saved on his Windows computer. Bitfloor Theft 24,000 Hackers Pull Off $12,000 Bitcoin Heist – WIRED (Charlie, BitInstant) http://www.wired.com/wiredenterprise/2013/03/digital-thieves-pull-off-12000-bitcoin-heist/
  41. 41. 41 QUIZ TIME! #4 How fast is a Butterfly Labs (BFL) Jalapeno server? a. 4 giga hashes per second b. 5 giga hashes per second c. 6 giga hashes per second d. 9 giga hashes per second
  42. 42. 42 Prizes sponsored by: Coinjar.io BitcoinKeychains.com FYBsg.com
  43. 43. 43 Read: https://bitcointalk.org - Forum (ninjaboon) http://en.wikipedia.org/wiki/Bitcoin - Basics https://www.weusecoins.com - Basics http://btc.re – BTC charts http://bitjoy.org – BTC charts http://bitcoinity.org/markets – BTC charts https://cryptrader.com - BTC Trading Platform http://www.blockrun.com - Auctions http://coinmade.org - bitcoin merchant directory http://www.reddit.com/r/Bitcoin/ - News http://bitcoinmagazine.com - News http://havelockinvestments.com - Investments
  44. 44. 44 The END. Thank you! Colbert Low Email: admin@bitcoinmalaysia.com www.btc-asia.com www.bitcoinmalaysia.com https://www.facebook.com/BTCMalaysia WhatsApp: +601111725850 Scan my Vcard above!
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