Bitcoin presentation webcamp cyberjaya 25 july 2013

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Talked about Bitcoin at Webcamp Cyberjaya on 25 july 2013

Talked about Bitcoin at Webcamp Cyberjaya on 25 july 2013

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  • 1. 1 Bitcoin 101 – Virtual Currency Basics Colbert Low, BitcoinMalaysia.com 25 July 2013, WebCamp Cyberjaya
  • 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 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 Bitcoin in the News
  • 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 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 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 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 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 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 What is Bitcoin ? : Paying with Bitcoin Typical Bitcoin (BTC) checkout page:
  • 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 Bitcoin: Getting Started - Bitcoin Wallets – online, offline type - Get Bitcoins – Buy Bitcoins, Bitcoin mining
  • 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 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 Bitcoin: Getting Started - Bitcoin Wallet 1. Blockchain Wallet, web based – https://blockchain.info/wallet/ By Qkos Services Ltd
  • 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 Bitcoin: Getting Started - Bitcoin Wallet 5. MultiBit v0.5.12, download for Windows, Mac, and Linux. - https://multibit.org
  • 19. 19 How do I get Bitcoins? 1. Buy Bitcoins 2. Get Free Bitcoins 3. Bitcoin Mining
  • 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 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 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 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 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 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 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 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 How do I get Bitcoins : Bitcoin Mining Software: bitcoin-qt v0.8.3, cgminer,
  • 29. 29 How do I get Bitcoins : Bitcoin Mining Software: bfgminer v 3.1.3, Easyminer (for BFL ASICs)
  • 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 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 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 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 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 I've got Bitcoins : So what now? 3. Get interest on your BTC – www.Coinlenders.com
  • 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 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 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 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 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 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 Prizes sponsored by: Coinjar.io BitcoinKeychains.com FYBsg.com
  • 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 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!