Bitcoin

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Bitcoin

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  • (Introduce panelists either at the beginning or end of this slide)
    Discuss the two meanings of virtual currency in the context of gaming or gambling.
    Virtual currency as currency used in virtual or social gaming.
    More recently, gamers are using a form of electronic money not produced by any central banks. In particular, they are using Bitcoin, which has recently been the subject of guidance from the Financial Crimes Enforcement Network (FinCEN).
    This panel will shed light on what virtual currency is, what problems and benefits are associated with virtual currency in the iGaming context, and what the future holds for these currencies in iGaming.
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  • See Bitcoin fluctuation chart on next slide
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  • Bitcoin

    1. 1. Bitcoin lets you send money over the Internet
    2. 2. Bitcoin is likeemail a@north.com b@south.com The Internet
    3. 3. Bitcoin is likeemail a@north.com b@south.com The Internet 16UwLL9Risc3QfPqBUvKofHmBQ7wMtjv M 31uEbMgunupShBVTewXjtqbBv5MndwfX hb
    4. 4. Multibit - DesktopThunderbird Gmail Electrum - Desktop Blockchain.info - Browser “Bitcoin Wallet” - Android Bitcoin-Qt - Desktop (Fullclient) Armory - Desktop
    5. 5. Bitcoin is another currency
    6. 6. Bitcoin is another currency
    7. 7. How to get bitcoins? Exchanges Person to person
    8. 8. Why is Bitcoin better?
    9. 9. Truly international Online shopping
    10. 10. Much cheaper than wire transfer $-30.00 -$0.0001
    11. 11. Much cheaper than wire transfer $-30.00 -$0.0001 (How can you send 5 dollars overseas?)
    12. 12. Difficult to block
    13. 13. Protect your money from inflation
    14. 14. Hold your own money
    15. 15. It’s money with an API!
    16. 16. Sendin g money over Twitter Sendin money over Reddit
    17. 17. What is Virtual Currency • What is virtual currency? • What is the connection between virtual currency and gambling? • Virtual currency as currency used in social gaming (Value of virtual currency and virtual goods are generally restricted to virtual world) (E.g. World of Warcraft Gold, Zynga poker chips) • Virtual currency as electronic money (Form of alternative currency not produced by any central banks) (E.g. Bitcoin)
    18. 18. Bitcoin • Created by “Satoshi Nakamoto” – an anonymous or pseudonymous developer or group of developers • Debuted in 2009 • Used in peer-to-peer transactions in which participating parties recognize its value • No central bank or clearing house, no financial regulator, not tied to any currency • Bitcoin are stored and sent through e-wallets • Traded/exchanged through online virtual currency exchanges (Mt. Gox, TradeHill)
    19. 19. Bitcoin (cont’d) • Approximately 11 million Bitcoin have been mined, 21 million Bitcoin in total. • “Miners” – supply Bitcoin network with computing power needed to maintain the security of the block chain (a distributed technology that acts as Bitcoin’s ledger) • Every single Bitcoin carries the entire history of the transactions it has undergone, and any transfer from one owner to another becomes part of the code • Bitcoin is stored in such a way that the new owner is the only person allowed to spend it. • Miners are rewarded with “blocks” of issued bitcoins (a “block” currently contains 25 bitcoins); this is how currency is issued • Price of Bitcoin fluctuates wildly. As of April 23, 2013, 1 bitcoin is worth $130 USD
    20. 20. Bitcoin (cont’d) Bitcoin/ $USD chart

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