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  • impromptu
  • created anonymous satoshi nakamoto...speculate mailing list back in the 90s assange.. openpgp, bittorr, openssl (primitive) any one can create an address without documents cryptography limited supply
  • Cypriot issue - anywhere with
  • normal banks with separate database
  • think
  • proof of work protocol - challenge string miners compete .. lucky ones win, more tries = more luck
  • ASICMiner
  • this is predicted - faster
  • why ? repeatative GPU litecoin - fork of BTC
  • it’ll still be smaller than CCs
  • pool mining - 2 probalities in play different market - good for the community
  • freicoin -kickstarter funded
  • bitpay abtracts everything and USD
  • public .. USD -> BTC trackable.. follow breadcrumbs Mt gox recently verification try laundering

Transcript

  • 1. Bitcoins
  • 2. Suhas SharmaIndie Developerhttp://suhastech.com@suhastech
  • 3. What?• Cryptocurrency P2P• Cypherfunk’s dream• Anonymous• Hard to counterfeit• Like Gold• Store in numerous ways• Not a store of value but a medium ofexchange
  • 4. Why?• Works everywhere• Easy to transfer• Low transaction fee• Immune to government intervention• Buy weed
  • 5. How it works
  • 6. Centralized
  • 7. Decentralized
  • 8. Simply put• It’s a immutable list (or a ledger) oftransactions called a blockchainPerson A to Person B 50 BTCPerson B to Person C 30 BTCPerson C to Person A 20 BTC
  • 9. then it gets a bitcomplicated...• Bitcoin generation• Computation of transaction• This is taken care of by Miners
  • 10. • Multiple blocks create a Blockchain
  • 11. Mining• A miner needs to solve a computationalpuzzle to create a new block• Longest blockchain is the valid one• Forking is also taken care of
  • 12. Why mine?• With every block created, a miner cangenerate bitcoins (adding it to the ledger)• People sending money can allocate atransaction cost• That speeds up the process
  • 13. Stopping Inflation with21 Million
  • 14. Why ASIC’s are sickLitecoin, here I come
  • 15. The loop• Every bitcoin node has the Blockchain• Blockchain is a list of all transactions• Miners have to burn computational powerto create a new block• They earn money doing that• Creating a block: Difficult.• Verifying a block: Easy
  • 16. Me wants monies!• Most straightforward: Mining• Realistic: Pool Mining• Easy chunk change:Arbitrage• Play the stock market game
  • 17. What can you buy?• Wordpress.com upgrades• Pizza• HD TVs• more things are popping up
  • 18. What can you sell?• Basically, anything!• Don’t want to mess with BTC? Bitpay.com
  • 19. Caution on Anonymity• All transactions are public
  • 20. Getting started• Install aWallet• “Cloud” wallet
  • 21. Wallet• Has private key that signs the transactionto ‘authenticate’• Transactions are confirmed in the miningprocess
  • 22. Details!• http://bitcoin.org/bitcoin.pdf
  • 23. Other forks• Freicoin• Litecoin
  • 24. Conclusion• I’m just an observer• Has the disruptive capability similar to theinternet in the 90s• Possibly the ARPANET of internet currency