The document discusses Bitcoin and cryptocurrency. It begins by defining Bitcoin as a digital currency and decentralized payment system. It then covers how Bitcoin works through the blockchain network, how new Bitcoins are created through mining, and different types of Bitcoin wallets. The document also explores how Bitcoin can currently be used for purchases and money transfers, and speculates that Bitcoin may become more stable and widely used in the future as an alternative global currency.
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CubeIT Bitcoin lecture
1. THE FUTURE OF MONEY
@Mr_M_Russell #TheCubeIT #Bitcoin
2. Today
What is Bitcoin & Cryptocurrency?
How do you keep it & spend it?
Where does it come from?
How can you use it in Sarnia/Lambton?
What does the future hold?
@Mr_M_Russell #TheCubeIT #Bitcoin
3. What is Bitcoin?
Bitcoin is money.
What’s money?
A store of value
A means of exchange
A unit of account
@Mr_M_Russell #TheCubeIT #Bitcoin
4. What is Bitcoin?
How Google describes bitcoin
Bitcoin is an innovative payment network and a new kind
of money.
Bitcoin uses peer-to-peer technology to operate with no
central authority or banks; managing transactions and the
issuing of bitcoins is carried out collectively by the
network.
@Mr_M_Russell #TheCubeIT #Bitcoin
5. What is Bitcoin?
Cryptocurrency
Holder has ownership
No records are kept as to identity
Easy to keep anonymous
Impossible to recover if lost or stolen
@Mr_M_Russell #TheCubeIT #Bitcoin
6. What is Bitcoin?
Invented by Satoshi Nakamoto
Released as open-source in 2009
Public, distributed ledger called the
Blockchain
A decentralised, peer-to-peer network
Bitcoins are created as rewards for payment
processing work on the network
Spending Bitcoins is similar to sending email
@Mr_M_Russell #TheCubeIT #Bitcoin
7. 1st Purchase
2010
Bitcoin had no value, had never been used for purchase
Florida programmer convinced someone to buy him
pizza in exchange for 10,000 Bitcoins
He bought 2
As of yesterday 1 bitcoin was worth $243 US
$4.8 million pizza order
@Mr_M_Russell #TheCubeIT #Bitcoin
9. How do you keep it, and spend it?
Bitcoin wallets
Bitcoin-Qt
Online wallets
Mobile wallets
Cold wallets
@Mr_M_Russell #TheCubeIT #Bitcoin
10. Bitcoin Wallets
Has an address for receiving –
public key
1DdbN4KGniYMmxNfuesobSRPaF5xjGjuDP
Can also be shown as a QR code
Can hold any amount of bitcoin
Private key & password to send
@Mr_M_Russell #TheCubeIT #Bitcoin
15. Where do Bitcoins come from?
When a block is solved on the blockchain
Started at 50
Halves ~every 4 years
12.5 in 2016
21,000,000 max
Block solved every 10 mins
Also includes any optional transaction fees
@Mr_M_Russell #TheCubeIT #Bitcoin
16. Solved?
A new block has info
that chains it to
previous block
Cryptographic hash
of the previous block
SHA-256
@Mr_M_Russell #TheCubeIT #Bitcoin
18. How can you use it in Sarnia/Lambton?
Person to person
transactions
LocalBitcoins.com
PayPal / Square
Online Shopping
Send money “back
home”
@Mr_M_Russell #TheCubeIT #Bitcoin
19. How can you use it in Sarnia/Lambton?
Online Shopping
Clearly Canadian
Dish Network
Microsoft
Expedia, Time Magazine
NewEgg, TigerDirect, Dell
@Mr_M_Russell #TheCubeIT #Bitcoin
20. How can you use it in Sarnia/Lambton?
Globally, immigrants send $500
billion “back home” each year
20% of Canadians are
immigrants
33% of people in Lambton
County are 2nd generation
Canadians or newer
@Mr_M_Russell #TheCubeIT #Bitcoin
21. Sending Money
Wire Transfer - $30
Send Bitcoin - $0.003
Transaction is 250 bytes
If you can tweet or text you can
receive money
@Mr_M_Russell #TheCubeIT #Bitcoin
22. What does the future hold?
There are 193 currencies in
the world
Can it be more stable than 30?
It probably is today
50? Within a few years
Escrow solution will help it
grow
@Mr_M_Russell #TheCubeIT #Bitcoin
23. What does the future hold?
Tom Goodwin, Sr. Vice President of
strategy and innovation at Havas Media
Uber, the world’s largest taxi company,
owns no vehicles. Facebook, the world’s
most popular media owner, creates no
content. Alibaba, the most valuable
retailer, has no inventory. And Airbnb,
the world’s largest accommodation
provider, owns no real estate. Something
interesting is happening.
@Mr_M_Russell #TheCubeIT #Bitcoin