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Bitcoin: What You Need to
Know
Portia Burton
DC Blockchain Users Group
@pkafei
About
● Platform software developer
● Former life I was an educator
● Been in the blockchain space for
about a year
Enough about me, what about bitcoin?
Bitcoin Timeline
2007: Satoshi Nakamoto wrote Bitcoin white paper
2009: Bitcoin was deployed
2010: Satoshi Nakamoto disapp...
What is Bitcoin?
Your Father
“Internet and virtual money. Send money
to friends and family without paying
remittance fee.”
Your Friend
“Virtual currency. Would look
into parking some of your
money into bitcoin. Long-term
returns are competitive”
Your Boss
“Bitcoin would make processing
payments from our clients in South
America faster and more efficient”
But what is bitcoin really?
Officially Bitcoin is
Type of Cryptocurrency
Peer-to-peer which means transactions happen without a third party. Alice
can...
Example of a Transaction
There are Hundreds of Other
Cryptocurrencies out There
Examples of Altcoins or
Cryptocurrencies
What is a Blockchain?
Fast Blockchain Facts
❏ Data store that powers bitcoin and other cryptocurrencies
❏ Distributed- every machine has the sam...
Smart Contracts
Use Cases for Cryptocurrency
and Blockchain
Venezuala
Currently plagued by inflation, which is set to hit 1,600 percent
Food shortages are extreme
However, electricit...
Refugee Crisis: Syria
Refugees of a failing country can not rely on state-sponsored
currency
A decentralized currency does...
The United States
Past year has regularly held grant competitions for blockchain solutions
The Department of Energy is loo...
What to *NOT* use a Blockchain for
You Do Not Need a Blockchain If….
❏ You only want one centralized place to store
data
❏ If you trust all parties storing a...
A Word About the Bitcoin vs. Bitcoin Cash
Where you can find me
Twitter: @pkafei
Email Address: portia@bitsandchains.com
Newsletter: http://eepurl.com/cYgyUf
Websit...
Bitcoin: What You Need to Know
Bitcoin: What You Need to Know
Bitcoin: What You Need to Know
Bitcoin: What You Need to Know
Bitcoin: What You Need to Know
Bitcoin: What You Need to Know
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Bitcoin: What You Need to Know

  1. 1. Bitcoin: What You Need to Know Portia Burton DC Blockchain Users Group @pkafei
  2. 2. About ● Platform software developer ● Former life I was an educator ● Been in the blockchain space for about a year
  3. 3. Enough about me, what about bitcoin?
  4. 4. Bitcoin Timeline 2007: Satoshi Nakamoto wrote Bitcoin white paper 2009: Bitcoin was deployed 2010: Satoshi Nakamoto disappeared and other volunteers have taken over the project
  5. 5. What is Bitcoin?
  6. 6. Your Father “Internet and virtual money. Send money to friends and family without paying remittance fee.”
  7. 7. Your Friend “Virtual currency. Would look into parking some of your money into bitcoin. Long-term returns are competitive”
  8. 8. Your Boss “Bitcoin would make processing payments from our clients in South America faster and more efficient”
  9. 9. But what is bitcoin really?
  10. 10. Officially Bitcoin is Type of Cryptocurrency Peer-to-peer which means transactions happen without a third party. Alice can send money directly to Bob Trustless, distributed ledger, immutable ledger
  11. 11. Example of a Transaction
  12. 12. There are Hundreds of Other Cryptocurrencies out There
  13. 13. Examples of Altcoins or Cryptocurrencies
  14. 14. What is a Blockchain?
  15. 15. Fast Blockchain Facts ❏ Data store that powers bitcoin and other cryptocurrencies ❏ Distributed- every machine has the same replica of data (sharding) ❏ Can not erase data, it is immutable
  16. 16. Smart Contracts
  17. 17. Use Cases for Cryptocurrency and Blockchain
  18. 18. Venezuala Currently plagued by inflation, which is set to hit 1,600 percent Food shortages are extreme However, electricity is free and many of the population has “mined” bitcoin Traveling agencies, and stores accept bitcoin
  19. 19. Refugee Crisis: Syria Refugees of a failing country can not rely on state-sponsored currency A decentralized currency doesn’t depend on nation-state boundaries The United Nation’s World Food Program sent cryptocurrency- based (like bitcoin) vouchers to 10,000 individuals
  20. 20. The United States Past year has regularly held grant competitions for blockchain solutions The Department of Energy is looking for a blockchain solution to record real time sensor data Recently The Department of Homeland Security has awarded the company Evernym a $794,000 contract to develop blockchain management solutions
  21. 21. What to *NOT* use a Blockchain for
  22. 22. You Do Not Need a Blockchain If…. ❏ You only want one centralized place to store data ❏ If you trust all parties storing and sharing data ❏ You don’t require 100% transparency
  23. 23. A Word About the Bitcoin vs. Bitcoin Cash
  24. 24. Where you can find me Twitter: @pkafei Email Address: portia@bitsandchains.com Newsletter: http://eepurl.com/cYgyUf Website: www.blockchainsidehustle.com
  • gokulalex

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    Aug. 22, 2017

Basics of Bitcoin and Blockchain

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