Bitcoin Primer

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An introduction to Bitcoin that shows the challenges that exist in communicating it properly, and goes into the core function of the network. How "miners" are processing transactions, and that the money exists only in the cloud, on the open sourced ledger.

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@robertdavid010
http://mymoneycloud.com

Published in: Technology, Economy & Finance
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Bitcoin Primer

  1. 1. Bitcoin Primer beyond the coin
  2. 2. Robert David entrepreneur and community builder http://meetup.com/bitcoinvan http://mymoneycloud.com Startup Weekend Vancouver: Disruptive Tech @robertdavid010
  3. 3. Did You Know? misconceptions and information there is no “coin” the “wallet” is not a part of the protocol over 10% of all currency has been stolen virtually impossible to define
  4. 4. Network Technology distinct definitions Term Web protocol http: message email client software Netscape key password currency dollars/yen Bitcoin
  5. 5. “Bitcoin” everything and nothing Term Web Bitcoin protocol http: Bitcoin transaction email Bitcoin client software Netscape Bitcoin key password Bitcoin currency dollars/yen Bitcoin
  6. 6. “Netscape” what is Netscape? Term Netscape Bitcoin protocol Netscape Bitcoin transaction Netscape Bitcoin client software Netscape Bitcoin key Netscape Bitcoin currency Netscape Bitcoin
  7. 7. Bitcoin “Mining” mining = payment processing
  8. 8. What Is Bitcoin? accurate definition Bitcoin is a brand “The brand is the biggest challenge...” -Venture Capitalist
  9. 9. Definition making understanding accessible An open source ledger of numbered accounts shared over a payment processing network. “Bitcoin” does not appear in the ledger
  10. 10. Banking Ledger numbered accounts OpenLedger.xls
  11. 11. OpenLedger.xls
  12. 12. OpenLedger.xls
  13. 13. OpenLedger.xls Bittorrent
  14. 14. Download & Process authenticate transactions against the ledger
  15. 15. Decentralized process transactions for a chance to win!
  16. 16. Round Trip from issuance to spending
  17. 17. How It Works keeping it simple 1 Anyone can download the open-source ledger 2 Anyone with the ledger can process transactions 3 Process transactions to get rewarded with new currency
  18. 18. Why It Works network effect in multiple dimensions a balanced system of feedback loops the broadest benefit creates the greatest adoption process - security share - usability invest - price
  19. 19. Not Anonymous privacy, not anonymity sources: Satoshi Paper University College, Dublin FBI NEC Laboratories, Europe The Weizmann Institute of Science, Israel
  20. 20. Take Away things to keep in mind no digital “coins” completely separate system mining = payment processing random & distributed, no point of control not illegal Fincen, Fintrac, CRA, ECB, US Courts...
  21. 21. The End beyond bitcoin

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