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Bit.coin.je talk for Digital Jersey Open Day
- 3. #BITCOINISLE BIT.COIN.JE AIMS TO FURTHER THE EDUCATION AND USE OF BITCOIN IN JERSEY. ! BY HELPING BUSINESSES ADOPT & RESEARCH THIS TECHNOLOGY, WE CAN HELP JERSEY FOCUS ON BUILDING A FINTECH INDUSTRY WHICH WOULD BE THE BEST FIT FOR A DIGITAL SECTOR IN JERSEY. ! ! ROBBIE ANDREWS @BEARPIG ! THE OBSERVATORY JON DAY @JERSEYCI ! CARPE DIEM
- 5. CREATED BY SATOSHI NAKAMOTO IN 2008 ! DECENTRALISED OPEN SOURCE SOFTWARE ! LIMITED TO 21MILLION BITCOINS (ROUGHLY PRODUCED BY 2140) ! EACH ‘COIN’ DIVISIBLE DOWN TO 0.00000001 ! VALUE IS DETERMINED BY THE USE THE USER SEES IN THE SOFTWARE ! CRYPTOGRAPHIC ALGORITHM USED CREATES TRUST LAYER #BITCOINISLE
- 7. $30M RAISED BY BITPAY (ROUND LED BY RICHARD BRANSON) $25M RAISED BY CIRCLE (SERIES B ROUND) SO FAR IN 2014 $64M+ HAS BEEN RAISED BY BITCOIN STARTUPS REPORTS BY UBS, JPMORGAN, GOLDMAN SACHS, BANK OF AMERICA, FITCH RATINGS & PRICEWATERHOUSE EBAY ADDS ‘VIRTUAL CURRENCY’ CATEGORY CHICAGO SUN-TIMES NEWSPAPER GETS 11% OF NEW SUBSCRIPTIONS SCARAMENTO KINGS NBA FRANCHISE OPENS BTC ONLY ONLINE STORE #BITCOINISLE
- 9. A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. ! A full copy of a currency's block chain contains every transaction ever executed in the currency. ! With this information, one can find out how much value belonged to each address at any point in history. ! ! #BITCOINISLE
- 10. Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. #BITCOINISLE
- 11. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. #BITCOINISLE
- 12. ! Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. ! These properties are what make double-spending of bitcoins very difficult. ! The block chain is the main innovation of Bitcoin #BITCOINISLE
- 18. DNS REPLACEMENT USING BLOCKCHAIN MODEL PLATFORM & LANGUAGE FOR BUILDING DECENTRALISED APPS #BITCOINISLE
- 20. MERCHANTS ! LOW TRANSACTION FEES NO MONTHLY COSTS CAN USE EXISTING DEVICES INSTANT PAYMENT NO REFUND MECHANISM (FROM THE SYSTEM) #BITCOINISLE CHARITIES ! GLOBAL DONATION PLATFORM MICRO-PAYMENTS NO CARD DETAILS
- 21. CURRENTLY THE FOLLOWING PLACES IN JERSEY ACCEPT BITCOIN ! CARPE DIEM - ACCOUNTANTS THE OBSERVATORY - CREATIVE AGENCY FORUM - PUB THE REFINARY - CREATIVE AGENCY TIFFIN - RESTAURANT MATT PORTEOUS - PHOTOGRAPHER WITH ANOTHER 5 COMPANIES SOON TO ACCEPT BITCOIN #BITCOINISLE
- 23. SETUP A WALLET ANDROID - MYCELLIUM, BITCOIN WALLET ! BLACKBERRY - BITCOIN WALLET ! iOS - (no native app at the time) ! DESKTOP - Bitcoin-QT (full client), Multibit (lite client) #BITCOINISLE
- 24. #BITCOINISLE
- 26. LAMASSU BITCOIN ATM WILL BE ARRIVING IN JERSEY AT THE END OF MAY ! LOCATED IN DIGITAL JERSEY’S HUB ! ONE WAY TRANSACTION CASH > BITCOIN ! EASIEST WAY TO BUY BITCOIN #BITCOINISLE
- 28. SOURCES • Follow us on twitter - @bitcoinje • CoinDesk - coindesk.com • Reddit - reddit.com/r/bitcoin • Bitcoin Forum - bitcointalk.com • BitLegal - bitlegal.io #BITCOINISLE
- 29. MEETUPS Bitcoin tends to grow in areas with an active community. ! We plan on running fortnightly Bitcoin meetups every other Thursday in the Digital Jersey Hub after work (time/dates TBD) ! Sign up for mailing list for more info. #BITCOINISLE
- 30. Q & A WALLET DEMO OPEN DISCUSSION #BITCOINISLE