Bitcoin is a peer-to-peer electronic cash system that allows for micropayments, instant borderless payments, and smart contracts through an immutable, authenticated, fast, cheap and ubiquitous digital currency. The document discusses Bitcoin's history and name, its uses for money transfers and payments, how information is stored immutably on its blockchain, and strategies for improving its scalability by moving from an unscalable wallet model to one where transactions are sent directly between parties.

1. Bitcoin: A Peer-to-Peer Electronic Cash System

2. History
1989: Digicash Launch
1991: Web browser launch
1998: Digicash bankruptcy
2004: Facebook launches
2009: Bitcoin
Future: Bitcoin Facebook launch
2020: Facebook libra

3. Bitcoin name
BitCoin = Bit+ Coin
Bitcoin is way to unify information and money.

4. Money
Bitcoin:
Micropayments
Instant payments
borderless payments
Complaint payments
Cash payments
Smart contracts
Pay multiple people
Mutli-sing
Taxes
Payment channels

5. Information
Bitcoin:
Immutable
Authenticated
Fast (CDN)
Cheap
Ubiquitous
Redundant
Once we get to growing bitcoin at scale we can replace the internet.
Bitcoin is not:
High fraud
High cost

6. Scalability
Unscalable wallet: instead of Alice paying bob, Alice sends a transaction to the miners, and then bob
has to scan the blockchain and look for his transaction.
Scalable wallet: Alice should send her transaction directly to bob and then bob should send it to the
miners to confirm if it’s valid or not.