Bitcoins
24 March 2014
Prepared by: Jasur Hasanov
Prepared for:
Dr. Noor Mohamed
Who designed the concept of Bitcoin?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
As an idea described by Wei Da...
What is Bitcoin?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Currency without notes and coins, a digital currenc...
Decentralized and centralized architectures
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Peer-to-peer currency system (P2P)
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
A peer-to-peer (P2P) network in w...
No central authority
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Bitcoins transaction
 Rely on proof instead of...
No central authority cont’
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Number of Bitcoins in circulation 12 million (March 2014)
https://blockchain.info/charts/total-bitcoins
Total number of ...
Bitcoin world map
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
https://blockchain.info/nodes-globe
How to create bitcoins?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Anybody can become a Bitcoin miner by runni...
Bitcoin Miners
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 Special Supercomputers or workstations (Miners)
 S...
Bitcoin wallet
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 Lets test with android bitcoin app
 Here is my pri...
Bitcoin ATM
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 Not many but number of ATMs increases
Where to spend?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 Sellers tend to accept bitcoins because of no cent...
Where to spend in Malaysia?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 In KL around 5 shops accept bitcoins
Can be printed on paper and used
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
 QR code scanning system is high-s...
END
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Thank you
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Bitcoins Jasur Hasanov

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Bitcoins Jasur Hasanov

  1. 1. Bitcoins 24 March 2014 Prepared by: Jasur Hasanov Prepared for: Dr. Noor Mohamed
  2. 2. Who designed the concept of Bitcoin? Jasur Hasanov © Copyright 2014Bitcoins – The new gold As an idea described by Wei Dai in 1998  The first Bitcoin specification and proof of concept was published in 2009 by Satoshi Nakamoto
  3. 3. What is Bitcoin? Jasur Hasanov © Copyright 2014Bitcoins – The new gold Currency without notes and coins, a digital currency  Decentralized digital Crypto-Currency  P2P currency system  No Central authority
  4. 4. Decentralized and centralized architectures Jasur Hasanov © Copyright 2014Bitcoins – The new gold
  5. 5. Peer-to-peer currency system (P2P) Jasur Hasanov © Copyright 2014Bitcoins – The new gold A peer-to-peer (P2P) network in which interconnected nodes ("peers") share resources amongst each other without the use of a centralized administrative system. The only requirements for a computer to join a P2P network are an Internet connection and P2P software such as Kazaa, Limewire, BearShare, Morpheus. A network based on the client-server model, where individual clients request services and resources from centralized servers.
  6. 6. No central authority Jasur Hasanov © Copyright 2014Bitcoins – The new gold Bitcoins transaction  Rely on proof instead of trust Current online transactions rely on a trusted party (e.g, VISA) However, bitcoins technology is proved itself in term of security Conventional method
  7. 7. No central authority cont’ Jasur Hasanov © Copyright 2014Bitcoins – The new gold
  8. 8. Number of Bitcoins in circulation 12 million (March 2014) https://blockchain.info/charts/total-bitcoins Total number of BitCoins generated cannot exceed 21 million Average price of a Bitcoin : 1 BTC = 570.28 USD (23 March 2014) Price is very unstable 30 Transactions per min. (Visa transaction 200,000 per minute.) Size of the Bitcoin Economy Jasur Hasanov © Copyright 2014Bitcoins – The new gold
  9. 9. Bitcoin world map Jasur Hasanov © Copyright 2014Bitcoins – The new gold https://blockchain.info/nodes-globe
  10. 10. How to create bitcoins? Jasur Hasanov © Copyright 2014Bitcoins – The new gold Anybody can become a Bitcoin miner by running software with specialized hardware. Miner performs appropriate tasks to process and confirm transactions in the network. Earn transaction fees paid by users for faster transaction processing
  11. 11. Bitcoin Miners Jasur Hasanov © Copyright 2014Bitcoins – The new gold  Special Supercomputers or workstations (Miners)  Solving mathematical equation of bitcoin transaction GPU: Radeon HD 6990 about 700 MH/s
  12. 12. Bitcoin wallet Jasur Hasanov © Copyright 2014Bitcoins – The new gold  Lets test with android bitcoin app  Here is my private key: 1AVULL3v9jXc65mCaqPuiKJdi6tw5qw8q6
  13. 13. Bitcoin ATM Jasur Hasanov © Copyright 2014Bitcoins – The new gold  Not many but number of ATMs increases
  14. 14. Where to spend? Jasur Hasanov © Copyright 2014Bitcoins – The new gold  Sellers tend to accept bitcoins because of no central authority in transaction enables them to have better control over their product prices
  15. 15. Where to spend in Malaysia? Jasur Hasanov © Copyright 2014Bitcoins – The new gold  In KL around 5 shops accept bitcoins
  16. 16. Can be printed on paper and used Jasur Hasanov © Copyright 2014Bitcoins – The new gold  QR code scanning system is high-speed https://www.bctip.org/
  17. 17. END Jasur Hasanov © Copyright 2014Bitcoins – The new gold Thank you

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