Bitcoin is an open source digital currency,a protocol, and a software that enables… • Instant peer to peer transactions • Worldwide payments • Low or zero processing fees • And much more!Source: http://bitcoin.org
More….• Created in 2009 by pseudonymous developer Satoshi Nakamoto, it was released under the MIT license• It is a decentralized currency• Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. (Each transaction requires confirmations - the more confirmations means the more valid the transaction was, most places go off 4)• Bitcoins can be transferred back and forth using a wallet.• Wallets have unique addresses with an identifier of 27-34 alphanumeric characters, beginning with the number 1 or 3, that represents a possible destination for a Bitcoin payment.
How Does It Work?? As a new user, you only need to choose a wallet that you will install on your computer or on your mobile phone. Once you have your wallet installed, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose one of your Bitcoin addresses to your friends so that they can pay you or vice versa, you can pay your friends if they give you their addresses. In fact, this is pretty similar to how email works. So all that is left to do at this point is to get some bitcoins and to keep them safe.Source: http://bitcoin.org
What does it look like? Front BackCasascius Physical Bitcoin(can be purchased from Ebay or Casasciusswebsite at a higher rate, could be brass, gold orsilver plated depending on the series purchased)
Wallets, Transactions, Etc.Online BasedBlock Chain Info: https://blockchain.infoMTGox: https://mtgox.com/MultiBit: https://multibit.org/Downloadable/Application BasedBitcoin-Qt is an app you can download forWindows, Mac and Linux.Bitcoin Wallet for Android runs on your phoneor tablet.
Mining on your PC/Mac/Unix machine https://en.bitcoin.it/wiki/Software#Mining_apps There are 2 Categories You can either… A: mining for yourself B: part of a mining pool***If you are mining for yourself then you may justwant a basic mining app to run on your computerif you are mining towards a "mining pool/group" thenyou would fill out that info in the mining clientbeing part of a mining pool increases your chances ofgetting bit coins because you are part of a groupbut at same time anything you mine gets distributedacross the entire group
BITCOIN VOLUME vs. PRICE MtGox Info for the period 3/17/13 – 4/17/13Source: https://mtgox.com
What can you do with BitCoins?• List of Online Vendors who accept BitCoin: https://www.spendbitcoins.com/places/• BitCoin ATMs are gradually being rolled out: https://bitcoinatm.com/• Man tries to sell house for BitCoins: http://mashable.com/2013/03/22/house-bitcoins/• Texas man sells Porsche for BitCoins: http://www.chron.com/communityblogs/atmosphere/article/ Texas-family-sells-Porsche-for-bitcoins-4409598.php
Articles of Interest The Bitcoin Boom http://www.newyorker.com/online/blog s/elements/2013/04/the-future-of- bitcoin.html Trust: The Bitcoin Of Innovative Cultures http://www.forbes.com/sites/henrydoss/20 13/04/09/trust-the-bitcoin-of-innovative- cultures/?ss=strategies-solutions Digital bitcoin currency surpasses 20 national currencies in value http://www.foxnews.com/tech/2013/03/29/di gital-currency-bitcoin-surpasses-20-national- currencies-in-value/#ixzz2Qkj8Q9N6Recently in the news…
WHAT IS THE DIFFERENCEBETWEEN P2P NETWORKSAND GRID COMPUTING?…And how does Bit Coinfactor in?
P2P Network Model P2P (peer to peer) computing or networking is a distributed application architecture that partitions tasks or work loads between peers. Peers are equally privileged, equipotent participants in the application. They are said to form a peer-to-peer network of nodes.Via Computerworld.com
P2P Network Examples Common uses of P2P: file sharing, instant messaging, voice communication, collaboration, backup, sensor nets, distributed computing, defenseBIT TORRENT SKYPEA protocol that supports the practice The service allows users toof peer-to-peer file sharing and is communicate with peers by voiceused for distributing large amounts using a microphone, video by using aof data over the Internet. webcam, and instant messaging over the Internet.
Grid Computing ModelA type of distributed computing. Gridcomputers are multiple numbers of sameclasses of computers clustered together. A gridcomputer is connected through a super fastnetwork and share the devices like disk drives,mass storage, printers and RAM GridComputing is a cost efficient solution withrespect to Super Computing. Operating systemhas capability of parallelismGrid computing combines computers frommultiple administrative domains to reach acommon goal, to solve a single task, and maythen disappear just as quickly.
Grid Computing ExamplesCommon uses of Grid Computing: intensive scientific, mathematical, and academic problems through volunteercomputing, and it is used in commercial enterprises for such diverse applications as drug discovery, economicforecasting, seismic analysis, and back office data processing in support for e-commerce and Web services.CLIMATEPREDICTION.NET SETI@HOME PROJECTA distributed computing project to (Search for Extraterrestrial Intelligence)investigate and reduce uncertainties in SETI@home is a scientific experimentclimate modeling. It aims to do this by that uses Internet-connected computersrunning hundreds of thousands of in the Search for Extraterrestrialdifferent models (a large climate Intelligence (SETI). You can participate byensemble) using the donated idle time of running a free program that downloadsordinary personal computers, thereby and analyzes radio telescope data.leading to a better understanding of howmodels are affected by small changes inthe many parameters known to influencethe global climate.
Bitcoin Network ModelBitcoin (BTC) is an online commodity whichwas first described in a 2009 paper bypseudonymous developer Satoshi Nakamoto,who called it an anonymous, peer-to-peer,electronic payments system. Bitcoin creationand transfer is based on an open sourceencryption protocol and is not managed by anycentral authority. The creation of new bitcoinsis automated and may be accomplished byservers, called bitcoin miners that run on aninternet-based network and confirm bitcointransactions by adding codes to adecentralized log, which is updated andarchived periodically. Each bitcoin issubdivided into 100 million smaller units calledsatoshis, defined by eight decimal places.
LegalityCould potentially be used fornefarious purposes, since itis not regulated • Crime • Drug Purchases • Weapons • Murder • DDOS Attacks • Etc, etc.