This document contains 24 sections about Bitcoin and related topics, including: 1. An introduction by Jon Matonis of the Bitcoin Foundation. 2-24. Sections discussing the history of Bitcoin, its key features like decentralization and fixed supply, how it could transform industries like payments and asset management, quotes in support of Bitcoin from figures like Bill Gates and Nassim Taleb, and Matonis' own quote comparing Bitcoin to legal tender and BitTorrents to copyrights.

1. Jon Matonis
Executive Director
Bitcoin Foundation

2. Giant Stones Of Yap
2

3. Search For Extraterrestrial Intelligence
(SETI)
3

4. Bitcoin Network Computational
Power
4

5. The War On Cash – What’s It All
About?
5

6. The War On Cash – What’s It All
About?
 Global financial surveillance
 Using money for identity tracking
 Traceability of all personal transactions
 Absolute efficiency in tax collection
 Blockading and confiscating payments
 Elimination of informal or grey economy
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7. Paper Cash And Bitcoin Are
Similar
 User-defined privacy (anonymity)
 Untraceable (unlinked from source)
 Irrevocable (bearer nature)
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8. Precursors To Bitcoin
 Hashcash (1997)
Adam Back
 B-money (1998)
Wei Dai
 Proof-of-work system to limit email spam
 SHA-1 hash of the header
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Public keys identify pseudonyms
Broadcast solution to computational problem
Arbitrator and fine schedule
Broadcasted subset account servers with bail
 BitGold (2001-2005)
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Nick Szabo
Public challenge string of bits
Client puzzle functions
Securely timestamped
Distributed property title registry solved double spending
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9. Bitcoin Is A Reaction To...
 Dominant legacy infrastructure
 Centralised monetary authority
 Diminishing financial privacy
9

10. Bitcoin Merchant
Benefits
 Extend acceptance to countries not reached
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by Visa, MasterCard, and PayPal (60+)
Provide payment method for the unbanked
No disallowed merchant categories codes
(MCCs)
Not subject to payments embargo
Eliminate chargeback and fraud risk
Processing fees approaching zero
Near immediacy of settlement
10

11. Bitcoin Is A Safe Alternative
11

12. Summary Of Bitcoin Key Features
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First mover network advantage
Independent unit of value with fixed supply
Decentralized nature inhibits shutdown
Financial intermediary not required
Dramatically lower fees
Brings the unbanked into the monetary system
Cannot be politically manipulated
Borders and capital controls are irrelevant
Reduces government ability to fund itself
What’s not to love?
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13. De-Central Banks And Their
Impact
13

14. Impact On Monetary
Policy
 Fractional reserve banking becomes nearly
impossible without the emergence of money
substitutes
 Opportunistic and unrestrained inflation
gives way to natural deflation
 Interest rates respond more to the risk of the
lending activity rather than central bank open
market operations
 Reduction in detrimental business cycles
14

15. Impact On Fiscal Policy
 Governments gradually shift from taxing
income to taxing consumption
 Registration of exchanges and merchants
facilitate higher consumption taxes
 Government spending becomes constrained
by actual revenue raised which means that
unpopular expenditures will be difficult to
fund
15

16. Transform Global Transfer Networks
16

17. Transform Global Transfer Networks
17

18. Transform Asset Management
Industry
18

19. Transform Retail Payments
19

20. Transform Retail Payments
20

21. Bitcoin Market Capitalization
21

22. Quotes From Others
“I think [bitcoin] is a technical tour
de force.” -Bill Gates
“I think the fact that within the bitcoin
universe an algorithm replaces the
functions of [the government]… is
actually pretty cool.” -Al Gore
“Bitcoin is the beginning of
something great: a currency without a
government, something necessary and
imperative.” -Nassim Taleb
22

23. My Quote
“Bitcoin is to legal tender
as BitTorrents are to copyrights”
23

24. Thank You
Twitter:
Email:
jonmatonis
jon@bitcoinfoundation.org
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