Bitcoin uses a decentralized peer-to-peer network and cryptographic proof instead of trust to allow users to transact directly without intermediaries. The network maintains a public distributed ledger called the blockchain that records all transactions. Consensus on the blockchain is reached through proof-of-work mining, where miners validate transactions and are rewarded with new bitcoins. Users can obtain, store, and spend bitcoins using wallets that control private keys to digitally sign transactions on the blockchain.
BLOCKCHAIN ,BITCOIN & CRYPTOCURRENCIES WORLD : MECHANICS AND CYBER CRIMEanupriti
The world of Blockchain and Cryptocurrencies is undeniably amazing and has infinity to explore at hands.Recently I took on a 4 hour session at the prestigious Central Bureau of Investigations,CBI Academy ,Ghaziabad, vide Indian Technical and Economic Cooperation Programme organised by Ministry of External Affairs , to cover right from scratch to overview of mechanics and architecture of how this world works.Sharing here the presentation for info and awareness of anyone who is interested to take a dip in this domain and related cyber crime activities.
Bitcoin and Permissionless Innovation - The Dawn of Trustless Computing v.18Michele Mostarda
This document provides an introduction and overview of Bitcoin and blockchain technologies. It begins with discussing limitations of traditional money and defines what Bitcoin is as a trustless, digital currency. The document then covers Bitcoin basics like how it works, its history and key figures. It also discusses related concepts like crypto facts, wallets, exchanges and using Bitcoin for payments. The goal is to inform and inspire adoption of Bitcoin and other blockchain technologies.
Bitcoin, the Blockchain, and our Decentralized Future | Presentation for Geor...James L. Walpole
Bitcoin functions as digital cash that allows for peer-to-peer transactions without a central authority by using blockchain technology. Miners process and verify transactions added to the distributed public ledger, while users send and receive bitcoin through digital wallets. Bitcoin enables universal and low-cost transactions online, which could disrupt centralized systems for payments, authentication, marketplaces, and more through its ability to serve as a trustless and incorruptible record of value and history.
The document discusses Bitcoin and cryptocurrency. It begins by defining Bitcoin as a digital currency and decentralized payment system. It then covers how Bitcoin works through the blockchain network, how new Bitcoins are created through mining, and different types of Bitcoin wallets. The document also explores how Bitcoin can currently be used for purchases and money transfers, and speculates that Bitcoin may become more stable and widely used in the future as an alternative global currency.
Bitcoin: The Internet of Money PresentationMaheshInder2
A brief Bitcoin presentation that describes what is bitcoin and why do we need it. It covers all the technical aspects and current statistics. Enjoy guys. Thank me later!
The Future of Bitcoin - State of Digital Money 2015 conferenceJeff Garzik
The document discusses the future of Bitcoin, including:
1) Bitcoin is still in its early stages of development as a currency, though 2015 was a pivotal year.
2) Technologies like payment channels and the "Lightning network" aim to enable instant, secure payments using Bitcoin and layer two protocols.
3) Longer term, more advanced applications of the blockchain could include smart property transfers, satellites broadcasting the blockchain from space, and optimized supply chain networks.
Simple and basic bitcoin introduction made for a special customer with HUGE potential.
Bitcoin introduction
1. General terms in details, such as what is mining, private keys, how to use a wallet and more.
2. Blockchain.info - what can anyone learn from this amazng source
3. When you use bitcoin - importatn things to know before you start using bitcoins for anything.
4. Get educated - learn learn learn
Enjoy
BLOCKCHAIN ,BITCOIN & CRYPTOCURRENCIES WORLD : MECHANICS AND CYBER CRIMEanupriti
The world of Blockchain and Cryptocurrencies is undeniably amazing and has infinity to explore at hands.Recently I took on a 4 hour session at the prestigious Central Bureau of Investigations,CBI Academy ,Ghaziabad, vide Indian Technical and Economic Cooperation Programme organised by Ministry of External Affairs , to cover right from scratch to overview of mechanics and architecture of how this world works.Sharing here the presentation for info and awareness of anyone who is interested to take a dip in this domain and related cyber crime activities.
Bitcoin and Permissionless Innovation - The Dawn of Trustless Computing v.18Michele Mostarda
This document provides an introduction and overview of Bitcoin and blockchain technologies. It begins with discussing limitations of traditional money and defines what Bitcoin is as a trustless, digital currency. The document then covers Bitcoin basics like how it works, its history and key figures. It also discusses related concepts like crypto facts, wallets, exchanges and using Bitcoin for payments. The goal is to inform and inspire adoption of Bitcoin and other blockchain technologies.
Bitcoin, the Blockchain, and our Decentralized Future | Presentation for Geor...James L. Walpole
Bitcoin functions as digital cash that allows for peer-to-peer transactions without a central authority by using blockchain technology. Miners process and verify transactions added to the distributed public ledger, while users send and receive bitcoin through digital wallets. Bitcoin enables universal and low-cost transactions online, which could disrupt centralized systems for payments, authentication, marketplaces, and more through its ability to serve as a trustless and incorruptible record of value and history.
The document discusses Bitcoin and cryptocurrency. It begins by defining Bitcoin as a digital currency and decentralized payment system. It then covers how Bitcoin works through the blockchain network, how new Bitcoins are created through mining, and different types of Bitcoin wallets. The document also explores how Bitcoin can currently be used for purchases and money transfers, and speculates that Bitcoin may become more stable and widely used in the future as an alternative global currency.
Bitcoin: The Internet of Money PresentationMaheshInder2
A brief Bitcoin presentation that describes what is bitcoin and why do we need it. It covers all the technical aspects and current statistics. Enjoy guys. Thank me later!
The Future of Bitcoin - State of Digital Money 2015 conferenceJeff Garzik
The document discusses the future of Bitcoin, including:
1) Bitcoin is still in its early stages of development as a currency, though 2015 was a pivotal year.
2) Technologies like payment channels and the "Lightning network" aim to enable instant, secure payments using Bitcoin and layer two protocols.
3) Longer term, more advanced applications of the blockchain could include smart property transfers, satellites broadcasting the blockchain from space, and optimized supply chain networks.
Simple and basic bitcoin introduction made for a special customer with HUGE potential.
Bitcoin introduction
1. General terms in details, such as what is mining, private keys, how to use a wallet and more.
2. Blockchain.info - what can anyone learn from this amazng source
3. When you use bitcoin - importatn things to know before you start using bitcoins for anything.
4. Get educated - learn learn learn
Enjoy
Short presentation about bitcoin in particular and crypto currencies in general.
Its mainly a description of whats money and what is bitcoin
why bitcoin will dominate
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
The document provides an overview of Bitcoin, including its history, key concepts, and technical aspects. It discusses how Bitcoin works as a decentralized digital currency using blockchain technology. Some key points covered include how Bitcoin is sent through peer-to-peer transactions, the role of miners in verifying transactions and creating new blocks, and how wallets are used to store public/private keys and interact with the Bitcoin network.
All you ever needed to know on bitcoin and blockchainMarco Hauff
Basic introduction into the world of Bitcoin and Blockchain. Handy for everyone that needs to attend a birthday party and wants to join a conversation on this topic. A must for the financial / technology professional.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Most interesting and creative presentation on Bitcoin for beginners.
Bitcoin is a decentralized electronic cash system using peer-to-peer networking to enable payments between parties without relying on mutual trust. It was first described in a paper by Satoshi Nakamoto (widely presumed to be a pseudonym) in 2008. Payments are made in bitcoins (BTC's), which are digital coins issued and transferred by the Bitcoin network.
Secrets and insights of Bitcoin currency and trading. In this tutorial, you will learn all about BitCoin and other cryptocurrencies. This slide will also explain you about the links between Ransomware and Bitcoin.
Bitcoin is a decentralized digital currency that allows people to transfer funds between each other without a central authority. It operates on a peer-to-peer network where transactions are verified by miners who are rewarded with bitcoins. While bitcoin offers anonymity and accessibility, it also faces security risks like theft and price volatility due to its limited supply and speculative nature. Whether bitcoin can replace traditional currencies as a stable store of value remains uncertain.
The almost complete guide explaining Bitcoin, philosophy, history, technology, use, the good/bad, how to buy, trading, and its future.
Thanks a lot for a cup of coffee.... =)
Bitcoin : 1ChyUCv7Qqz5fqfb4QhUsYYGmeMfz99vr7
Bitcoin Cash : 18AH4EyLo7djvfKHuRxjVh1cWPJH93ppAx
Ethereum : 0x449fFDBBcD2328662B67Ba3103ce83834d140bf7
Litecoin: 32XW2vssbd2V2tY1MbsRdRoz4UAUw2G4j6
Dogecoin : A8zoTQk9RauhRDbvEQF1bhB5h7dFtVnveX
Preferred Crypto Exchange : Binance
https://www.binance.com/?ref=10955776
Thank you.
This document provides an overview of Bitcoin and blockchain technology. It discusses what Bitcoin is, including that it is a digital currency based on cryptography and a decentralized network. It also outlines the Bitcoin ecosystem, including exchangers to buy and sell Bitcoin, wallets to store it, miners who verify transactions, apps to earn Bitcoin, ATMs to exchange it for cash, and news sources. Large companies exploring blockchain like Microsoft, Google and Amazon are mentioned. Potential uses by financial firms and Telenor are also discussed.
'Intro to bitcoin presentation' by Roman SkaskiwMartaIvanyshyn
This talk covers the history of money: how commodity money evolved naturally from barter economies, how paper receipts replaced gold, how fiat money replaced paper receipts, and finally, how bitcoin threatens to replace fiat money.
An Introduction to Bitcoin-The Digital Form of currencyBirju Besra
This PPT give an introduction to cryptocurrency Bitcoin. It is a digital form of currency. It is a decentralized currency , that is no central govt. or authority controls it. It is a direct peer to peer money transaction.
Study on Bitcoin - Technical & Legal Aspects (Presentation at Cyber Cell Gurg...Lovey Jain
This document provides an overview of Bitcoin including its origins, basic terminology, technology, and issues. It was created by Lovey Jain for a presentation at the Cyber Crime Cell in Gurgaon, India. The document discusses how Bitcoin was started in 2008 by Satoshi Nakamoto, defines Bitcoin as a digital currency not backed by any government, and explains the basic mechanisms of how Bitcoin works including mining and the blockchain.
Bitcoin allows users to send money over the internet similarly to how email allows users to send messages. It functions as an alternative currency that exists purely online and without connection to a central bank. Users can obtain bitcoins through exchanges with other currencies or from other individuals, then store and send them through online wallets to make purchases or send money internationally for much lower fees than traditional wire transfers.
Bitcoin is an open-source cryptocurrency created by the pseudonymous Satoshi Nakamoto. It is a decentralized digital currency that uses peer-to-peer technology to operate without a central authority. Transactions are verified through a proof-of-work system and recorded in a public distributed ledger called a blockchain. While bitcoin offers advantages like instant transactions and anonymity, it also faces challenges like volatility, scalability issues, and the risk of losing coins if private keys are lost. Overall, bitcoin remains a controversial new currency that some see as the future while others see risks in its use and acceptance.
Introduction to Bitcoin, prepared by Bitcoin Manchester to initially be presented at the Manchester Free Software Festival in February 2014.
Contents:
* What is money?
* What is good money?
* How does fiat money work?
* What is Bitcoin?
* How does Bitcoin work?
* Why is Bitcoin important?
Cryptocurrency is a digital currency that uses cryptography to secure transactions. Bitcoin was the first cryptocurrency, created in 2009. YOcoin is an alternative cryptocurrency (altcoin) created in 2015. It has some advantages over Bitcoin like faster transaction times of 2.5 minutes versus 10 minutes for Bitcoin. YOcoin uses the Scrypt algorithm for mining rather than Bitcoin's SHA-256. The document discusses how YOcoin works, how to use it, differences from Bitcoin in mining and transactions, and the development roadmap for YOcoin.
What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is Still Technology - Presented at Bitcoin World Conference KL - 2014Mark Smalley
Forgot to upload the presentation I gave at the World Bitcoin Conference in KL - it's a real basic introduction to Bitcoin and crypto-currencies from a technological point of view. A lot of images as they give me room to talk :-)
Bitcoin has some promising technical aspects but faces significant scalability issues that threaten its core properties over time. While it currently works as a decentralized system, the need to process vast amounts of data means nodes will consolidate into "supernodes" that effectively function like centralized banks. This transition would compromise Bitcoin's anonymity and censorship-resistance as identities become linked and certain transactions could be blocked. Overall Bitcoin shows innovation but may not retain its present security model if it aims to seriously compete with mainstream payment networks in transaction volume.
What is Bitcoin? How Bitcoin works in under 5 minutes.Ryan Shea
Bitcoin is imagined as a currency for a board game with tradable assets where players need a mutually agreeable way to track balances and trades. Each player is given a copy of a shared ledger recording everyone's token balances. When a trade occurs, the involved players update their ledgers and show others to update theirs, ensuring all copies stay in sync. With modifications like digital ledgers, unique account IDs, and cryptography, this system could function as a global digital currency and payment network controlled by no single entity where users transact directly without fees.
Short presentation about bitcoin in particular and crypto currencies in general.
Its mainly a description of whats money and what is bitcoin
why bitcoin will dominate
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
The document provides an overview of Bitcoin, including its history, key concepts, and technical aspects. It discusses how Bitcoin works as a decentralized digital currency using blockchain technology. Some key points covered include how Bitcoin is sent through peer-to-peer transactions, the role of miners in verifying transactions and creating new blocks, and how wallets are used to store public/private keys and interact with the Bitcoin network.
All you ever needed to know on bitcoin and blockchainMarco Hauff
Basic introduction into the world of Bitcoin and Blockchain. Handy for everyone that needs to attend a birthday party and wants to join a conversation on this topic. A must for the financial / technology professional.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Most interesting and creative presentation on Bitcoin for beginners.
Bitcoin is a decentralized electronic cash system using peer-to-peer networking to enable payments between parties without relying on mutual trust. It was first described in a paper by Satoshi Nakamoto (widely presumed to be a pseudonym) in 2008. Payments are made in bitcoins (BTC's), which are digital coins issued and transferred by the Bitcoin network.
Secrets and insights of Bitcoin currency and trading. In this tutorial, you will learn all about BitCoin and other cryptocurrencies. This slide will also explain you about the links between Ransomware and Bitcoin.
Bitcoin is a decentralized digital currency that allows people to transfer funds between each other without a central authority. It operates on a peer-to-peer network where transactions are verified by miners who are rewarded with bitcoins. While bitcoin offers anonymity and accessibility, it also faces security risks like theft and price volatility due to its limited supply and speculative nature. Whether bitcoin can replace traditional currencies as a stable store of value remains uncertain.
The almost complete guide explaining Bitcoin, philosophy, history, technology, use, the good/bad, how to buy, trading, and its future.
Thanks a lot for a cup of coffee.... =)
Bitcoin : 1ChyUCv7Qqz5fqfb4QhUsYYGmeMfz99vr7
Bitcoin Cash : 18AH4EyLo7djvfKHuRxjVh1cWPJH93ppAx
Ethereum : 0x449fFDBBcD2328662B67Ba3103ce83834d140bf7
Litecoin: 32XW2vssbd2V2tY1MbsRdRoz4UAUw2G4j6
Dogecoin : A8zoTQk9RauhRDbvEQF1bhB5h7dFtVnveX
Preferred Crypto Exchange : Binance
https://www.binance.com/?ref=10955776
Thank you.
This document provides an overview of Bitcoin and blockchain technology. It discusses what Bitcoin is, including that it is a digital currency based on cryptography and a decentralized network. It also outlines the Bitcoin ecosystem, including exchangers to buy and sell Bitcoin, wallets to store it, miners who verify transactions, apps to earn Bitcoin, ATMs to exchange it for cash, and news sources. Large companies exploring blockchain like Microsoft, Google and Amazon are mentioned. Potential uses by financial firms and Telenor are also discussed.
'Intro to bitcoin presentation' by Roman SkaskiwMartaIvanyshyn
This talk covers the history of money: how commodity money evolved naturally from barter economies, how paper receipts replaced gold, how fiat money replaced paper receipts, and finally, how bitcoin threatens to replace fiat money.
An Introduction to Bitcoin-The Digital Form of currencyBirju Besra
This PPT give an introduction to cryptocurrency Bitcoin. It is a digital form of currency. It is a decentralized currency , that is no central govt. or authority controls it. It is a direct peer to peer money transaction.
Study on Bitcoin - Technical & Legal Aspects (Presentation at Cyber Cell Gurg...Lovey Jain
This document provides an overview of Bitcoin including its origins, basic terminology, technology, and issues. It was created by Lovey Jain for a presentation at the Cyber Crime Cell in Gurgaon, India. The document discusses how Bitcoin was started in 2008 by Satoshi Nakamoto, defines Bitcoin as a digital currency not backed by any government, and explains the basic mechanisms of how Bitcoin works including mining and the blockchain.
Bitcoin allows users to send money over the internet similarly to how email allows users to send messages. It functions as an alternative currency that exists purely online and without connection to a central bank. Users can obtain bitcoins through exchanges with other currencies or from other individuals, then store and send them through online wallets to make purchases or send money internationally for much lower fees than traditional wire transfers.
Bitcoin is an open-source cryptocurrency created by the pseudonymous Satoshi Nakamoto. It is a decentralized digital currency that uses peer-to-peer technology to operate without a central authority. Transactions are verified through a proof-of-work system and recorded in a public distributed ledger called a blockchain. While bitcoin offers advantages like instant transactions and anonymity, it also faces challenges like volatility, scalability issues, and the risk of losing coins if private keys are lost. Overall, bitcoin remains a controversial new currency that some see as the future while others see risks in its use and acceptance.
Introduction to Bitcoin, prepared by Bitcoin Manchester to initially be presented at the Manchester Free Software Festival in February 2014.
Contents:
* What is money?
* What is good money?
* How does fiat money work?
* What is Bitcoin?
* How does Bitcoin work?
* Why is Bitcoin important?
Cryptocurrency is a digital currency that uses cryptography to secure transactions. Bitcoin was the first cryptocurrency, created in 2009. YOcoin is an alternative cryptocurrency (altcoin) created in 2015. It has some advantages over Bitcoin like faster transaction times of 2.5 minutes versus 10 minutes for Bitcoin. YOcoin uses the Scrypt algorithm for mining rather than Bitcoin's SHA-256. The document discusses how YOcoin works, how to use it, differences from Bitcoin in mining and transactions, and the development roadmap for YOcoin.
What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is Still Technology - Presented at Bitcoin World Conference KL - 2014Mark Smalley
Forgot to upload the presentation I gave at the World Bitcoin Conference in KL - it's a real basic introduction to Bitcoin and crypto-currencies from a technological point of view. A lot of images as they give me room to talk :-)
Bitcoin has some promising technical aspects but faces significant scalability issues that threaten its core properties over time. While it currently works as a decentralized system, the need to process vast amounts of data means nodes will consolidate into "supernodes" that effectively function like centralized banks. This transition would compromise Bitcoin's anonymity and censorship-resistance as identities become linked and certain transactions could be blocked. Overall Bitcoin shows innovation but may not retain its present security model if it aims to seriously compete with mainstream payment networks in transaction volume.
What is Bitcoin? How Bitcoin works in under 5 minutes.Ryan Shea
Bitcoin is imagined as a currency for a board game with tradable assets where players need a mutually agreeable way to track balances and trades. Each player is given a copy of a shared ledger recording everyone's token balances. When a trade occurs, the involved players update their ledgers and show others to update theirs, ensuring all copies stay in sync. With modifications like digital ledgers, unique account IDs, and cryptography, this system could function as a global digital currency and payment network controlled by no single entity where users transact directly without fees.
The document provides an introduction to Bitcoin, explaining what it is and how it works. Some key points:
- Bitcoin is a decentralized digital currency that uses cryptography to secure transactions. It is not tied to any central authority.
- Transactions are recorded on a public ledger called the blockchain. Bitcoin ownership is determined by private keys, not identities.
- New bitcoins are created through mining, where computers validate transactions by solving complex math problems. Miners are rewarded with new bitcoins.
- Over time, the supply of new bitcoins will approach 21 million as rewards for mining decrease and eventually end. Transaction fees will incentivize mining.
- Bitcoin can be exchanged for goods and services, though its legal status
RSA 2015 Bitcoin's Future Threats: Expert's Roundtable based on 150 Case StudiesWayne Huang
Bitcoin's future threats: what’s real and what’s not? Audience votes after panelists release a whitepaper and overview key case studies on: remote exploitation(31), mining resources theft(17), wallet theft(10), fraud or scam(10), crime or terrorism(10), insider threat(8), DDoS(7), phishing(6), coin loss(4), software bug or human error(3), social engineering(1), 51% attack(1), government bans(1). - See more at: https://www.rsaconference.com/events/us15/agenda/sessions/1710/bitcoins-future-threats-experts-roundtable-based-on#sthash.MtLRNA1w.dpuf
Operations Security - SF Bitcoin Hackday March 2015Mikko Ohtamaa
This document discusses various operational security (OPSEC) measures for protecting online services and user accounts. It recommends encrypting devices, using two-factor authentication, password managers, and SSH keys. For user security, it suggests moving past passwords and implementing login attempt throttling, two-factor authentication, and third authentication factors. The document also covers infrastructure security techniques like fail2ban, attack mitigation proxies, and flood attack prevention. Hosting provider and physical security are addressed as well, along with server security monitoring.
This document provides an overview of blockchains presented by Ruben Tan. It discusses:
1) Ruben Tan's background and his company Neuroware, which provides blockchain APIs and solutions.
2) General traits of blockchains including how they store immutable data distributed across nodes with a consensus algorithm.
3) Details of how Bitcoin works as the first blockchain, using a peer-to-peer network, mining process, and proof-of-work consensus.
4) The implications of blockchains including how they can reduce costs, enable innovation through open ecosystems, rely on strong cryptography fundamentals, and allow trustless transactions without intermediaries.
CoinDesk reveals the key trends, challenges, and opportunities for bitcoin in Q3 2014.
Our State of Bitcoin Reports can be sponsored. Get in touch advertising@coindesk.com
The document discusses Bitcoin and cryptocurrency. It provides an overview of key topics like Bitcoin mining, wallets, blockchain technology, and forensic artifact examination related to Bitcoin. It explains concepts such as public/private keys, blockchain, mining and how transactions are recorded on the distributed ledger to facilitate payments and transfer of ownership of Bitcoin.
This presentation provide the brief knowledge of Bitcoin. Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency.
How Bitcoin can save freelancers in the Philippines money that really matters. This is fun example to show how much people can save by accepting Bitcoin instead of using PayPal.
Sunstone Capital, Avalanche 2014 - Bitcoin: Primer, State of Play, DiscussionYacine Ghalim
Every winter, Sunstone hosts an offsite event with the participation of executives from our portfolio companies, fellow VCs, and various thought leaders.
The event is designed to mix informal networking, stimulating discussions around key topics shaping our industry, and intense skiing. We find that the best inspiration and ideas are generated when you least expect it, and in company with people that challenge your thinking.
This year's edition took us to Courmayeur in the Italian Alps, and Bitcoin was on the list of topics we discussed. Here are the supporting slides from our Jan 24th presentation "Bitcoin: Primer, State of Play, Discussion".
http://www.sunstone.eu
Slides from a talk given to a Students for Liberty group at the University of Pittsburgh in February 2017. This talk covers what Bitcoin is, how it works, why people use it, how to use it, and how Bitcoin's innovation is impacting everything from payments to software to government.
On 2nd March 2015, we held our first Expert Briefing, inviting a limited number of London's leading finance and technology journalists to learn more about the world of digital money over a few drinks.
These slides are from Garrick Hileman's State of Bitcoin presentation.
The event was sponsored by Elliptic, Circle and General Bytes.
El documento describe cómo funciona Bitcoin. Explica que Bitcoin es una moneda descentralizada que no está controlada por ningún estado u organización. Detalla el proceso de crear una dirección Bitcoin, realizar una transacción de pago enviando bitcoins a otra dirección, y cómo la transacción es verificada a través de la minería y registrada de forma segura en la blockchain.
1) Bitcoin's price increased 11% in Q2, with reduced volatility compared to previous quarters. VC investment in bitcoin companies dropped from Q1 but remained robust, while mainstream media coverage declined.
2) Competition is driving consolidation in the bitcoin exchange and mining sectors. Notable deals included CoinBR's acquisition and the BTCS/Spondoolies-Tech merger.
3) Ripple has secured partnerships with several major banks to test its blockchain technology for international payments.
What is cryptocurrency everything you need to know - ultimate guidePreparationInfo
Cryptocurrencies like Bitcoin emerged as a side product of attempts to create digital cash without a central authority. Satoshi Nakamoto invented Bitcoin in 2008 to solve the problem of how to achieve consensus about transaction records in a decentralized peer-to-peer network without central oversight. Cryptocurrencies use cryptography and a public ledger called a blockchain to securely record transactions and generate new units of currency through a process called mining, where computers validate transactions by solving complex math problems. This allows cryptocurrencies to operate as decentralized digital currencies without central control.
Cryptocurrency uses cryptography to conduct financial transactions securely and decentralize control. While initially controlled by a single founder, it has grown to include many alternative coins (altcoins) like Ethereum and Litecoin. Transactions are recorded on a public blockchain to prevent fraud. Cryptocurrencies offer low fees, global access, and pseudonymity compared to traditional currency but are subject to market volatility. Adoption may help the global economy through increased activity, financial access, and transparency of transactions.
This document discusses new technologies and their potential impact. It begins by discussing how innovation is happening more rapidly than ever before. It then provides background on Bitcoin and blockchain technology, explaining how Bitcoin introduced an anonymous digital currency and how the blockchain allows for transparent yet encrypted transactions. It discusses various applications of blockchain beyond just currency, including how it solves the "Byzantine Generals Problem" of ensuring compliance in distributed networks. It concludes by promising to discuss additional new technologies like AI, robotics, medicine and their future impact in an upcoming discussion.
The document provides an overview of blockchain and cryptocurrency. It begins with a brief history of cryptocurrency starting in the 1980s with early digital currency attempts. Bitcoin was introduced in 2009 by Satoshi Nakamoto as the first cryptocurrency based on blockchain technology. Blockchain works by distributing a ledger across a network of computers, making it difficult to hack. New transactions are verified and added to blocks that are chained together using cryptography. Miners use computing power to verify transactions and are rewarded with cryptocurrency. The document discusses the rise in value of bitcoin and potential opportunities for real estate buyers with large holdings of cryptocurrency. It also mentions other applications of blockchain technology beyond currency.
Among the learning objectives:
A. Crypto-currencies :
• The definition, history and evolution of the thousands of
crypto-currencies in the market, with their pros and
cons.
• Getting, mining and trading using cryptocurrencies.
• The legal status of this new technology in Lebanon and
different countries of the world.
• The possible future of crypto-currencies.
B. Blockchain :
• The technology behind crypto-currencies : concepts,
history, security, pros and cons.
• Examples and case studies of Blockchain applications.
C. ICOs :
• A new way for raising capital for companies and start-
ups.
• History and ICO phases.
Blockchain for f Financial Institutions | Asian Development Bank conferencemim3mim3
The document discusses blockchain technology and its potential applications for financial institutions. It begins with explaining blockchain through Bitcoin, then defines blockchain technology and outlines some of its key benefits like immutability of records and removal of middlemen. It discusses challenges for blockchain adoption at financial institutions, such as regulatory concerns, security issues, and lack of skills. It also outlines several potential use cases for blockchain in areas like payments, trade finance, and capital markets. The document concludes by discussing ABN AMRO's work experimenting with blockchain, including partnerships and projects focused on areas like trade finance.
This document contains a presentation on Bitcoin and blockchain given by Federico Tenga. It begins with basic definitions of blockchain, cryptocurrency, and Bitcoin. It then discusses some use cases of blockchain technology, including digital assets, smart contracts, and notarization. The presentation provides information on how Bitcoin works through mining and proof of work. It explains factors in Bitcoin's success like its fixed supply, censorship resistance, and user control. The presentation also compares Bitcoin to gold and fiat currency as a store of value. It ends with questions from the audience.
Toward Money-over-IP? From Bitcoin to M2M MoneyGeorge Giaglis
How will Bitcoin and Blockchains disrupt industries, such as banking, and create a wave of new machine-to-machine applications on nano-payments and autonomous digital corporations.
Blockchain is a public, synchronized global ledger of all transactions where records are verified and permanently displayed. Copies exist on millions of computers worldwide. Bitcoin is a digital currency and payment network defined by a protocol, software, and community. It allows sending money over the internet almost free of charge. The identity of Bitcoin's creator, Satoshi Nakamoto, remains unknown. Bitcoin and other cryptocurrencies could disrupt the current financial system by reducing costs and opening global markets through decentralized verification of transactions without trusted intermediaries.
This document provides an overview of Bitcoin and cryptocurrency as well as critiques of the current financial system. It discusses how Bitcoin works as an alternative currency through a peer-to-peer network without a central authority. It also highlights concerns around unsustainable debt levels, bail-ins, and the need for a new financial system not controlled by private banks. The document argues that Bitcoin has properties making it suitable as money, including scarcity, security, and transportability. Its future applications from remittances to smart contracts are also noted.
Digital currencies like bitcoin can be used for payments, as a store of value, and for professional use in business. The document discusses the history and basics of bitcoin, how transactions work using the blockchain, and opportunities for using digital currencies like bitcoin for remittances, global mobile banking, micro-payments, crowdfunding, and e-commerce. It also covers bitcoin mining, wallets, and getting and spending bitcoins.
The document provides an introduction to Bitcoin, including what it is, how it differs from traditional currencies, current usage statistics, and potential future applications. It discusses how Bitcoin is a decentralized digital currency and payment network created in 2008 that allows for near-instant and low-cost global transactions. Key details include that there are currently around 0.5 million Bitcoin wallets in use, with a total of 16 million Bitcoins in circulation worth around $12.5 billion globally as of late 2016. The document also speculates on potential future technologies built upon the blockchain concept behind Bitcoin.
An Investigator’s Guide to Blockchain, Bitcoin and Wallet TransactionsCase IQ
As Bitcoin and blockchains are coming into the mainstream, investigators, auditors and forensics and security professionals need to become familiar with how blockchain works and why it is so important to tomorrow’s digital security. It is important for anyone involved in forensics to understand the risk associated with Bitcoin, the most notable usage of blockchain and how applying forensics to those risks can have an impact.
Bitcoin has huge potential to revolutionize financial services, but with risk, as is implicit with any currency. We need to understand how forensic technology can reduce these risks or solve problems of financial loss should these risks materialize. Technology helps us follow flows of cryptocurrencies through wallets and the blockchain. This can be of particular use to regulators and police forces as well as investigators and auditors.
Join Simon Padgett and Sheldon Bennett of DMG Blockchain Solutions Inc. as they outline the basics of cryptocurrency transactions and their associated risks and solutions.
The world we live today is digital and traditionally gold already has played a central role in economics driven by physical exchange. As we dig deeper to this rabbit hole of 'everything digital', the process of exchanging value is also going to transition into a
'non physical solution' and Bitcoin has a potential to play a big role into this transition process. As in the early days, storing, processing and sharing information was radically transformed by the computer and the internet, Bitcoin is playing a similar role by enhancing the ways which we can store, process and exchange value.
All watched over machines of loving grace amsterdamAndres Guadamuz
This document provides a critical look at smart contracts from Drandres Guadamuz, University of Sussex. It begins with an overview of smart contracts and blockchains, explaining how blockchains use cryptography and distributed networks to create immutable and tamper-free ledgers. It then discusses characteristics of blockchains like proof of work, and issues around decentralization. The document analyzes smart contracts, how they are written in code and deployed, and outlines some intended and unintended consequences. It concludes by discussing several problems with smart contracts, such as irreversible errors, attacks on decentralization, and lack of remedies when issues arise.
Keeping High-Net-Worth Clients Anonymous: The Rise of CryptocurrencyInman News
The document discusses blockchain technology and its potential applications to real estate. It defines bitcoin and the blockchain, describes how smart contracts work, and explains how blockchain could enable greater transparency in real estate deals, faster transactions, and monetization of data. The document also discusses how blockchain may impact real estate brokers with fewer people doing more deals and earning residual payments from data, and how initial coin offerings work.
Forget about Bitcoins & invest in Ethereum. Now.Paul Moriou
If you are into investing a fraction of your savings in the exponentially growing market of cryptocurrencies, or if you would like to finally get simple, clear and accessible knowledge about cryptocurrencies and the technologies behind, those 20 slides are a must read.
This document provides an overview of Bitcoin including:
- Its history beginning in 2008 with Satoshi Nakamoto's paper introducing Bitcoin.
- How it functions as a digital currency without a central authority using cryptography and a peer-to-peer network.
- Perspectives on Bitcoin from technologists, economists, investors and governments who have varying views from seeing its potential to believing it is a bubble.
- The advantages it provides for payments including low costs, security, and lack of regulation but also weaknesses like its susceptibility to speculation and attracting criminal use due to pseudonymity.
Plenary Talk at ICEIC 2019
Pullman Auckland Hotel, Auckland, New Zealand
Jan. 23th (Wed) 2019, 11:00 ~ 12:30
http://iceic.org/2019/
Abstract
In the year 2018, we have witnessed the surge and the fall of crypto-currencies. With the surge, blockchain the new technology behind cryptocurrencies, and its idealistic footprint of advanced thoughts, blockchainism it can be perhaps called, came to enthrall our minds. Thousands of new ambitious projects have been conceived and fast activated with the worldwide frenzy of new funding through initial coin offerings a novel funding mechanism in the blockchain world. Decentralized societies, equal accesses to valuable resources, reducing the cost of middleman, freed individuals from hierarchical organizations, and reducing the spread in inequalities are some of those advanced thoughts. But the fall came; the market value for Bitcoin has collapsed more than 7 times from its peak-value; that of Ethereum has plummeted more than 12 times. These two power houses which have supported those progressive projects are now torn apart. Recent New York Times report reads, “Blockchain: What’s it good for? Absolutely nothing, report finds.” Another one reads, The Blockchain Is a Reminder of the Internet’s Failure. The same utopian promises that bloomed during the Internet’s early days are back. Be afraid.“ Should this be the end of our pursue to change and make a better world with blockchains? Obviously not. In this presentation, I would like to talk about the reality of blockchain technology and how distant it is from the ideals. With this accessment, I would like to present some of novel research progresses we made in year 2018 and talk about further research ideas to pursue in year 2019.
This document provides a history of Bitcoin and the blockchain from its origins in the late 1990s to the present. It describes the key events and periods in Bitcoin's development, including its genesis with Satoshi Nakamoto's 2008 whitepaper, the "Wild West" early years from 2011-2013, a period of "Adolescence" from 2013-2015 as investment and regulation increased, and today's current focus on blockchain technology applications beyond just cryptocurrency. The document also makes some short, medium, and long-term predictions about Bitcoin's future adoption and role, and the impact of blockchain technology more broadly.
Similar to Bitcoin Challenges - The Dawn of Trustless Computing (20)
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Economic Risk Factor Update: June 2024 [SlideShare]
Bitcoin Challenges - The Dawn of Trustless Computing
1. P E R M I S S I O N L E S S
I N N O VAT I O N
B I T C O I N C H A L L E N G E S - T H E D AW N O F T R U S T L E S S C O M P U T I N G
Michele Mostarda <michele.mostarda@inbitcoin.it>
Marco Amadori <marco.amadori@inbitcoin.it>
https://inbitcoin.it/
v1.6_en
cover image source: http://www.goodfon.su
2. D I S C L A I M E R
F O R T H E A U D I E N C E
This presentation is for:
• informational purposes
• people interested in adopting Bitcoin
• people looking for inspiration about the
Blockchain technology
3. O U T L I N E
TA B L E O F C O N T E N T S
• Money and limitations
• What is Bitcoin
• How to use it
• How does it work
• Permissionless innovation
• Bitcoin vision
• Bitcoin for everybody
4. B L O O M B E R G P O L L
According to a recent Bloomberg poll, only
42% of Americans correctly identified
Bitcoin as a virtual currency. 6% thought it
was an iPhone app. (2014)
6. I S M O N E Y D Y I N G ?
T H E O B S O L E S C E N C E T H E S I S ( 1 )
“Money has been a technology to facilitate
trade.
To reach this purpose it was designed to
facilitate value exchange.”
7. I S M O N E Y D Y I N G ?
T H E O B S O L E S C E N C E T H E S I S ( 2 )
“Today money is no longer facilitating task it
was designated for.
Time is come to create a better money.”
— Winklevoss Brothers - Money 2020, Oct 2014
8. T H E C U R R E N C Y
W H AT I S M O N E Y ( 1 )
Aristotle definition of Money
• Durability: money must stand the test of time and the
elements. It must not fade, corrode, or change through
time.
• Portability: money must be able to hold a high
amount of worth, relative to its size and weight.
• Divisibility: easy to separate and recombine without
affecting its fundamental characteristics.
• Value: any good money would have intrinsic value,
without ties to any other object to support its worth.
9. T H E C U R R E N C Y
W H AT I S M O N E Y ( 2 )
• Scarce
• Divisible
• Storable
• Durable
• Fungible
• Verifiable
• Portable
• Difficult to counterfeit
• Widely accepted
Modern definition of Money
11. T O WA R D B I T C O I N
T H E G R E Y M E TA L M E TA P H O R ( 1 )
As a thought experiment, imagine there was a base metal as
scarce as gold but with the following properties:
T H E F I R S T D I G I TA L G O O D T H AT C A N N O T B E R E P L I C AT E D .
12. T O WA R D B I T C O I N
T H E G R E Y M E TA L M E TA P H O R ( 2 )
• boring grey in color;
• not a good conductor of electricity;
• not particularly strong, but not ductile or easily malleable either;
• not useful for any practical or ornamental purpose;
and one special, magical property:
• can be transported over a communications channel.
— Satoshi Nakamoto - Aug 27 2010
13. A D VA N TA G E S O F G O I N G
D I G I TA L
T H E D I G I TA L M E TA L ( 1 )
• Fast: transactions are instantaneous.
• Extensible: money behaviour can be programmed.
• Internet ready: already on the Web.
• Cheap: nearly for free.
14. A D VA N TA G E S O F G O I N G
D I G I TA L
T H E D I G I TA L M E TA L ( 2 )
• Easily accountable: anybody can start with Bitcoin in
minutes.
• Transparent: anybody can see everything is going on.
• Stable: no government can manipulate its value.
• Confidential: can be used anonymously.
15. T H E R E V O L U T I O N
W H AT I S B I T C O I N ( 1 )
‘60s definition of computer: a system that takes digital
data in input, elaborate it via an algorithmic model and
produces digital data as output.
To fully understand Bitcoin try to think how computer
revolution has been seen at beginning.
16. T H E R E V O L U T I O N
W H AT I S B I T C O I N ( 2 )
Now try to perceive the potential just reading today’s
Bitcoin definition:
a peer-to-peer network that maintains a public distributed
ledger of digital math-based assets known as bitcoins.
With this definition how hard would have been to foreseen
applications like video games and smartphones?
17. T R U S T E D T H I R D PA R T Y
T O WA R D D E C E N T R A L I Z E D A U T H O R I T Y
What is needed is an electronic payment system based on
cryptographic proof instead of trust, allowing any two willing
parties to transact directly with each other without the need
for a trusted third party.
— Satoshi Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System” -- October 31, 2008
Trustless does not mean that we do not need to trust
anything, but that we do not need to trust anyone.
18. T H E C U R R E N C Y, T H E N E T W O R K A N D
T H E L E D G E R
W H AT I S B I T C O I N
M AT H B A S E D D I G I TA L
A S S E T
D I S T R I B U T E D L E D G E R
P E E R T O P E E R N E T W O R K
The TCP/IP for money
The Bitcoin A bitcoin
The Blockchain
19. N E T W O R K O V E R V I E W
T H E B I T C O I N N E T W O R K
20. T H E F L O W - S I M P L E V I E W
T H E B I T C O I N F L O W ( 1 )
source: atlas-ats-powerpoint-indiegogo
21. T H E F L O W - C O M P L E X V I E W
T H E B I T C O I N F L O W ( 2 )
source: BitData
22. C O N F I D E N T I A L I T Y O F T H E B L O C K C H A I N ( 1 )
Every transaction is publicly logged. Anyone can see the flow of
Bitcoins from address to address.
Alone, this information can't identify anyone because the
addresses are just random numbers.
P S E U D O A N O N Y M I T Y
23. C O N F I D E N T I A L I T Y O F T H E B L O C K C H A I N ( 2 )
However, if any of the addresses in a transaction's past or future
can be tied to an actual identity, it might be possible to work
from that point and guess who may owns all of the other
addresses.
https://en.bitcoin.it/wiki/Anonymity
P S E U D O A N O N Y M I T Y
24. T H E C U R R E N C Y
S O M E N U M B E R S ( 1 )
• Availability of bitcoins is fixed at 21M, (already discovered
~16M).
• Each bitcoin can be divided in 10^8 units (1/100 000 000 is
called satoshi).
• The network tends to produce a block (12.5 new bitcoins) every
~10 minutes.
25. T H E C U R R E N C Y
S O M E N U M B E R S ( 2 )
• The block reward is halved every ~4years (or 210 000 blocks).
• Currently in 3rd reward era out of 34 (rewards end at 2140).
• 1BTC ~ €540 on online exchanges.
(At time of writing, October 2016)
26. T H E C U R R E N C Y
P R E D I C TA B L E M O N E Y S U P P LY
Inflation distribution on monetary base
27. H O W T O G E T B I T C O I N ?
F O U R WAY S T O T H E D I G I TA L E C O N O M Y ( 1 )
• Digital currency exchanges: you can change your
fiat currency (USD, EURO, etc) to Bitcoin for a small
conversion fee.
• Bitcoin ATM: a growing number of ATM to buy
Bitcoins is going available worldwide.
28. H O W T O G E T B I T C O I N ?
F O U R WAY S T O T H E D I G I TA L E C O N O M Y ( 2 )
• Transactions: you can receive Bitcoins from other
people in exchange for goods and services.
• Mining: supporting the Blockchain operations, (the
backbone of the Bitcoin ecosystem), validating
transactions between users (proof-of-work) using
custom hardware, you are rewarded with Bitcoins.
29. H I S T O R I C A L H A S H R AT E
T H E R I S E O F B I T C O I N ( 1 )
Mining hashrate trend from October 2014 to October 2016
30. H I S T O R I C A L P R I C E
T H E R I S E O F B I T C O I N ( 2 )
Bitcoin USD value from October 2014 to October 2016
31. W H O I N V E N T E D T H E B I T C O I N ?
A B I T O F H I S T O RY ( 1 )
Satoshi Nakamoto, in 2008 publishes a white paper, Bitcoin: a
Peer-to-Peer Electronic Cash System via The Cryptography
Mailing List.
In 2009-2011 he wrote a lot of posts (80000 words, the size of a
novel) in flawless english with British colloquialisms (aside only
the first post where he used American spellings).
32. W H O I N V E N T E D T H E B I T C O I N ?
A B I T O F H I S T O RY ( 2 )
Satoshi is probably a pseudonym for a developer or a group,
vanished from the web in April 2011 because he moved to other
things.
If he is not a group, he is a world class programmer, with deep
knowledge of C++, economics, cryptography and peer-to-peer
networking.
His timestamps speculation are about either east-coast US with
a fairly normal sleep schedule or western Europe with a coder
sleep schedule (probably not Japan).
33. T H E C Y P H E R P U N K R E V O L U T I O N
W H AT I S C H A N G I N G
34. R A N D O M Q U O T E S
TA K I N G A B R E AT H
Bitcoin is a remarkable cryptographic achievement and the ability to create
something that is not duplicable in the digital world has enormous value.
— Eric Schmidt (Google's former CEO)
Not having an internet strategy in 1995 is the equivalent of not having a
Bitcoin strategy now.
— Moe Levin (Bitpay CEO)
By 2005 or so, it will become clear that the Internet’s impact on the
economy has been no greater than the fax machine’s.
— Paul Robin Krugman (Nobel Memorial Prize in Economic Sciences, 1998)
Bitcoin will do to banks what email did to the postal industry
— Rick Falkvinge (Swedish Politician)
36. W H AT C A N I D O W I T H B I T C O I N S
Direct purchase: buy
goods and services
from merchants.
See coinmap.org
P2P Payments: buy
goods and services
from everyone
Investments: buy, sell fiat and
cryptocurrencies on main exchanges
See en.bitcoin.it/wiki/
Trading_bitcoins
H O W T O U S E B I T C O I N
37. B I T C O I N F O R M E R C H A N T S
Enables merchants to transparently accept bitcoins receiving
instantly fiat currency on a specified bank account.
R E C E I V E PAY M E N T S
38. B U Y / S E L L B I T C O I N A N D O T H E R C RY P T O C U R R E N C I E S
Specialized web applications to exchange fiat (EUR, USD) and crypto
currencies, also supporting advanced trading setup and APIs.
B I T C O I N E X C H A N G E S
•Coinbase
•Bitstamp
•Kraken
•Bitfinex
39. WA L L E T T Y P E S
H O W M A N Y WA L L E T T Y P E S E X I S T ? ( 1 )
Hot Wallets (online)
• Online Wallet without control of private keys
• Online Wallet with control of private keys
• Desktop PC wallet (Full node, SPV Wallets)
• Smartphone Wallet
40. WA L L E T T Y P E S
H O W M A N Y WA L L E T T Y P E S E X I S T ? ( 2 )
Cold Wallets (offline)
• Hardware Wallet (personal keys)
• Brain Wallet
• HD Wallets (Master mnemonic key generating
multiple private keys)
• Multi-signatures (p2hs)
41. H W WA L L E T S
H O W M A N Y WA L L E T T Y P E S E X I S T ? ( 3 )
sources: hardwarewallets.com, kickstarter.com
BitcoinCard
BitSafe HardwareWallet
PaperWallet
43. C O N S E N S U S I N A D E C E N T R A L I Z E D
S Y S T E M
T H E B I Z A N T I N E ’ S G E N E R A L P R O B L E M ( 1 )
A group of generals of the Byzantine army camped
with their troops around an enemy city.
Communicating only by messenger, the generals must
agree upon a common battle plan.
44. C O N S E N S U S I N A D E C E N T R A L I Z E D
S Y S T E M
T H E B I Z A N T I N E ’ S G E N E R A L P R O B L E M ( 2 )
However, one or more of them may be traitors who will
try to confuse the others. The problem is to find an
algorithm to ensure that the loyal generals will reach
agreement.
— Marshall Pease, Robert Shosthak and Leslie Lamport, The Byzantine Generals Problem
45. T H E D O U B L E S P E N D I N G P R O B L E M ( 1 )
Double-spending is the fraudulent activity of spending
same digital money more than once.
Bitcoin protects against double spending by verifying
each transaction to ensure that the inputs for the
transaction had not already been spent.
C O N S E N S U S I N B L O C K C H A I N
46. T H E D O U B L E S P E N D I N G P R O B L E M ( 2 )
Conventional financial systems prevent double-spending
using centralized authoritative servers. The most relevant
innovation of Bitcoin is the use of a decentralized peer-
to-peer system, where consensus among nodes about
the status of transactions is reached using majority.
https://en.bitcoin.it/wiki/Double-spending
C O N S E N S U S I N B L O C K C H A I N
47. WA L L E T A N D K E Y S
V I S I N N U M E R I S
https://blockchain.info/address/1fbk5AYjA7wLdwbru2CunWEuToBu1USsX
kPrivate Key
KPublic Key
ABitcoin Address
Elliptic Curve Multiplication
(One-Way)
Hashing Function
(One-Way)
Elliptic Curve Digital Signature Algorithm -- secp256k1
Hash = RIPEMD160(SHA256(pubkey))
48. T R A N S A C T I O N S
T R A C K VA L U E E X C H A N G E ( 1 )
Spending is signing a transaction which transfers value from a
previous transaction over to a new owner identified by a bitcoin
address.
— Andreas M. Antonopoulos - Mastering Bitcoin - O'Reilly 2014
49. T R A N S A C T I O N S
T R A C K VA L U E E X C H A N G E ( 2 )
Cryptographic transaction principle
source: Bitcoin: A Peer-to-Peer Electronic Cash System
50. C H A I N O F B L O C K S
T H E D I S T R I B U T E D L E D G E R
Secure Hash Algorithm — SHA256
The proof of work used in Bitcoin takes advantage of
the apparently random nature of cryptographic hashes.
A good cryptographic hash algorithm converts arbitrary
data into a seemingly-random number.
51. C O N S E N S U S V I A P R O O F O F W O R K
L O N G E S T C H A I N W I N S
Mining is a validation operation (Proof of Work)
of bitcoin transactions.
Mining activity, essential for the proper
operation of the Blockchain is rewarded with
assignment of new bitcoins.
Find a solution for
SHA256(SHA256(block header) + nonce) < target
Blockchain rewards me with a block (12.5 BTC)
Difficulty (inverse of target) will adapt to global
hashrate every ~2 weeks (2016 blocks)
Peer’s
chain 0
Peer’s
chain 1
Full Node
Peer’s
chain 2
For more informations about mining: http://www.slideshare.net/michele.mostarda/hydro-mining
52. S E C U R I T Y AT TA C K S
T H R E AT S A N D AT TA C K S I N T H E E N V I R O N M E N T
• 51% attack (50% +1)
• Block Withholding Attack
• The Race Attack
• Key Guessing / Collision Attacks
• Non-Bitcoin: non infrastructural attacks
• Non-Technical Attacks: scam activities (fraud)
Well known Blockchain vulnerabilities
Full list of Bitcoin weaknesses: https://en.bitcoin.it/wiki/Weaknesses
54. W H AT ’ S H A P P E N I N G
2 0 1 4 Q 4 S TAT U S A N D I N V E S T M E N T S ( 1 )
55. W H AT ’ S H A P P E N I N G
2 0 1 4 Q 4 S TAT U S A N D I N V E S T M E N T S ( 2 )
See also: http://coinmap.org/
H T T P : / / W W W. C O I N D E S K . C O M / S TAT E - O F - B L O C K C H A I N - Q 1 - 2 0 1 6 /
56. W H AT ’ S H A P P E N I N G
2 0 1 5 B I T C O I N L A N D F L O W S
source: ofnumbers.com
57. S P E E D U P C H A N G E
B I T C O I N A N D O P P O RT U N I T I E S ( 1 )
Before Internet it was available only peer-to-peer
computer communication. It required Telco
agreements to innovate, in general we had a low
advancement level: fax, low-level video
conference.
58. S P E E D U P C H A N G E
B I T C O I N A N D O P P O RT U N I T I E S ( 2 )
Bitcoin introduces for financial innovation the
same type of technological facilitation introduced
by Internet in telecommunication networks.
Programmable Money has born.
59. B L O C K C H A I N A S D B
P E R M A N E N T S T O R A G E ( 1 )
• Anybody can write small data (and sign any data) in
the Blockchain (for free or for a small fee).
• What is written in the Blockchain is forever.
• No one can remove or alter Blockchain
information.
60. B L O C K C H A I N A S D B
P E R M A N E N T S T O R A G E ( 2 )
• Example Applications: Proof of Existence,
decentralization of Notary Services.
• Blockchain permits Decentralized Computing.
• Blockchain supports the Internet of Things: IBM
Adept is a first authoritative example.
61. G E N E R I C A S S E T L E D G E R
C O L O R E D C O I N S ( 1 )
• Colored Coins enable the exchange of physical and
virtual goods (assets).
• They assign a meaning to the possession of a marked
(colored) bitcoin and track property transitions.
• Everybody can release and exchange a Colored Coin.
62. G E N E R I C A S S E T L E D G E R
C O L O R E D C O I N S ( 2 )
Bitcoin
Transaction
Transaction output
owned by Richard
1 bitcoin
Equals to 100 Twitter Shares
Transaction output
owned by Alice
3.33 bitcoin
Transaction output
owned by Bob
10 bitcoin
Transaction output
owned by Alice
0.25 bitcoin
Equals to 25 Twitter Shares
Transaction output
owned by Bob
0.75 bitcoin
Equals to 75 Twitter shares
Transaction output
owned by Richard
13.33 bitcoin
63. M U LT I S I G N AT U R E
E N A B L I N G S M A RT C O N T R A C T S ( 1 )
• Wallets needing more than one signature to send a
transaction.
• k/n multi-signatures are available in Bitcoin since
2012.
• Smart Contracts are trustless unbreakable
agreements.
64. M U LT I S I G N AT U R E
E N A B L I N G S M A RT C O N T R A C T S ( 2 )
• Example: micro and nano payments trustless
channels.
• Example: decentralized escrow (OpenBazaar is a
decentralized eBay).
• Example: Smart Properties.
65. A LT C O I N S
6 4 0 + C O I N S S H O U L D B E E N O U G H F O R E V E RY B O D Y ( 1 )
66. A LT C O I N S
6 4 0 + C O I N S S H O U L D B E E N O U G H F O R E V E RY B O D Y ( 2 )
• The most start as a fork of the Bitcoin codebase.
• They differ from Bitcoin for deflation parameters
or hashing algorithms.
• Being tied to Bitcoin, they become real money
too (crypto exchanges).
67. A LT C O I N S
6 4 0 + C O I N S S H O U L D B E E N O U G H F O R E V E RY B O D Y ( 3 )
• Less network effect, no real threat to Bitcoin.
• Ethereum is another story: complete rewrite of
the blockchain codebase, gained lot of attention
(and capitalization) in less than one year.
68. B I T C O I N F O R G O O D
M O N E TA RY S Y S T E M F O R D E V E L O P I N G C O U N T R I E S ( 1 )
• 50 % of the world is unbanked
• Kenya: 50 % of GDP is transacted via
Mpesa, SMS money
• Remittances: $400 B$ market, 8%
average fee
69. B I T C O I N F O R G O O D
M O N E TA RY S Y S T E M F O R D E V E L O P I N G C O U N T R I E S ( 2 )
• Microcredit
• P2P lending
• Crowdfunding
70. A C T I V I T I E S A F F E C T E D B Y T H E A D O P T I O N O F B I T C O I N
Category Disrupted Business Disrupted
Purchasing
Visa, Mastercard, American
Express
Digital Payment
Paypal, Google Play, Apple,
Amazon
Remittance Western Union
Donation Campaign Finance
Notary Notary Service
Legal Legal Service
B I T C O I N D I S R U P T I V I T Y
72. N E A R F U T U R E A P P L I C AT I O N S
L O N G T E R M O P P O RT U N I T I E S ( 1 )
• Smart Contracts
• Decentralized Applications (AppCoins)
• Decentralized Autonomous Communities/
Organizations (DAOs)
• Machine to machine enabled trading
73. N E A R F U T U R E A P P L I C AT I O N S
L O N G T E R M O P P O RT U N I T I E S ( 2 )
• Smart Internet (StorageCoin, eMailCoin,
DDosCoin, IndexCoin)
• Smart Internet Communities (OpenCoin)
• Autonomous Agents and a new Trade Network
• Ethereum https://www.ethereum.org/
74. S M A R T C O N T R A C T S
L O N G T E R M O P P O RT U N I T I E S ( 3 )
Self - enforcing and self-executing contracts that
facilitate, verify, or enforce the negotiation or
performance of a contract without a thrusted party.
75. S M A R T C O N T R A C T S
L O N G T E R M O P P O RT U N I T I E S ( 4 )
Smart contracts aim to provide security superior to
traditional contract law and to reduce other
transaction costs associated with contracting,
avoiding also to rely on a centralized entity.
76. H Y B R I D O R G A N I Z AT I O N
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 1 )
A decentralized network of AI autonomous agents
which attempt to maximise a production function
and which divides its labor into machine-intractable
tasks (which incentivises humans to do) and tasks
which it performs itself.
77. H Y B R I D O R G A N I Z AT I O N
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 2 )
It can be thought of as a corporation run without any
human involvement under the control of an
incorruptible set of business rules.
These rules are typically implemented as publicly
auditable open-source software distributed across
the computers of their stakeholders.
78. H Y B R I D O R G A N I Z AT I O N
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 3 )
A human becomes a stakeholder by buying stock in
the company or being paid in that stock to provide
services for the company.
This stock may entitle its owner to a share of the
profits of the DAO, participation in its growth, and/
or a say in how it is run.
79. D A / D O / D A O
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 4 )
• Decentralized Application (DA): simplest form of
decentralization automation. Smart Contract is an example.
• Decentralized Organization (DO): a human organization is
a combination of properties and a communication protocol
for individuals to interact with each other, including rules for
use certain parts of the properties.
80. D A / D O / D A O
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 5 )
• Decentralized Autonomous Organization (DAO):
differently from DA, a DAO has an internal capital, it
contains some kind of internal property and it has the ability
to use that property as a mechanism for rewarding certain
activities.
81. D A / D O / D A O
H U M A N - M A C H I N E C O L L A B O R AT I V E O R G A N I Z AT I O N ( 6 )
Source: http://en.wikipedia.org/wiki/Decentralized_Autonomous_Organization
82. A P P C O I N S
S M A RT F I N A N C I A L S Y S T E M S ( 1 )
Appcoins are Decentralized Applications based on the
Blockchain. Currently Bitcoin fullnodes and the Altcoin
pegged sidechains support non-Turing Complete scripts
(handling of transactions, signatures).
83. A P P C O I N S
S M A RT F I N A N C I A L S Y S T E M S ( 2 )
Several initiatives are moving toward the adoption of a full
scripting support, to enable the Blockchain or (other
sidechains) to become the support for advanced Smart
Contracts (DAs) and DAOs to setup applications like
crowdfunding and automatic share and dividend
management.
84. S M A RT F I N A N C I A L S Y S T E M S
D A O : W O R K I N P R O G R E S S
• Ethereum: Ethereum.org
• MaidSafe: maidsafe.net
• Rootstock: http://www.rsk.co
86. W H AT I S G O O D F O R ?
C O M M U N I C AT I N G B I T C O I N ( 1 )
• For consumers is a payment system which
doesn’t require to provide private credentials,
(no cloning credit card fraud)
• For marketers is a way to save transaction
costs and target products to techno-
enthusiast early adopters.
• For investors and traders is a high-risk /
high-reward speculative good.
87. W H AT I S G O O D F O R ?
C O M M U N I C AT I N G B I T C O I N ( 2 )
• For emigrants is an instrument to send
remittances without charges.
• For hackers is a brand new platform to create
innovative solutions.
88. L E G A L S TAT U S O F B I T C O I N W O R L D W I D E ( 1 )
B I T C O I N R E G U L AT I O N
•European Union: The European Central Bank
classifies Bitcoin as a convertible decentralized
virtual currency. A German court found Bitcoin to
be a unit of account. In July 2014 the European
Banking Authority advised European banks not to
deal in virtual currencies such as Bitcoin until a
regulatory regime was in place.
89. L E G A L S TAT U S O F B I T C O I N W O R L D W I D E ( 2 )
B I T C O I N R E G U L AT I O N
•United States: the U.S. Treasury classifies Bitcoin
as a convertible decentralized virtual currency. A
June 2014 U.S. government auction of almost
30,000 bitcoins, which the U.S. Marshals Service
seized from Silk Road, was said to increase
legitimacy of the currency. The U.S. Government
Accountability Office recommended that the (IRS)
formulate tax guidance for Bitcoin businesses.
90. L E G A L S TAT U S O F B I T C O I N W O R L D W I D E ( 3 )
B I T C O I N R E G U L AT I O N
•China: While private parties can hold and trade
bitcoins in China, regulation prohibits financial
firms like banks from doing the same.
Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
91. B I T C O I N A N D
T H E E C O N O M I C
T H E O RY
93. I N F L AT I O N V S D E F L AT I O N
• Inflation: value of money decreases over time.
• Deflation: value of money increases over time.
• The first seems good while the second bad, but:
• Inflation erodes the values of savings →
encourages spending → sustains economic
growth.
B I T C O I N A N D R E A L E C O N O M Y ( 2 )
94. I N F L AT I O N V S D E F L AT I O N
• Deflation discourages investments: why
spending today when spending the same
tomorrow will get me more?
• World central banks tend to regulate economy to
have a small but significant (~2%) inflation over
time.
B I T C O I N A N D R E A L E C O N O M Y ( 3 )
95. L I F E I N B I T C O I N I A
• A national economic system based on the
current Bitcoin configuration means economic
stagnation.
• Bitcoin can be used as side currency for
transactions and advanced services, not as
replacement for fiat currency.
B I T C O I N A N D R E A L E C O N O M Y ( 4 )
96. L I F E I N B I T C O I N I A
Citation: http://www.slideshare.net/larsga/bitcoin-digital-gold
• There are several Altcoin proposals designed to
solve the current Bitcoin limitations in replacing
fiat-currencies.
B I T C O I N A N D R E A L E C O N O M Y ( 5 )
97. C RY P T O C U R R E N C I E S A N D I L L E G A L A C T I V I T I E S ( 1 )
B I T C O I N A N D C R I M E
Silkroad: black market platform for selling illegal
drugs paid in bitcoins, closed by FBI in 2013.
https://en.wikipedia.org/wiki/Silk_Road_(marketplace)
98. C RY P T O C U R R E N C I E S A N D I L L E G A L A C T I V I T I E S ( 2 )
B I T C O I N A N D C R I M E
Mt. Gox: Bitcoin exchange based in Tokio,
handing 70% of transactions at that time, closed in
2014 for currency theft.
https://en.wikipedia.org/wiki/Mt._Gox
99. C RY P T O C U R R E N C I E S A N D I L L E G A L A C T I V I T I E S ( 3 )
B I T C O I N A N D C R I M E
Bitcoin Savings and Trust Scam: a Ponzi scheme
to allow users to investing at an interest of 7% a
week
https://www.techdirt.com/articles/20130723/16121723913/sec-confirms-that-bitcoin-savings-trust-
was-ponzi-scheme-files-lawsuit.shtml
100. S U G G E S T E D R E A D I N G S ( 1 )
• Introductive video to Bitcoin:
https://www.youtube.com/watch?v=Gc2en3nHxA4
• What is Bitcoin? Learn in 5 minutes:
http://www.slideshare.net/ryaneshea/bitcoin-v9
• Bitcoin basics:
http://www.slideshare.net/itBit_Bitcoin_Exchange
L I N K S A N D R E F E R E N C E S
101. S U G G E S T E D R E A D I N G S ( 2 )
• The Bitcoin vision:
https://www.youtube.com/watch?v=YIVAluSL9SU
• The Dot.org coordinating development and adoption of Bitcoin:
https://bitcoin.org/
L I N K S A N D R E F E R E N C E S
102. S U G G E S T E D R E A D I N G S ( 3 )
• Main news about crypto currency:
http://www.coindesk.com/information/
• Original Bitcoin paper:
https://bitcoin.org/bitcoin.pdf
L I N K S A N D R E F E R E N C E S
103. C O N TA C T S
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Michele Mostarda <michele.mostarda@inbitcoin.it>
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