Bitcoin101
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Bitcoin talk Dot net user group 12.2.2014
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Bitcoin101
- 1. Bitcoin 101 Ryan Milbourne @RyanMilb
- 2. Talk Outline ● Origins ● How it works ● Why it matters
- 4. What is Bitcoin? ● Ledger of all transactions ● Bitcoin is Protocol ● Decentralized Consensus Mechanism
- 5. Misc Facts ● Limited ● Bitcoin mining network 8 times faster than top 500 supercomputers ● Semi-Anonymous
- 6. 1.Private Key 2.Public Key
- 7. Private key E9 87 3D 79 C6 D8 7D C0 FB 6A 57 78 63 33 89 F4 45 32 13 30 3D A6 1F 20 BD 67 FC 23 3A A3 32 62 Public Key 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
- 12. Raspberry Pi
- 14. Securing the Bitcoin Network
- 15. Notes on Mining: ● 1 block mined approx every 10 min ● Last bitcoin mined in 2140 ● Transaction fee ● Block Reward set at 25
- 17. Benefits of Bitcoin ● Escape Capital Controls ● Financial Freedom ● Algorithmic Regulation
- 18. For Merchants ● Lower Fees ● No Charge backs ● Less fraudulent transactions
- 19. Microtransactions ● One Satoshi 0.00000001 ● Publishing ● Fundraising
- 22. Empower Billions ● 1 Billion with access to: o International Markets o Banking services ● More people have access to a cellphone than sanitation (U.N. Study) ● Gets around obstacles of obtaining a bank account
- 24. Disadvantages ● Volatility ● 51% attack ● Scalability ● Regulated as a commodity
- 25. Price over the past 2 years
- 26. ...Now on a logarithmic scale
- 29. Scalability ● Visa 2,000 Transactions per second ● Pay Pal 40-100 tps ● Bitcoin 7 tps
- 31. MTGOX
- 32. Keeping Mt. Gox in Perspective State of Bitcoin Q2 2014 Source: Baseline Scenario $8.9bn fine
- 33. Regulation ● FEC Approved ● IRS released guidelines ● SEC Approved Bitcoin backed ETF
- 34. BitLegal.io
- 35. BitPay’s $30m Round was the Largest Bitcoin VC Deal to Date • More than 30,000 total merchants • As of January 2014, adding more than 1,000 merchants to its network each week • Processing $1m in bitcoin payments every day • Processed more than $100m in bitcoin payments in 2013
- 36. Key Bitcoin Adoption Metrics Commerce Jun-14 Jun-13 YoY Δ Wallets 5,327,688 765,039 7x Merchants 63,000 N/A N/A ATMs 103 N/A N/A Unique bitcoin addresses used per day 136,152 41,271 3x Media Mentions in mainstream media 9,500 2,163 4x Technology Network hash rate (billion/second) 111,194,683 162,269 685x Github No. of updated repositories 12,365 676 18x Investment Bitcoin market capitalization ($bn) 8.3 1.0 8x Industry VC investment over last 12 months ($m) 200.7 17.1 12x Number of VC-backed start-ups 49 7 7x State of Bitcoin Q2 2014
- 37. Bitcoin’s Price is Now on Yahoo Finance, Google Finance and Bloomberg State of Bitcoin Q2 2014
- 38. How to get bitcoins ● LocalBitcoins.com ● Coinbase.com ● Exchanges ● ATMs
- 39. The Future ● Crypto 2.0 ● Services built on top of bitcoin ● Smart Contracts ● Decentralized marketplaces
- 40. “I really like Bitcoin. I own Bitcoins. It’s a store of value, a distributed ledger. It’s a great place to put assets, especially in places like Argentina with 40 percent inflation, where $1 today is worth 60 cents in a year, and a government’s currency does not hold value. It’s also a good investment vehicle if you have an appetite for risk. But it won’t be a currency until volatility slows down.” David Marcus, CEO of Paypal
- 41. Thank you For more info: www.coindesk.com RyanTMilbourne@gmail.com @RyanMilb