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Introduction Bitcoin
By Chitpong Wuttanan
Update 20 Dec 2013
Agenda
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•
•
•
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What is Bitcoin
Bitcoin and Gold, The human economy evolved
The Bitcoin bubble
How to can get Bitcoins
What is Bitcoin Mining
Total Bitcoins in circulation
Bitcoin Supply
How long does it take to mine a single Bitcoin
Bitcoin consumption power
B-Commerce
Silk Road Case
Tulip Mania 2.0?
Bitcoin in Thailand
Reference
What is Bitcoin
What is Bitcoin
Bitcoin is an digital currency introduced in 2008 by pseudonymous developer
"Satoshi Nakamoto". That can be exchanged for goods and services

Digital: Bitcoins cannot be printed or physically made.
They must be generated through computerized methods.

Revolutionary: Transactions allow for anonymity and are
almost instantaneous.

Decentralized: Bitcoins are not regulated by any
government or banking institution.

Global: Bitcoins are borderless currency and can be used
anywhere.
Bitcoin and Gold, The human economy evolved
Bitcoin is one of the human economy evolved, we'd eventually transition from gold to paper
money. by which governments pegged the value of their printed currencies to amount of gold they
owned.

=
•
•
•

Limited in supply
Evolution of the barter system
Middleman for Currency Exchange
The Bitcoin bubble
November 2013, the price of a Bitcoin soared to above $1,000, from less than $15 in January. it's
driven by Chinese investors stashing money offshore, looks like a classic bubble.

Gold Price

Exchange Rate
USD >> $758.57
THB >> 24,627.25
CNY >> 4,631.83 元
(as of 20/12/2013 15:04)
(as of 20/12/2013 15:11)
Bitcoin Wallet
Bitcoins are stored in your digital wallet. when you transfer Bitcoins an electronic signature
is added. After a few minutes the transaction is verified stored in the network
How to can get Bitcoins
Bitcoin can get from digital world only, and it’s have 3 ways for get it

1

2

You can create Bitcoins through Bitcoins Mining, a process that involves running software on a computer
to solve complex mathematical equations to generate a portion of the currency. if one of the equations
is solved, then the payout is a Bitcoin.

You can get Bitcoins from selling something in online
markets.

3

You can buy Bitcoins outright at various Bitcoin exchange
markets.
What is Bitcoin Mining
Mining requires a certain amount of work for each block of coins. This rate is controlled
by the network so that bit coins are always created at a predictable and limited rate.

Bitcoin Mining
Handmade

Bitcoin Mining
Box set
What is Bitcoin Pooled Mining
Bitcoin miners join mining pools, which are groups of people who combine the processing power
of multiple computers to generate Bitcoins and they distribute any bounty generated among the
members.
Total Bitcoins in circulation
A cap of 21 million bitcoins has been issued which drives the value of a single
bitcoin up. Dec 2013 there were about 12 million Bitcoins in circulation
Bitcoin Supply
Currently 25 bitcoins are created every 10 minutes, This rate halves every four years
until all coins are created in the year 2140
How long does it take to mine a single Bitcoin
Mining Bitcoins take much time because it's a complex process, and how much time
it takes depends on the specifications of yours computer's processing units
Bitcoin consumption power
Bit Miners are used consumption power around 150,000 US$ per day to create
bitcoins.
B-Commerce
B-Commerce is a online place for support Bitcoin, now accepted over 8,500
merchants worldwide and more than 18,000 transactions per day in 2012
Silk Road Case
Silk Road is an underground website, sometimes called the "Amazon.com of illegal drugs"
or the "eBay for drugs". Silk Road had collected 9.5 million Bitcoin in revenue
Tulip Mania 2.0?
The volatility of bitcoins is reminiscent of other mania down the centuries for gold
or land or even tulips.
Things in Common Between Tulip and Bitcoin
1.
2.
3.
4.

Neither tulip nor Bitcoin have a universal value in use.
The prices of both soared suddenly.
Both have a lot of participants and discussion in the media.
Neither of them is a product compulsorily made by
governments.

"This is worse than the tulip mania," he continued. "At least then you got a tulip [at the
end], now you get nothing.“
The former president of the Dutch Central Bank, Nout Wellink said about Bitcoin
Bitcoin in Thailand
The Thai authorities have ruled that Bitcoin activities are illegal in the country,
forcing local exchange Bitcoin Co. Ltd to suspend operations.

Bitcoin
13

2556,

Bitcoin

Bitcoin
•
•
•

Bitcoin
Bitcoin
Bitcoin

Bitcoin

http://www.blognone.com/node/46923

31

2556,
Bitcoin
Bitcoin

Bitcoin

Bitcoin

USD/Bitcoin

USD/Bitcoin
USD/Bitcoin

USD/Bitcoin
Link Reference
•
•
•
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Why Bitcoins Are Just Like Gold http://motherboard.vice.com/blog/why-bitcoins-are-just-like-gold
The Bitcoin bubble http://www.economist.com/news/leaders/21590901-it-looks-overvalued-even-if-digital-currency-crashesothers-will-follow-bitcoin
https://www.mtgox.com/
http://bitcoincharts.com/charts/mtgoxUSD
http://www.weusecoins.com/en/questions
BitCoin
http://www.blognone.com/node/35180
Bitcoin
http://www.blognone.com/node/46923
Trading suspended due to Bank of Thailand advisement https://bitcoin.co.th/trading-suspended-due-to-bank-of-thailandadvisement/?lang=th
Bitcoin
http://www.blognone.com/node/46985
Thai central bank rules Bitcoin to be illegal http://www.wired.co.uk/news/archive/2013-07/29/bitcoin-illegal-in-thailand
[Infographic] What Is Bitcoin? http://bitkidz.com/infographic-what-is-bitcoin/
A bitcoin infographic. https://bitcointalk.org/index.php?topic=1578.0
Bitcoin 101 [infographic] http://holykaw.alltop.com/bitcoin-101-infographic
Infographic: The Bitcoin Ecosystem http://blog.secondmarket.com/post/54441341974/infographic-the-bitcoin-ecosystem
An Introduction To The Rise of Bitcoins [INFOGRAPHIC] - http://www.ph-creative.com/blog/posts/2013/august/anintroduction-to-the-rise-of-bitcoins-[infographic]/
The complete guide to Bitcoin! (and how to get free Bitcoins) http://forum.tf2wh.com/threads/the-complete-guide-tobitcoin-and-how-to-get-free-bitcoins.452/page-2
Tulip Mania Vs. Bitcoin http://bitcoinmagazine.com/8410/tulip-mania-vs-bitcoin/
Two sides of the bitcoin - wonder currency or tulip mania? http://www.scmp.com/business/bankingfinance/article/1366056/two-sides-bitcoin-wonder-currency-or-tulip-mania
DUTCH CENTRAL BANKER: Bitcoin Hype Is Even Worse Than Tulip Mania http://www.businessinsider.com/dutch-bankercompares-bitcoin-to-tulips-2013-12#ixzz2o0dR72Rq
Is Bitcoin the Future of Money? http://www.slideshare.net/mapsofworld/is-bitcoin-the-future-of-money
End

Contact: Chitpong Wuttanan
Chitpong@gmail.com

Chitpong Wuttanan

@ifew

Chitpong Few Wuttanan

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Introduction Bitcoin

  • 1. Introduction Bitcoin By Chitpong Wuttanan Update 20 Dec 2013
  • 2. Agenda • • • • • • • • • • • • • • What is Bitcoin Bitcoin and Gold, The human economy evolved The Bitcoin bubble How to can get Bitcoins What is Bitcoin Mining Total Bitcoins in circulation Bitcoin Supply How long does it take to mine a single Bitcoin Bitcoin consumption power B-Commerce Silk Road Case Tulip Mania 2.0? Bitcoin in Thailand Reference
  • 4. What is Bitcoin Bitcoin is an digital currency introduced in 2008 by pseudonymous developer "Satoshi Nakamoto". That can be exchanged for goods and services Digital: Bitcoins cannot be printed or physically made. They must be generated through computerized methods. Revolutionary: Transactions allow for anonymity and are almost instantaneous. Decentralized: Bitcoins are not regulated by any government or banking institution. Global: Bitcoins are borderless currency and can be used anywhere.
  • 5. Bitcoin and Gold, The human economy evolved Bitcoin is one of the human economy evolved, we'd eventually transition from gold to paper money. by which governments pegged the value of their printed currencies to amount of gold they owned. = • • • Limited in supply Evolution of the barter system Middleman for Currency Exchange
  • 6. The Bitcoin bubble November 2013, the price of a Bitcoin soared to above $1,000, from less than $15 in January. it's driven by Chinese investors stashing money offshore, looks like a classic bubble. Gold Price Exchange Rate USD >> $758.57 THB >> 24,627.25 CNY >> 4,631.83 元 (as of 20/12/2013 15:04) (as of 20/12/2013 15:11)
  • 7. Bitcoin Wallet Bitcoins are stored in your digital wallet. when you transfer Bitcoins an electronic signature is added. After a few minutes the transaction is verified stored in the network
  • 8. How to can get Bitcoins Bitcoin can get from digital world only, and it’s have 3 ways for get it 1 2 You can create Bitcoins through Bitcoins Mining, a process that involves running software on a computer to solve complex mathematical equations to generate a portion of the currency. if one of the equations is solved, then the payout is a Bitcoin. You can get Bitcoins from selling something in online markets. 3 You can buy Bitcoins outright at various Bitcoin exchange markets.
  • 9. What is Bitcoin Mining Mining requires a certain amount of work for each block of coins. This rate is controlled by the network so that bit coins are always created at a predictable and limited rate. Bitcoin Mining Handmade Bitcoin Mining Box set
  • 10. What is Bitcoin Pooled Mining Bitcoin miners join mining pools, which are groups of people who combine the processing power of multiple computers to generate Bitcoins and they distribute any bounty generated among the members.
  • 11. Total Bitcoins in circulation A cap of 21 million bitcoins has been issued which drives the value of a single bitcoin up. Dec 2013 there were about 12 million Bitcoins in circulation
  • 12. Bitcoin Supply Currently 25 bitcoins are created every 10 minutes, This rate halves every four years until all coins are created in the year 2140
  • 13. How long does it take to mine a single Bitcoin Mining Bitcoins take much time because it's a complex process, and how much time it takes depends on the specifications of yours computer's processing units
  • 14. Bitcoin consumption power Bit Miners are used consumption power around 150,000 US$ per day to create bitcoins.
  • 15. B-Commerce B-Commerce is a online place for support Bitcoin, now accepted over 8,500 merchants worldwide and more than 18,000 transactions per day in 2012
  • 16. Silk Road Case Silk Road is an underground website, sometimes called the "Amazon.com of illegal drugs" or the "eBay for drugs". Silk Road had collected 9.5 million Bitcoin in revenue
  • 17. Tulip Mania 2.0? The volatility of bitcoins is reminiscent of other mania down the centuries for gold or land or even tulips. Things in Common Between Tulip and Bitcoin 1. 2. 3. 4. Neither tulip nor Bitcoin have a universal value in use. The prices of both soared suddenly. Both have a lot of participants and discussion in the media. Neither of them is a product compulsorily made by governments. "This is worse than the tulip mania," he continued. "At least then you got a tulip [at the end], now you get nothing.“ The former president of the Dutch Central Bank, Nout Wellink said about Bitcoin
  • 18. Bitcoin in Thailand The Thai authorities have ruled that Bitcoin activities are illegal in the country, forcing local exchange Bitcoin Co. Ltd to suspend operations. Bitcoin 13 2556, Bitcoin Bitcoin • • • Bitcoin Bitcoin Bitcoin Bitcoin http://www.blognone.com/node/46923 31 2556, Bitcoin Bitcoin Bitcoin Bitcoin USD/Bitcoin USD/Bitcoin USD/Bitcoin USD/Bitcoin
  • 19. Link Reference • • • • • • • • • • • • • • • • • • • • Why Bitcoins Are Just Like Gold http://motherboard.vice.com/blog/why-bitcoins-are-just-like-gold The Bitcoin bubble http://www.economist.com/news/leaders/21590901-it-looks-overvalued-even-if-digital-currency-crashesothers-will-follow-bitcoin https://www.mtgox.com/ http://bitcoincharts.com/charts/mtgoxUSD http://www.weusecoins.com/en/questions BitCoin http://www.blognone.com/node/35180 Bitcoin http://www.blognone.com/node/46923 Trading suspended due to Bank of Thailand advisement https://bitcoin.co.th/trading-suspended-due-to-bank-of-thailandadvisement/?lang=th Bitcoin http://www.blognone.com/node/46985 Thai central bank rules Bitcoin to be illegal http://www.wired.co.uk/news/archive/2013-07/29/bitcoin-illegal-in-thailand [Infographic] What Is Bitcoin? http://bitkidz.com/infographic-what-is-bitcoin/ A bitcoin infographic. https://bitcointalk.org/index.php?topic=1578.0 Bitcoin 101 [infographic] http://holykaw.alltop.com/bitcoin-101-infographic Infographic: The Bitcoin Ecosystem http://blog.secondmarket.com/post/54441341974/infographic-the-bitcoin-ecosystem An Introduction To The Rise of Bitcoins [INFOGRAPHIC] - http://www.ph-creative.com/blog/posts/2013/august/anintroduction-to-the-rise-of-bitcoins-[infographic]/ The complete guide to Bitcoin! (and how to get free Bitcoins) http://forum.tf2wh.com/threads/the-complete-guide-tobitcoin-and-how-to-get-free-bitcoins.452/page-2 Tulip Mania Vs. Bitcoin http://bitcoinmagazine.com/8410/tulip-mania-vs-bitcoin/ Two sides of the bitcoin - wonder currency or tulip mania? http://www.scmp.com/business/bankingfinance/article/1366056/two-sides-bitcoin-wonder-currency-or-tulip-mania DUTCH CENTRAL BANKER: Bitcoin Hype Is Even Worse Than Tulip Mania http://www.businessinsider.com/dutch-bankercompares-bitcoin-to-tulips-2013-12#ixzz2o0dR72Rq Is Bitcoin the Future of Money? http://www.slideshare.net/mapsofworld/is-bitcoin-the-future-of-money
  • 20. End Contact: Chitpong Wuttanan Chitpong@gmail.com Chitpong Wuttanan @ifew Chitpong Few Wuttanan