This document provides an overview of Bitcoin, including how the Bitcoin ecosystem works, how mining generates new Bitcoins, advantages like low transaction fees and anonymity, concerns around volatility and security, and predictions about Bitcoin disrupting traditional banking and financial systems. Key points covered include Bitcoin being the first cryptocurrency based on public key cryptography, the decentralized peer-to-peer network maintaining the blockchain, and opportunities for innovative applications in digital transactions globally.

1. BitCoin
An overview

2. Why ?

3. First crypto-currency

4. Basics – Public key cryptography

5. How BitCoin ecosystem works ?

6. A wallet to start off

7. BitCoin transaction

8. The new Gold Rush

9. Genesis Block

10. Mining Details
• Hash strings beginning with 0’s
• Mining program is open source!
• Generate a new block by taking an existing
block, set of transactions and a nonce
• Current target hash – less or equal is accepted
• Difficulty – set by the network
• Transaction fees to incentivize new block gen.
• Become part of a pool

11. THE Network
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BitCoin network – one and only
Decentralized and open to all
Low transaction fees
Constant bitcoin generation (10 min / block)
100 petaFLOPs
Irrevocable transactions

12. Advantages
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Almost 0 processing fee – across the world
No need of a bank account !
Equal chance of mining
Anyone can create an exchange
Anonymity
Businesses accept bitcoins (wordpress, baidu, reddit, etc..)
Financial Control – no one can question

13. Wait.. But..

14. Concerns
• BitCoin is anti-inflationary
• No central authority – double edged sword
• Hacker prone – tough to be exceed 30 trillion
calculations per second and 100 petaFLOPs –
but possible
• Regulatory uncertainty
• Secure your wallets – digitally!
• Volatile exchange prices

15. Predictions..
• Present day disruptions thanks to P2P systems
– Telephone ---> VOIP (skype / hangout)
– SMS – almost obsolete
– File transfers / music players
– Mail (post boxes as antiques ? )
• Banks – do we really need them ?
• Decentralized and global financial system
– Money over Internet !

16. Opportunities
• A new way to transact
– Irrevocable transactions (adv : E-Comm sites)
• Innovative applications – money reaches
where banks can’t reach
• World-wide system – Forex (what’s that ?)
• Optimizing face-to-face transactions – cannot
replace credit cards. Minimum 10 mins to
confirm

17. Thank You