Bitcoin is a complex topic, covering cryptography, software engineering and economics. It is difficult to grasp its essence with only a superficial look at it. But that is all this article has to offer. We’ll try to answer a few basic questions and wet your appetite for more.
Bitcoin : A fierce decentralized crypto currency - ReportShivek Khurana
This document summarizes a student paper on Bitcoin that was submitted for a Bachelor's degree. The paper studies the Bitcoin protocol and implements a basic CPU-based Bitcoin miner. It provides background on Bitcoin as a decentralized cryptocurrency not regulated by banks. Key aspects covered include cryptographic hashes, digital signatures, transactions, blocks and the blockchain, proof-of-work, mining networks, money supply, and mining pools. The student also developed a web-based Bitcoin miner and discusses future work and conclusions.
Blockchain and Bitcoin : A Technical Overviewanupriti
Blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block and is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.Bitcoin is a proven application that runs on BLOCKCHAIN.This ppt gives the reader an over view of the concept of BLOCKCHAIN.The same was presented by self on 20th June 2017 at Gurgaon Commissioner of Police office during Summer Internship Program under aegis of Shri Rakshit Tandon
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
Confused by some of the terms used on CoinDesk? Here you will find a complete bitcoin 101 that will help you to understand digital currency by explaining commonly used terms and their meanings.
Bitcoin has not become a mainstream currency despite early predictions, due to various factors that prevent it from replacing existing payment systems. While it introduced peer-to-peer transactions without third parties, most mining power is concentrated in a few large pools, giving them control over the blockchain. Incentives for miners are also decreasing over time. Additionally, Bitcoin's anonymity enables illegal uses and most governments have not established a legal framework for it, while critics argue the large energy usage for mining is wasteful. Security breaches also threaten the currency's value and stability.
Content that helps to understand bitcoin and blockchain. Starts with currency basics, to clear the fact that bitcoin is not doing anything tangentially wrong. Followed by that bitcoin is covered and blockchain in detail.
Bitcoin : A fierce decentralized crypto currency - ReportShivek Khurana
This document summarizes a student paper on Bitcoin that was submitted for a Bachelor's degree. The paper studies the Bitcoin protocol and implements a basic CPU-based Bitcoin miner. It provides background on Bitcoin as a decentralized cryptocurrency not regulated by banks. Key aspects covered include cryptographic hashes, digital signatures, transactions, blocks and the blockchain, proof-of-work, mining networks, money supply, and mining pools. The student also developed a web-based Bitcoin miner and discusses future work and conclusions.
Blockchain and Bitcoin : A Technical Overviewanupriti
Blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block and is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.Bitcoin is a proven application that runs on BLOCKCHAIN.This ppt gives the reader an over view of the concept of BLOCKCHAIN.The same was presented by self on 20th June 2017 at Gurgaon Commissioner of Police office during Summer Internship Program under aegis of Shri Rakshit Tandon
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
Confused by some of the terms used on CoinDesk? Here you will find a complete bitcoin 101 that will help you to understand digital currency by explaining commonly used terms and their meanings.
Bitcoin has not become a mainstream currency despite early predictions, due to various factors that prevent it from replacing existing payment systems. While it introduced peer-to-peer transactions without third parties, most mining power is concentrated in a few large pools, giving them control over the blockchain. Incentives for miners are also decreasing over time. Additionally, Bitcoin's anonymity enables illegal uses and most governments have not established a legal framework for it, while critics argue the large energy usage for mining is wasteful. Security breaches also threaten the currency's value and stability.
Content that helps to understand bitcoin and blockchain. Starts with currency basics, to clear the fact that bitcoin is not doing anything tangentially wrong. Followed by that bitcoin is covered and blockchain in detail.
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“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, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
The document provides an introduction to Bitcoin and blockchain technology. It discusses how blockchain creates an immutable and distributed digital ledger through the use of cryptography and consensus across a decentralized network. It notes that while blockchain dates back to the 1970s, it is a novel combination of existing technologies that has created new opportunities for digital currencies, smart contracts, and other applications.
Bitcoins may change the way we transfer money overseas or buy goods both locally and overseas. As part of my online UDEMY course Money Laundering in a Digital World I have created a basic overview of Bitcoin.
Bitcoin as an Emerging Technology Written ReportShane Hickey
This document provides an overview of a project on Bitcoin that examines the technology behind Bitcoin and its current and potential future uses. It begins with an executive summary of Bitcoin as a decentralized digital currency. It then discusses traditional currency and how Bitcoin compares, explaining how Bitcoin works through balances tracked on the blockchain, transactions facilitated by public and private keys, and mining to process transactions. The document also covers current uses of Bitcoin including acquiring, storing, making purchases with, and investing in Bitcoin. It examines competition from traditional currencies, other cryptocurrencies, and online payment systems. Finally, it discusses potential future developments and applications of Bitcoin technology.
Blockchain workshop PwC March 2018. Explanation of bitcoin and blockchain, Historical analogies, pros and cons, examlples. (Slides don't tell the full story, it included hands on activtiies)
This document discusses several cryptocurrencies and their applications and security aspects. It summarizes Namecoin, which aims to decentralize domain name systems and public key infrastructure through a blockchain. It also summarizes Potcoin, which targets the cannabis industry, and Primecoin, which uses prime number calculations for its proof-of-work.
Here is the Bitcoin Report. The report involves every aspect of Bitcoin that one need to understand Bitcoin from scratch. Following are the contents that are being covered by the report:-
· Abstract
· Introduction
· History and its Creation
· Working of Bitcoin
· Advantages
· Disadvantages
· Challenges to Bitcoin
· Scope of Bitcoin
· Conclusion
Hope this will help
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.
Blockchain Technology: A Technical Introduction to Non-Technical PeopleMecklerMedia
This document provides a technical introduction to blockchain and Bitcoin for non-technical audiences. It explains core concepts like asymmetric encryption, Bitcoin addresses and transactions, the blockchain as a public ledger, mining and how transactions are ordered, and challenges like scalability and volatility. It also discusses potential applications of blockchain technology beyond currency, such as using it to prove ownership of assets like land titles, art, stocks, and digital identities.
This document provides an introduction and overview of Bitcoin. It discusses how Bitcoin was invented by Satoshi Nakamoto as a decentralized digital currency controlled by consensus rather than a central authority. It describes how Bitcoin can be used to store and exchange value, outlines how Bitcoin wallets work and how transactions are sent and received, explains the process of Bitcoin mining to validate transactions and introduce new Bitcoins, and discusses some of the legal status of Bitcoin in different countries.
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.
There are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As organisations formulate their plans for the coming months, this paper aims to help business and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.
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.
Introduction to Bit Coin Model describing the key underlying technological features, operational details, uses and applications. Implications for Mobile Operators.
Bitcoin is a decentralized digital currency created by unknown person or group called Satoshi Nakamoto. It allows for peer-to-peer transactions without an intermediary. Bitcoins are produced through mining, where computers validate transactions by solving complex math problems and are rewarded with new bitcoins. The total number of bitcoins is limited to 21 million. While bitcoin offers advantages like low fees and accessibility, it also faces criticisms around its energy use and potential for criminal activity. Whether to invest in bitcoin depends on one's risk tolerance since its value is volatile without an underlying asset.
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 - Introduction, Technical Aspects and Ongoing DevelopmentsBernhard Haslhofer
This document provides an introduction to Bitcoin, covering its technical aspects and ongoing developments. It begins with introductions from two presenters, Bernhard Haslhofer and Aljosha Judmayer. The agenda then outlines an overview of Bitcoin, including its introduction, technical aspects such as how the blockchain works, and ongoing developments like alternative applications and recent initiatives from MIT. It also briefly discusses Bitcoin's history with crime and potential applications beyond digital currency.
Bitcoin, Ethereum, and Blockchain - Digital Literacy @ Columbia University Bu...Chris Castiglione
Bitcoin is two things: a digital currency AND a new technology.
In this course I'll give you the tools to think intelligently about the technology of Bitcoin, and the skills to buy, trade, and store your digital currencies.
Online course:
https://onemonth.com/courses/bitcoin
Bitcoin vs. Ethereum
https://learn.onemonth.com/bitcoin-vs-ethereum/
Join Coinbase
https://www.coinbase.com/join/5341c04e2e00c46d2100006c
As criptomoedas tendem a mudar a forma da nossa sociedade lidar com o dinheiro. Essa apresentação traz as questões mais básicas sobre criptomoedas, mais especificamente Bitcoin e o seu subproduto que tende a ter até mais aplicações: Blockchain.
This document discusses Bitcoin and a proposed solution for purchasing Bitcoin using ATMs. It describes Bitcoin as a decentralized digital currency that can be used like e-money. The proposed solution would allow users to purchase Bitcoin by inserting cash into an ATM and having Bitcoin deposited directly into their digital wallet within 30 seconds. The solution aims to simplify the Bitcoin purchase process and provide an easy-to-use interface requiring only a Bitcoin wallet. It also details how the ATMs would be integrated with exchanges and how agent profits could reach $108,000 annually with installing just 5 ATMs.
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“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, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
The document provides an introduction to Bitcoin and blockchain technology. It discusses how blockchain creates an immutable and distributed digital ledger through the use of cryptography and consensus across a decentralized network. It notes that while blockchain dates back to the 1970s, it is a novel combination of existing technologies that has created new opportunities for digital currencies, smart contracts, and other applications.
Bitcoins may change the way we transfer money overseas or buy goods both locally and overseas. As part of my online UDEMY course Money Laundering in a Digital World I have created a basic overview of Bitcoin.
Bitcoin as an Emerging Technology Written ReportShane Hickey
This document provides an overview of a project on Bitcoin that examines the technology behind Bitcoin and its current and potential future uses. It begins with an executive summary of Bitcoin as a decentralized digital currency. It then discusses traditional currency and how Bitcoin compares, explaining how Bitcoin works through balances tracked on the blockchain, transactions facilitated by public and private keys, and mining to process transactions. The document also covers current uses of Bitcoin including acquiring, storing, making purchases with, and investing in Bitcoin. It examines competition from traditional currencies, other cryptocurrencies, and online payment systems. Finally, it discusses potential future developments and applications of Bitcoin technology.
Blockchain workshop PwC March 2018. Explanation of bitcoin and blockchain, Historical analogies, pros and cons, examlples. (Slides don't tell the full story, it included hands on activtiies)
This document discusses several cryptocurrencies and their applications and security aspects. It summarizes Namecoin, which aims to decentralize domain name systems and public key infrastructure through a blockchain. It also summarizes Potcoin, which targets the cannabis industry, and Primecoin, which uses prime number calculations for its proof-of-work.
Here is the Bitcoin Report. The report involves every aspect of Bitcoin that one need to understand Bitcoin from scratch. Following are the contents that are being covered by the report:-
· Abstract
· Introduction
· History and its Creation
· Working of Bitcoin
· Advantages
· Disadvantages
· Challenges to Bitcoin
· Scope of Bitcoin
· Conclusion
Hope this will help
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.
Blockchain Technology: A Technical Introduction to Non-Technical PeopleMecklerMedia
This document provides a technical introduction to blockchain and Bitcoin for non-technical audiences. It explains core concepts like asymmetric encryption, Bitcoin addresses and transactions, the blockchain as a public ledger, mining and how transactions are ordered, and challenges like scalability and volatility. It also discusses potential applications of blockchain technology beyond currency, such as using it to prove ownership of assets like land titles, art, stocks, and digital identities.
This document provides an introduction and overview of Bitcoin. It discusses how Bitcoin was invented by Satoshi Nakamoto as a decentralized digital currency controlled by consensus rather than a central authority. It describes how Bitcoin can be used to store and exchange value, outlines how Bitcoin wallets work and how transactions are sent and received, explains the process of Bitcoin mining to validate transactions and introduce new Bitcoins, and discusses some of the legal status of Bitcoin in different countries.
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.
There are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As organisations formulate their plans for the coming months, this paper aims to help business and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.
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.
Introduction to Bit Coin Model describing the key underlying technological features, operational details, uses and applications. Implications for Mobile Operators.
Bitcoin is a decentralized digital currency created by unknown person or group called Satoshi Nakamoto. It allows for peer-to-peer transactions without an intermediary. Bitcoins are produced through mining, where computers validate transactions by solving complex math problems and are rewarded with new bitcoins. The total number of bitcoins is limited to 21 million. While bitcoin offers advantages like low fees and accessibility, it also faces criticisms around its energy use and potential for criminal activity. Whether to invest in bitcoin depends on one's risk tolerance since its value is volatile without an underlying asset.
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 - Introduction, Technical Aspects and Ongoing DevelopmentsBernhard Haslhofer
This document provides an introduction to Bitcoin, covering its technical aspects and ongoing developments. It begins with introductions from two presenters, Bernhard Haslhofer and Aljosha Judmayer. The agenda then outlines an overview of Bitcoin, including its introduction, technical aspects such as how the blockchain works, and ongoing developments like alternative applications and recent initiatives from MIT. It also briefly discusses Bitcoin's history with crime and potential applications beyond digital currency.
Bitcoin, Ethereum, and Blockchain - Digital Literacy @ Columbia University Bu...Chris Castiglione
Bitcoin is two things: a digital currency AND a new technology.
In this course I'll give you the tools to think intelligently about the technology of Bitcoin, and the skills to buy, trade, and store your digital currencies.
Online course:
https://onemonth.com/courses/bitcoin
Bitcoin vs. Ethereum
https://learn.onemonth.com/bitcoin-vs-ethereum/
Join Coinbase
https://www.coinbase.com/join/5341c04e2e00c46d2100006c
As criptomoedas tendem a mudar a forma da nossa sociedade lidar com o dinheiro. Essa apresentação traz as questões mais básicas sobre criptomoedas, mais especificamente Bitcoin e o seu subproduto que tende a ter até mais aplicações: Blockchain.
This document discusses Bitcoin and a proposed solution for purchasing Bitcoin using ATMs. It describes Bitcoin as a decentralized digital currency that can be used like e-money. The proposed solution would allow users to purchase Bitcoin by inserting cash into an ATM and having Bitcoin deposited directly into their digital wallet within 30 seconds. The solution aims to simplify the Bitcoin purchase process and provide an easy-to-use interface requiring only a Bitcoin wallet. It also details how the ATMs would be integrated with exchanges and how agent profits could reach $108,000 annually with installing just 5 ATMs.
Esa presentación apunta a mostrar que Bitcoin, más que una forma de enviar y recibir dinero, es un ecosistema entero y global que esta cambiando nuestras vidas.
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.
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.
Bitcoin Challenges - The Dawn of Trustless ComputingMichele Mostarda
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.
What is Bitcoin, why it succeed?
How it works?
How developers could integrate Bitcoin payment to their systems
The video in the slides is available at : https://www.youtube.com/watch?v=W0qn3oPYo5c
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.
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
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.
Este documento proporciona una introducción a Bitcoin, describiendo sus ventajas como una moneda digital de bajo costo y global que permite transacciones rápidas. Explica que Bitcoin puede ser minado a través de software de código abierto y que su creador es Satoshi Nakamoto. También incluye consejos sobre cómo comprar, almacenar y usar Bitcoin de manera segura.
Este documento explica qué es Bitcoin. Comienza definiendo qué es el dinero y los problemas del sistema monetario actual basado en la deuda. Luego introduce Bitcoin como una moneda electrónica descentralizada con escasez programada que se basa en la criptografía de clave pública. Finalmente, describe cómo funcionan las direcciones Bitcoin, las transacciones y la cadena de bloques que garantiza las transacciones de forma descentralizada.
An essential slide-deck about Bitcoin, what is bitcoin mining, how to mine bitcoins, bitcoin trading, how to purchase bitcoins. Learn about the history and future of Bitcoin, the new open source currency.
An Introduction to BitCoin and Cryptocurrency EcosystemJalal Rohani
A very short introduction to BitCoin and cryptocurrency market capital. Also you can can see a brief introduction to one of the new business made over the concept, CoinBase.
El documento habla sobre Bitcoin. Explica que Bitcoin es una criptomoneda descentralizada creada por Satoshi Nakamoto en 2008. Detalla cómo se generan los Bitcoins a través de la minería y cómo se negocia con ellos utilizando monederos virtuales. También analiza las ventajas e inconvenientes de Bitcoin y resume brevemente su historia y la quiebra de la casa de cambio MtGox en 2014. Por último, discute posibles modelos de regulación como tratar a Bitcoin como una banca libre, un monopolio de emisión o un commodity.
Este documento presenta una introducción a Bitcoin, incluyendo: 1) La red Bitcoin funciona como un banco central y procesador de pagos descentralizado las 24 horas; 2) El protocolo Bitcoin usa criptografía para validar transacciones de forma segura y descentralizada; 3) Bitcoin tiene potencial para ser disruptivo como medio de pago debido a sus bajas comisiones y rapidez de transferencias.
Introduction of Bitcoin, explain for newbie and financial person, easy to understanding.
Language
English 99%
Thai 1% (only "Bitcoin in Thailand)
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
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.
Bitcoin is a decentralized digital currency introduced in 2009 that allows for peer-to-peer financial transactions without a central authority. It uses blockchain technology to record transactions through a public ledger maintained by a network of computers. New bitcoins are created through a process called mining where users offer their computing power to verify transactions. Bitcoins can be obtained by mining or in exchange for fiat money, products, or services. Users can send and receive bitcoins electronically through wallet software. The blockchain protects against fraud by requiring digital signatures to validate transactions and cryptographic hashes to prevent modification of ledger entries.
A really simple explanation of Bitcoin and why everyone afraid of it.
My other FinTech presentations:
Bitcoin: http://www.slideshare.net/ishmelev/bitcoin-future
Digital bank: http://www.slideshare.net/ishmelev/digital-bank-eng
Future of bank: http://www.slideshare.net/ishmelev/bank-future
- Bitcoin is a digital currency created in 2009 that allows for lower transaction fees than traditional payment methods and operates without central authority. It uses blockchain technology to record transactions through a peer-to-peer network.
- Bitcoin's value comes from its scarcity as determined by algorithms within the blockchain and the demand for the currency by speculators and merchants. However, investing in bitcoin carries risks from price volatility, lack of regulation, security issues, and uncertainty around its long-term viability.
- While some see bitcoin as the future of digital payments, governments are still working to determine how it will be regulated and whether it can become a mainstream currency or remain a niche investment.
This e-book is a comprehensive guide to crypto-quantum, the revolutionary technology that enables secure communication, data storage, and authentication. It provides an in-depth look at the cryptographic algorithms that make crypto-quantum secure, and how they can be used in a variety of applications. It also covers the basics of quantum computing and its implications for the future of cryptography. With the help of this e-book, you can gain the knowledge and skills to apply this emerging technology to your own projects.
Bitcoin-for-Beginners- the history of cryptocurrencies.Marc Clarysse
Bitcoin was created in 2008 by an anonymous person through a white paper and was launched in 2009. Initially, bitcoin had little value compared to the US dollar, with one person using 10,000 bitcoin to purchase a pizza. As of 2022, one bitcoin is worth around $59,000 after rising dramatically over 12 years. Bitcoin is now viewed more as a store of value than a currency due to long transaction times. It runs on blockchain technology which records and verifies transactions without a central authority.
Unlock the secrets of profiting from the cryptocurrency revolution with "Bitcoin Explosion: Don't Miss Out on the Gold Rush!" This comprehensive eBook is your ultimate guide to understanding, investing in, and profiting from Bitcoin and the exciting world of cryptocurrencies.
Are you intrigued by the rise of Bitcoin and want to seize the opportunities it offers? Whether you're a novice looking to get started or an experienced trader seeking advanced strategies, this eBook has you covered.
Bitcoin Beginner_ A Step By Step Guide To Buying, Selling And Investing In Bi...vensanpublishing
Cryptocurrencies come with proven advantages. And you need to know what they are - because you could make a fortune just by discovering what other wealthy crypto investors like me figured out a few years ago.
I’m going to tell you what those advantages are in just a moment.
All fiat currencies worldwide are valued at around $107 trillion.
This number is so big it’s hard to grasp.
That’s $107,000,000,000,000.
Compare that to Bitcoin’s current value of just over $1 trillion.
For Bitcoin to reach only 5% the size of outdated fiat currencies its price has rise to $286,527.
And for Bitcoin to replace a mere 10% of fiat currencies its price has to rise to over half a million dollars.
Of course, that doesn’t happen overnight.
Bitcoin’s rise from a few pennies to $60,000 took over 8 years.
At first, I was sure I had missed the boat with Bitcoin. I got in when I was sure it must already be too late.
But, I still made so much money... I was able to retire in my 30’s and travel the world carefree with my wife for 5 full years.
A COMPREHENSIVE PROJECT ON BITCOIN WITH REFERENCE TO INDIANsv Raghavendra
The document provides an overview of cryptocurrencies such as Bitcoin. It begins by defining cryptocurrency and how it differs from traditional currencies by not requiring a central authority. It then discusses the origins and creation of Bitcoin by Satoshi Nakamoto as the first cryptocurrency. It provides details on how Bitcoin works, including how new Bitcoins are mined through solving computational puzzles and transactions are recorded on the blockchain. It also discusses the volatility of Bitcoin pricing and how its value has fluctuated significantly over time. In closing, it briefly touches on Bitcoin ATMs which allow people to purchase Bitcoin using cash.
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.
Embark on an inspiring journey into the world of digital finance with this captivating PowerPoint presentation on the pioneer of cryptocurrency, Bitcoin. Be amazed when you discover the transformative power and game-changing capabilities of this groundbreaking innovation. Enter a world where traditional banking meets cutting-edge technology as we delve into the birth and evolution of Bitcoin. We shine a light on its enigmatic creator Satoshi Nakamoto, revealing the groundbreaking concept of blockchain that lies at the heart of this digital marvel. Enjoy the unparalleled benefits that Bitcoin has to offer. Free us from the control of financial intermediaries and experience first hand the decentralized nature where individuals have complete control over their own funds. Find out how Bitcoin implements unprecedented privacy and security measures to ensure every transaction is confidential and non-peeping. Feel the adrenaline rush as we uncover Bitcoin's incredible potential to revolutionize the global economy. Marvel at its ability to enable lightning-fast peer-to-peer transactions across borders, eliminate expensive intermediaries, and reduce transaction costs to a fraction of the traditional methods. Let's see how Bitcoin's limited supply and deflationary nature can protect us from the devastating effects of inflation and preserve our hard-earned wealth. As we continue our presentation, we'll delve into the myths surrounding Bitcoin, dispel skepticism, and shed light on doubts about its volatility. Gain a deeper understanding of the underlying factors driving Bitcoin market dynamics and separate fact from fiction. Be captivated by captivating imagery, captivating stories, and real-life success stories surrounding Bitcoin's rise to fame. See how early adopters became millionaires overnight and how multinationals are integrating this digital currency into their business processes. Witness the unstoppable momentum behind Bitcoin's global adoption as more individuals and businesses realize its intrinsic value. Join us on an exciting quest for cryptocurrency pioneer Bitcoin and witness the transformative power within. Get ready for an immersive experience that will captivate your audience and leave them hungry to learn more about this dynamic digital revolution.
Bitcoin is a cryptocurrency. It is a decentralized payment system and kept alive due to the technology called Blockchain. These are peer-to-peer transactions. These transactions are verified by using a cryptography technology bank. Chain technology keeps the record of the distributed ledger. Bitcoins can be earned as a reward through mining. This currency can be convertible into other currencies, products, and services. Bitcoin has been emerging as a famous digital currency and popularity all over for quick transition. Moreover, bitcoin will be an economic asset because it has profitable results. The purpose of this research study is to explain the complete working of bitcoins technology, applications, and research challenges to be addressed, and the current future international market scope of Bitcoin technology.
Bitcoin was proposed by Satoshi Nakamoto on 31st Oct 2008. It is the pseudonym used by an individual or a collective group of people. In January 2009, the First open-source Bitcoin client was released and the bitcoin network came into existence. Satoshi Nakamoto is an inventor of bitcoin, and blockchain technology. All through it’s a false name. This is how he introduced himself to the internet. Unfortunately, many people think that because Satoshi Nakamoto has invented Bitcoin and the Blockchain technology, he is the owner of those too. The reality is that Satoshi Nakamoto has neither control over the Blockchain nor bitcoin. Therefore, it really doesn’t matter who Satoshi Nakamoto is.
Blockchain is a technology, and its first function was on the platform named bitcoin. Bitcoin is Blockchain. However, Bitcoin itself is only a cryptocurrency that is capable of replacing fiduciary currency. Nevertheless, not that many people will like the idea at first.
Bitcoin Technology” Bitcoin is an innovative technology that offers several benefits, such as fast transaction speeds, low costs, and the elimination of the need for a third-party intermediary to process transactions. Unfortunately, BitCoin has faced resistance from regulators because the technology has been used for nefarious purposes, including online drug purchases and Ponzi schemes. This note provides a basic explanation of how BitCoin works and is currently regulated on federal and state levels. This note argues that BitCoin should not be forced into old regulatory frameworks that do not adequately balance security concerns with the benefits of BitCoin. BitCoin should not be regulated at the federal level. Instead, state regulations should focus on BitCoin providers that can unilaterally transfer or block transfers of BitCoin on behalf of users. State regulators should require such providers to register with their given states, maintain adequate books and records, implement advanced cyber security standards, conduct audits of their operations, and submit reports to state regulators. In crafting these regulations, regulators should keep in mind that vague or poorly drafted regulations will chill innovation. A Bitcoin would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.
What is Bitcoin and How is it related to Satoshi Nakamoto White Paper.pdfSuraj Sharma
Well the terms like bitcoin & block chain are being coined and referred to everywhere over the internet or over any investment or financial platform the reason being its increasing popularity and the mammoth returns that people have made by investing in these avenues.
Although the concept of bitcoin is known to many but still there are many that are confronted with this question that what is a bitcoin and how does it work? so, in this blog I have made a sincere effort to explain the same in the easiest of manner for you to understand this concept. So as we move ahead we will dive in this concept of What is Bitcoin? How is it related to White paper of Satoshi Nakamoto? to understand the basics of bitcoins and how would its future be like.
The term crypto currency is being coined everywhere due to its increased popularity worldwide, it is being looked at with great aspiration to park one’s money for a lucrative and manifold return. One can well imagine the return percentage on his/her investment in bitcoins by the fact that 1 bitcoin was worth $0 in 2009 and it now values at $55,353 (at the time of writing this article).
This means you could have been a millionaire or a billionaire if a reasonable investment was made in bitcoins in 2009 and was to be redeemed now.
Cryptocurrency- A Digital asset as a medium of exchange:
Crypto currency is a digital asset that is designed in such a manner that it offers the benefits of a medium of exchange like any other currency, so you can buy any item in exchange of these digital assets that you possess from the seller that accepts these forms of payments.
These digital assets are stored in computerized databases as they do not exist in physical form, using strong cryptography to secure the transaction records.
Decentralized Cryptocurrency Explained in Easy:
Whenever these digital currencies are minted, mined or created by the originator , the process is said to have exercised a centralized control, however when these are further disseminated to larger groups a decentralized control is said to have exercised. Each cryptocurrency functions through a distributed ledger technology that is typically known as block chain technology that serves as a public financial transaction database.
Although there are several other Cryptocurrencies that exist in the digital world and they too have offered good returns over a period of time, but the major issue involved in these digital currencies is that they are not backed by any of the apex bank of any country nor do they are traded in any banking channel.
Usually these digital currencies or cryptocurrencies that are not backed by any government or banking channel have no intrinsic value and nor do they will have in future.
Their values are derived purely on the basis of market forces of demand and supply and are a private fiat money. The market of these digital assets is highly volatile and have no capping on their price increase or decrease.
Bitcoin was created in 2009 by the anonymous person or group known as Satoshi Nakamoto. Bitcoin is a cryptocurrency that operates on a decentralized peer-to-peer network without a central authority. Among its benefits over traditional currencies are discreet, quick, and affordable transactions without third parties, a limited supply of 21 million bitcoins that increases its value, and transparency through public recording of all transactions on the blockchain. However, bitcoin also carries risks like volatility, instability if the network of miners declines, and loss of coins if private keys are compromised. Since 2009, bitcoin has captured interest from many as a profitable opportunity, payment method, or technological experiment.
Bitcoin is a worldwide payment system and a form of digital currency. Bitcoin is created electronically, unlike traditional currencies such as minted coins or printed bills. Unlike traditional currency, bitcoin is not controlled by a central bank and, by extension, no single authority can manipulate its value or destabilize its network. Users exchange bitcoins electronically via cryptographic addresses. This is done through third-party exchange sites.
Bitcoin is a digital currency created by the anonymous Satoshi Nakamoto and is not controlled by any single entity. It uses cryptography to control the creation of new bitcoins and verify transactions without the need for a central authority. Users can send and receive bitcoins through peer-to-peer software or exchanges. While bitcoins have value due to demand and a limited supply, transactions are not completely anonymous and bitcoin exchanges can experience price differences.
- Bitcoin is a digital currency that operates on a peer-to-peer network without central authorities or banks. It was created in 2009 by an anonymous developer known as Satoshi Nakamoto.
- Transactions are recorded in a public ledger called the blockchain, and bitcoins are issued as a reward for processing transactions through mining. Users store bitcoins in digital wallets and can send and receive bitcoins for transactions.
- While Bitcoin provides advantages like low fees and financial freedom, it also faces challenges of market volatility and a need for wider acceptance to benefit from network effects. Development of Bitcoin software and services is ongoing as the currency continues to mature.
The Skyrocketing Success of Bitcoin: A Complete Guide
Bitcoin is a decentralized digital currency that uses cryptography for secure financial transactions. It was first introduced in 2009 by an anonymous individual or group known as Satoshi Nakamoto. Since its inception, Bitcoin has gained a massive following and has become a household name in the world of finance and technology.
Read the Full Article on Bitcoin
https://cryptojourneyblog.com/the-birth-of-bitcoin/
Similar to What you should know about bitcoin (20)
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Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
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3. The first time I heard about Bitcoin was in 2012.
Jeff, one of the software architects I worked with at
the time, was enthusiastic about the matter. What I
took away from our conversations is that Bitcoin is a
virtual currency that can be used anonymously to
buy things online. My limited – and naive –
research led me to believe that the primary use cases
for Bitcoin were money laundering and purchasing
illegal goods on the Silk Road. Given that I had no
money to launder and no interest in what was being
sold on the Silk Road, I dismissed Bitcoin altogether,
despite Jeff’s repeated attempts to convince me that
it was the future of money and very cool technology.
4. Fast forward two years… I’m in Montreal with a few
colleagues. One of them, Fred, was even more
passionate about Bitcoin than Jeff. Fred had purchased
bitcoins as an investment, which appreciated five fold.
His only regret was not buying more. Had I missed the
boat? So I returned online to seek the truth. Fred was
right. Bitcoin had significantly appreciated in value. But
was the bubble about to burst? Should I ignore the
news stories about Mount Gox – a Bitcoin exchange –
getting hacked and loosing $450 million worth of
bitcoins? Silk Road was also in the news with its
founder Ross Ulbricbht’s arrest, conviction of seven
charges related to the Silk Road, and sentence to life in
prison without parole. There and then, I dismissed
Bitcoin for the second time. Sigh.
5. Which brings us to today. Right before Christmas,
Netflix recommended a Bitcoin documentary… so I
watched. It piqued my curiosity enough to watch a
second documentary that was equally interesting. At
this point, I wanted to learn more, so I decided to go
straight to the source and downloaded Satoshi
Nakamoto’s original paper on Bitcoin. After reading
the paper, I realized that Bitcoin was a lot more than
just a currency that could be used for illegal activities.
Jeff was right – but don’t tell him I said so. The
underlying technology described in the paper has the
potential to disrupt entire industries. That week, I read
two books on the subject, setup a wallet, and purchased
my first Bitcoin. As they say, third time’s a charm.
7. Bitcoin is a complex topic, covering cryptography,
software engineering and economics. It is difficult to
grasp its essence with only a superficial look at it. But
that is all this article has to offer. We’ll try to answer
a few basic questions and wet your appetite for
more:
What is Bitcoin?
How does Bitcoin work?
Who invented Bitcoin?
What can you do with bitcoins?
How many bitcoins are there?
How much is a bitcoin worth?
Without further due, let me introduce you to Bitcoin.
9. Originally referred to as a peer-to-peer electronic
cash system by its inventor Satoshi Nakamoto,
Bitcoin consists of a cryptographic currency
that is transferred, stored and traded on a
decentralized network of computer nodes that
manage a distributed ledger used to validate
transactions.
10. Bitcoin is a cryptographic currency
Bitcoin is called a cryptographic currency (or crypto-currency
for short) because it is based on the science of cryptography,
which involves the encoding and decoding of information in
order to protect its integrity or secrecy. Without cryptography,
Bitcoin could not have existed. Cryptographic tools used by
Bitcoin include:
Public-private key cryptography to handle transactions
Cryptographic hash functions to secure the information in
the ledger
Symmetric key cryptography to protect a user’s private
keys
11. The legal status of Bitcoin as a currency varies
substantially from country to country and is still
undefined or changing in many of them. While
some countries have explicitly allowed its use and
trade, others have banned or restricted it. The
United States classifies bitcoin as a convertible
decentralized virtual currency. In Argentina,
where the inflation rate averaged 203.46 percent
from 1944 until 2015, bitcoin is considered money
but not legal currency. Bitcoin is illegal in Russia.
While private parties can hold and trade bitcoins
in China, regulation prohibits financial firms like
banks from doing the same.
12. Bitcoin is a decentralized network
One of the most innovative features of Bitcoin is that it is decentralized. Most
currencies in use today are fiat money, where the currency is issued by a government
and its supply managed by a central bank. Bitcoin on the other hand is independent
from any institution or government.
Bitcoin operates as a peer-to-peer network of computers – called nodes – that allows its
users to engage in pseudo anonymous financial transactions, while ensuring that
payments are properly processed. For their efforts, the miners that operate the
computers and take on the role of validating transactions are awarded small transaction
fees and newly created bitcoins.
There are currently over 6000 nodes distributed across eighty countries. Anyone can
support the Bitcoin network by running a node to validate transactions and blocks.
However, Bitcoin mining can be difficult, costly, and not without risk. As it stands,
mining solo is nearly deprecated. The energy cost and equipment depreciation can cost
more than the actual bitcoins earned are worth.
13. Bitcoin is a distributed ledger
When you purchase a bitcoin, you buy a slot in the ledger that is
maintained across the decentralized network.
The idea of a crypto-currency has been popular for years, but it
did not gain traction until Bitcoin, which incorporated a ledger
combined with financial incentives to keep the system honest and
protect it from hackers. The ledger does not store accounts and
balances. The ledger – or blockchain – holds the transactions that
have occurred in the past as well as the current holders of the
funds. It is a financial database that is designed to be immutable
and resilient against users trying to double-spend their funds.
15. By solving the double-spending problem
The main technological breakthrough
accomplished by Bitcoin is solving the double-
spending problem, which occurs when a user tries
to spend the same funds twice. This is relatively
straightforward to address in a centralized system.
However, in a decentralized system, many copies
of the ledger are shared among the nodes, which
must agree on the state of the ledger when
messages between the nodes can be corrupted.
16. By verifying transactions using a system of
consensus
Potential transactions are broadcast to nodes on the
network, which in turn devote large amounts of
computational power to verify that the transactions are
valid using a proof-of-work system. A transaction is
considered valid only when a majority of nodes in the
network determine that it is valid. This computational
power serves the purpose of providing protection
against attacks and is rewarded with the payment of
small transaction fees and issuance of new bitcoins.
17. By not identifying users with their personal
information
All financial information flowing through the
Bitcoin network is public, except for the identities
behind the transactions. Bitcoin does not use
personal information to identify the holders of
funds, but Bitcoin addresses. An address is a long
string of seemingly random letters and numbers.
An addresses is the public part of a public–private
cryptographic key. The private part of the key is
under the safeguard of the user.
18. By creating an immutable chain of blocks of
transactions
Transactions are grouped in blocks of transactions
roughly every 10 minutes. These blocks are then
recorded one after the other in a chain of blocks,
hence the name blockchain. Blocks are linked to
create a record of the history of transactions that
cannot be altered. The link between blocks is a
cryptographic link that cannot be forged unless
the attacker has vast computational resources at
their disposal.
20. Satoshi Nakamoto
Bitcoin began as a paper released to a mailing list of cryptography enthusiasts in November
2008 by an individual or group known only pseudonymously as Satoshi Nakamoto.
In January 2009, Satoshi released the first code for using Bitcoin and started the network by
mining the first bitcoins. Bitcoin is open source. This makes the source code available for
anyone to use, modify, and redistribute free of charge. Interested? Download it from here.
Nakamoto’s release of Bitcoin came one month after Lehman Brothers declared bankruptcy,
setting the stage for the 2008 financial crisis. Although the timing was most likely
unintentional, it certainly came at a time when many people were losing trust in fiat
currencies and methods of controlling money.
Satoshi Nakamoto is believed to hold an estimated 1 million bitcoins, worth $428 million as
of April 17, 2016. Satoshi largely went underground in 2010. However, as intended,
Bitcoin’s popularity and the range of use cases for its distributed ledger protocol have
continued to grow despite the absence of its creator.
21. Who is Satoshi Nakamoto?
No one knows. Not conclusively at any rate. Numerous people have been suggested as possible
Satoshi Nakamoto’s by major media outlets:
On Oct. 10, 2011, the New Yorker published an article speculating that Nakamoto might
be Irish cryptography student Michael Clear, or economic sociologist Vili Lehdonvirta.
A day later, Fast Company suggested that Nakamoto could be a group of three people –
Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent
related to secure communications that was filed two months before bitcoin.org was
registered.
A Vice article published in May 2013 added more suspects to the list, including Gavin
Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-
defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi
Mochizuki.
Perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi
is actually Satoshi Nakamoto, a 64-year-old Japanese American engineer living in
California.
Or is Nakamoto this unknown Australia genius? Maybe yes, maybe no.
23. Very much like traditional money, Bitcoin is
expected to satisfy three functions:
As a medium of exchange, bitcoins can be used
to facilitate the sale, purchase or trade of
goods between parties.
As a store of value, bitcoins have value and can
be stored and retrieved over time.
As a unit of account, a bitcoin is a
measurement of value that is divisible,
fungible, and countable.
24. Most common Bitcoin business applications
Money transfer. The average fee in the remittance market is reported to be in the range of 8% to
9%. Bitcoin transaction fees on the other hand are in the order of 0.01% to 0.05%. In
principle, Bitcoin has a cost advantage compared to current money transmitters.
Exchanges. Exchanges allow users to convert bitcoins (and other cryptocurrencies) to money. Some
exchanges allow the conversion of different cryptocurrencies, such as between bitcoin and other
alt-coins.
Thousands of merchants have signed up with the leading payment processors. The fees charged
stand at around 1%, which compare favorably with fees of around 2% to 3% for other payment
methods such as credit cards.
Web wallets. Web wallets are companies that hide the complexity of managing a Bitcoin wallet from
their users, providing an experience more similar to online banking services.
Mining. Miners receive revenues via block rewards and transaction fees. Total mining revenue for a
year is around 1.3 million bitcoins. Mining is therefore one of the biggest businesses in Bitcoin.
ATMs. Bitcoin ATMs allow users to buy or sell bitcoins with cash. Optionally, some ATMs might
generate a paper wallet, that would include the public and private keys for users that do not
have a wallet.
26. There are approximately 15 million bitcoins in
circulation today. New bitcoins are minted
approximately every ten minutes when a
transaction block is added to the ledger. This will
continue until 21 million bitcoins have been
created in the year 2041. At that time, no further
bitcoins will ever be issued. Contrast this to a
central bank that has the authority to issue new
currencies at any time, therefore deflating its value.
28. Bitcoins are the unit of currency of the Bitcoin
system. A commonly used shorthand for this is
“BTC” to refer to a price or amount (e.g. “1 BTC”).
The price of bitcoin will fluctuate based on it’s
perceived value. As of April 17, a bitcoin was worth
$428. See how much a bitcoin is worth today.
A bitcoin can be divided down to 8 decimal places,
known as a Satoshi. Therefore, 0.00000001 BTC is
the smallest amount that can be handled in a
transaction. If necessary, the protocol and related
software can be modified to handle even smaller
amounts.
30. Bitcoin is a cryptographic currency that has the potential to empower people
of all nations to take back control over their financial lives. It removes
government monopolies over the creation and management of money,
replacing politicians with mathematics in a decentralized network. It cuts
down on the cost and burdens imposed by middlemen such as banks, credit
card companies and money transfers. More than 100,000 merchants accept
Bitcoin as payment and the number of Bitcoin users is now estimated to be
at around 10 million worldwide and constantly rising. Yet, it is just be
beginning.
Bitcoin is more than a cryptographic currency. Its underlying distributed
ledger technology – called the blockchain – has the potential to transform
entire industries beyond financial services including education, energy,
entertainment, from fine wine to lotteries, governments, healthcare,
insurance, law, music, pay TV, real estate, smart cities, supply chain
management, travel, and many more businesses and society altogether.
Alternative blockchain implementations such as the Ethereum
and Hyperledger projects are beginning to emerge. Blockchain could be the
most disruptive invention since the Internet and deserves it’s own article –
hopefully soon! Until then, checkout this video and follow Bitcoin Twit on
Twitter for the latest stories on Bitcoin and the blockchain.
31. This article contains derivative works of Mastering
Bitcoin by Andreas M. Antonopoulos used
under CC BY 4.0, and Wikipedia used under CC
BY-SA 3.0. This work is licensed under CC BY
4.0 by Paul Tocatlian.