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The UX of Bitcoin


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The UX of Bitcoin

  1. 1. Tamim Swaid, nexum AG, Consultant23.06.2013 BerlinThe UX of Bitcoin
  2. 2. 22005 - Wie funktioniert Geld? – Max von Bock – YouTube
  3. 3. Reviewer: “What Zarlenga elegantly makes clear is that all money hasalways been a creature of law, i.e. someone decrees it so. As such it isopen to abuse and perversion.”32007 – Reading about money- Stephen Zarlenga- 700 Pages- Now 100 € - 300 €
  4. 4. 2011 – Read first articles about Bitcoins
  5. 5. June 2011 – Exchange rate of Bitcoin in USDBTCPI$25BTCPI$300Klaszlo first to buy pizza with Bitcoins agreeing uponpaying 10,000 BTC for ~$25 worth of pizza
  6. 6. What I got from the first reading• Digital Currency• Created by computers through cryptography• Sounds like a revolution
  7. 7. Get Bitcoins for free
  8. 8. 2011 -
  9. 9. 920111 - Mt. Gox
  10. 10. Failed Attempt Tried to register on two different sites on a sunday Failed completing the registration I really don‘t know why – Probably tried to do it while doing otherthings
  11. 11. First Crash in 2011 Probably you’ll never know exactly why the crash came – at the endit’s a trust game
  12. 12. 2012• Perhaps read one or two articles
  13. 13. Jan 2013 – Omega Tau Podcast Gavin Andresen Technical lead at theBitcoin Foundation Quite good explanation Still needed to listen to itseveral times
  14. 14. 142013 Mt Gox
  15. 15. 152013
  16. 16. 16Process of buying Bitcoins at bitcoin.deRegisterConnectBank Account tobitcoin.deUser Account(like PayPal)Buy and Sell Bitcoinsbased onuser trust level(Gold, Silver, Bronce)1 2 3
  17. 17. 17My Bitcoins – Getting Rich
  18. 18. 182013 Bitcoin Exchange Rate TodayBTCPI$1Mio
  19. 19.  It‘s based on cryptography which is based on mathematics Before trying new things people want to understand them. Bitcoin is quite hard to grasp Look at the Transfer Adress:19UX Flaw No. 1 – Understanding it.Bitcoin is the Linux of money
  20. 20. 20UX Flaw No. 2 – The AdressBitcoin: 1DJFT3pLArWFGT4gatqTPWcRufuv4y1BarhE-Mail:
  21. 21. 21Receiving Bitcoins on Computer – Like the first E-Mail
  22. 22.  The position of the government towards people trading, buying andselling bitcoins is unclear. Would you work for bitcoins? What about taxes?22UX Flaw No. 3 – Legality§?
  23. 23. 23Banks already starting to resist
  24. 24. 24UX Flaw No. 4 – What to do with BitcoinsExchangeFinancial InvestmentOnline CasinoPaymentVolatilVolatil and for what?Satoshi Dice 3,6 Mio Bets
  25. 25.  Never underestimate the power of the believers Mistrust in other currencies and trust in Bitcoins - In no one we trust Mining Computers are beeing build and sold – Hashing Power? The difficulty Level for mining is getting higher People are innovating, writing software, building devices with the anincentive – Different then just open source software (number ofdevelopers)25The Bitcoin Believers - The Communiy of Trust
  26. 26. 26Bitcon Miners
  27. 27. 27Bitcoin network has the power of 1039.79 petaflopsApplying the 12,700 flops perhash rate to the leadingsupercomputers shows thetop 10, with a combinedspeed of 48 petaflops, havejust 5 percent the muscle oftoday’s bitcoin network,according to The GenesisBlock. Even adding in theremaining 490 most powerfulsupercomputers achieves justa fraction of what the bitcoinnetwork can do.
  28. 28. 28ATM Machines for getting BitcoinsAttendee Evan Rose fed two$20 bills into the machineand saw the bitcoins hit hisdigital wallet within seconds.
  29. 29. 29Hardware devices like theTREZOR that cannot beinfected by malware willmake holding bitcoins aseasy and secure as holdingpaper money. They are anexciting step in theevolution of Bitcoin from anexperiment for geeks to apayment system anybodycan use.Lock your Bitcoins in a specialized hardware lock
  30. 30. 30VC‘s investing in Bitcoin Companies
  31. 31. 31From the start of May untilJune 4, China soared to thetop of the charts, surpassingeven the US. During thatperiod, Chinese addressesaccounted for just over onequarter of all downloads ofthe original Bitcoin client.The US had a still-respectable 21.94 percent.
  32. 32. 32130 Developers working on bitcoinRead:
  33. 33. 33Others also started very small
  34. 34. 34Thank YouTamim Swaid@tamimat