bitcoin

A digital currency

Transcript

1. bitcoin A digital currency Tuesday, 23 April, 13
2. Background Found by developer, Satoshi Nakamoto in 2008 2008 financial crash Independent of government , politicians and banker Tuesday, 23 April, 13
3. What is bitcoin A crypto-currency Not rely on central authorities Decentralized, peer-to-peer Predictable and limited in supply Tuesday, 23 April, 13
4. How it works Insta" Wa"et client Join the bitcoin network W ait and earn Tuesday, 23 April, 13
5. How it works Join Mining pool About 10 minutes to find a block Reward according the contributed processing power Tuesday, 23 April, 13
6. How it works bitcoin address - identify each person block chain - Public shared transaction log Tuesday, 23 April, 13
7. Block Mathematical problem which is difficult to solve Multiple valid solutions Block found when there is one of the solutions Difficulty of the problem is automatica"y adjusted by the network Tuesday, 23 April, 13
8. Block Each block cotains 50 bitcoin at start, halved every 210,000 blocks 25 bitcons per block now Hard limit 21 mi"ions Tuesday, 23 April, 13
9. Block chain Every block contains a hash of the previous block blocks to form a chain Longest chain is valid (depend on difficulty) Contains every transactions Tuesday, 23 April, 13
10. Transaction As confirmed a&er 6 records Take about an hour to be confirm by network Tuesday, 23 April, 13
11. Spend it bitcoin exchange, http://mtgox.com Other services https://www.spendbitcoins.com/places/ A man sold hisPorsche Cayman for 300 bitcoins Tuesday, 23 April, 13
12. Statistics Over US$1 mi"ion USD of daily trade volume distributed across 40,000 transactions. Total value of a" bitcoins in circulation is over US$300 mi"ion. Tuesday, 23 April, 13
13. Risk No support why do I trust it ? Dropping (om a high of US$265 to around US$150 in couple of days Tuesday, 23 April, 13
14. Problems 21 mi"ion coins isn't enough Early adopters are unfairly rewarded Not Widely Accepted Tuesday, 23 April, 13
15. Side effect Hight electricity consumption Drug trading, black market Tuesday, 23 April, 13
16. The End http://bitcoin.org Tuesday, 23 April, 13