bitcoin

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