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The UX of Bitcoin

The UX of Bitcoin

A quick presentation that I held in 2013 about the User Experience of Bitcoin.


Tamim Swaid

June 23, 2013

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  1. Tamim Swaid, nexum AG, Consultant 23.06.2013 Berlin The UX of

  2. 2 2005 - Wie funktioniert Geld? – Max von Bock

    – YouTube
  3. Reviewer: “What Zarlenga elegantly makes clear is that all money

    has always been a creature of law, i.e. someone decrees it so. As such it is open to abuse and perversion.” 3 2007 – Reading about money - Stephen Zarlenga - 700 Pages - Now 100 € - 300 €
  4. 2011 – Read first articles about Bitcoins

  5. June 2011 – Exchange rate of Bitcoin in USD BTCPI

    $25 BTCPI $300K laszlo first to buy pizza with Bitcoins agreeing upon paying 10,000 BTC for ~$25 worth of pizza
  6. What I got from the first reading • Digital Currency

    • Created by computers through cryptography • Sounds like a revolution
  7. Get Bitcoins for free

  8. 2011 - Bitcoin.org

  9. 9 20111 - Mt. Gox

  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 other things
  11. First Crash in 2011 § Probably you’ll never know exactly

    why the crash came – at the end it’s a trust game
  12. 2012 • Perhaps read one or two articles

  13. Jan 2013 – Omega Tau Podcast § Gavin Andresen §

    Technical lead at the Bitcoin Foundation § Quite good explanation § Still needed to listen to it several times
  14. 14 2013 Mt Gox

  15. 15 2013 bitcoin.de

  16. 16 Process of buying Bitcoins at bitcoin.de Register Connect Bank

    Account to bitcoin.de User Account (like PayPal) Buy and Sell Bitcoins based on user trust level (Gold, Silver, Bronce) 1 2 3
  17. 17 My Bitcoins – Getting Rich

  18. 18 2013 Bitcoin Exchange Rate Today BTCPI $1Mio

  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: 19 UX Flaw No. 1 – Understanding it. Bitcoin is the Linux of money
  20. 20 UX Flaw No. 2 – The Address Bitcoin: 1DJFT3pLArWFGT4gatqTPWcRufuv4y1Barh

    E-Mail: yourmail@gmail.de
  21. 21 Receiving Bitcoins on Computer – Like the first E-Mail

  22. § The position of the government towards people trading, buying

    and selling bitcoins is unclear. § Would you work for bitcoins? § What about taxes? 22 UX Flaw No. 3 – Legality §?
  23. 23 Banks already starting to resist

  24. 24 UX Flaw No. 4 – What to do with

    Bitcoins Exchange Financial Investment Online Casino Payment Volatil Volatil and for what? Satoshi Dice 3,6 Mio Bets
  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 an incentive – Different then just open source software (number of developers) 25 The Bitcoin Believers - The Communiy of Trust
  26. 26 Bitcon Miners

  27. 27 Bitcoin network has the power of 1039.79 petaflops Applying

    the 12,700 flops per hash rate to the leading supercomputers shows the top 10, with a combined speed of 48 petaflops, have just 5 percent the muscle of today’s bitcoin network, according to The Genesis Block. Even adding in the remaining 490 most powerful supercomputers achieves just a fraction of what the bitcoin network can do.
  28. 28 ATM Machines for getting Bitcoins Attendee Evan Rose fed

    two $20 bills into the machine and saw the bitcoins hit his digital wallet within seconds.
  29. 29 Hardware devices like the TREZOR that cannot be infected

    by malware will make holding bitcoins as easy and secure as holding paper money. They are an exciting step in the evolution of Bitcoin from an experiment for geeks to a payment system anybody can use. Lock your Bitcoins in a specialized hardware lock
  30. 30 VC‘s investing in Bitcoin Companies

  31. 31 From the start of May until June 4, China

    soared to the top of the charts, surpassing even the US. During that period, Chinese addresses accounted for just over one quarter of all downloads of the original Bitcoin client. The US had a still- respectable 21.94 percent.
  32. 32 130 Developers working on bitcoin Read: http://motherboard.vice.com/blog/whos-building-bitcoin-an-inside-look-at-bitcoins-open-source-development

  33. 33 Others also started very small

  34. 34 Thank You Tamim Swaid @tamimat