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UX14 - BitCoining Experience (Ranjeet Tayi)

October 10, 2014

UX14 - BitCoining Experience (Ranjeet Tayi)

Bit Coins are one most disruptive technologies in recent times with an impact that may ultimately be as big as the internet. Bitcoin uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of bitcoins is carried out collectively within a network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and anyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is a virtual currency and the Bitcoin user experience will be very important for widespread adoption and use. In my talk I am going to talk about the evolution of currency, crypto currencies and Bit Coins. I will also discuss Bitcoin experiences and the Bitcoin platform eco-system, Bit Coin facts, and the possible future of Bit Coins.


October 10, 2014

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  1. BitCoining Experience Ranjeet Tayi Principal, User Experience - Informatica International

    Conference on User Experience Design – Bangalore , India. 10th October 2014
  2. 1816 Present 1900 1930 Only few nations tie the value

    of currency to price of gold. US begins a world wide movement to end tying currency to gold The US adopts the gold standards England makes gold a benchmark of value of currency The Gold Standard
  3. US$ Real Goods / Services Virtual Goods / Services Closed

    Flow Hybrid Open Flow Virtual Currencies “An unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community”- European Central Bank. “A medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency” - US Department of Treasury - Wikipedia Next - Virtual Currency
  4. Bit Coins • Bit Coin is a peer-to-peer payment systems

    and a digital currency. • BTC is a type of crypto currency. Crypto, because it uses cryptography technology to work. • It doesn't exist as physical object. Bit Coin has a form of a long string that carries all of its information. • “CASH” for the internet. • Bitcoins can be stored electronically on computers and mobile phones across the internet. It is also a means to circulate, share and transact, just like PayPal or VISA. 1Mx3dNbiXLtYLiJq8F9BbriiLgRRhS34RA
  5. Mining 21 Million The maximum number of it Coins that

    can exists ever. 2140 The year the last remaining Bitcoins will be supposedly mined. Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. Miners are rewarded newly generated bitcoins for verifying transactions.
  6. Wallet • You can bring a Bitcoin wallet in your

    everyday life with your mobile or you can have a wallet only for online payments on your computer. • Wallets are computer files that holds bitcoins. • Each wallet has a unique address that distinguishes it from other wallets. • If you lose the address, that Bitcoin is lost forever.
  7. Block Chain The block chain is a shared public ledger

    on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
  8. Silk Road Silk Road is an underground website, sometimes it

    is also called as the AMAZON / eBAY of “illegal Drugs” 9.5 M Collected Bitcoin in revenue FEB 2011 JULY 2013 $1.2 Billion worth of business
  9. Lack of international acknowledgement • Not all governments acknowledge BTC

    as a currency or as good. • Some governments intervene: • China and Thailand have forbidden any use of that technology. • USA and Canada have developed set of laws regulating activity of firms that work with BTC. • Germany imposed taxes on all income that comes in the form of BTC for German citizens.
  10. • There are 70+ “alt coins” (Alternative bitcoins - inspired

    ) with market caps over $1M USD. • Each vary their technology based on offering different benefits and markets. • Because the technology is open source anybody can launch a new type of “Coin” • But the challenge is adoption and that is where Bitcoin is winning. Other Crypto currencies
  11. Payment freedom Very low fees Fewer risks for merchants Security

    and control Transparent and neutral Micro transactions Global Can change the future Degree of acceptance Volatility Ongoing development – still in beta. Wallets can be lost Lack of price stability. No buyer protection Lack of regulations Advantages and Disadvantages
  12. http://revistadonna.clicrbs.com.br/porai/2013/01/12/vida-longa-ao-papel/ UX Challenges • Difficult to Understand. • It is

    based on mathematics. Only top mathematicians and cryptographers understand the algorithms. • Long address, very difficult to remember 1Mx3dNbiXLtYLiJq8F9BbriiLgRRhS34RA • Lack of trust on digital money. • Too many crypto currencies taking birth each month. • There are many Bitcoin wallet’s and every UI looks & behaves very different. • Governments are unclear about BTC. • Challenges with illegal usage. • Not clear, what to do with Bitcoins? • Still a newbie, can’t predict future. • The psychology of decimals. NEED TO UPDATE THE SLIDE
  13. • It’s Bigger than what we can imagine. • The

    rise of many new Bitcoin startups. • Huge opportunity to innovate as Bit coin platform is open source. • Government’s and banks will also innovate new policies, tax systems and regulations. • This is still like the early stage of the internet… Can you imagine a person without an email now? • New demand for developers /UX designers who have crypto currency background.
  14. Ux’er. Ranjeet Tayi www.ranjeeth.com I ACCEPT BITCOINS I believe Bitcoin

    is a great, recent innovation. I remain neutral about bitcoin itself, but am very excited by the mining methodology and use of bitcoins. Over time, the technology will become more secure and governments will develop policies and regulations that help create secure transaction environments. References https://bitcoin.org/ https://www.iconfinder.com http://bitcoinmagazine.com/8274/the-psychology-of-decimals/ http://www.slideshare.net/jamesgagliardi http://sapientnitroblog.com/post/63066867197/the-future-of-money 1Mx3dNbiXLtYLiJq8F9BbriiLgRRhS34RA [email protected] Thanks a TON!