Bitcoins

A P2P Electronic Cash System

Transcript

1. Zac Ioannidis Ben Matthews Bitcoins a P2P electronic cash system
2. Contents What Are Bitcoins? How Does It Work? Pros and Cons The Future of Bitcoins
3. What Are Bitcoins? P2P Digital Currency (Based on Digital Information) Anonymous Decentralized Open-Source
4. How Does It Work? Bitcoin mining Digital wallet Every node has a private/public key Every Bitcoin is a chain of digital signatures Based on a deflationary economic model
5. Advantages Secure Transactions Anonymity No Central Authority -> No Taxes No Transaction Costs Free Market Exchange Rates
6. Disadvantages Not widely accepted Continuous fluctuation of valuation Transactions can’t be reversed Enables money laundering, arms/drug trade (Silk Road) Bitcoin lives in a legal “gray” area
7. The Future of Bitcoin Paradigm Shift Mainstay or Milestone? Failed Experiment?
8. THANK YOU