cubeit bitcoin lecture

BitcoinTHE FUTURE OF MONEY

@Mr_M_Russell #TheCubeIT #Bitcoin

TodayWhat is Bitcoin & Cryptocurrency?How do you keep it & spend it?Where does it come from?How can you use it in Sarnia/Lambton?What does the future hold?


What is Bitcoin?Bitcoin is money.What’s money?A store of valueA means of exchangeA unit of account


What is Bitcoin?How Google describes bitcoinBitcoin is an innovative payment network and a new kind of money.

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 by the network.


What is Bitcoin?CryptocurrencyHolder has ownershipNo records are kept as to identityEasy to keep anonymousImpossible to recover if lost or stolen


What is Bitcoin?Invented by Satoshi NakamotoReleased as open-source in 2009

Public, distributed ledger called the BlockchainA decentralised, peer-to-peer networkBitcoins are created as rewards for payment processing work on the networkSpending Bitcoins is similar to sending email


1st Purchase2010Bitcoin had no value, had never been used for purchaseFlorida programmer convinced someone to buy him pizza in exchange for 10,000 BitcoinsHe bought 2As of yesterday 1 bitcoin was worth $243 US$4.8 million pizza order


ControversySilk RoadDrugsWeapons

CraigslistProstitutes

MT.GOX


How do you keep it, and spend it?Bitcoin walletsBitcoin-QtOnline walletsMobile walletsCold wallets


Bitcoin WalletsHas an address for receiving – public key1DdbN4KGniYMmxNfuesobSRPaF5xjGjuDP

Can also be shown as a QR codeCan hold any amount of bitcoinPrivate key & password to send


Bitcoin-QtRuns on your computerHas full copy of blockchain


Online WalletsWallets

Exchanges

ChangeTip#btctip


Mobile WalletsOn your smartphoneNo blockchain to downloadLose your phone, lose your money


Cold WalletsPaper walletVerso CardTrezor


Where do Bitcoins come from?When a block is solved on the blockchainStarted at 50Halves ~every 4 years12.5 in 201621,000,000 maxBlock solved every 10 minsAlso includes any optional transaction fees


Solved?A new block has info that chains it to previous blockCryptographic hash of the previous blockSHA-256


MiningCPUGPUAsicFarmsPools


How can you use it in Sarnia/Lambton?Person to person transactionsLocalBitcoins.comPayPal / Square

Online ShoppingSend money “back home”


How can you use it in Sarnia/Lambton?Online ShoppingClearly CanadianDish NetworkMicrosoftExpedia, Time MagazineNewEgg, TigerDirect, Dell


How can you use it in Sarnia/Lambton?Globally, immigrants send $500 billion “back home” each year20% of Canadians are immigrants33% of people in Lambton County are 2nd generation Canadians or newer


Sending MoneyWire Transfer - $30Send Bitcoin - $0.003Transaction is 250 bytesIf you can tweet or text you can receive money


What does the future hold?There are 193 currencies in the worldCan it be more stable than 30? It probably is today50? Within a few yearsEscrow solution will help it grow


What does the future hold?Tom Goodwin, Sr. Vice President of strategy and innovation at Havas Media

Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.


What does the future hold?


Questions?



Links


Wikipedia entry http://en.wikipedia.org/wiki/Bitcoin

Andreas Anatopoulos - Bitcoin evangelist https://twitter.com/aantonop

Winklevoss price index https://winkdex.com/

Mycelium mobile wallet https://mycelium.com/

Local Bitcoins https://localbitcoins.com/

Github repo https://github.com/bitcoin/bitcoin

r/bitcoin http://www.reddit.com/r/Bitcoin

r/bitcoinmining http://www.reddit.com/r/Bitcoinmining

Slush's mining pool https://mining.bitcoin.cz/

Bitmain mining hardware https://www.bitmaintech.com/product.htm

http://en.wikipedia.org/wiki/Bitcoin

https://twitter.com/aantonop

https://winkdex.com/

https://mycelium.com/

https://localbitcoins.com/

https://github.com/bitcoin/bitcoin

http://www.reddit.com/r/Bitcoin

http://www.reddit.com/r/Bitcoinmining

https://mining.bitcoin.cz/

https://www.bitmaintech.com/product.htm

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