bitcoin primer

Bitcoin Primerbeyond the coin

entrepreneur and community builderRobert David

http://meetup.com/bitcoinvan

http://mymoneycloud.com

Startup Weekend Vancouver: Disruptive Tech

@robertdavid010

misconceptions and informationDid You Know?

there is no “coin”

the “wallet” is not a part of the protocol

over 10% of all currency has been stolen

virtually impossible to define

distinct definitionsNetwork Technology

Term Web Bitcoin

protocol http:

message email

client software Netscape

key password

currency dollars/yen

everything and nothing“Bitcoin”

Term Web Bitcoin

protocol http: Bitcoin

transaction email Bitcoin

client software Netscape Bitcoin

key password Bitcoin

currency dollars/yen Bitcoin

what is Netscape?“Netscape”

Term Netscape Bitcoin

protocol Netscape Bitcoin

transaction Netscape Bitcoin

client software Netscape Bitcoin

key Netscape Bitcoin

currency Netscape Bitcoin

Bitcoin “Mining”mining = payment processing

accurate definitionWhat Is Bitcoin?

Bitcoin is a brand“The brand is the biggest challenge...”

-Venture Capitalist

making understanding accessibleDefinition

An open source ledger of numbered accounts shared over a payment

processing network.

“Bitcoin” does not appear in the ledger

OpenLedger.xls

numbered accountsBanking Ledger

OpenLedger.xls

OpenLedger.xls

OpenLedger.xls Bittorrent

authenticate transactions against the ledgerDownload & Process

Decentralizedprocess transactions for a chance to win!

from issuance to spendingRound Trip

keeping it simpleHow It Works

1

2

3

Anyone can download the open-source ledger

Anyone with the ledger can process transactions

Process transactions to get rewarded with new currency

network effect in multiple dimensionsWhy It Works

processshareinvest

securityusabilityprice

---

a balanced system of feedback loops

the broadest benefit creates the greatest adoption

privacy, not anonymityNot Anonymous

sources:

Satoshi Paper

University College, Dublin

FBI

NEC Laboratories, Europe

The Weizmann Institute of Science, Israel

things to keep in mindTake Away

no digital “coins”

completely separate system

mining = payment processing

random & distributed, no point of control

not illegal

Fincen, Fintrac, CRA, ECB, US Courts...

The Endbeyond bitcoin