bit.coin.je talk for digital jersey open day

BITCOIN, BUSINESS & BLOCKCHAIN

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WHO HAS BITCOIN?

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BIT.COIN.JE AIMS TO FURTHER THE EDUCATION AND USE OF BITCOIN IN JERSEY.

!BY HELPING BUSINESSES ADOPT & RESEARCH THIS

TECHNOLOGY, WE CAN HELP JERSEY FOCUS ON BUILDING A FINTECH INDUSTRY WHICH WOULD

BE THE BEST FIT FOR A DIGITAL SECTOR IN JERSEY. !! ROBBIE ANDREWS

@BEARPIG !

THE OBSERVATORY

JON DAY @JERSEYCI

!CARPE DIEM

BACKGROUND

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CREATED BY SATOSHI NAKAMOTO IN 2008 !DECENTRALISED OPEN SOURCE SOFTWARE !LIMITED TO 21MILLION BITCOINS (ROUGHLY PRODUCED BY 2140) !EACH ‘COIN’ DIVISIBLE DOWN TO 0.00000001 !VALUE IS DETERMINED BY THE USE THE USER SEES IN THE SOFTWARE !CRYPTOGRAPHIC ALGORITHM USED CREATES TRUST LAYER

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CENTRALISED DECENTRALISED

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$30M RAISED BY BITPAY (ROUND LED BY RICHARD BRANSON)

$25M RAISED BY CIRCLE (SERIES B ROUND)

SO FAR IN 2014 $64M+ HAS BEEN RAISED BY BITCOIN STARTUPS

REPORTS BY UBS, JPMORGAN, GOLDMAN SACHS, BANK OF AMERICA, FITCH RATINGS & PRICEWATERHOUSE

EBAY ADDS ‘VIRTUAL CURRENCY’ CATEGORY

CHICAGO SUN-TIMES NEWSPAPER GETS 11% OF NEW SUBSCRIPTIONS

SCARAMENTO KINGS NBA FRANCHISE OPENS BTC ONLY ONLINE STORE

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THE BLOCKCHAIN

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A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. !

A full copy of a currency's block chain contains every transaction ever executed in the currency. !

With this information, one can find out how much value belonged to each address at any point in history. !

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Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block.

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Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known.

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Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. !

These properties are what make double-spending of bitcoins very difficult. !

The block chain is the main innovation of Bitcoin

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SERVICES

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EXCHANGESBITSTAMP KRAKEN BTC-E

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STORAGENETAGIO ELLIPTIC

PROCESSORSBITPAY COINBASE BIPS COINKITE

MINING HARDWAREKNCMINER BITFURY !

FINANCIAL SERVICESLAMASSU COINFIRMA CLOUDHASSING BUTTERCOIN !

ALTCOINS

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275+ DIFFERENT ALTCOINS

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APPCOINS

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DNS REPLACEMENT USING BLOCKCHAIN MODEL

PLATFORM & LANGUAGE FOR BUILDING DECENTRALISED APPS

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BITCOIN & JERSEY

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MERCHANTS !LOW TRANSACTION FEES NO MONTHLY COSTS CAN USE EXISTING DEVICES INSTANT PAYMENT NO REFUND MECHANISM (FROM THE SYSTEM)

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CHARITIES !GLOBAL DONATION PLATFORM MICRO-PAYMENTS NO CARD DETAILS

CURRENTLY THE FOLLOWING PLACES IN JERSEY ACCEPT BITCOIN !CARPE DIEM - ACCOUNTANTS THE OBSERVATORY - CREATIVE AGENCY FORUM - PUB THE REFINARY - CREATIVE AGENCY TIFFIN - RESTAURANT MATT PORTEOUS - PHOTOGRAPHER

WITH ANOTHER 5 COMPANIES SOON TO ACCEPT BITCOIN

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GETTING STARTED

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SETUP A WALLETANDROID - MYCELLIUM, BITCOIN WALLET !BLACKBERRY - BITCOIN WALLET !iOS - (no native app at the time) !DESKTOP - Bitcoin-QT (full client), Multibit (lite client)

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BITCOIN ATM

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LAMASSU BITCOIN ATM WILL BE ARRIVING IN JERSEY AT THE END OF MAY !

LOCATED IN DIGITAL JERSEY’S HUB !

ONE WAY TRANSACTION CASH > BITCOIN !

EASIEST WAY TO BUY BITCOIN

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FURTHER INFO & MEETUPS

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SOURCES• Follow us on twitter - @bitcoinje • CoinDesk - coindesk.com • Reddit - reddit.com/r/bitcoin • Bitcoin Forum - bitcointalk.com • BitLegal - bitlegal.io

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MEETUPSBitcoin tends to grow in areas with an active community. !

We plan on running fortnightly Bitcoin meetups every other Thursday in the Digital Jersey Hub after work (time/dates TBD) !

Sign up for mailing list for more info.

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Q & A WALLET DEMO

OPEN DISCUSSION

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