bitcoin and the need for a digital currency
Post on 21-Oct-2014
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DESCRIPTION
Bitcoin is a revolutionary digital currency option that is better for producers and consumers. Bitcoin is 100% Digital, Distributed, Deflationary, Open Source, Fast, Cheap, International, Secure.TRANSCRIPT
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Bitcoin and the Need for a Digital Currency
John R. Meese
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John R. Meese
B.S. EconomicsMiddle Tennessee State University
Lifetime Member: Bitcoin Foundation
www.johnrmeese.com @JohnRMeese
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The need for new money
We need money that is both...
Sound and Digital
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Depreciation of the US Dollar
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Fiat Money
Money without intrinsic value that is declared by government as legal tender.
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We live in a digital world
● Business● Communication● News● Social life
● Finance?
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U.S. Money Supply
M2= $10,989.2 Billion
Physical Currency= $1,153.3 Billion
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Today’s Solution
Bitcoin is…● 100% Digital● Distributed● Deflationary● Open Source● Fast● Cheap● International● Secure
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Bitcoin is… 100% Digital
Wallet ID:1FyjGyAPZN58viucU3qgHwwdYgXU5fVw4i
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Physical Bitcoins by Casascius
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Paper Bitcoin Wallets
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Bitcoin is… Distributed
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Bitcoin is… Deflationary
Today11,910,025 BTC
In 2140 A.D.20,999,999.9769 BTC
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Bitcoin “Mining”❖ Blocks mined
every ~10 minutes
❖ Minors are paid by rewards & fees
❖ Without it network would not function
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Bitcoin is… Open-Source
❖ Anyone can view the code
❖ Anyone can update the code
❖ All changes must be accepted by the community
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Bitcoin is… Fast
8 times faster than top 500 Supercomputers Combined
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Bitcoin is… Cheap
❖ Transactions are FREE
❖ Minimal fees may be added to tip miners
❖ Merchant fees are nonexistent
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“Zero” transaction fees
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Bitcoin is… International
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Bitcoin is… Secure
❖ Public Transactions
❖ Private keys
❖ “Push”-only system
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Bitcoin Price History: All Time
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Bitcoin Price History: 1 Year
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Bitcoin Price History: 6 Months
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Market Capitalization
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The Demise of the Silk Road❖ Dread Pirate
Roberts arrested
❖ Some dealers tracked down
❖ 515,000 BTC “seized”
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The Demise of the Silk Road
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Bitcoin Now
● 5 year anniversary
● 1 Bitcoin = $225
● 55,000 transactions per day
● 56% of all Bitcoins have been mined
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For more information...
www.johnrmeese.com @JohnRMeese
➢ Visit trybtc.com
➢ Visit blockchain.info
➢ Check out the Bitcoin Magazine