bitcoin primer
DESCRIPTION
An introduction to Bitcoin that shows the challenges that exist in communicating it properly, and goes into the core function of the network. How "miners" are processing transactions, and that the money exists only in the cloud, on the open sourced ledger. Follow and learn more! @robertdavid010 http://mymoneycloud.comTRANSCRIPT
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