Download - Bitcoin Exploration
![Page 1: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/1.jpg)
Bitcoin ExplorationA Futuristic Odyssey of Magic Internet Money
![Page 2: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/2.jpg)
What are bitcoins?
● Decentralized cryptographic currency.● Digital money you can send through the
internet.● 1 BTC = $438.5 USD (May 13, 2014 1:53
PM)
![Page 3: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/3.jpg)
Why bitcoins?
● Transferred without interference.● Send to anyone in the world.● No prerequisites or arbitrary limits.
![Page 4: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/4.jpg)
Where do bitcoins come from?
● Mined by users.● Users run bitcoin miners, which solves
math problems.● Bitcoin generates random 256-bit
number.● If application finds number less than
random number:o User awarded bitcoins.
![Page 5: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/5.jpg)
What data can we collect?
● Data recorded through “blocks”.● New block every ~10 minutes.● A block contains:
o Recent transactionso Difficulty of math problemo Other various data
![Page 6: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/6.jpg)
What does this data tell us?
a) Rate of growthb) Transactions per dayc) Prominence of bitcoin in the worldd) Transaction fees
![Page 7: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/7.jpg)
(a) When will bitcoin reach its cap?
● Bitcoin has a 21 million btc cap.● No more Bitcoins will be mined after this
cap is reached.
![Page 8: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/8.jpg)
(a) When will bitcoin reach its cap?
● Approximately 50 bitcoins made every 10 minutes (6 intervals per hour)
● Bitcoin generation decreasing geometricallyo 50% reduction generation rate every 4
years● Bitcoin will reach their 21 million btc cap
in 2140 (theoretically)
![Page 9: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/9.jpg)
(c) Prominence of bitcoin in the world
Number of nations relates to bitcoins:● First data, 89/196 nations now in the
bitcoin network in April 28 2014 at 23:23:00 pm.
● Second data, 110/196 nations have a relationship with bitcoin from past to now
![Page 10: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/10.jpg)
(b) How many transactions are handled per day compared to other retailers?● Total transactions up til now (Apr 30): 37,798,377● Day of highest number of transactions: 102,010 on Nov 28, 2013
![Page 11: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/11.jpg)
● Compare to amazon.com (26.5 million transactions per day)● Compare to eBay.com (1 billion transactions per day)● Compare to Walmart (24 million transactions per day)
![Page 12: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/12.jpg)
(d) How do the bitcoin transaction fees compare to financial service companies?
● Three types of fees associated with buying/selling/using bitcoins.o Entry fee (0.1% -
0.25%)o Transaction fee
(optional based on size - typical less than 0.1%)
o Exit fee (0.1% - 0.25%)
Retail E-Commerce Remittances
Dollar volume by market
10,383 609 549
Prevailing average pricing (fees)
2.5% 2.9% 8.9%
Bitcoin pricing (fees)
1.0% 1.0% 1.0%
Prevailing transaction fees
259.6 17.8 48.9
Bitcoin transaction fees
103.8 6.1 5.5
Savings 155.7 11.8 43.4
![Page 13: Bitcoin Exploration](https://reader036.vdocuments.us/reader036/viewer/2022082505/56812b94550346895d8fb485/html5/thumbnails/13.jpg)
Conclusion
I know our time is very limited today, but if you want to know more about our project in depth: please visit our website at
btcexploration.tumblr.com