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Bit Coin 101

This document provides an introduction to Bitcoin, including: - A brief history of Bitcoin from its introduction in 2009 to present day use by thousands of merchants worldwide. - An explanation of what Bitcoin is - a decentralized peer-to-peer network used to store and transfer ownership of bitcoins through a public ledger called the blockchain. - Key properties of Bitcoin including its scarcity, durability, ability to be sent anywhere instantly with low fees, and potential to disrupt remittance payments and mobile payment systems. - A note that Bitcoin's blockchain may store more than just bitcoins in the future.

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92 views15 pages

Bit Coin 101

This document provides an introduction to Bitcoin, including: - A brief history of Bitcoin from its introduction in 2009 to present day use by thousands of merchants worldwide. - An explanation of what Bitcoin is - a decentralized peer-to-peer network used to store and transfer ownership of bitcoins through a public ledger called the blockchain. - Key properties of Bitcoin including its scarcity, durability, ability to be sent anywhere instantly with low fees, and potential to disrupt remittance payments and mobile payment systems. - A note that Bitcoin's blockchain may store more than just bitcoins in the future.

Uploaded by

skyl1ne
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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BITCOIN

The most important invention in the


history of the world since the Internet.
- Roger Ver & Nic Cary
Topics
• An introduction to Bitcoin

• The history of Bitcoin

• The economics of Bitcoin

• Charts & Trends

• The Future

• Final thoughts & Questions


AN intro to Bitcoin

• Bitcoin is:
•A technology
•A protocol
•A network (the world’s largest distributed computing project)
Bitcoin is Not

• It not a company
• Is not centrally controlled
• Is not proprietary
• Is not bound to any location or jurisdiction
What is bitcoin?
• The Bitcoin (payment system) is a public, distributed peer-
to-peer ledger used to store and transfer the ownership of
bitcoins (currency).

• When a transaction is made, it is permanently stored in the


blockchain (the public ledger)

• Payments are sent between wallets, exchanges, and other


services instantly with basically no fees.
History
• Introduced conceptually by a pseudonymous developer or group
known as Satoshi Nakamoto

• Network launched in 2009 as an open source project

• In 2010 basic marketplaces form, and the price of BTC rises

• 2011 sees accelerated interest and investment

• 2012 thousands of merchants worldwide begin accepting bitcoin,


network expands

• Bitcoin price accelerates past $200 in 2013; hundreds of startups


begin building services on top of the protocol
Bitcoin the currency
• More coins are released over time by the
network

• Network maintained by “miners” who are


rewarded with optional fees and newly
released coins

• Regulated by mathematical algorithms

• Secured with cryptography

• Maximum of 21,000,000 BTC

• Each coin is divisible by eight decimal places.


Properties of Bitcoin
• It is easy to divide and recombine

• It cannot be counterfeited

• It is highly durable, so long as certain precautions are taken

• It can be sent anywhere, instantly, at near-zero cost

• It is scarce, with a known supply and a known inflation schedule


MARKET CAP $USD
# OF WALLETS
TRANSACTIONS
What’s the big deal?

• This is the world’s first scarce digital commodity

• Borderless, frictionless, and purely digital - it’s a designed so


beautifully as money people voluntarily use it as a medium of
exchange

• The only payment system with ZERO country party risk


The future

• Bitcoin is ideal for remittence payments -- expect disruption


here

• Highly mobile and will likely replace regimes like M-Pesa

• Unimaginable new businesses will spawn -- the block chain will


store much more than just bitcoins.
Questions?
- Roger Ver & Nic Cary

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