BITCOIN
Founded: 2009
Satoshi Nakamoto中本哲史Identity: Unknown
What is a Bitcoin?Decentralized Virtual Currency
Digital Asset
Denominated
Publicly Traded
Distributed Ledger(Block Chain)
How does it work?
Currency Units(Denominations)
Millibitcoin - mBTC10-3 : 0.001
Microbitcoin - µBTC10-6 : 0.000001
Satoshi10-8 : 0.00000001
ISO-4217 code (BTC, XBT)
How does it work?
Digitally Signed
Private key must be validated by apublic key, orthe coins are
effectively lost.
In 2013, one user reported losing 7,500 bitcoins,
worth $7.5 million USD at the time.*
Ownership
Digitally Signed
Multiple PaymentsURI, QR Codes, IANA supported
Buyer pays transaction fees
Transactions
The CoinbaseSpecial Transaction
25 Bitcoins per blockuntil next halving in
2016
Supply
Record Keeping ServiceBlock Chain Integrity
Proof-of-work system (nonce)
Mining
Mining Difficulty
PaperWallets
ElectrumWallets
TrezorWallets
The AddressUsers can have many addresses
Enables transfer offunds without revealing
personal info
Can be generated onlineor offline*
Privacy
ClassificationEconomics
Classification“Currency”
“Stock”“Commodity”“Collectible”
“Money-likeInformationalCommodity”
Economics
Intrinsic Value“The intrinsic value of gold
is its intrinsic value.”
Economics
Benefits
Privacy
Low Fees
Redundancy
Benefits & Risks
Risks
Volatility
Refunds dependon vendor
No liabilityprotection
Benefits & Risks
Bigger than BitcoinBlock-chain based finance
Transparency
Decentralizationor
Regulation
The Future
ANY QUESTIONS?