Bitcoin Primer
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Transcript of Bitcoin Primer
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Bitcoin Primerbeyond the coin
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entrepreneur and community builderRobert David
http://meetup.com/bitcoinvan
http://mymoneycloud.com
Startup Weekend Vancouver: Disruptive Tech
@robertdavid010
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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
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distinct definitionsNetwork Technology
Term Web Bitcoin
protocol http:
message email
client software Netscape
key password
currency dollars/yen
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everything and nothing“Bitcoin”
Term Web Bitcoin
protocol http: Bitcoin
transaction email Bitcoin
client software Netscape Bitcoin
key password Bitcoin
currency dollars/yen Bitcoin
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what is Netscape?“Netscape”
Term Netscape Bitcoin
protocol Netscape Bitcoin
transaction Netscape Bitcoin
client software Netscape Bitcoin
key Netscape Bitcoin
currency Netscape Bitcoin
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Bitcoin “Mining”mining = payment processing
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accurate definitionWhat Is Bitcoin?
Bitcoin is a brand“The brand is the biggest challenge...”
-Venture Capitalist
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making understanding accessibleDefinition
An open source ledger of numbered accounts shared over a payment
processing network.
“Bitcoin” does not appear in the ledger
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OpenLedger.xls
numbered accountsBanking Ledger
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OpenLedger.xls
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OpenLedger.xls
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OpenLedger.xls Bittorrent
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authenticate transactions against the ledgerDownload & Process
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Decentralizedprocess transactions for a chance to win!
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from issuance to spendingRound Trip
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keeping it simpleHow It Works
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Anyone can download the open-source ledger
Anyone with the ledger can process transactions
Process transactions to get rewarded with new currency
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network effect in multiple dimensionsWhy It Works
processshareinvest
securityusabilityprice
---
a balanced system of feedback loops
the broadest benefit creates the greatest adoption
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privacy, not anonymityNot Anonymous
sources:
Satoshi Paper
University College, Dublin
FBI
NEC Laboratories, Europe
The Weizmann Institute of Science, Israel
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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...
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The Endbeyond bitcoin