CubeIT Bitcoin lecture
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Transcript of CubeIT Bitcoin lecture
TodayWhat is Bitcoin & Cryptocurrency?How do you keep it & spend it?Where does it come from?How can you use it in Sarnia/Lambton?What does the future hold?
@Mr_M_Russell #TheCubeIT #Bitcoin
What is Bitcoin?Bitcoin is money.What’s money?A store of valueA means of exchangeA unit of account
@Mr_M_Russell #TheCubeIT #Bitcoin
What is Bitcoin?How Google describes bitcoinBitcoin is an innovative payment network and a new kind of money.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
@Mr_M_Russell #TheCubeIT #Bitcoin
What is Bitcoin?CryptocurrencyHolder has ownershipNo records are kept as to identityEasy to keep anonymousImpossible to recover if lost or stolen
@Mr_M_Russell #TheCubeIT #Bitcoin
What is Bitcoin?Invented by Satoshi NakamotoReleased as open-source in 2009
Public, distributed ledger called the BlockchainA decentralised, peer-to-peer networkBitcoins are created as rewards for payment processing work on the networkSpending Bitcoins is similar to sending email
@Mr_M_Russell #TheCubeIT #Bitcoin
1st Purchase2010Bitcoin had no value, had never been used for purchaseFlorida programmer convinced someone to buy him pizza in exchange for 10,000 BitcoinsHe bought 2As of yesterday 1 bitcoin was worth $243 US$4.8 million pizza order
@Mr_M_Russell #TheCubeIT #Bitcoin
How do you keep it, and spend it?Bitcoin walletsBitcoin-QtOnline walletsMobile walletsCold wallets
@Mr_M_Russell #TheCubeIT #Bitcoin
Bitcoin WalletsHas an address for receiving – public key1DdbN4KGniYMmxNfuesobSRPaF5xjGjuDP
Can also be shown as a QR codeCan hold any amount of bitcoinPrivate key & password to send
@Mr_M_Russell #TheCubeIT #Bitcoin
Mobile WalletsOn your smartphoneNo blockchain to downloadLose your phone, lose your money
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Where do Bitcoins come from?When a block is solved on the blockchainStarted at 50Halves ~every 4 years12.5 in 201621,000,000 maxBlock solved every 10 minsAlso includes any optional transaction fees
@Mr_M_Russell #TheCubeIT #Bitcoin
Solved?A new block has info that chains it to previous blockCryptographic hash of the previous blockSHA-256
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How can you use it in Sarnia/Lambton?Person to person transactionsLocalBitcoins.comPayPal / Square
Online ShoppingSend money “back home”
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How can you use it in Sarnia/Lambton?Online ShoppingClearly CanadianDish NetworkMicrosoftExpedia, Time MagazineNewEgg, TigerDirect, Dell
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How can you use it in Sarnia/Lambton?Globally, immigrants send $500 billion “back home” each year20% of Canadians are immigrants33% of people in Lambton County are 2nd generation Canadians or newer
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Sending MoneyWire Transfer - $30Send Bitcoin - $0.003Transaction is 250 bytesIf you can tweet or text you can receive money
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What does the future hold?There are 193 currencies in the worldCan it be more stable than 30? It probably is today50? Within a few yearsEscrow solution will help it grow
@Mr_M_Russell #TheCubeIT #Bitcoin
What does the future hold?Tom Goodwin, Sr. Vice President of strategy and innovation at Havas Media
Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.
@Mr_M_Russell #TheCubeIT #Bitcoin
Links
@Mr_M_Russell #TheCubeIT #Bitcoin
Wikipedia entry http://en.wikipedia.org/wiki/Bitcoin
Andreas Anatopoulos - Bitcoin evangelist https://twitter.com/aantonop
Winklevoss price index https://winkdex.com/
Mycelium mobile wallet https://mycelium.com/
Local Bitcoins https://localbitcoins.com/
Github repo https://github.com/bitcoin/bitcoin
r/bitcoin http://www.reddit.com/r/Bitcoin
r/bitcoinmining http://www.reddit.com/r/Bitcoinmining
Slush's mining pool https://mining.bitcoin.cz/
Bitmain mining hardware https://www.bitmaintech.com/product.htm