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Published byHarvey Dickerson Modified over 9 years ago
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BitCoin An overview
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Why ?
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First crypto-currency
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Basics – Public key cryptography
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How BitCoin ecosystem works ?
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A wallet to start off
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BitCoin transaction
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The new Gold Rush
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Genesis Block
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Mining Details Hash strings beginning with 0’s Mining program is open source! Generate a new block by taking an existing block, set of transactions and a nonce Current target hash – less or equal is accepted Difficulty – set by the network Transaction fees to incentivize new block gen. Become part of a pool
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THE Network BitCoin network – one and only Decentralized and open to all Low transaction fees Constant bitcoin generation (10 min / block) 100 petaFLOPs Irrevocable transactions
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Advantages Almost 0 processing fee – across the world No need of a bank account ! Equal chance of mining Anyone can create an exchange Anonymity Businesses accept bitcoins ( wordpress, baidu, reddit, etc.. ) Financial Control – no one can question
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Wait.. But..
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Concerns BitCoin is anti-inflationary No central authority – double edged sword Hacker prone – tough to be exceed 30 trillion calculations per second and 100 petaFLOPs – but possible Regulatory uncertainty Secure your wallets – digitally! Volatile exchange prices
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Predictions.. Present day disruptions thanks to P2P systems – Telephone ---> VOIP (skype / hangout) – SMS – almost obsolete – File transfers / music players – Mail (post boxes as antiques ? ) Banks – do we really need them ? Decentralized and global financial system – Money over Internet !
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Opportunities A new way to transact – Irrevocable transactions (adv : E-Comm sites) Innovative applications – money reaches where banks can’t reach World-wide system – Forex (what’s that ?) Optimizing face-to-face transactions – cannot replace credit cards. Minimum 10 mins to confirm
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Thank You
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