bitcoin 101 - general audience
TRANSCRIPT
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Bitcoin 101
Ryan Milbourne
@RyanMilb
So Cal Code Camp
UCSD Extention 2017
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Outline
Origins
Technicals
Problems it solves
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MoneyStore of value
Medium of exchange
Unit of account
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Origin
● Hash Cash, 1997- Dr. Adam Back
● Satoshi Nakamoto - Bitcoin white
paper, 2008
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1.Private Key
2.Public Key
Elliptic Curve Cryptography
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Stakeholders
Miners: Incentivized to validate transactions
and run the network
Developers: Maintain the software and
consensus rules
Users: Create transactions and give the
network value
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Wallet Types
Hot vs cold
Web - Hosted
Hardware
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Benefits of Bitcoin
Escape Capital Controls
Resistance to censorship (P2P)
Control over your money
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For Merchants
Lower Fees
No Charge backs
Less fraudulent transactions*
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Empower Billions
1 Billion with access to:International Markets
Banking services
More people have access to a cellphone than
sanitation (U.N. Study)
Gets around obstacles of obtaining
a bank account
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Disadvantages
Volatility
51% attack
Scalability
Truly Decentralized?
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Scalability
Visa 2,000 tps
Pay Pal 40-100 tps
Bitcoin 7 tps
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Regulation
FEC Approved
IRS - property
CTFC - commodity
FINCEN - Money
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BitLegal.io
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Public vs Private
Open to innovation
Immutable*
Need proof of
work/stake for
security
Decentralized
Control supply
Editable
No need for proof of
work
Centralized
Blockchain?
More detailed blog post Why open matters -coincenter
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The Future
Crypto 2.0
Services built on top of bitcoin
“Smart Contracts”
Decentralized marketplaces
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The DAO
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For more info:
www.bitcoin.org
Andreas Antonopoulos Video
@aantonop
www.coindesk.com
Letstalkbitcoin.com
Khan Academy Videos
@RyanMilb
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