BITCOINThe most important invention in the history of the world since the Internet.

- Roger Ver & Nic Cary

Topics• An introduction to Bitcoin

• The history of Bitcoin

• The economics of Bitcoin

• Charts & Trends

• The Future

• Final thoughts & Questions

AN intro to Bitcoin

• Bitcoin is:

• A technology

• A protocol

• A network (the world’s largest distributed computing project)

Bitcoin is Not

• It not a company

• Is not centrally controlled

• Is not proprietary

• Is not bound to any location or jurisdiction

What is bitcoin?

• The Bitcoin (payment system) is a public, distributed peer-to-peer ledger used to store and transfer the ownership of bitcoins (currency).

• When a transaction is made, it is permanently stored in the blockchain (the public ledger)

• Payments are sent between wallets, exchanges, and other services instantly with basically no fees.

History• Introduced conceptually by a pseudonymous developer or group

known as Satoshi Nakamoto

• Network launched in 2009 as an open source project

• In 2010 basic marketplaces form, and the price of BTC rises

• 2011 sees accelerated interest and investment

• 2012 thousands of merchants worldwide begin accepting bitcoin, network expands

• Bitcoin price accelerates past $200 in 2013; hundreds of startups begin building services on top of the protocol

Bitcoin the currency• More coins are released over time by the

network

• Network maintained by “miners” who are rewarded with optional fees and newly released coins

• Regulated by mathematical algorithms

• Secured with cryptography

• Maximum of 21,000,000 BTC

• Each coin is divisible by eight decimal places.

Properties of Bitcoin

• It is easy to divide and recombine

• It cannot be counterfeited

• It is highly durable, so long as certain precautions are taken

• It can be sent anywhere, instantly, at near-zero cost

• It is scarce, with a known supply and a known inflation schedule

MARKET CAP $USD

# OF WALLETS

TRANSACTIONS

What’s the big deal?

• This is the world’s first scarce digital commodity

• Borderless, frictionless, and purely digital - it’s a designed so beautifully as money people voluntarily use it as a medium of exchange

• The only payment system with ZERO country party risk

The future

• Bitcoin is ideal for remittence payments -- expect disruption here

• Highly mobile and will likely replace regimes like M-Pesa

• Unimaginable new businesses will spawn -- the block chain will store much more than just bitcoins.

Questions?- Roger Ver & Nic Cary