what is bitcoin & what can you do with it?
DESCRIPTION
Seeing Bitcoin mentioned everywhere you go these days? Many online stores & services accept payments in Bitcoin, and some people even sell their homes for the stuff. It's a digital currency, but where does it come from and how is its value determined? More importantly, how does it affect you and your business? Join us for an introduction to this new online currency, how it works, and why it's getting so much attention.TRANSCRIPT
+Chris Mohritz | [email protected]
WHO THIS IS FOR
● Curious about Bitcoin buzz● Entrepreneur looking for trends● Early adopters● Staying on top of tech changes● Staying on top of currency changes
OUR JOURNEY
● What is Bitcoin?● How volatile is it?● Where can I use my Bitcoins?● How do you store, trade & spend Bitcoins?● How are Bitcoins created?● What happened to Mt. Gox?● What's the future of Bitcoin?
Interrupt me at anytime for questions / comments
WHY THIS IS IMPORTANT
● Impacts all of us● Money is being made (and lost)● Preview into future of currency● Internet needs something like
Bitcoin
WHO’S BEHIND IT?
WHAT IS BITCOINThe Future or a Failed Experiment?
THE BASICS
● Purely electronic● Outside traditional banking system● Started circulating in 2009● Relies on peer-to-peer network/processing● Peers verify and record transactions● No central authority ● Value depends on people's confidence● Transacted anonymously● Started by anonymous (Satoshi Nakamoto)● An experiment?
A BRIEF HISTORY OF BITCOIN
nytimes.com/interactive/technology/bitcoin-timeline.html
HOW MUCH IS OUT THERE?
blockchain.info/charts/total-bitcoins
BACKED BY THE FULL FAITH AND CREDIT OF ...?
huffingtonpost.com/shelly-palmer/bitcoin-money-currency-or_b_4889845.html
HOW VOLATILE IS IT?Everyone Has an Opinion
WELCOME TO THE WILD WEST
blockchain.info/charts/market-price
THE BENCHMARK
tickerscores.com/blog/bitcoin-an-almost-exact-fit-to-golds-historical-chart/
HOW CAN I USE BITCOINS?
A Growing List
DIRECTLY ACCEPTING BITCOIN
bitpay.com/directoryspendbitcoins.com/placesnasdaq.com/article/what-companies-accept-bitcoin-cm323438
(pizzaforcoins.com)
EVERYWHERE ELSE
gyft.com/bitcoinegifter.com/bitcoin
HOW DO YOU STORE, TRADE & SPEND
BITCOINS?Building on Current Habits
WHAT HAPPENS WHEN YOU SPEND
http://scenic.princeton.edu/network20q/wiki/index.php?title=P2P_and_Bitcoin
STORING THEM
● Online● Offline● Exchanges● ???
TRADING & CASHING OUT
rt.com/op-edge/if-bitcoin-exchanges-shut-down-518
THINK OF IT AS DIGITAL CASH
● Finite number available (21M)● Lost Bitcoins cannot be replaced
HOW ARE BITCOINS CREATED?
Pick Up Your Digital Shovel
MINING FOR BITCOINS (~9M LEFT)
businessinsider.com/how-bitcoins-are-mined-and-used-2013-4visual.ly/think-you-can-mine-bitcoincnbc.com/id/101332124
IN THE NEWSPlenty of it
WHAT HAPPENED TO MT. GOX?
“The exchange became insolvent after losing 744,408 Bitcoins (~$350 million US dollars) -- the largest Bitcoin heist ever.”huffingtonpost.com
GETTING HEADLINES
Bitcoin ATM● huffingtonpost.ca/bitcoin-atm-canada
Hackers● digitaltrends.com/computing/pony-botnet-steals-bitcoins
Endless opinions & opinions about opinions● forbes.com/you-dont-need-a-nobel-prize-to-be-wrong-
about-bitcoin-but-it-helps
WHAT WILL BITCOIN'S FUTURE BRING?
Good Question
ONLY TIME WILL TELL
● Footnote in history books?● Government regulation?● Global currency?● End of central banks?● Chaos? Mayhem? Which brings us...
BACK TO TYLER
Is Bitcoin a “potential disrupter of traditional financial institutions”?
Is Satoshi NakamotoTyler Durden 2.0?“The root problem with conventional currency is all the trust that’s required to make it work.”~Satoshi Nakamoto
nytimes.com/2014/03/01/opinion/nocera-the-bitcoin-blasphemy.html
KEEP DIGGING
● khanacademy.org/bitcoin-what-is-it● bitcoin.it/wiki● bitcoins.com● cryptocoinsnews.com● coindesk.com● weusecoins.com● howdoyoubuybitcoins.com● dailytekk.com/top-50-bitcoin-resources● evoorhees.blogspot.co.uk/libertarian-intro
