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Introduction to Bitcoin
       Robert McNally
What Is Money?
Money Is:
A Medium of Exchange
Money Is:
A Medium of Exchange

•   Stands in for an arbitrarily
    long chain of barter.
Money Is:
A Medium of Exchange

•   Stands in for an arbitrarily
    long chain of barter.

•   Widely accepted.
Money Is:
A Unit of Account
Money Is:
      A Unit of Account
•   Recognizable
Money Is:
      A Unit of Account
•   Recognizable

•   Fungible
Money Is:
      A Unit of Account
•   Recognizable

•   Fungible

•   Divisible
Money Is:
      A Unit of Account
•   Recognizable

•   Fungible

•   Divisible

•   Transportable
Money Is:
      A Unit of Account
•   Recognizable

•   Fungible

•   Divisible

•   Transportable

•   Transferable
Money Is:
      A Unit of Account
•   Recognizable

•   Fungible

•   Divisible

•   Transportable

•   Transferable

•   Hard to counterfeit
Money Is:
A Store of Value
Money Is:
         A Store of Value

•   Stable supply
Money Is:
         A Store of Value

•   Stable supply

•   Durable
Money Is:
         A Store of Value

•   Stable supply

•   Durable

•   Securable
Money Is:
         A Store of Value

•   Stable supply

•   Durable

•   Securable

•   Stable value
What Is Cryptocurrency?
Cryptocurrency Is:
 A Bearer Instrument
Cryptocurrency Is:
              A Bearer Instrument


•   Holder has ownership
Cryptocurrency Is:
              A Bearer Instrument


•   Holder has ownership

•   No other records kept as to
    identity of owner
Cryptocurrency Is:
              A Bearer Instrument


•   Holder has ownership

•   No other records kept as to
    identity of owner

•   Easy to keep anonymous
Cryptocurrency Is:
                A Bearer Instrument


•   Holder has ownership

•   No other records kept as to
    identity of owner

•   Easy to keep anonymous

•   Hard or impossible to
    replace if lost or stolen
Cryptocurrency Is:
     A Bearer Instrument...
...based on digital cryptography
Cryptocurrency Is:
          A Bearer Instrument...
     ...based on digital cryptography

•   Derives trust from
    mathematical properties
Cryptocurrency Is:
          A Bearer Instrument...
     ...based on digital cryptography

•   Derives trust from
    mathematical properties

•   Based on established, trusted
    cryptographic primitives
Cryptocurrency Is:
          A Bearer Instrument...
     ...based on digital cryptography

•   Derives trust from
    mathematical properties

•   Based on established, trusted
    cryptographic primitives

•   NOT from chemical/physical
    properties
Cryptocurrency Is:
          A Bearer Instrument...
     ...based on digital cryptography

•   Derives trust from
    mathematical properties

•   Based on established, trusted
    cryptographic primitives

•   NOT from chemical/physical
    properties

•   NOT from coercive
    Legal Tender statutes
Cryptocurrency Is:
      A Bearer Instrument...
...based on digital cryptography:
     “Downloadable Money”
What Makes Bitcoin Different?
Bitcoin Is:
Decentralized, Distributed,Voluntary
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
    • Easier to transport anywhere in the world
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
    • Easier to transport anywhere in the world
    • Easier to secure
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
    • Easier to transport anywhere in the world
    • Easier to secure
•   Relative to other electronic currencies
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
    • Easier to transport anywhere in the world
    • Easier to secure
•   Relative to other electronic currencies
    • Immune to sovereign censorship, shutdown, or confiscation
Bitcoin Is:
    Decentralized, Distributed,Voluntary
•   No central issuing or verification authority,
    no “Bitcoin Corp.”
    • Bitcoin Foundation (bitcoinfoundation.org)
    • Growing numbers of of entrepreneurs accepting or basing
      new business concepts on Bitcoin
•   Relative to other bearer instruments
    • Easier to transport anywhere in the world
    • Easier to secure
•   Relative to other electronic currencies
    • Immune to sovereign censorship, shutdown, or confiscation
    • Immune to inflation and bank defaults
How Does Bitcoin Work?
Bitcoin Tech
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
•   All transactions are public, but are not by default tied to anyone's real
    identity.
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
•   All transactions are public, but are not by default tied to anyone's real
    identity.
•   Anonymity and traceability are “user defined”, i.e. the counter parties can be
    as anonymous as they take steps to be— even to each other.
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
•   All transactions are public, but are not by default tied to anyone's real
    identity.
•   Anonymity and traceability are “user defined”, i.e. the counter parties can be
    as anonymous as they take steps to be— even to each other.
•   Transfer of bitcoins consists not of physically moving an object from A to B,
    but simply of adding a new, publicly accepted transaction to the block chain.
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
•   All transactions are public, but are not by default tied to anyone's real
    identity.
•   Anonymity and traceability are “user defined”, i.e. the counter parties can be
    as anonymous as they take steps to be— even to each other.
•   Transfer of bitcoins consists not of physically moving an object from A to B,
    but simply of adding a new, publicly accepted transaction to the block chain.
•   Secured by collective compute power of miners. It is very difficult to create
    a new valid block, but very easy for every client, miner or not, to check the
    validity of a new block.
Bitcoin Tech
•   Bitcoin is a protocol. The unit of account is "bitcoins."
•   Based on the block chain: a growing general public ledger of
    cryptographically-signed transactions.
•   All transactions are public, but are not by default tied to anyone's real
    identity.
•   Anonymity and traceability are “user defined”, i.e. the counter parties can be
    as anonymous as they take steps to be— even to each other.
•   Transfer of bitcoins consists not of physically moving an object from A to B,
    but simply of adding a new, publicly accepted transaction to the block chain.
•   Secured by collective compute power of miners. It is very difficult to create
    a new valid block, but very easy for every client, miner or not, to check the
    validity of a new block.
•   Miners are awarded newly-minted bitcoins or transaction fees for
    successfully finding blocks. The distributed algorithm ensures that bounty of
    new bitcoins will asymptotically approach 21M, and the reward for mining
    will then become transaction fees only.
Bitcoin Tech
Number of Bitcoins Over Time
 Minted as of 2012 November: 10.35M
Bitcoin Mining Rig
ModMiner Quad by BTCFPGA.COM
 839Mh/s @ 63W = ~BTC0.2/day
Bitcoin Mining Rig
ModMiner Quad by BTCFPGA.COM
 839Mh/s @ 63W = ~BTC0.2/day
Bitcoin Tech
Bitcoin Tech

•   The distributed algorithm dynamically adjusts how much
    computing power it takes to find a valid block, limiting
    block creation to around 1 block every 10 minutes.
Bitcoin Tech

•   The distributed algorithm dynamically adjusts how much
    computing power it takes to find a valid block, limiting
    block creation to around 1 block every 10 minutes.

•   The bounties or transaction fees miners earn are
    compensation for securing the block chain.
Network Compute Power
As of 2012 November: 24.34Th/s (309.18PFLOPS)
What Do Bitcoins “Look” Like?
What Do Bitcoins “Look” Like?
What Do Bitcoins “Look” Like?
     1454A2geTxaJwF8eqry7oLECdomgDSj6Zx

        Public Key (“Address”)
           34 characters starting with 1 or 3
      Represents a possible destination for payment
What Do Bitcoins “Look” Like?
         1454A2geTxaJwF8eqry7oLECdomgDSj6Zx

            Public Key (“Address”)
                34 characters starting with 1 or 3
           Represents a possible destination for payment




 5JHkYd4mYkTsCsF5axnFj573PG6tqpeJ39Rz2M33vwBka4S1hu6

                       Private Key
                   51 characters starting with 5
            Required to transfer value from the address
What Do Bitcoins “Look” Like?
What Do Bitcoins “Look” Like?

   Hard Disk
What Do Bitcoins “Look” Like?

   Hard Disk   Digital Diversion Safe
What Do Bitcoins “Look” Like?

   Hard Disk   Digital Diversion Safe   SD Card
What Do Bitcoins “Look” Like?

   Hard Disk   Digital Diversion Safe   SD Card




                    Paper Bills
What Do Bitcoins “Look” Like?

         Hard Disk             Digital Diversion Safe   SD Card




                                    Paper Bills




 Casascius Physical Bitcoins
What Do Bitcoins “Look” Like?

         Hard Disk                      Digital Diversion Safe                SD Card




                                             Paper Bills




                               Memorized Passphrase Hashable to Private Key
 Casascius Physical Bitcoins
                                              “Brainwallet”
USD Exchange Rate
As of 2012 November: BTC1.00 = $10.83
USD Exchange Rate
As of 2012 November: BTC1.00 = $10.83
What is the Legal
Status of Bitcoin?
What is the Legal
Status of Bitcoin?
What is the Legal
     Status of Bitcoin?
•   Exchanging bitcoins for anything is basically barter, which is legal.
What is the Legal
     Status of Bitcoin?
•   Exchanging bitcoins for anything is basically barter, which is legal.
•   The enhanced anonymity of Bitcoin potentially affords the same benefits
    as cash or gold to people operating outside the law, but additionally, is
    relatively frictionless to transfer to anyone in the world.
What is the Legal
     Status of Bitcoin?
•   Exchanging bitcoins for anything is basically barter, which is legal.
•   The enhanced anonymity of Bitcoin potentially affords the same benefits
    as cash or gold to people operating outside the law, but additionally, is
    relatively frictionless to transfer to anyone in the world.
•   As with barter, exchanging in Bitcoin does not remove the requirement
    to pay taxes on income or sales.
What is the Legal
     Status of Bitcoin?
•   Exchanging bitcoins for anything is basically barter, which is legal.
•   The enhanced anonymity of Bitcoin potentially affords the same benefits
    as cash or gold to people operating outside the law, but additionally, is
    relatively frictionless to transfer to anyone in the world.
•   As with barter, exchanging in Bitcoin does not remove the requirement
    to pay taxes on income or sales.
•   Value entirely inside the bitcoin economy can be extremely difficult or
    impossible to trace.
What is the Legal
     Status of Bitcoin?
•   Exchanging bitcoins for anything is basically barter, which is legal.
•   The enhanced anonymity of Bitcoin potentially affords the same benefits
    as cash or gold to people operating outside the law, but additionally, is
    relatively frictionless to transfer to anyone in the world.
•   As with barter, exchanging in Bitcoin does not remove the requirement
    to pay taxes on income or sales.
•   Value entirely inside the bitcoin economy can be extremely difficult or
    impossible to trace.
•   Authorities are most likely to attempt to regulate the Bitcoin economy's
    end-points: the exchanges.
What Can You Buy
 With Bitcoin?




     Before 2011
What Can You Buy
 With Bitcoin?




     Late 2011
What Can You Buy
 With Bitcoin?




     Late 2012
Bitcoin-Denominated Poker Chips
        by Robert McNally
Bitcoin-Denominated Poker Chips
        by Robert McNally
Robert McNally
ironwolf@dangerousgames.com

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An in depth presentation of Cryptocurrency.An in depth presentation of Cryptocurrency.
An in depth presentation of Cryptocurrency.
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 

Introduction to bitcoin

  • 1. Introduction to Bitcoin Robert McNally
  • 3. Money Is: A Medium of Exchange
  • 4. Money Is: A Medium of Exchange • Stands in for an arbitrarily long chain of barter.
  • 5. Money Is: A Medium of Exchange • Stands in for an arbitrarily long chain of barter. • Widely accepted.
  • 6. Money Is: A Unit of Account
  • 7. Money Is: A Unit of Account • Recognizable
  • 8. Money Is: A Unit of Account • Recognizable • Fungible
  • 9. Money Is: A Unit of Account • Recognizable • Fungible • Divisible
  • 10. Money Is: A Unit of Account • Recognizable • Fungible • Divisible • Transportable
  • 11. Money Is: A Unit of Account • Recognizable • Fungible • Divisible • Transportable • Transferable
  • 12. Money Is: A Unit of Account • Recognizable • Fungible • Divisible • Transportable • Transferable • Hard to counterfeit
  • 13. Money Is: A Store of Value
  • 14. Money Is: A Store of Value • Stable supply
  • 15. Money Is: A Store of Value • Stable supply • Durable
  • 16. Money Is: A Store of Value • Stable supply • Durable • Securable
  • 17. Money Is: A Store of Value • Stable supply • Durable • Securable • Stable value
  • 19. Cryptocurrency Is: A Bearer Instrument
  • 20. Cryptocurrency Is: A Bearer Instrument • Holder has ownership
  • 21. Cryptocurrency Is: A Bearer Instrument • Holder has ownership • No other records kept as to identity of owner
  • 22. Cryptocurrency Is: A Bearer Instrument • Holder has ownership • No other records kept as to identity of owner • Easy to keep anonymous
  • 23. Cryptocurrency Is: A Bearer Instrument • Holder has ownership • No other records kept as to identity of owner • Easy to keep anonymous • Hard or impossible to replace if lost or stolen
  • 24. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography
  • 25. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography • Derives trust from mathematical properties
  • 26. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography • Derives trust from mathematical properties • Based on established, trusted cryptographic primitives
  • 27. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography • Derives trust from mathematical properties • Based on established, trusted cryptographic primitives • NOT from chemical/physical properties
  • 28. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography • Derives trust from mathematical properties • Based on established, trusted cryptographic primitives • NOT from chemical/physical properties • NOT from coercive Legal Tender statutes
  • 29. Cryptocurrency Is: A Bearer Instrument... ...based on digital cryptography: “Downloadable Money”
  • 30. What Makes Bitcoin Different?
  • 32. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.”
  • 33. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org)
  • 34. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin
  • 35. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments
  • 36. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments • Easier to transport anywhere in the world
  • 37. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments • Easier to transport anywhere in the world • Easier to secure
  • 38. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments • Easier to transport anywhere in the world • Easier to secure • Relative to other electronic currencies
  • 39. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments • Easier to transport anywhere in the world • Easier to secure • Relative to other electronic currencies • Immune to sovereign censorship, shutdown, or confiscation
  • 40. Bitcoin Is: Decentralized, Distributed,Voluntary • No central issuing or verification authority, no “Bitcoin Corp.” • Bitcoin Foundation (bitcoinfoundation.org) • Growing numbers of of entrepreneurs accepting or basing new business concepts on Bitcoin • Relative to other bearer instruments • Easier to transport anywhere in the world • Easier to secure • Relative to other electronic currencies • Immune to sovereign censorship, shutdown, or confiscation • Immune to inflation and bank defaults
  • 43. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins."
  • 44. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions.
  • 45. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions. • All transactions are public, but are not by default tied to anyone's real identity.
  • 46. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions. • All transactions are public, but are not by default tied to anyone's real identity. • Anonymity and traceability are “user defined”, i.e. the counter parties can be as anonymous as they take steps to be— even to each other.
  • 47. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions. • All transactions are public, but are not by default tied to anyone's real identity. • Anonymity and traceability are “user defined”, i.e. the counter parties can be as anonymous as they take steps to be— even to each other. • Transfer of bitcoins consists not of physically moving an object from A to B, but simply of adding a new, publicly accepted transaction to the block chain.
  • 48. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions. • All transactions are public, but are not by default tied to anyone's real identity. • Anonymity and traceability are “user defined”, i.e. the counter parties can be as anonymous as they take steps to be— even to each other. • Transfer of bitcoins consists not of physically moving an object from A to B, but simply of adding a new, publicly accepted transaction to the block chain. • Secured by collective compute power of miners. It is very difficult to create a new valid block, but very easy for every client, miner or not, to check the validity of a new block.
  • 49. Bitcoin Tech • Bitcoin is a protocol. The unit of account is "bitcoins." • Based on the block chain: a growing general public ledger of cryptographically-signed transactions. • All transactions are public, but are not by default tied to anyone's real identity. • Anonymity and traceability are “user defined”, i.e. the counter parties can be as anonymous as they take steps to be— even to each other. • Transfer of bitcoins consists not of physically moving an object from A to B, but simply of adding a new, publicly accepted transaction to the block chain. • Secured by collective compute power of miners. It is very difficult to create a new valid block, but very easy for every client, miner or not, to check the validity of a new block. • Miners are awarded newly-minted bitcoins or transaction fees for successfully finding blocks. The distributed algorithm ensures that bounty of new bitcoins will asymptotically approach 21M, and the reward for mining will then become transaction fees only.
  • 51. Number of Bitcoins Over Time Minted as of 2012 November: 10.35M
  • 52. Bitcoin Mining Rig ModMiner Quad by BTCFPGA.COM 839Mh/s @ 63W = ~BTC0.2/day
  • 53. Bitcoin Mining Rig ModMiner Quad by BTCFPGA.COM 839Mh/s @ 63W = ~BTC0.2/day
  • 55. Bitcoin Tech • The distributed algorithm dynamically adjusts how much computing power it takes to find a valid block, limiting block creation to around 1 block every 10 minutes.
  • 56. Bitcoin Tech • The distributed algorithm dynamically adjusts how much computing power it takes to find a valid block, limiting block creation to around 1 block every 10 minutes. • The bounties or transaction fees miners earn are compensation for securing the block chain.
  • 57. Network Compute Power As of 2012 November: 24.34Th/s (309.18PFLOPS)
  • 58. What Do Bitcoins “Look” Like?
  • 59. What Do Bitcoins “Look” Like?
  • 60. What Do Bitcoins “Look” Like? 1454A2geTxaJwF8eqry7oLECdomgDSj6Zx Public Key (“Address”) 34 characters starting with 1 or 3 Represents a possible destination for payment
  • 61. What Do Bitcoins “Look” Like? 1454A2geTxaJwF8eqry7oLECdomgDSj6Zx Public Key (“Address”) 34 characters starting with 1 or 3 Represents a possible destination for payment 5JHkYd4mYkTsCsF5axnFj573PG6tqpeJ39Rz2M33vwBka4S1hu6 Private Key 51 characters starting with 5 Required to transfer value from the address
  • 62. What Do Bitcoins “Look” Like?
  • 63. What Do Bitcoins “Look” Like? Hard Disk
  • 64. What Do Bitcoins “Look” Like? Hard Disk Digital Diversion Safe
  • 65. What Do Bitcoins “Look” Like? Hard Disk Digital Diversion Safe SD Card
  • 66. What Do Bitcoins “Look” Like? Hard Disk Digital Diversion Safe SD Card Paper Bills
  • 67. What Do Bitcoins “Look” Like? Hard Disk Digital Diversion Safe SD Card Paper Bills Casascius Physical Bitcoins
  • 68. What Do Bitcoins “Look” Like? Hard Disk Digital Diversion Safe SD Card Paper Bills Memorized Passphrase Hashable to Private Key Casascius Physical Bitcoins “Brainwallet”
  • 69. USD Exchange Rate As of 2012 November: BTC1.00 = $10.83
  • 70. USD Exchange Rate As of 2012 November: BTC1.00 = $10.83
  • 71. What is the Legal Status of Bitcoin?
  • 72. What is the Legal Status of Bitcoin?
  • 73. What is the Legal Status of Bitcoin? • Exchanging bitcoins for anything is basically barter, which is legal.
  • 74. What is the Legal Status of Bitcoin? • Exchanging bitcoins for anything is basically barter, which is legal. • The enhanced anonymity of Bitcoin potentially affords the same benefits as cash or gold to people operating outside the law, but additionally, is relatively frictionless to transfer to anyone in the world.
  • 75. What is the Legal Status of Bitcoin? • Exchanging bitcoins for anything is basically barter, which is legal. • The enhanced anonymity of Bitcoin potentially affords the same benefits as cash or gold to people operating outside the law, but additionally, is relatively frictionless to transfer to anyone in the world. • As with barter, exchanging in Bitcoin does not remove the requirement to pay taxes on income or sales.
  • 76. What is the Legal Status of Bitcoin? • Exchanging bitcoins for anything is basically barter, which is legal. • The enhanced anonymity of Bitcoin potentially affords the same benefits as cash or gold to people operating outside the law, but additionally, is relatively frictionless to transfer to anyone in the world. • As with barter, exchanging in Bitcoin does not remove the requirement to pay taxes on income or sales. • Value entirely inside the bitcoin economy can be extremely difficult or impossible to trace.
  • 77. What is the Legal Status of Bitcoin? • Exchanging bitcoins for anything is basically barter, which is legal. • The enhanced anonymity of Bitcoin potentially affords the same benefits as cash or gold to people operating outside the law, but additionally, is relatively frictionless to transfer to anyone in the world. • As with barter, exchanging in Bitcoin does not remove the requirement to pay taxes on income or sales. • Value entirely inside the bitcoin economy can be extremely difficult or impossible to trace. • Authorities are most likely to attempt to regulate the Bitcoin economy's end-points: the exchanges.
  • 78. What Can You Buy With Bitcoin? Before 2011
  • 79. What Can You Buy With Bitcoin? Late 2011
  • 80. What Can You Buy With Bitcoin? Late 2012
  • 81. Bitcoin-Denominated Poker Chips by Robert McNally
  • 82. Bitcoin-Denominated Poker Chips by Robert McNally

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