Bitcoin 101 - General Audience
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A general overview of what bitcoin is, how it works, and what problems it solves
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Bitcoin 101 - General Audience
- 1. Bitcoin 101 Ryan Milbourne @RyanMilb So Cal Code Camp UCSD Extention 2017
- 4. Money Store of value Medium of exchange Unit of account
- 7. Origin ● Hash Cash, 1997- Dr. Adam Back ● Satoshi Nakamoto - Bitcoin white paper, 2008
- 9. 1.Private Key 2.Public Key Elliptic Curve Cryptography
- 13. 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
- 16. Wallet Types Hot vs cold Web - Hosted Hardware
- 18. Benefits of Bitcoin Escape Capital Controls Resistance to censorship (P2P) Control over your money
- 19. For Merchants Lower Fees No Charge backs Less fraudulent transactions*
- 28. 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
- 34. Scalability Visa 2,000 tps Pay Pal 40-100 tps Bitcoin 7 tps
- 37. Regulation FEC Approved IRS - property CTFC - commodity FINCEN - Money
- 38. BitLegal.io
- 39. 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
- 40. The Future Crypto 2.0 Services built on top of bitcoin “Smart Contracts” Decentralized marketplaces
- 46. The DAO
- 48. For more info: www.bitcoin.org Andreas Antonopoulos Video @aantonop www.coindesk.com Letstalkbitcoin.com Khan Academy Videos RyanTMilbourne@gmail.com @RyanMilb
Hinweis der Redaktion
- Island of Yap Rai stones Oral history of ownership Rai stones were, and still are, used in rare important social transactions, such as marriage, inheritance, political deals, sign of an alliance The stone itself is rarely moved due to its weight and risk of damage. The names of previous owners are passed down to the new one. In one instance, a large rai being transported by canoe and outrigger was accidentally dropped and sank to the sea floor. Although it was never seen again, everyone agreed that the rai must still be there, so it continued to be transacted as genuine currency. Oral history, Oral consensus
- Proof of work. Proof that you spent energy to generate this token. Attaching a digital hash as a postage stamp.
- Ledger of all transactions Distributed proof of work Decentralized Consensus Mechanism Bitcoin is Protocol. Bitcoin is a special type of crypto currency, its the first crypto currency based on a distributed proof of work principle that is captured in an distributed database called the blockchain. The Concept of Distributed proof of work is what makes Bitcoin special https://proofofexistence.com/about
- A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. 256-bit number Hexadecimal Elliptic_Curve_Digital_Signature_Algorithm
- Going back to the island of Yap. The social consensus mechanism for exchanging these stone assets is very similar to trading digital assets on the blockchain.
- Technical questions -Currency is the first app -not money for the internet- the internet of money- Email-killer app of internet
- Desktop mobile
- Hosted vs non hosted. Thick Vs Light, Simplified Payment Verification (SPV Software, Web, Hardware, cold, brain
- Resistance to censorship. Fungible
- App development: Proof of ownership of modules in app development Digital content: Proof of ownership for digital content storage and delivery Ride-sharing: Points-based value transfer for ride-sharing Digital security trading: Ownership and transfer Digitization of documents/contracts: Digitization of documents/contracts and proof of ownership for transfers Decentralized storage: Decentralized storage using a network of computers on blockchain Company incorporations: Digitizing company incorporations, transfer of equity/ownership and governance Decentralized Internet and computing resources: Decentralized Internet and computing resources to cover every home and business Home automation: Platform to link the home network and electrical devices to the cloud Digital identity: Provides digital identity that protects consumer privacy Escrow/custodian service: Escrow/custodian service for the gaming industry; loan servicing and e-commerce IT portal: A smart contract IT portal executing order fulfillment in ecommerce/manufacturing Patient records: Decentralized patient records management Digitizing assets: Improves anti-counterfeit measures Reputation management: Helps users engage, share reputation and collect feedback Prediction platform: Decentralized prediction platform for the share markets, elections, etc. Enables authenticity of a review: Enables authenticity of a review through trustworthy endorsements for employee peer reviews Marketplace for sales and purchases of digital assets: Proof of ownership and a marketplace for sales and purchases of digital assets
- Wana cry assets https://bitinfocharts.com/bitcoin/wallet/WannaCry-wallet
- Add time and microsoft
- Doesn’t solve any problems for the West
- 2 Tera Hashes
- To solve this issue it needs the equivalant of a constitutional amendment.
- 1 Transaction, enough electricity for the avg. American Household
- Fincen - money, IRS - Property
- Gov, Dept of health and human services, Darpa + Pentagon, Banks auditing R3, Nukes Distributed Ledger Technology
- Decentralized drop box.
- “Smart Contracts”
- Millions of dollars in minutes. Thousands of dollars in transaction costs.
- The Dao
- 30k in 2014 https://www.bloomberg.com/view/articles/2014-02-04/jamaican-bobsledders-ride-dogecoin-into-olympics
- Crypto Currency is an invention, that is here to stay. Cryptocurrency: They depend on (our)operation cryptographic primitives and a common understanding of how the software works Based on a distributed proof of work principal Bitcoin is a special type of crypto currency, its the first crypto currency based on a distributed proof of work principal that is captured in an immutable distributed database called the blockchain. The Concept of Distributed proof of work is what makes Bitcoin special Bitcoin is based on a simple invention. Simple invention created in 2008 by satoshi anakamoto in what it does is it allows you to build a fully distributed system that exibits principals of trust, without a central authority, without a third party between the transactions. A bitcoin transaction is a signed data structure that can be executed anywhere in the world. A transaction does not have to happen on the network. Bitcoin transaction just has to reach the miners. It doesn't care if the address of a millionare, a central bank, a phone, a car, anything. That means that if you want to build an application on it you don't have to ask for permission. Write the app, launch it, and it will route your traffic.