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Bitcoin 101
Ryan Milbourne
@RyanMilb
OCJUG
10/12/2016
Outline
Origins
Technicals
Problems it solves
Origin
● Hash Cash, 1997- Dr. Adam Back
● Satoshi Nakamoto - Bitcoin white
paper, 2008
What is Bitcoin?
Ledger of all transactions
Distributed proof of work
Decentralized Consensus Mechanism
Bitcoin is Protocol
1.Private Key
2.Public Key
Elliptic Curve Cryptography
Private key
E9 87 3D 79 C6 D8 7D C0 FB 6A 57 78 63 33
89 F4 45 32 13 30 3D A6 1F 20 BD 67 FC 23
3A A3 32 62
Public Key
3J9...
Raspberry Pi
Orphan blocks
Notes on Mining:
1 block mined approx every 10 min
Last bitcoin mined in 2140
Transaction fee
Halving Block Reward
Benefits of Bitcoin
Escape Capital Controls
Resistance to censorship
Algorithmic Regulation
For Merchants
Lower Fees
No Charge backs
Less fraudulent transactions*
Micro Transactions
One Satoshi 0.00000001
Publishing
Fundraising
Empower Billions
1 Billion with access to:
International Markets
Banking services
More people have access to a cellphone t...
Disadvantages
Volatility
51% attack
Scalability
Scalability
Visa 2,000 tps
Pay Pal 40-100 tps
Bitcoin 7 tps
Keeping Mt. Gox in Perspective
State of Bitcoin Q2 2014
Source: Baseline Scenario
$8.9bn
fine
Regulation
FEC Approved
IRS released guidelines
SEC Reviewing Bitcoin backed ETF
BitLegal.io
Bitcoin’s Price is Now on Yahoo Finance,
Google Finance and Bloomberg
State of Bitcoin Q2 2014
Public vs Private
Open to innovation
Immutable*
Need proof of work
for security
Decentralized
Control supply
Editable
No n...
https://bitcoinj.github.io/
The Future
Crypto 2.0
Services built on top of bitcoin
“Smart Contracts”
Decentralized marketplaces
The DAO
For more info:
www.bitcoin.org
Andreas Antonopoulos Video
@aantonop
www.coindesk.com
Letstalkbitcoin.com
Khan Academy Vide...
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Bitcoin101

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Introductory Bitcoin talk geared towards Developers

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Bitcoin101

  1. 1. Bitcoin 101 Ryan Milbourne @RyanMilb OCJUG 10/12/2016
  2. 2. Outline Origins Technicals Problems it solves
  3. 3. Origin ● Hash Cash, 1997- Dr. Adam Back ● Satoshi Nakamoto - Bitcoin white paper, 2008
  4. 4. What is Bitcoin? Ledger of all transactions Distributed proof of work Decentralized Consensus Mechanism Bitcoin is Protocol
  5. 5. 1.Private Key 2.Public Key Elliptic Curve Cryptography
  6. 6. Private key E9 87 3D 79 C6 D8 7D C0 FB 6A 57 78 63 33 89 F4 45 32 13 30 3D A6 1F 20 BD 67 FC 23 3A A3 32 62 Public Key 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
  7. 7. Raspberry Pi
  8. 8. Orphan blocks
  9. 9. Notes on Mining: 1 block mined approx every 10 min Last bitcoin mined in 2140 Transaction fee Halving Block Reward
  10. 10. Benefits of Bitcoin Escape Capital Controls Resistance to censorship Algorithmic Regulation
  11. 11. For Merchants Lower Fees No Charge backs Less fraudulent transactions*
  12. 12. Micro Transactions One Satoshi 0.00000001 Publishing Fundraising
  13. 13. 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
  14. 14. Disadvantages Volatility 51% attack Scalability
  15. 15. Scalability Visa 2,000 tps Pay Pal 40-100 tps Bitcoin 7 tps
  16. 16. Keeping Mt. Gox in Perspective State of Bitcoin Q2 2014 Source: Baseline Scenario $8.9bn fine
  17. 17. Regulation FEC Approved IRS released guidelines SEC Reviewing Bitcoin backed ETF
  18. 18. BitLegal.io
  19. 19. Bitcoin’s Price is Now on Yahoo Finance, Google Finance and Bloomberg State of Bitcoin Q2 2014
  20. 20. Public vs Private Open to innovation Immutable* Need proof of work for security Decentralized Control supply Editable No need for proof of work Centralized More detailed blog post
  21. 21. https://bitcoinj.github.io/
  22. 22. The Future Crypto 2.0 Services built on top of bitcoin “Smart Contracts” Decentralized marketplaces
  23. 23. The DAO
  24. 24. For more info: www.bitcoin.org Andreas Antonopoulos Video @aantonop www.coindesk.com Letstalkbitcoin.com Khan Academy Videos RyanTMilbourne@gmail.com @RyanMilb

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