What is Bitcoin, why it succeed?
How it works?
How developers could integrate Bitcoin payment to their systems
The video in the slides is available at : https://www.youtube.com/watch?v=W0qn3oPYo5c
3. History (Context)
In November 2008
Ecashanonymous cryptographic
(DIGICASH Inc.) ‘1983-1998’
hashcash, a proof-of-work scheme for spam control
bit gold (distributed digital)
Bit gold was never implemented (Nick Szabo)
E-gold‘1996- 2007’
‘2006-2013’
2008, financial crisis : Best time for Bitcoin
5. Bitcoin, the world’s first
decentralized digital currency.
Peer to Peer (No middle authority)
6.
7. “peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another
without going through a financial institution.”
Satoshi Nakamoto
Bitcoin began as a P2P electronic cash system
8. Bitcoin System Features
• Pseudo- anonymity (addresses are public but the holder remains hidden)
• Secure by design (Cryptography : Cryptocurrency, hashrate)
• Privacy preserving (No Sign-Up Required, etc)
• Transactions are Irreversible (no chargeback)
• Easy to use (Qr code, online wallet)
• No intrinsic value, No physical form, No central bank
• No double-spending problem (Cheating or Counterfeiting).
• No Central Authority
• Low Cost transactions (depends on the size not on the amount send 10$ is like 10M$).
• Transparent blockchain.
9. How it works?!
• Blockchain based
Miner would dedicate computer power to solving cryptographic puzzles
13. FOR DEVELOPERS
• Bitcoin core (C++)
• Bitcoin clients or Implementations : BITCOINJ, BITCOINJS….
• Third party API and online wallets: blockchain.info, Coinbase….
• Bitcoin Payment Gateway API : bitpay, GoURL..
• You can be your own financial system
• Most of the security is on client side
14. Meetup and Conference
• MCHAIN 2017 : Blockchain and cryptocurrency international
conference.
• Upcoming Blockchain Meetup : https://goo.gl/HLtr2d
ecash was conceived by David chaum as an anonymous cryptographic Emoney or electronic cash system in 1983.
October 31, 2008 : The white paper is published
November 9, 2009: The Bitcoin Project hits SourceForge
January 3, 2009 :The Genesis Block is mined
The fee amount depends on the data size of the transaction.A typical transaction is 500 bytes and carries a fee of 0.0001 BTC.
Nodays ‘2017’ btcoin transaction Volume :
Transactions last 24h304,045
Transactions avg. per hour12,669