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Bitcoin basics

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Bitcoin basics

  1. 1. Bitcoin Basics By Dongqiao Wang
  2. 2. Bitcoin Quick Facts • Decentralized digital currency • P2P based Crypto-Currency • Shorthand/Unit: BTC • Bought and sold at a variable price against other currency • Allows for fast transfer of value through Internet without middlemen • 21 million coins will ever exist • ~5 million coins at present • Divisible up to 0.00000001 or 10-8 of a BTC allowing for micro-payments
  3. 3. How does it work? • Bitcoins payments can be sent/received through websites and softwares from/to “addresses” or “public keys”. • The network confirms the transaction and store the transaction log(blockchain) across the P2P network. • The operators of bitcoin servers -- called “bitcoin miners”, cost electrical power and CPU calculation for each transaction, get mined(newly created) bitcoins and transaction fees in return. • Through “mining”(transaction processing), the network generate new bitcoins into the economy. • The reward for solving a block is reducing over time and the total bitcoin value will finally approach 21,000,000 BTC around the year 2040.
  4. 4. How do users get bitcoins • Accept bitcoins as payments • Buy bitcoins on bitcoin exchanges or from other people • Participate in a mining pool (Shared hardware) • Solo mining (Owned hardware) and attempt to create a new block(currently yield 25 bitcoins plus transaction fees)
  5. 5. For merchants • Low fees • No chargebacks • No risk of fraud • Point-of-Sale (POS) transactions
  6. 6. Financial • Exchange • In march 2013, 1BTC traded from $40-$95.The monetary base of the Bitcoin network stands at over $1 Billion USD. • Major financia organization have shown interest in the bitcoin markets. • Hedge funds • Exante Ltd., launched a bitcoin hedge fund marketed towards institutional investors and high net-worth individuals. • Derivatives • iCBIT offers futures contracts on bitcoins against multiple currencies. • In April 2013, IG Group began to offer binary options on the price of bitcoins at a given date.
  7. 7. Real world business for Bitcoin • Largest & oldest Bitcoin Exchange: • Mt.Gox • Lending • BTCJam, Peer to Peer Bitcoin Lending. • Equities • MPEX (info), Equities exchange. • PicoStocks, Equities exchange. • BTC-TC, Equities exchange. • Options • MPOE (info), Use bitcoins to buy and sell Bitcoin CALL and PUT option contracts. • Futures • ICBIT (info), Use bitcoins to buy and sell futures contracts for Gold, Crude (WTI), and the BTC/USD. • MPEx), Use bitcoins to buy and sell futures contracts for many commodities, indexes, and more. • Forex • FNIB, professional level forex trading in USD, EUR and other currencies. Account opening and settlement in BTC. • LiteForex, deposit and withdraw bitcoins to your LiteForex account. • Interest on Bitcoin • Real Bitcoin Pays interest on bitcoins deposited.

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