What is Bitcoin?

• Form of electronic currency you can use to buy stuff online
• A cryptocurrency
• Proposed by a guy named Satoshi Nakamoto
• Based on mathematics

Why Bitcoin?

• Decentralized so there is no central authority controlling the network
• Access anywhere with an Internet connection
• Safe, Secure
• Pseudoanonymous
• All transactions are viewable in blockchain (public ledger)

How it works

• Every user takes part in the network
• Transactions are broadcasted to the entire network
• Miners process those transactions and adds them to the blockchain after solving cryptographic problems
• Miners get rewarded in bitcoins for computing the hash

Buying and Selling Bitcoins

• Coinbase
• Circle
• Popular smartphone wallets: Breadwallet for iOS and Mycellium for Android

Facts

• 1 Bitcoin right now ~ $670 US
• 1 satoshi = 1/100,000,000 of a Bitcoin
• Currently around 15.7 million bitcoins in circulation (~$10.5 Billion US) – limit of 21 million bitcoins allowed
• Things that can be bought with Bitcoin: computers, gift cards, and even food!

Future

• Decentralized aspect of Bitcoin could help grow business startups who don’t have access to banking partners
• Separation of money and state
• Full-scale consumer adoption?

Sources to learn more about Bitcoin

http://www.coindesk.com/information/what-is-bitcoin/

http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/

https://www.youtube.com/watch?v=l9jOJk30eQs

https://bitcoin.org/en/how-it-works

http://www.coindesk.com/information/how-bitcoin-mining-works/

http://www.nature.com/news/the-future-of-cryptocurrencies-bitcoin-and-beyond-1.18447

https://www.cryptocoinsnews.com/die-die-wont-die-bitcoin-essay-jason-moola/

https://en.bitcoin.it/wiki/Help:FAQ

http://tech.eu/features/808/bitcoin-part-one/

#bitcoin #cryptocurrency #future #decentralized #money #satoshi