cryptocurrencies - tik · cryptocurrencies. what is bitcoin? + + = technology. the bank of bitcoin...
TRANSCRIPT
![Page 1: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/1.jpg)
ETHZurich – DistributedComputingGroup
RogerWattenhofer
Cryptocurrenciesbitcoin,blockchain &beyond
![Page 2: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/2.jpg)
![Page 3: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/3.jpg)
Cryptocurrencies
![Page 4: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/4.jpg)
![Page 5: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/5.jpg)
What is Bitcoin?
+ + =
![Page 6: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/6.jpg)
Technology
![Page 7: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/7.jpg)
The Bank of Bitcoin
User Balance
A 2
B 5
C 8
TXB �! A
User Balance
A 2 4
B 5 3
C 8
![Page 8: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/8.jpg)
The Bank of Bitcoin
User Balance
A 2
B 5
C 8
TXB �! A
User Balance
A 2 4
B 5 3
C 8
![Page 9: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/9.jpg)
The Bank of Bitcoin
User Balance
A 2
B 5
C 8
TXB �! A
User Balance
A 2 4
B 5 3
C 8
![Page 10: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/10.jpg)
The Bank of Bitcoin
User Balance
A 2
B 5
C 8
TXB �! A
User Balance
A 2 4
B 5 3
C 8
![Page 11: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/11.jpg)
Opening an Account in Bitcoin
Private Key Public Key Address
![Page 12: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/12.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 13: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/13.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 14: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/14.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 15: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/15.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 16: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/16.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs Outputs
Fee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 17: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/17.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 18: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/18.jpg)
Transferring Bitcoins
TX: 41b221
B
0.1
A
4.798
A
4.899
Inputs OutputsFee
0.001
Prev. TX:
a1a53743
4.899
0
C
...
1
|Outputs
![Page 19: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/19.jpg)
Distributing the Bank
User Balance
A 2
B 5
C 8
TX
TX
![Page 20: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/20.jpg)
Distributing the Bank
TX
![Page 21: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/21.jpg)
Distributing the Bank
TX
![Page 22: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/22.jpg)
Distributing the Bank
TX
![Page 23: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/23.jpg)
Distributing the Bank
TX
![Page 24: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/24.jpg)
Distributing the Bank
TX
![Page 25: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/25.jpg)
Let’s Buy a Snack
[Bamert, Decker, Elsen, W, Welten, 2013]
![Page 26: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/26.jpg)
Doublespending
TX B
1
A
1
1
Inputs
Outputs
TX’ A
1
1
✓
![Page 27: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/27.jpg)
Doublespending
TX B
1
A
1
1
Inputs
Outputs
TX’ A
1
1
✓
![Page 28: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/28.jpg)
Doublespending
TX B
1
A
1
1
Inputs
Outputs
TX’ A
1
1
✓
![Page 29: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/29.jpg)
Transaction Conflicts
TX
TX
![Page 30: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/30.jpg)
Transaction Conflicts
TX
TX
![Page 31: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/31.jpg)
Transaction Conflicts
TX
TX
![Page 32: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/32.jpg)
Transaction Conflicts
TX
TX
![Page 33: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/33.jpg)
Resolving Conflicts
Green!
![Page 34: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/34.jpg)
Resolving Conflicts
Green!
![Page 35: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/35.jpg)
Resolving Conflicts
Green!
![Page 36: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/36.jpg)
How to Choose a Leader?
![Page 37: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/37.jpg)
Proof-of-Work
Block
H(Previous Block)
TX TX TX TX
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 38: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/38.jpg)
Proof-of-Work
Block
H(Previous Block)
TX TX TX TX
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 39: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/39.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 40: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/40.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX
I H(Block) ! fd2e2055f117bfa261b5a6c7e11df367. . .
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 41: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/41.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX Nonce
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 42: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/42.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX Nonce
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 43: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/43.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX Nonce
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 44: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/44.jpg)
Proof-of-Work
Block
H(Previous Block) TX TX TX TX Nonce
I H(Block|0) ! 094d66aa7c844a9dbb516a41259b5877. . .
I H(Block|1) ! f2496854af8bf989171587a9259f634f. . .
I H(Block|2) ! aec87c0ca2e5eb3f23111092f1089ada. . .
I H(Block|3) ! 777f75b2a8ecfdc8026c236fc1d2↵a0. . ....
I H(Block|961127) ! 0000014823419622d4c133672a7d657e. . .
![Page 45: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/45.jpg)
The Blockchain
Time
![Page 46: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/46.jpg)
The Blockchain
Time
![Page 47: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/47.jpg)
Is Bitcoin stable?
![Page 48: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/48.jpg)
The Blockchain
Time
![Page 49: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/49.jpg)
The Blockchain
Time
![Page 50: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/50.jpg)
Propagation Speed
[Decker, W, 2013]http://bitcoinstats.com
![Page 51: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/51.jpg)
Propagation Speed
[Decker, W, 2013]http://bitcoinstats.com
![Page 52: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/52.jpg)
Blockchain Forks
1.69%
[Decker, W, 2013]
![Page 53: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/53.jpg)
Aside: Mining Evolution
![Page 54: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/54.jpg)
Aside: Mining Evolution
![Page 55: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/55.jpg)
Aside: Mining Evolution
![Page 56: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/56.jpg)
500 MW
![Page 57: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/57.jpg)
Summary
TX
Green!
Block
H(Previous Block) TX TX TX TX Nonce
Time
![Page 58: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/58.jpg)
Stories
![Page 59: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/59.jpg)
How to Lose 500M
![Page 60: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/60.jpg)
Addressing Transaction Malleability: MtGox has detected
unusual activity on its Bitcoin wallets and performed
investigations during the past weeks.
![Page 61: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/61.jpg)
The MtGox Incident
I July 2010: First trade on MtGox
I May 2011: Transaction malleability identified as low priority issue
I February 7, 2014: MtGox halts withdrawals
I February 10, 2014: MtGox announces loss of 850,000 bitcoins (620millio USD) and cites transaction malleability as root cause
I February 28, 2014: MtGox files for bankruptcy
I March 7 2014: MtGox finds 200,000 bitcoins
I August 2015: MtGox CEO is arrested
![Page 62: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/62.jpg)
Signatures
00 00
61 af bb 4d e9 f8 b8 74 86 1e
There are multiple ways to serialize a signature:
I Multiple push operations (1 byte, 2 byte, 4 byte)
I Non-canonical DER encodings
I Padding
I . . .
![Page 63: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/63.jpg)
Signatures
00 00 61 af bb 4d e9 f8 b8 74 86 1e
There are multiple ways to serialize a signature:
I Multiple push operations (1 byte, 2 byte, 4 byte)
I Non-canonical DER encodings
I Padding
I . . .
![Page 64: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/64.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?Refund
![Page 65: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/65.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?Refund
![Page 66: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/66.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?Refund
![Page 67: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/67.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?Refund
![Page 68: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/68.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?
Refund
![Page 69: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/69.jpg)
Transaction Malleability Attack
TX
TX
TX
TX
TX
Red!
TX?
Refund
![Page 70: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/70.jpg)
Incident Timeline
386 BTC
[Decker, W, 2014]
![Page 71: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/71.jpg)
Incident Timeline
386 BTC
[Decker, W, 2014]
![Page 72: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/72.jpg)
![Page 73: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/73.jpg)
Is Bitcoin Secure?
![Page 74: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/74.jpg)
Securing Your Bitcoins
[Bamert, Decker, W, 2013]
![Page 75: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/75.jpg)
Does Bitcoin Scale?
![Page 76: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/76.jpg)
The Bitcoin Ecosystem is Growing
![Page 77: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/77.jpg)
Scalability Limits
I Disk space: < 500 transactions per second
I Processing power: < 200 transactions per second
I Network bandwidth: < 100 transactions per second
I Artificial 1MB limit: < 3 transactions per second
Today:
I Bitcoin: 1 transaction per second
I Credit Cards: > 10, 000 transactions per second
![Page 78: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/78.jpg)
Scalability Limits
I Disk space: < 500 transactions per second
I Processing power: < 200 transactions per second
I Network bandwidth: < 100 transactions per second
I Artificial 1MB limit: < 3 transactions per second
Today:
I Bitcoin: 1 transaction per second
I Credit Cards: > 10, 000 transactions per second
![Page 79: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/79.jpg)
Scalability Limits
I Disk space: < 500 transactions per second
I Processing power: < 200 transactions per second
I Network bandwidth: < 100 transactions per second
I Artificial 1MB limit: < 3 transactions per second
Today:
I Bitcoin: 1 transaction per second
I Credit Cards: > 10, 000 transactions per second
![Page 80: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/80.jpg)
Scalability Limits
I Disk space: < 500 transactions per second
I Processing power: < 200 transactions per second
I Network bandwidth: < 100 transactions per second
I Artificial 1MB limit: < 3 transactions per second
Today:
I Bitcoin: 1 transaction per second
I Credit Cards: > 10, 000 transactions per second
![Page 81: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/81.jpg)
Scalability Limits
I Disk space: < 500 transactions per second
I Processing power: < 200 transactions per second
I Network bandwidth: < 100 transactions per second
I Artificial 1MB limit: < 3 transactions per second
Today:
I Bitcoin: 1 transaction per second
I Credit Cards: > 10, 000 transactions per second
![Page 82: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/82.jpg)
Payment Network
![Page 83: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/83.jpg)
Payment Network
![Page 84: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/84.jpg)
Payment Network
![Page 85: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/85.jpg)
Micropayment Channels
5
5
T=100 5
5
0
4
1
3
2
![Page 86: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/86.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 87: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/87.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 88: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/88.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 89: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/89.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 90: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/90.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 91: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/91.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 92: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/92.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 93: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/93.jpg)
Micropayment Channels
5 5
T=100 5
5
0
4
1
3
2
![Page 94: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/94.jpg)
Duplex Micropayment Channels
Setup Invalidation Tree Micropayment Channels
T = 100 T = 100 T = 100
T = 99 T = 100 T = 100
T = 99 T = 100
T = 99
![Page 95: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/95.jpg)
Summary
Red!
TX?Refund
T = 100 T = 100 T = 100
T = 99 T = 100 T = 100
T = 99 T = 100
T = 99
![Page 96: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/96.jpg)
Economy
![Page 97: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/97.jpg)
BTC in USD
![Page 98: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/98.jpg)
Inflation
![Page 99: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/99.jpg)
Fungibility
=?
![Page 100: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/100.jpg)
Improving Bitcoin?
saver miner
payer payee
relay
![Page 101: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/101.jpg)
What is Money?
![Page 102: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/102.jpg)
What is Money?
![Page 103: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/103.jpg)
Summary
![Page 104: Cryptocurrencies - TIK · Cryptocurrencies. What is Bitcoin? + + = Technology. The Bank of Bitcoin User Balance A 2 B 5 C 8 TX B ! A 24 53. The Bank of Bitcoin User Balance A 2 B](https://reader035.vdocument.in/reader035/viewer/2022063008/5fbcf20e4c4218597b770520/html5/thumbnails/104.jpg)
Thank You!Questions & Comments?
www.disco.ethz.ch
Thanks to my co-authorChristian Decker