Download - Bitcoin Nathan Kistler CST300L Fall 2012. What is Bitcoin? Digital Currency Anonymous Secure
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BitcoinNathan KistlerCST300L Fall 2012
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What is Bitcoin?• Digital Currency• Anonymous• Secure
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The purpose of Bitcoin• Provide a currency free from centralized
control• Facilitate online commerce• Allow for anonymous transactions
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History of digital currency• Credit card transactions require third party
management and reveal a customer's identity
• Cypherpunkso Affect political change using cryptographyo Jim Bell - Assassination Politics
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History of digital currency• b-money
o Noncommercial prototype
• Bitgoldo Scarce digital resources can have value
• DigiCasho Prevent counterfeiting by using a trusted central authority
• WoW Gold, Linden Dollarso Digital currency to buy digital goods
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History of Bitcoin• Proposed 1998 in paper by an individual
using the pseudonym Satoshi Nakamoto• Spawned from the cypherpunk movement• First version available in 2009
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How Bitcoin works• Uses publically viewable leger to verify
transactions• Peer to Peer network
o Eliminates centralized controlo Peers verify transaction chain by reaching
consensus
• Use of cryptographyo Keep users anonymouso Prevent counterfeiting
• Open sourceo Users demand transparency
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How Bitcoin works• Bitcoin Miner generates new currency at the
same rate as a geometric series• Total amount of currency is capped• Users have Bitcoin "wallet"• Each Bitcoin has a unique address and
associated denomination
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How Bitcoin works• Bitcoin Miner generates new currency at the same rate
as a geometric series
• Total amount of currency is capped
• Users have Bitcoin "wallet"
• Each Bitcoin has a unique address and associated denomination
• About Bitcoin
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Potential issues• Security vulnerabilities• Lack of acceptance• Theft
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What Bitcoin could do• Reduce the power of government authority
o Difficult to collect taxeso Bypass laws and regulationso Allow interest groups to act without interferenceo Replace government issued currencies
• Make targeted advertising more difficulto Disrupt business plans for many websites
• Exchange Bitcoins for other types of currency
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Referencesbitcoin.org staff (November 2012). About Bitcoin. Retrieved from http://bitcoin.org/about.html
blockchain.info (December 2012). Bitcoin Block Explorer. Retrieved from http://blockchain.info
Jim Bell (February 1996). Assassination Politics. Retrieved from http://www.outpost-of-freedom.com/jimbellap.htm
mtgox.com (December 2012). Bitcoin Exchange. Retrieved from https://mtgox.com/
Satoshi Nakamoto (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from http://bitcoin.org/bitcoin.pdf
paysius.com staff (November 2012). How it Works. Retrieved from https://paysius.com/how-it-works
Morgen E. Peck (June 2012). Bitcoin: The Cryptoanarchist's Answer to Cash. Retrieved from http://spectrum.ieee.org/computing/software/bitcoin-the-cryptoanarchists-answer-to-cash/0
Morgen E. Peck (October 2011). The World's First Bitcoin Conference. Retrieved from http://spectrum.ieee.org/computing/networks/the-worlds-first-bitcoin-conference
Benjamin Wallace (November 23, 2011). The Rise and Fall of Bitcoin. Retrieved from http://www.wired.com/magazine/2011/11/mf_bitcoin/all/1
weusecoins.com staff (May 22, 2011). What is Bitcoin? Retrieved from http://www.youtube.com/watch?v=Um63OQz3bjo
weusecoins.com staff (December 2012). Top Questions. Retrieved from http://www.weusecoins.com/questions.php