![Page 1: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/1.jpg)
Bitcoin introduction at Bizcamp Ghent June 11th 2011 (http://bizcamp.be/).
• I have tried to explain bitcoin with the following metaphors:– a cash register copied over the hard drives of all participants– public/private keys as coloured pens: a transaction is only valid if it is written in the color of the
pen that is writing the transaction in the register (unlimited number of colours, none is the same) – bitcoin blocks as pages in the cash register– the node that first solves a sudoku puzzle made up of all the transactions in the page (and with the
puzzle on the previous page), gets 50 bitcoins as a prize (as a metaphor for mining, this one turned out the most difficult to grasp)
– the transaction history can't be falsified because that would require solving sudoku puzzles faster than the combined rest of the world
– economic value generated by mining is the stability of the system as a whole (transaction history not falsifiable)
• Rest of the screenshots:– how the client works– discussion of (relative) "anonymity”– driver behind current speculation: expectation that a sizeable amount of the underground
economy will move into bitcoin– Bitcoin mining hardware and business– risks and challenges for bitcoin
![Page 2: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/2.jpg)
![Page 3: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/3.jpg)
http://vanhecke.info
![Page 4: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/4.jpg)
![Page 5: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/5.jpg)
![Page 6: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/6.jpg)
Bitcoin
a Peer-to-Peer Electronic Cash System
![Page 7: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/7.jpg)
![Page 8: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/8.jpg)
![Page 9: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/9.jpg)
![Page 10: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/10.jpg)
![Page 11: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/11.jpg)
![Page 12: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/12.jpg)
![Page 13: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/13.jpg)
![Page 14: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/14.jpg)
Blue sends 3 to green
Blue sends 3
to
green
Blue
send
s 3 to
gree
n
Blue sends 3 to green
Blue sends 3 to green
![Page 15: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/15.jpg)
Red sends 1.1 to green
Blue sends 3 to green
Grey sends 1 to red
Blue sends 3 to red
Red sends 1.1 to grey
all transactions between 6h50 and 7h00 am
![Page 16: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/16.jpg)
![Page 17: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/17.jpg)
Red sends 1.1 to green
Blue sends 3 to green
Grey sends 1 to red
Blue sends 3 to red
Red sends 1.1 to grey
all transactions between 6h50 and 7h00 am
![Page 18: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/18.jpg)
I have a page of all transactions between
6h50 and 7h00 amAND
I have solved the Sudoku puzzle!
![Page 19: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/19.jpg)
Red sends 1.1 to green
Blue sends 3 to green
Grey sends 1 to red
Blue sends 3 to red
Red sends 1.1 to grey
Red gets 50 for the puzzle!
all transactions between 6h50 and 7h00 am
![Page 20: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/20.jpg)
Blue sends 4 to green
…
all transactions between 7h00 and 7h10 am
![Page 21: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/21.jpg)
![Page 22: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/22.jpg)
![Page 23: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/23.jpg)
![Page 24: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/24.jpg)
![Page 25: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/25.jpg)
Bitcoin price evolution
![Page 26: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/26.jpg)
![Page 27: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/27.jpg)
![Page 28: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/28.jpg)
![Page 29: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/29.jpg)
Bitcoin price evolution
![Page 30: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/30.jpg)
Bitcoin price evolution
![Page 31: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/31.jpg)
![Page 32: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/32.jpg)
![Page 33: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/33.jpg)
![Page 34: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/34.jpg)
Bitcoin mining
![Page 35: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/35.jpg)
Crypto risks
![Page 36: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/36.jpg)
![Page 37: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/37.jpg)
Future
![Page 38: Bitcoin: what is Bitcoin and why did it become a hype?](https://reader036.vdocument.in/reader036/viewer/2022062615/547c832cb37959442b8b5065/html5/thumbnails/38.jpg)
?