What Is Bitcoin & What Can You Do With It?

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Information about What Is Bitcoin & What Can You Do With It?

Published on March 5, 2014

Author: ChrisMohritz

Source: slideshare.net


Seeing Bitcoin mentioned everywhere you go these days? Many online stores & services accept payments in Bitcoin, and some people even sell their homes for the stuff. It's a digital currency, but where does it come from and how is its value determined? More importantly, how does it affect you and your business?

Join us for an introduction to this new online currency, how it works, and why it's getting so much attention.

+Chris Mohritz | chris@mohritz.co

WHO THIS IS FOR ● ● ● ● ● Curious about Bitcoin buzz Entrepreneur looking for trends Early adopters Staying on top of tech changes Staying on top of currency changes

OUR JOURNEY ● ● ● ● ● ● ● What is Bitcoin? How volatile is it? Where can I use my Bitcoins? How do you store, trade & spend Bitcoins? How are Bitcoins created? What happened to Mt. Gox? What's the future of Bitcoin? Interrupt me at anytime for questions / comments

WHY THIS IS IMPORTANT ● ● ● ● Impacts all of us Money is being made (and lost) Preview into future of currency Internet needs something like Bitcoin


WHAT IS BITCOIN The Future or a Failed Experiment?

THE BASICS ● ● ● ● ● ● ● ● ● ● Purely electronic Outside traditional banking system Started circulating in 2009 Relies on peer-to-peer network/processing Peers verify and record transactions No central authority Value depends on people's confidence Transacted anonymously Started by anonymous (Satoshi Nakamoto) An experiment?

A BRIEF HISTORY OF BITCOIN nytimes.com/interactive/technology/bitcoin-timeline.html

HOW MUCH IS OUT THERE? blockchain.info/charts/total-bitcoins

BACKED BY THE FULL FAITH AND CREDIT OF ...? huffingtonpost.com/shelly-palmer/bitcoin-money-currency-or_b_4889845.html

HOW VOLATILE IS IT? Everyone Has an Opinion

WELCOME TO THE WILD WEST blockchain.info/charts/market-price

THE BENCHMARK tickerscores.com/blog/bitcoin-an-almost-exact-fit-to-golds-historical-chart/

A CURE FOR VOLATILITY? ● Privatized FDIC (inscrypto.com)


DIRECTLY ACCEPTING BITCOIN (pizzaforcoins.com) bitpay.com/directory spendbitcoins.com/places nasdaq.com/article/what-companies-accept-bitcoin-cm323438

EVERYWHERE ELSE gyft.com/bitcoin egifter.com/bitcoin

HOW DO YOU STORE, TRADE & SPEND BITCOINS? Building on Current Habits

WHAT HAPPENS WHEN YOU SPEND http://scenic.princeton.edu/network20q/wiki/index.php?title=P2P_and_Bitcoin

STORING THEM ● ● ● ● Online Offline Exchanges ???

TRADING & CASHING OUT rt.com/op-edge/if-bitcoin-exchanges-shut-down-518

THINK OF IT AS DIGITAL CASH ● Finite number available (21M) ● Lost Bitcoins cannot be replaced

HOW ARE BITCOINS CREATED? Pick Up Your Digital Shovel

MINING FOR BITCOINS (~9M LEFT) businessinsider.com/how-bitcoins-are-mined-and-used-2013-4 visual.ly/think-you-can-mine-bitcoin cnbc.com/id/101332124

IN THE NEWS Plenty of it

WHAT HAPPENED TO MT. GOX? “The exchange became insolvent after losing 744,408 Bitcoins (~$350 million US dollars) -the largest Bitcoin heist ever.” huffingtonpost.com

GETTING HEADLINES Bitcoin ATM ● huffingtonpost.ca/bitcoin-atm-canada Hackers ● digitaltrends.com/computing/pony-botnet-steals-bitcoins Endless opinions & opinions about opinions ● forbes.com/you-dont-need-a-nobel-prize-to-be-wrongabout-bitcoin-but-it-helps


ONLY TIME WILL TELL ● ● ● ● ● Footnote in history books? Government regulation? Global currency? End of central banks? Chaos? Mayhem? Which brings us...

BACK TO TYLER Is Bitcoin a “potential disrupter of traditional financial institutions”? nytimes.com/2014/03/01/opinion/nocera-thebitcoin-blasphemy.html Is Satoshi Nakamoto Tyler Durden 2.0? “The root problem with conventional currency is all the trust that’s required to make it work.” ~Satoshi Nakamoto

KEEP DIGGING ● ● ● ● ● ● ● ● ● khanacademy.org/bitcoin-what-is-it bitcoin.it/wiki bitcoins.com cryptocoinsnews.com coindesk.com weusecoins.com howdoyoubuybitcoins.com dailytekk.com/top-50-bitcoin-resources evoorhees.blogspot.co.uk/libertarian-intro

Feedback? Questions? chris@mohritz.co

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