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Bitcoin

Bitcoin. The world’s first decentralized digital currency Meni Rosenfeld Bitcoil. Bitcoin is a currency. “Money can be exchanged for goods and services” Currency facilitates the trade of one good for another A good currency must be: Scarce, portable, durable, fungible, divisible, current

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Bitcoin

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  1. Bitcoin The world’s first decentralized digital currency Meni RosenfeldBitcoil Written by Meni Rosenfeld

  2. Bitcoin is a currency • “Money can be exchanged for goods and services” • Currency facilitates the trade of one good for another • A good currency must be: • Scarce, portable, durable, fungible, divisible, current • Value = equilibrium between supply and demand • Total value of a currency is proportional to total trade using it • Value per unit = Total value / Number of units Written by Meni Rosenfeld

  3. Bitcoin is digital • Ownership of bitcoins is digital information • Typically used with a computer and the internet • Based on cryptography Written by Meni Rosenfeld

  4. Bitcoin is decentralized • There is no company “Bitcoin Ltd.” • There is no central issuer or controller • Based on a public protocol and free software • Run by a peer-to-peer network of computers • Multiple parties are each “doing their own thing” Written by Meni Rosenfeld

  5. Bitcoin is the first! • Plenty of physical currencies • Gold, silver, seashells, rocks… • Plenty of centralized digital currencies • PayPal, WebMoney, e-gold, DigiCash, LR, WoW gold, SLL, EVE isk… • Bitcoin is the world’s first decentralized digital currency • Invented in 2008 by “Satoshi Nakamoto” (pseudonym) Written by Meni Rosenfeld

  6. Why? • No need for 3rd party • Easy to send and receive money • Almost no fees • No single point of failure • Secure • Limited supply – no built-in long-term monetary and price inflation • No chargebacks • International • Usable by weak/small countries • Pseudonymous • Public ledger • Advanced applications Written by Meni Rosenfeld

  7. Inflation schedule Written by Meni Rosenfeld

  8. Bitcoin adoption (July 2013) • Bitcoin “Market capitalization”: $1.2B • Users: 500,000 • Bitcoin-accepting businesses: ~7000, including • Wordpress, Reddit, Mega, Namecheap, OkCupid • Freelancers, server hosting, software, books, clothing, video games, electronics, groceries, car accessories, ad networks, restaurants… • Accepting donations: • FSF, Wikileaks, Internet Archive, EFF, MIRI, xkcd… • Academic research: WIS, Microsoft, Cornell, ETH Zurich… Written by Meni Rosenfeld

  9. Historic price chart (log scale) Written by Meni Rosenfeld

  10. Bitcoin software • Full software • Bitcoin-qt - http://bitcoin.org/ • Lightweight client • Multibit • Hybrid web wallet • My Wallet - https://blockchain.info/wallet/ • Android App • BitcoinSpinner Written by Meni Rosenfeld

  11. How to use? • Install open-source client software • Software generates “addresses”, which are like bank account numbers (e.g. 1BBsbEq8Q29JpQr4jygjPof7F7uphqyUCQ) • To receive bitcoins, let the sender know your address • To send bitcoins, specify receiving address and amount, and click “send” Written by Meni Rosenfeld

  12. How to use? Written by Meni Rosenfeld

  13. Bitcoin in Israel • Community site: http://www.bitcoin.org.il/ • Facebook: bitcoin.il, ביטקוין ישראלי • IRC: #bitcoin-il at Freenode • Meetup: http://meetup.bitcoin.org.il/ • Google Group - BitcoinIsrael • Hebrew forum section • Bitcoin-accepting businesses: ~40 • Including restaurants and other physical locations Written by Meni Rosenfeld

  14. Predictions • Exchange rate hits $300 by end of 2013 • Bitcoin is mainstream by 2020 • Exchange rate: $10K • Most people have heard about it • Many shops accept it • Bitcoin is ubiquitous by 2030 • Exchange rate: $100K • Most shops accept it • Competes with major world currencies Written by Meni Rosenfeld

  15. Questions? Written by Meni Rosenfeld

  16. Thank you • Meni Rosenfeld • meni@bitcoil.co.il • https://bitcoil.co.il • 1DdrvajpK221W9dTzo5cLoxMnaxu859QN6 Written by Meni Rosenfeld

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