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Bitcoin The Future of Currency

Bitcoin The Future of Currency. “There is no way to value Bitcoin, which means there is nothing constraining its price other than supply and demand.” Blodget, Henry. By: Bernardo Lopez Dr. Carl Rebman ITMG 100 Nov. 12, 2013. Introduction. What is money?  Medium of exchange

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Bitcoin The Future of Currency

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  1. BitcoinThe Future of Currency “There is no way to value Bitcoin, which means there is nothing constraining its price other than supply and demand.” Blodget, Henry By: Bernardo Lopez Dr. Carl Rebman ITMG 100 Nov. 12, 2013

  2. Introduction • What is money?  Medium of exchange • Nobody invented money, it was a result of human interaction • What is Bitcoin?  fungible unit of value backed by computer processing power. • Digital currency

  3. Timeline

  4. Information • Decentralized system, power is spread among all users (no central authority or third-parties) • Regulated by peer-to-peer • Finite number of coins = eliminate inflation (no “magic”)

  5. Price History

  6. Miners • Workforce  Paid with Bitcoins • Bundle up transactions = ‘blocks’ &’block chains’ • Cryptography ensures and secures transactions • All participants know the history of all transactions in the network

  7. Bibliography Hobbs, Darren. "Explain like I’m five: Bitcoin." Darren Hobbs, Shamelessky self- promoting since 202. Wordpress, 09 Apr 2013. Web. 8 Nov. 2013. <http://darrenhobbs.com/2013/04/09/explain-like-im-five-bitcoin/>. Lee, Timothy B. "An Illustrated History of Bitcoin Crashes." Forbes. (2013): n. page. Web. 10 Nov. 2013. <http://www.forbes.com/sites/timothylee/2013/04/11/an illustrated-history-of-bitcoin-crashes/>. "History." Important milestones of the Bitcoinproject. <https://en.bitcoin.it/wiki/History>.

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