Bitcoin MengLin 2013/05/06
Summary • Started from 2009/01/03 • Decentralized system (P2P no single host failure) • Anonymous account (hard to track) • Predictable amount with a hard-limit of 21 million bitcoins (more valuable) • Open source (everyone can examine) • Value increases as user increases
Bid and Ask between other currencies • 1 BTC about 100 USD 澳大利亞元 捷克克朗 丹麥克朗 歐元 英鎊 匈牙利福林 冰島克朗 挪威克朗 波蘭茲羅提 羅馬尼亞新列伊 瑞典克朗 美元
How to make Bitcoin • Use your CPU or GPU to find an key that generate hashes matching numbers of leading 0-bits • Really hard to generate a block (key)
Tips for faster block generation • Buy a good video card • $350 GPU > $4700 12-core CPU by more than 5x • Choose right brand • AMD > NVIDIA by more than 2x • FPGA saves power • Application Specific Integrated Circuit (ASIC) • But, still hard…
Mining pool • Everybody generate block together!!
Where to Buy & Sell • https://en.bitcoin.it/wiki/Selling_bitcoins
What can it use for?? • Drug trafficking or something illegal • Donation to • WikiLeaks (維基解密)… • The Pirate Bay • WordPress in some third world countries
Go shopping for real products • http://www.bitmit.net/en/recent
Joke • Mike Lazio purchased the pizza in May of 2010 using 10,000 BTC • At that time, 1BTC = 0.3 cents USD • Today, …
Future • Restricted by government • Bug • Competition • Ripple
Reference • http://en.wikipedia.org/wiki/Bitcoin • https://en.bitcoin.it/wiki/Main_Page • https://en.bitcoin.it/wiki/How_bitcoin_works • https://en.bitcoin.it/wiki/Mining • https://www.weusecoins.com/en/ • https://www.weusecoins.com/en/mining-guide • http://ca.news.yahoo.com/blogs/right-click/why-bitcoin-something-definitely-pay-attention-145734462.html • http://blog.chicheng.me/2011/05/how-to-mining-bitcoin/ • http://www.36kr.com/p/24387.html • http://saving.cc/bitcoin/
Bid-Ask Spread • The bid is the price at which the market would buy the currency pair (before any commissions or fees) • The offer (or ask) is the price at which the market would sell the currency pair (before any commissions or fees).
Bitcoin Mining Calculator • http://www.bitcoinx.com/profit/ • http://bitclockers.com/miningcalculator
Buy • A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600 http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600 • What would you do for bitcoin. The fun marketplace. http://forbitcoin.com/
Source code • https://github.com/bitcoin/bitcoin