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Bitcoin 101: A synopsis of world’s most popular peer-to-peer
Transcript
Characteristics of Bitcoin Network
- Digital Currency
- Internet
- Decentralized Network
- Peer-to-Peer Network
- Anonymous Transactions
- Security and Privacy Fulfilled
- Irreversible Transactions
What's a Bitcoin?
A peer-to-peer financial network that enables people to send/receive digital payments from one person to another
using Bitcoins
Who Controls Bitcoin?
- Users control the network
- There is no central authority like Central Bank
- Relevant user groups (SCOT)
Actors In Bitcoin Network
Technological Momentum
Source: billslater.com/bitcoin
source:bitcoin.com
The Key Actor
Miners are one of the most important Actors:
- Because:
- Mining keeps all nodes in synchronized
- Mining adds value to the Bitcoin stock
- Mining processes and secures all transactions
- Decentralization is achieved via mining
- Transaction-clearing and processing
- It requires powerful computers
- (Technological Momentum)
The world’s most popular peer-to-peer digital currency
How Bitcoin Anthropology Operates
- New transactions are broadcast to all nodes (miners)
- Each node collects new transactions into block
- Each node works on finding difficult proof-of-block for its block
- When a node finds a proof-of-work, it broadcast it to all nodes
- Nodes accept the block only if all transactions in it are valid and not already spent
- Nodes express their acceptance of the block by working on creating the next block in chain, using the hash block as previous hash
Source: Nakamoto, Satoshi. Bitcoiin: Peer-to-Paper Electronic Cash Systems
Role of Developers In Bitcoin Network
- Creates Bitcoin
- ~ 21 million Bitcoins are in circulation (the max given by the Developers)
- Modification & enhancement of the software
- The Software controls Miners and Users work
- Combination of Developers & Nodes
- Heterogeneous Engineering
- Thus, Developers are the core of the network
Acquiring & Spending Bitcoin
- Bitcoin can be acquired via Bitcoin Exchange/ATMs
- Using conventional fiat currency
- You can spend Bitcoin like credit card
- At restaurants, merchants, stores and so on
- You can earn Bitcoin by becoming a Miner
Presenter: Amadou Barrow
Benefits of Using Bitcoin
- Bitcoin Payment Systems Provides:
- Privacy, security & Control
- Irreversible transactions
- Payment Freedom
- Transparent & Neutral transactions
This makes Bitcoin the future of E-commerce
Source: https://bitcoin.org/en/faq
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