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Mastering BITCOIN

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Yang Sam

on 9 April 2016

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Transcript of Mastering BITCOIN

All About Bitcoin

Virtual currencies
Market & Statistics
How does it work
Global regulations
Investments & Investors
Future applications

Precious metals
Metal coins
Paper money
Credit Card
First conceptual implementation of crypto-currency
Originally described by Wei Dai in cypherpunks mailing list
It was published in a cryptography mailing list
The creator Satoshi left the project, never revealed his identity and simply left his invention to the world.
June,July Bitcoin attracted media attentions resulting in massive trades.
Bitcoin fundation was established to norm, maintain and promote bitcoin

Bitcoin is a digital code which is being used as currency
Secure & cost efficient
Perceived as being anti central banking
Fluctuation in value making headlines
Rose from $13.41 to peak of $1,242; rose over 7,200% in CY13

How does it work
Features and basic system
Global Regulations
Virtual Currencies
Free and Easy Global Cash Transfers
User Anonymity
No third party interruption
Cost and Tax Saving
Sales are not taxed
Low transaction fees
Environment Friendly
Economic Statistics
Money and Exchange Policy
Tax Leakage
Security of the payment system and settlement infrastructure
Consumer Protection
Anti-Money Laundering
Impact of financial regulation or financial service providers
Process flow
Market & Statistics
Future applications
Paid any transaction fees as well as a "subsidy" of newly created coins
Apply a mathematical formula to create a “Hash”, a hexadecimal code (0-9, A-F)
“Proof of work”: rewarded 25 bitcoins per block
Confirm transactions & write to ledger

Bitcoin Supply
Exceeding Western Union,
Roughly 2/3 times of PayPal
More and more big companies like Microsoft, Dell, Expedia, Subway, NewEgg are accepting BC
Market Price
0.03 USD for each value of the first 50 BC owned by Satoshi Nakamoto
increased by 38,367 times
Trade volume
Cheap, direct payments
Decentralized system
Counterfeit resilient
1. A wants to send money to B
2. Network confirmation
3. E finds the solution = new block is confirmed
5. All nodes update their version of the blockchain
4. Bitcoins delivered
There are numerous on line exchange platform and the price for bitcoin in each platform is decided by the demon and supply

The exchange rate of bitcoin against other currencies fluctuate a lot from around USD 10 to round USD 1100 during the recent 5 years.

FINA6010E Group Assignment

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Ellen Wang
Li Ming
Rohit Gupta
Sam Yang

@30 Sep 2015

Transfer of values in a Bitcoin System
Full transcript