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Evolution of

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John Ovnik

on 25 December 2013

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Transcript of Evolution of

Inside Using Bitcoin
The Blockchain.info application for smart phones and computers includes live updated account balances on multiple accounts, list of all past transactions, and an address book to allow the ease of sending money to anyone you know at any time to anywhere in the world.
It doesn't take long to start using Bitcoin. Blockchain.info accounts are free. There are two types of QR codes (Look like
2h4KdFI69Khd89HDdy458ksD5Fgg45
) associated with bitcoin: public keys and private keys. Both of which have corresponding images which allow mobile devices to easily scan and recognize which account you are trying to deposit into.
Coinbase.com
is one of the easiest sites to get your first bitcoin.
A New Way to Trade
The Bitcoin protocol is a decentralized digital medium of exchange not regulated by any government institution and uses advanced cryptology and encryption to facilitate transactions.
Bitcoin is a safe, secure, efficient, and reasonably anonymous form of exchange through the internet using a mobile device or computer.
By the People for the People
Definition of Trade
Transfer of ownership from one person or entity to another.
Requires buyer/seller and medium of exchange.
Often results in positive economic reward for both parties.
Gold/Valuable Metals were one of the first mediums of exchange before paper money.
The Evolution of Trade

A Welcoming Look into Cryptocurrency
Government institutions created a store of value/medium of exchange that would be simple and easier than most ways of trading goods.
The only problem with a system of exchanging goods using something as simple as paper is that there is an unlimited supply of trees, theoretically speaking. (Value will decrease over time as there is more paper produced.)
Why Use bitcoin?
There will only be 21 million Bitcoins ever created and approximately every 10 minutes there are bitcoins rewarded to mining computers for facilitating transactions and keeping a live updated "account balance ledger" of everyone's Bitcoins in the world.
The mining reward is cut in half every 4 years so as the demand grows for Bitcoin, and as the Coins that are put in circulation is diminishing, the value of a Bitcoin will increase. (Economically/Theoretically Speaking)
The value of a Bitcoin has risen 360,000% since created.
There have been as many as 100,000 Bitcoin transactions in one day and approximately 50,000 per day on average. There are already 15,000 businesses wolrd wide accepting Bitcoin for goods/services.
OR
Donate: 1A3cQcLM5GarSB8a1KzcyCA2MLnN1cDvAQ
Full transcript