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BitCoin and it's effect on society
Ahmed Atef
Dr.Gehan
BitCoins
Points
Bitcoins
What are bitcoins and how to find or mine them
1
History of bitcoin
2
Points
bitcoin and it's competitors
3
how the bitcoin affects economies
4
?
what is
a bitcoin
?
HOW FAR
WE’VE COME
Bitcoin
a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity.
INFO
Video
who support it?
Who supports Bitcoins?
* Here is a list of companies that currently are accepting Bitcoins payment --> http://www.coindesk.com/information/what-can-you-buy-with-bitcoins/
* Companies like Google, Amazon, Dell, Ebay, and Tesla all accept Bitcoin and the numbers are growing
* The United Sates Government has the largest Bitcoin wallet with 144,341 Bitcoins, which is equivalent to roughly $86 million.
* Winklevoss twins have purchased about 1% of all the Bitcoins in the world
some popular opinions about it?
Mining
Mining
New bitcoins are issued to competing “miners” who use their computers to generate solutions to problems that help ensure the integrity and security of the system. As the number of miners in the network changes, the problem difficulty adjusts to ensure that bitcoins are created at a predetermined rate and not faster or slower.
video
BlockChain
BlockChain
Blockchain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Types of bitcoin devices and services
- Bitcoin Watch
- Bitcoin Monitor
- Bitcoin Block Explorer
- Bitcoin Faucet
- Bitcoin Mail
NEW
GOALS
Bitcoin Watch
Bitcoin Watch
Provides currency exchange value and volume charts for a number of Bitcoin exchanges.
Bitcoin Monitor
Shows the most recent Bitcoin transactions, currency exchanges, and Block solutions.
Bitcoin Monitor
Bitcoin Block Explorer
Allows individuals to search by address and see all transactions for that address.
Bitcoin Block Explorer
Bitcoin Mail
Bitcoin Mail
A site that allows individuals to send bitcoins to others by email.
Types of competitor with bitcoin
The growth of the internet created demand for electronic payment systems. PayPal has come to dominate this space, allowing users to fund accounts by credit card or bank transfers. Companies that took the alternative approach of creating digital currencies
1
Products that facilitate internet-based commerce (PayPal, cash u).
ACTION
PLAN
Gold-backed currencies.
2
Certain individuals, called “gold bugs” and “perma bears” are interested in alternative currencies because of their political beliefs and investment predictions. These individuals believe that central banking institutions that have the authority to print more money, like the Federal Reserve, corrupt the economy .
Trust or no bitcoin
Similar stories like bitcoin
Trust or no bitcoin
Iraqi Swiss Dinar
Story
Iraqi Swiss Dinar
At least one currency, the Iraqi Swiss Dinar, was backed by neither government nor commodity yet held a stable value and never collapsed over a ten-year period. This fiat currency, printed with Switzerland-manufactured plates, was backed by the Iraqi government before the 1990 Gulf War.
Confidence
confidence
confidence might collapse in Bitcoin because of unexpected changes in the inflation rate imposed by the software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary spiral.
Improper Use of Discretionary Authority
even if done with good intentions and supported by a majority of Bitcoin users, may nevertheless cause many individuals to lose confidence in Bitcoin and sell off their holdings, starting a panic.
Superior Competing Currency
A superior competing currency could lead to a crisis of confidence causing either a collapse of Bitcoin’s value or merely a permanent reduction of Bitcoin’s value.
Government Crackdown
Although Bitcoin may be difficult to shut down because of its decentralized nature, a government crackdown on Bitcoin may nevertheless cause a crisis of confidence especially if many Bitcoin users do not want to own a currency that is associated with criminality.
Theft
Like cash, bitcoins can be lost or stolen. Keeping bitcoins on one’s computer can be as dangerous as keeping large sums of cash in one’s physical wallet, and each user should take care to backup and secure his Bitcoin wallet. A large-scale theft of bitcoins from many users could create a confidence crisis.
Anonymity Failure
individuals sometimes post account numbers online in ways that can be connected to their online identities. It might be possible, using statistical techniques and some identified accounts, to undo the anonymity of the system. Such unexpected and sudden exposure would obviously be deleterious to Bitcoin’s value
Conclusion
Conclusion
Bitcoin is novel digital currency that has the potential to be a significant player in the micropayment and virtual world commerce markets. It is also a great alternative currency for gold bugs who prefer to hold currencies fully backed by commodities. Furthermore, because it is anonymous and decentralized, and therefore difficult to shut down, it may allow organizations hated by governments whether these are morally commendable or detestable organizations to be funded without risk of monetary seizure or sanctions on financial contributors. While the history of currencies such as the Iraqi Swiss Dinar that had no backing by either commodities or government entities indicates that Bitcoin may succeed, potential users and investors should be aware of the many risks inherent in using such a young technology.