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Nicholas Newman

on 14 November 2013

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Transcript of Cryptography

How it works:
-open source code
-highly powerful encryption standard
-all accounted for through block chain (get into later)

Networking & Mining
All bitcoin transactions are process by the network of user computers. In this way, there is no central authority monitoring or regulating bitcoin trade. Everyone verifies everyone else's transactions.

In this way, you or anybody can set up your computer to facilitate these trades, and as a reward, you become the recipient of the transaction fee, which ranges from about 1 to 8 cents, depending on bitcoin value.

This program is also how bitcoins come into being. You can set your computer up to do difficult and expensive mathematical calculations for the Bitcoin network, and you are rewarded with brand new bitcoins. Don't think this is an easy money making opportunity, however. Bitcoin limits the amount of bitcoins possible to receive in a certain time period, and you computer will give out far before you make enough to pay for its repairs.
The Bitcoin
Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today."

bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT
Picture of value here
Bitcoin logo, probably surrounding everything
Full transcript