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Bitcoin Presentation

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Tiffani Madle

on 7 July 2014

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Transcript of Bitcoin Presentation

Mt. Gox, a poorly run early exchange where customers were able to buy and sell Bitcoins, collapsed in February 2014.

Mt. Gox filed for bankruptcy protection in Tokyo, saying it couldn't account for 750,000 of its customers' Bitcoins and 100,000 of its own. The total of 850,000 Bitcoins was worth over $474 million dollars at that time.

This event sparked fear in early investors around the world, causing them to withdraw their funds from Bitcoin, driving the price down nearly
image: http://spectrum.ieee.org/computing/software/bitcoin-the-cryptoanarchists-answer-to-cash

image source: http://www.activistpost.com/2013/04/bitcoin-new-world-orders-plot-for-world.html
Tiffani Madle
JTC 413

video source: http://www.theguardian.com/news/video/2014/apr/30/bitcoin-made-simple-video-animation

Bitcoin is
digital cash
, where all transactions are stored on a
public ledger
for everyone to see.

It is also
an invention
solves the "double-spend problem"
which has always existed in computing:

The ability to transfer something of value to an unknown recipient without middlemen
(such as Visa or PayPal, or Bank of America)
needing to make sure the item is not copied, or in the case of money, spent more than once.

The Economist, "Losing to Win" - June 2014
image source: http://www.forbes.com/sites/johnrampton/2014/07/02/how-bitcoin-is-changing-online-ecommerce/
Bitcoin is a complex
system of systems
all aimed at solving the "double spend" problem.

"Mining" is one of these systems that keeps Bitcoin secure: a global network of computers that receive tiny miners fees to commit bitcoin transactions to a
public ledger, or "Blockchain."

The Economist, "Losing to Win" - June 2014
image source: http://bitcoingarden.tk/bitcoin-transaction-fees-explained/
What is Bitcoin Mining?
video source: http://www.bitcoinmining.com/
image source: https://bitcoinwisdom.com/markets/bitstamp/btcusd
The most frequent topic discussed about Bitcoin is its rapid fluctuations in price. Typically, wild swings in
price fluctuations
due to current events
in the Bitcoin space.

In the last 18 months, Bitcoin has appreciated from $34 to as high as $1163 in December 2013, then settling back down in June 2014 to about $600
In October, 2013, the FBI busted Silk Road, an "invisible black market bazaar" where people were able to purchase drugs anonymously and pay in Bitcoin. Silk Road was estimated to have generated $1.2 billion in revenue, greatly boosting Bitcoin's utility and value, while also creating bad press for Bitcoin.
Bitcoin has had some bad press, but some believe it further proves that it has value and can exist as a currency.
image source: http://www.mintcombine.com/news/2014/5/12/what-consumers-dont-think-of-bitcoin
image source: http://www.statista.com/chart/1681/daily-transaction-volume-of-payment-networks/

Works Cited

What is Bitcoin?
Advantages to Bitcoin
It's fast
It's cheap
Central governments can't take it away
There are no chargebacks
People can't steal your information from merchants
It isn't inflationary
It's as private as you want it to be
You don't need to trust anyone else
You own it
You can create your own money (mining)
Disadvantages to Bitcoin
Not widely accepted
Wallets can be lost
Bitcoin valuation fluctuates
No buyer protection
Risk of unknown technical flaws
Built in deflation
No physical form
No valuation guarantee
Merchants Accepting Bitcoin So Far...
image source: http://cio.bg/6063_bitcoin_virtualna_valuta__realni_problemi&ref=also
image source: http://money.cnn.com/2013/11/27/technology/bitcoin-silk-road/
image source: http://en.wikipedia.org/wiki/Silk_Road_(marketplace)
image source:http://blackopblog.files.wordpress.com/2014/02/ashton-kutcher.jpg
image source: http://falkvinge.net/2013/09/13/bitcoins-vast-overvaluation-seems-to-be-caused-by-usually-illegal-price-fixing/
image source: http://falkvinge.net/2013/09/13/bitcoins-vast-overvaluation-seems-to-be-caused-by-usually-illegal-price-fixing/
image source: http://tech.firstpost.com/news-analysis/bitcoin-exchange-mt-gox-ordered-start-liquidation-process-222445.html
image sources: http://bitcoinvault.ca/home/2014/01/overstock-com-now-accepts-bitcoin-reports-126000-bitcoin-sales-first-day/


Dillet, Romain. "Ashton Kutcher’s A-Grade Fund Raising At $100 Million Valuation | TechCrunch." TechCrunch. 01 May 2013. Web. 03 July 2014.

"Disadvantages." Bitcoin. Web. 03 July 2014.

G.F. "Losing to Win." The Economist. The Economist Newspaper, 23 June 2014. Web. 03 July 2014.

Greenberg, Andy. "End Of The Silk Road: FBI Says It's Busted The Web's Biggest Anonymous Drug Black Market." Forbes. Forbes Magazine, 02 Oct. 2013. Web. 03 July 2014.

Hornyak, Tim, and Jeremy Kirk. "10 Things You Need to Know about Mt. Gox's Bitcoin Implosion." PCWorld. 06 Mar. 2014. Web. 03 July 2014.

"List of Big Companies Accepting Bitcoin." List of Big Companies Accepting Bitcoin. Web. 03 July 2014.

"Why Use Bitcoin? - CoinDesk." CoinDesk RSS. 20 Feb. 2014. Web. 03 July 2014.
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