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BEGINNER’S INTRODUCTION TO
BITCOIN AND BLOCKCHAIN TECH
ZACH HERBERT
HBS BITCOIN CLUB
TODAY YOU WILL LEARN
• History of Bitcoin.
• How Bitcoin and blockchains work.
• Why blockchains are so special.
• How Bitcoin and blockchains could change the
world.
WHY THEY MATTER
• Bitcoin/blockchains are a missing piece of the
internet – the ability to transfer value and store
data online without a database.
• They will disrupt long-standing industries and
provide amazing business opportunities.
• Bitcoin/blockchains in 2010s = Internet in the 90s
BITCOIN
BITCOIN FACTS
• Bitcoin is like digital gold that can be transferred
across the internet.
• Like gold, it has a finite supply and is mined.
• It is the first ever decentralized digital currency.
BITCOIN FACTS
• Bitcoin price: $1200
• Bitcoin market cap: $19 billion
• Bitcoin in circulation: 16 million
HISTORY OF BITCOIN
• Bitcoin was released by Satoshi Nakamoto in
January 2009.
HISTORY OF BITCOIN
• Bitcoin was released by Satoshi Nakamoto in
January 2009.
THE TRUST PROBLEM
• We rely on trusted third parties for every online
transaction.
THE TRUST PROBLEM
• We rely on trusted third parties for every online
transaction.
THE DOUBLE SPEND PROBLEM
• How do you transfer value online without
copying?
THE DOUBLE SPEND PROBLEM
• How do you transfer value online without
copying?
HOW BITCOIN WORKS
• Every computer (“node”) on the Bitcoin network
keeps a copy of the same transactions.
• This is called a “distributed ledger.”
HOW BITCOIN WORKS
HOW BITCOIN WORKS
• New transactions are validated and added to the
old transactions through a process called
“mining.”
• Miners are rewarded with bitcoin for their work.
HOW BITCOIN WORKS
• New transactions are validated and added to the
old transactions through a process called
“mining.”
• Miners are rewarded with bitcoin for their work.
HOW BITCOIN WORKS
• New transactions are validated and added to the
old transactions through a process called
“mining.”
• Miners are rewarded with bitcoin for their work.
HOW BITCOIN WORKS
• New transactions are validated and added to the
old transactions through a process called
“mining.”
• Miners are rewarded with bitcoin for their work.
HOW BITCOIN WORKS
• Yesterday miners generated $2.5 million of
bitcoin.
• Mining power is growing exponentially.
HOW BITCOIN WORKS
• Only 21 million bitcoin will ever be mined.
• Bitcoin is inherently deflationary.
HOW BITCOIN WORKS
• Distributed Ledger + Mining = Decentralized,
Redundant Digital Money Network.
BLOCKCHAIN
HOW BLOCKCHAIN WORKS
• Miners take the last 10 minutes of transactions
and package them into a “block.”
• Each block of transactions is attached to the
previous block. This creates a chain of blocks, or
“blockchain.”
HOW BLOCKCHAIN WORKS
• Since transactions are chained together, it is
impossible to tamper with an earlier transaction.
• Once a transaction is added to a blockchain, it is
there forever.
• Blockchains are “immutable.”
BLOCKCHAIN USE CASES
• You can think of a blockchain as a public,
decentralized, tamper-proof database.
• There are many potential use cases for blockchain
besides Bitcoin and digital currencies.
BLOCKCHAIN USE CASES
BLOCKCHAIN USE CASES
BLOCKCHAIN USE CASES
BLOCKCHAIN USE CASES
• Licenses/Passports
• Birth/Wedding/Death Certificates
• Cloud Storage
• Voting
• Notary Services
• Remittances
BLOCKCHAIN USE CASES
• Blockchains can replace most trusted third parties
with public decentralized networks.
• But be skeptical of private blockchains.
QUESTIONS?
BLOCKCHAIN
• Demo! https://anders.com/blockchain/

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Beginner's Introduction to Bitcoin and Blockchain Technology

  • 1. BEGINNER’S INTRODUCTION TO BITCOIN AND BLOCKCHAIN TECH ZACH HERBERT HBS BITCOIN CLUB
  • 2. TODAY YOU WILL LEARN • History of Bitcoin. • How Bitcoin and blockchains work. • Why blockchains are so special. • How Bitcoin and blockchains could change the world.
  • 3. WHY THEY MATTER • Bitcoin/blockchains are a missing piece of the internet – the ability to transfer value and store data online without a database. • They will disrupt long-standing industries and provide amazing business opportunities. • Bitcoin/blockchains in 2010s = Internet in the 90s
  • 5. BITCOIN FACTS • Bitcoin is like digital gold that can be transferred across the internet. • Like gold, it has a finite supply and is mined. • It is the first ever decentralized digital currency.
  • 6. BITCOIN FACTS • Bitcoin price: $1200 • Bitcoin market cap: $19 billion • Bitcoin in circulation: 16 million
  • 7. HISTORY OF BITCOIN • Bitcoin was released by Satoshi Nakamoto in January 2009.
  • 8. HISTORY OF BITCOIN • Bitcoin was released by Satoshi Nakamoto in January 2009.
  • 9. THE TRUST PROBLEM • We rely on trusted third parties for every online transaction.
  • 10. THE TRUST PROBLEM • We rely on trusted third parties for every online transaction.
  • 11. THE DOUBLE SPEND PROBLEM • How do you transfer value online without copying?
  • 12. THE DOUBLE SPEND PROBLEM • How do you transfer value online without copying?
  • 13. HOW BITCOIN WORKS • Every computer (“node”) on the Bitcoin network keeps a copy of the same transactions. • This is called a “distributed ledger.”
  • 15. HOW BITCOIN WORKS • New transactions are validated and added to the old transactions through a process called “mining.” • Miners are rewarded with bitcoin for their work.
  • 16. HOW BITCOIN WORKS • New transactions are validated and added to the old transactions through a process called “mining.” • Miners are rewarded with bitcoin for their work.
  • 17. HOW BITCOIN WORKS • New transactions are validated and added to the old transactions through a process called “mining.” • Miners are rewarded with bitcoin for their work.
  • 18. HOW BITCOIN WORKS • New transactions are validated and added to the old transactions through a process called “mining.” • Miners are rewarded with bitcoin for their work.
  • 19. HOW BITCOIN WORKS • Yesterday miners generated $2.5 million of bitcoin. • Mining power is growing exponentially.
  • 20. HOW BITCOIN WORKS • Only 21 million bitcoin will ever be mined. • Bitcoin is inherently deflationary.
  • 21. HOW BITCOIN WORKS • Distributed Ledger + Mining = Decentralized, Redundant Digital Money Network.
  • 23. HOW BLOCKCHAIN WORKS • Miners take the last 10 minutes of transactions and package them into a “block.” • Each block of transactions is attached to the previous block. This creates a chain of blocks, or “blockchain.”
  • 24. HOW BLOCKCHAIN WORKS • Since transactions are chained together, it is impossible to tamper with an earlier transaction. • Once a transaction is added to a blockchain, it is there forever. • Blockchains are “immutable.”
  • 25. BLOCKCHAIN USE CASES • You can think of a blockchain as a public, decentralized, tamper-proof database. • There are many potential use cases for blockchain besides Bitcoin and digital currencies.
  • 29. BLOCKCHAIN USE CASES • Licenses/Passports • Birth/Wedding/Death Certificates • Cloud Storage • Voting • Notary Services • Remittances
  • 30. BLOCKCHAIN USE CASES • Blockchains can replace most trusted third parties with public decentralized networks. • But be skeptical of private blockchains.