Bitcoin, the Blockchain, and our Decentralized Future | Presentation for Georgia Tech Bitcoin Club
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Bitcoin functions as digital cash that allows for peer-to-peer transactions without a central authority by using blockchain technology. Miners process and verify transactions added to the distributed public ledger, while users send and receive bitcoin through digital wallets. Bitcoin enables universal and low-cost transactions online, which could disrupt centralized systems for payments, authentication, marketplaces, and more through its ability to serve as a trustless and incorruptible record of value and history.
Bitcoin, the Blockchain, and our Decentralized Future | Presentation for Georgia Tech Bitcoin Club
- 1. Bitcoin, the Blockchain, and our Decentralized Future James Walpole bitpay.com
- 2. What is bitcoin? Magic internet money? Nerd money? Fake money? The future of money? Hint: definitely not this stuff
- 3. A payment method Bitcoin functions like peer to peer electronic cash. It’s a digital cash or a digital gold for the internet.
- 4. A payment method Transactions in Bitcoin are not actually exchanging "coins". They’re signing entries.
- 5. A network Bitcoin miners: Specialized computers that do the math required to secure bitcoin transactions. These processes 1) process entries and 2) generate new bitcoin.
- 6. A ledger Everyone running a node of the Bitcoin protocol helps to maintain a shared, distributed ledger of transactions called a “blockchain.”
- 7. Why does this matter? Bitcoin is money that can work without any central party: no one website, bank, company, or government controls bitcoin. That has its advantages.
- 8. Why does this matter? Bitcoin creates the first record of history (and money) that is: - Trustless - Incorruptible - Permanent
- 9. How does a payment work?
- 10. Above-ground view Bitcoin users transact using applications called “bitcoin wallets.” Often this just involves scanning a QR code and clicking “send.”
- 11. Under the hood A bitcoin user’s “public key” and “private key” create and verify a signature. A signed transaction “message” then broadcasts to the bitcoin network for addition to the ledger.
- 12. Let's try a payment.
- 13. Why is bitcoin useful? Let’s talk about money.
- 14. Bitcoin changes payments Most of today's payment methods were build pre-Internet. - Credit card fraud and chargebacks - Slow transfer times - High fees - International settlement limitation
- 15. Bitcoin changes payments Bitcoin was made for commerce on the Internet. - Universal transactions - Secure transactions - Low-cost payments - Fast settlement times
- 16. What does bitcoin mean for tech? Where we’re going, we won’t need centralized ledgers.
- 17. Bitcoin beyond payments - Authentication (BitAuth) Bitcoin can change how we handle authentication on the web.
- 18. Bitcoin beyond payments - Marketplaces (OpenBazaar) - DNS Registrars (Namecoin) - Healthcare (Gem) Bitcoin and its distributed ledger can disrupt any centralized ledger used today.
- 19. What does this mean for me? The future is decentralized. Here’s how you can start participating.
- 20. Step 1: Get a Wallet - BitPay Wallet - Copay Wallet - Breadwallet - Airbitz Wallet
- 21. Step 2: Get some bitcoin - Buy it - Earn it - Get it from a friend
- 22. Step 3: Use bitcoin to buy something Into gaming? Buy a game on Steam. Buy gift cards with Gyft, food on Takeaway, or travel with Destinia.
- 23. Questions? Get more bitcoin resources: bitcoin.org