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Bitcoin. The world’s first decentralized digital currency Meni Rosenfeld Bitcoil. Bitcoin is a currency. “Money can be exchanged for goods and services” Currency facilitates the trade of one good for another A good currency must be: Scarce, portable, durable, fungible, divisible, current

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bitcoin

Bitcoin

The world’s first decentralized digital currency

Meni RosenfeldBitcoil

Written by Meni Rosenfeld

bitcoin is a currency
Bitcoin is a currency
  • “Money can be exchanged for goods and services”
    • Currency facilitates the trade of one good for another
  • A good currency must be:
    • Scarce, portable, durable, fungible, divisible, current
  • Value = equilibrium between supply and demand
    • Total value of a currency is proportional to total trade using it
    • Value per unit = Total value / Number of units

Written by Meni Rosenfeld

bitcoin is digital
Bitcoin is digital
  • Ownership of bitcoins is digital information
  • Typically used with a computer and the internet
  • Based on cryptography

Written by Meni Rosenfeld

bitcoin is decentralized
Bitcoin is decentralized
  • There is no company “Bitcoin Ltd.”
  • There is no central issuer or controller
  • Based on a public protocol and free software
  • Run by a peer-to-peer network of computers
  • Multiple parties are each “doing their own thing”

Written by Meni Rosenfeld

bitcoin is the first
Bitcoin is the first!
  • Plenty of physical currencies
    • Gold, silver, seashells, rocks…
  • Plenty of centralized digital currencies
    • PayPal, WebMoney, e-gold, DigiCash, LR, WoW gold, SLL, EVE isk…
  • Bitcoin is the world’s first decentralized digital currency
  • Invented in 2008 by “Satoshi Nakamoto” (pseudonym)

Written by Meni Rosenfeld

slide6
Why?
  • No need for 3rd party
  • Easy to send and receive money
  • Almost no fees
  • No single point of failure
  • Secure
  • Limited supply – no built-in long-term monetary and price inflation
  • No chargebacks
  • International
  • Usable by weak/small countries
  • Pseudonymous
  • Public ledger
  • Advanced applications

Written by Meni Rosenfeld

inflation schedule
Inflation schedule

Written by Meni Rosenfeld

bitcoin adoption july 2013
Bitcoin adoption (July 2013)
  • Bitcoin “Market capitalization”: $1.2B
  • Users: 500,000
  • Bitcoin-accepting businesses: ~7000, including
    • Wordpress, Reddit, Mega, Namecheap, OkCupid
    • Freelancers, server hosting, software, books, clothing, video games, electronics, groceries, car accessories, ad networks, restaurants…
  • Accepting donations:
    • FSF, Wikileaks, Internet Archive, EFF, MIRI, xkcd…
  • Academic research: WIS, Microsoft, Cornell, ETH Zurich…

Written by Meni Rosenfeld

historic price chart log scale
Historic price chart (log scale)

Written by Meni Rosenfeld

bitcoin software
Bitcoin software
  • Full software
    • Bitcoin-qt - http://bitcoin.org/
  • Lightweight client
    • Multibit
  • Hybrid web wallet
    • My Wallet - https://blockchain.info/wallet/
  • Android App
    • BitcoinSpinner

Written by Meni Rosenfeld

how to use
How to use?
  • Install open-source client software
  • Software generates “addresses”, which are like bank account numbers (e.g. 1BBsbEq8Q29JpQr4jygjPof7F7uphqyUCQ)
  • To receive bitcoins, let the sender know your address
  • To send bitcoins, specify receiving address and amount, and click “send”

Written by Meni Rosenfeld

how to use1
How to use?

Written by Meni Rosenfeld

bitcoin in israel
Bitcoin in Israel
  • Community site: http://www.bitcoin.org.il/
  • Facebook: bitcoin.il, ביטקוין ישראלי
  • IRC: #bitcoin-il at Freenode
  • Meetup: http://meetup.bitcoin.org.il/
  • Google Group - BitcoinIsrael
  • Hebrew forum section
  • Bitcoin-accepting businesses: ~40
    • Including restaurants and other physical locations

Written by Meni Rosenfeld

predictions
Predictions
  • Exchange rate hits $300 by end of 2013
  • Bitcoin is mainstream by 2020
    • Exchange rate: $10K
    • Most people have heard about it
    • Many shops accept it
  • Bitcoin is ubiquitous by 2030
    • Exchange rate: $100K
    • Most shops accept it
    • Competes with major world currencies

Written by Meni Rosenfeld

questions
Questions?

Written by Meni Rosenfeld

thank you
Thank you

Written by Meni Rosenfeld

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