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Bitcoins24 March 2014
Prepared by: Jasur Hasanov
Prepared for:
Dr. Noor Mohamed
Who designed the concept of Bitcoin?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
As an idea described by Wei Dai in 1998
The first Bitcoin specification and proof of concept was
published in 2009 by Satoshi Nakamoto
What is Bitcoin?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Currency without notes and coins, a digital currency
Decentralized digital Crypto-Currency
P2P currency system
No Central authority
Decentralized and centralized architectures
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Peer-to-peer currency system (P2P)
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
A peer-to-peer (P2P) network in which interconnected
nodes ("peers") share resources amongst each other without
the use of a centralized administrative system.
The only requirements for a computer to join a P2P network are an
Internet connection and P2P software such as Kazaa, Limewire,
BearShare, Morpheus.
A network based on the client-server model, where
individual clients request services and resources from
centralized servers.
No central authority
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Bitcoins transaction
Rely on proof instead of trust
Current online transactions rely on a trusted party (e.g, VISA)
However, bitcoins technology is proved itself in term of security
Conventional method
No central authority cont’
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Number of Bitcoins in circulation 12 million (March 2014)
https://blockchain.info/charts/total-bitcoins
Total number of BitCoins generated cannot exceed 21 million
Average price of a Bitcoin :
1 BTC = 570.28 USD (23 March 2014)
Price is very unstable
30 Transactions per min. (Visa transaction 200,000 per minute.)
Size of the Bitcoin Economy
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Bitcoin world map
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
https://blockchain.info/nodes-globe
How to create bitcoins?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Anybody can become a Bitcoin miner by running software with specialized hardware.
Miner performs appropriate tasks to process and confirm transactions in the network.
Earn transaction fees paid by users for faster transaction processing
Bitcoin Miners
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Special Supercomputers or workstations (Miners)
Solving mathematical equation of bitcoin transaction GPU: Radeon HD 6990 about 700 MH/s
Bitcoin wallet
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Lets test with android bitcoin app
Here is my private key:
1AVULL3v9jXc65mCaqPuiKJdi6tw5qw8q6
Bitcoin ATM
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Not many but number of ATMs increases
Where to spend?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Sellers tend to accept bitcoins because of no central
authority in transaction enables them to have better
control over their product prices
Where to spend in Malaysia?
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
In KL around 5 shops accept bitcoins
Can be printed on paper and used
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
QR code scanning system is high-speed
https://www.bctip.org/
END
Jasur Hasanov © Copyright 2014Bitcoins – The new gold
Thank you