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Bitcoinor why you should stay upon tech as a young attorney
Nelson M. Rosario
September 29, 2015
Two Things
What is Bitcoin?
Why should you care?
Why should you stay up on tech as a young attorney?
Why should you care about Bitcoin?
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2012 2013 2014 2015
Patent Applications w/word "bitcoin"
The Byzantine Generals Problem
What is Bitcoin?
Bitcoin is not Bitcoin is not currency per
se
Bitcoin is not the same as bitcoin
Bitcoin is not just peer to peer money
Bitcoin is A cryptographic protocol
A distributed medium of exchange
A triple entry bookkeeping system
Key Concepts
TransactionsBlockchainProof of work
Transactions
Alice wants to send Bob some bitcoin
Three components to each transaction Input
Record of where Alice received the bitcoin
Amount
Output
Bob’s bitcoin wallet address
Two things needed to send bitcoin address
Alice’s private key
How do you send bitcoin?
bitcoin address Private key
Public Key Cryptographic Transactions
Transaction continued
The transaction is broadcast to the network
Once a majority of the network agrees on the transaction as valid, it becomes valid
Two last points
bitcoin transactions are irreversible
There is no such thing as a “bitcoin” there are only bitcoin transactions
Blockchain
A general ledger of every bitcoin transaction ever
Every user on the Bitcoin network has a copy of the Blockchain
The Blockchain
Proof of Work
So what?
Impact of Bitcoin/Potential Applications
Decentralized digital currency
Low to no transaction fees
Fewer risks for merchants
Security and control
Transparency
Divisible to allow microtransactions
Secure ledger to record property transfers
Why should I keep up with technology as a young attorney?
Opportunity
Opportunity for you
Opportunity for your employer
Opportunity for you
New work at your job
New clients
Add on benefits
Opportunity for your employer
Can count on you for work
Can advertise your expertise to clients
Questions?
Nelson M. RosarioAssociate Attorney
Lempia Summerfield Katz LLCEmail: [email protected]
Twitter: @NelsonMRosarioBlog: http://medium.com/@nelsonmrosario
LinkedIn: www.linkedin.com/in/nelsonrosario
