Bitcoin

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What is Bitcoin?

A global currency based on distributed computing instead of gold and banks.
Bitcoin (BTC) is a currency, that is:
DECENTRALISED,
DIGITAL
and GLOBAL.
it is...
CREATED,
TRADED
and SPENT
without bank
or state controls
online
and worldwide
All transactions are
FAST
and
LOW COST

How do you use Bitcoins?

CREATE A DIGITAL 'WALLET' FOR STORAGE
ONLINE
or
PC/MOBILE
FILL IT WITH BITCOINS
BUY BTC
With wire transfer or cash $,£,€, etc...
at online
BTC exchanges
at online
deposit platforms
from other
people in person
At current exchange rates
Negotiate price
or
MINE BTC
You can do this by...
Collect block reward

Store your Bitcoins!

Your Bitcoins are stored in
ANONYMOUS ONLINE ADDRESSES.
Each address is like a glass safe:
everybody sees what’s inside but only you hold a private key to open it and spend. Addresses and private keys are long sequences of letters and numbers.
Your BTC address #1
Balance BTC 0.01
Your BTC address #2
Balance BTC 0.02
Your BTC address #3
Balance BTC 3.00
Your BTC address #n
Balance BTC 2.00
Private key #1
Private key #2
Private key #3
Private key #n
*People can see the address but not who owns it. So your identity can remain anonymous, if you choose.
Everybody can see
Only you can see

Spend your Bitcoins

at
ONLINE SHOPS
for goods and services
at
POINTS OF SALE
in BTC-friendly cafés
and shops
at
BITCOIN EXCHANGES
for other digital currencies
Use your BTC address #
and your private key #
Approve transfer to seller’s address

Verification

Checks the transfer has been carried out correctly. Here's how it happens:
Everybody can see if the transfer is legitimate
No one sees your personal data or private key
Takes over 10 minutes
CARRIED OUT THROUGH MINING
The transaction is encrypted
(turned into a long sequence of numbers)
The transaction is included into a ‘block’ with all other transactions of the past 10 min.
Thousands of computers (the network) verify the transactions of the block using a mathematical formula.
When all transactions are confirmed, a block is ‘mined’
Transaction gets recorded in the ‘block chain’, the general ledger of legitimate transactions.
SO THE BTC TRANSACTION IS:
SAFE
(no credit card data)
TRANSPARENT
(You can’t spend same BTCs twice)
FAST
CHEAP
Miners may reap trans. fee: 0-0.01% of transaction value
Miners share fix reward of 25 BTC/mined block.
TRANSACTION COMPLETE
NUMBER OF BTCs IN CIRCULATION INCREASES
(UNTIL A MAX. OF 21 MILLION COINS)

The Story of Bitcoin

USD

BTC market price

Bitcoin Today

PRICE VS TRADING VOLUME

Blue line = Price, Grey Area = Volume

CURRENT
-
BTC MARKET PRICE
CURRENT
-
TRADING VOLUME

NETWORK HASH RATE*

NUMBER OF TRANSACTIONS


CURRENT
-
NUMBER OF TRANSACTIONS
CURRENT
-
NETWORK HASH RATE - GH/S

COMPARATIVE VOLUMES OF THE MAJOR EXCHANGES

* The Hash Rate is a metric that shows how many computations per second the whole Bitcoin network is currently making.