Bitcoin presentation webcamp cyberjaya 25 july 2013
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Bitcoin 101 –Virtual Currency Basics
Colbert Low, BitcoinMalaysia.com
25 July 2013, WebCamp Cyberjaya
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Colbert Low, BitcoinMalaysia.com- Listed on Bitcoin Foundation as Colbert Low
- Featured on Personal Money magazine (Malaysia) May 2013;
- Featured on Business Times Singapore ;
- Verified account at bitcoin-otc IRC (user: ninjaboon) ;
- Listed on BTCXperts;
- Listed on Lifeboat Foundation as Colbert Low;
- City Leader (Malaysia) for BitAngels [www.BitAngels.co ] World’s first distributed veteran entrepreneur and angel Bitcoin investor group ;
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Team Members - BitcoinMalaysia.com
Mr Ragu. – COO.
Systems and Project management experience for over 15 years. Domain experience in banking, hotel management, and IT.
Mr Sasi Kumar (above) – Business Consultant.
Sasi Kumar has over 15 years of IT domain experience and is currently the Request Manager for Global Business Continuity Services in HP. He was previously an Incident/Problem Manager and Service Improvement Program Consultant, Quality Management Team for Shell Operation Integrators.
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Bitcoin in the News
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I found out about Bitcoins back in June 2012
Digital Currency / Cryto Currency / eCash
Created by computers through cryptography (SHA-256)
Bitcoin Mining - Sounds exciting, revolution, distruptive!
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What is Bitcoin?- Bitcoin or BTC, is a hybrid protocol.
a. Magic internet money, e-cash, crypto-currency.
b. Global Payment System (any country)
- Creator : Satoshi Nakamoto in 3 Jan 2009. Location unknown.
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What is Bitcoin?- Decentralized peer-to-peer (P2P) system. Bitcoin servers ran by Bitcoin Miners. No central server unlike other payment systems like Paypal, eGold, Liberty Reserve, etc. Users SHA-256 as the underlying cryptographic hash function.
- As of 21 July 2013, there's about 11.4 million BTC out there. (www.ounce.me) Maximum circulation is about 21 million (reached in 2140).
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What is Bitcoin?- Bitcoin (BTC) is divisible into 8 decimals.
Low transaction fees / network fee of 0.005 BTC
Lower fees for merchants – > Credit cards 2-3% or Paypal 2.9% + RM2.00 MYR onwards.
Borderless
Faster
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What is Bitcoin?Bitcoin (BTC) price is volatile.
4 November 2012 – High of USD 15 (MYR 42)
4 April 2013 – High of USD 266 (MYR 851)
http://bitcoinwisdom.com
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What is Bitcoin ? : Global Payment System
BitPay offers plugins for popular shopping carts and billing systems:WP e-Commerce, Magento, WHMCS, WooCommerce, Ecwid, Opencart, Zen Cart, PrestaShop, Ubercart.
https://bitpay.com
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What is Bitcoin ? : Paying with Bitcoin
Typical Bitcoin (BTC) checkout page:
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QUIZ TIME! #1
Which is a milliBitcoin (mBTC)?
a. 0.01 Bitcoin
b. 0.001 Bitcoin
c. 0.0001 Bitcoin
d. 0.00001 Bitcoin
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Bitcoin: Getting Started- Bitcoin Wallets – online, offline type
- Get Bitcoins – Buy Bitcoins, Bitcoin mining
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Bitcoin: Getting Started- Bitcoin Wallet
1. Blockchain Wallet , Android version – https://blockchain.info/wallet/
DOWNLOAD from Google Play Store:
https://play.google.com/store/apps/details?id=piuk.blockchain.android&hl=en
By Qkos Services Ltd
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Bitcoin: Getting Started- Bitcoin Wallet
1. Blockchain Wallet , Apple iTunes version –
DOWNLOAD from Apple iTunes Store:
https://play.google.com/store/apps/details?id=piuk.blockchain.android&hl=en
By Qkos Services Ltd
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Bitcoin: Getting Started- Bitcoin Wallet
1. Blockchain Wallet, web based – https://blockchain.info/wallet/
By Qkos Services Ltd
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Bitcoin: Getting Started- Bitcoin Wallet
2. Electrum Bitcoin Client - http://electrum.org3. Bitcoin-QT aka Original Bitcoin Client - http://bitcoin.org4. Armory, Advanced Bitcoin Client - http://bitcoin.org
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Bitcoin: Getting Started- Bitcoin Wallet
5. MultiBit v0.5.12, download for Windows, Mac, and Linux. - https://multibit.org
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How do I get Bitcoins?
1. Buy Bitcoins
2. Get Free Bitcoins
3. Bitcoin Mining
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How do I get Bitcoins : Buy BitcoinsRinggit Malaysia (MYR) <> BTCUSD / SGD / AUD <> BTC
1. dgtmkt.com ( Chua u-Zyn) Online Maybank transfers.
2. localbitcoins.com ( Jeremias Kangas ) COD, online.
3. coinjar.io - Asher Tan (CEO), Jerrold Poh, Ryan Zhou.Melbourne-based startup. Founded in 2013, AngelCubeprovided them seed funding and mentorship.
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How do I get Bitcoins : Buy BitcoinsUSD / SGD / EURO / AUD <> BTC
1. fybsg.com – First Singapore Bitcoin Exchange.
2. bitstamp.net – Slovenia Bitcoin Exchange.
3. Crypto-trade.com – Hong Kong. Accepts Perfect Money, Okpay.
4. MtGox.com – based in Tokyo, Japan.
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How do I get Bitcoins : Get Free Bitcoins
Bitcoins faucet :
http://www.btctrade.org/index.html
Chat and Get Free Bitcoins : http://coinchat.org
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QUIZ TIME! #2
Which set of cryptographic hash function is used by Bitcoin (BTC) ?
a. SHA-224 b. SHA-256 c. SHA-384 d. SHA-512
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How do I get Bitcoins : Bitcoin Mining
Bitcoins are generated (or "mined") by the following process: Cryptographic puzzles are random-generated at a controlled rate by a computer program, then transmitted to a network of volunteer Bitcoin "miners."
Using an open-source software program and powerful computer processors, miners crunch insanely complex calculations to solve the cryptographic puzzles. The first miner to solve the puzzle receives 50 bitcoins (BTC)
Block halving : every 4 years (every 210,000 blocks), 28 Nov 2012 – from 50 BTC to 25 BTC per block
Naturally, the more processing power a miner has, the faster he can solve the cryptographic puzzles and the more bitcoins he can accumulate. The program will generate puzzles until 2140, when it hits a limit of 21 million bitcoins.
Technically, anyone with a computer and a download of the open-source Bitcoin software can become a miner.
However, as more miners enter the system two things happen: 1) problems get harder; and 2) processing power escalates.
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How do I get Bitcoins : Bitcoin MiningHardware: CPU > GPU > FPGA > ASIC
FPGA units
Unit Speed & Efficiency of 840+Mh/s @ only 40 watts.
BTCFpga.com or ModMinerQuadStore.com–owned by Tom aka cablepair
Sells for USD $1,069.99 or MYR 3424.
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How do I get Bitcoins : Bitcoin Mining
ASIC vendors : Butterfly Labs (BFL), Avalon, ASICminer, BitFury, KnCMiner, Terrahash, virtualminingcorp.com
Below : Butterfly Labs (BFL) ASIC aka Jalapeno BTC mining server, 5 Giga hashes per second (GH/s), cost about MYR 877. Shipping date: unknownROI calculator : http://mining.thegenesisblock.com
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How do I get Bitcoins : Bitcoin Mining
ASIC vendors : 1.Butterfly Labs (BFL), 2. Avalon, 3. ASICminer, 4. BitFury, 5. KnCMiner, 6. Terrahash, 7. AMC at virtualminingcorp.com
Below : Butterfly Labs (BFL) ASIC mining server, 5 GH/s aka Jalapeno, cost about MYR 999. More pics
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How do I get Bitcoins : Bitcoin Mining
Software:
bitcoin-qt v0.8.3,
cgminer,
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How do I get Bitcoins : Bitcoin Mining
Software:
bfgminer v 3.1.3,
Easyminer (for BFL ASICs)
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QUIZ TIME! #3
How many types of Bitcoin Wallet did I talk about earlier ?
a. 5 b. 4 c. 3 d. 2
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I've got Bitcoins : So what now?
1. Keep them. They will rise in value.
2. Invest in Virtual Shares – www.btct.co
3. Get interests on your BTC – www.Coinlenders.com
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I've got Bitcoins : So what now?
1. Keep them (hoarding). They will rise in value.
a. John (John K.) (bitcointalk.org)
b. Paper wallets.
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I've got Bitcoins : So what now?
1. Keep them (hoarding). They will rise in value.
c. Trezor BTC hardware wallet.
d. Multibit running on a Linux PC.
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I've got Bitcoins : So what now?
2. Invest in Virtual Shares – https://btct.co/security/ASICMINER-PT
8 Feb 2013 – 0.1 BTC per share
21 July 2013 – 4.69 BTC per share
ASICMiner has paid out a total of 67,515.09 BTC since first IPO payout on Feb 28th.
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I've got Bitcoins : So what now?
3. Get interest on your BTC – www.Coinlenders.com
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Bitcoin Escrow: Don't get scammed!
An escrow-like service that allows safer payment by securely holding a buyer's BTC in escrow until the terms of the sale are met and as a result the buyer releases payment to the seller.
http://btc-asia.com
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Bitcoin: Famous People
Martti Malmi aka Sirius (Finland) - Operates the host for bitcoin.org and is an administrator of the Bitcoin Forum.
Charlie Shrem – is co-founder of BitInstant LLC and the current CEO. Known on the Bitcoin forums as ‘Yankee’, he has over 5 years experience working with start-ups and business development in the eCommerce industry.
Gary Rowe (Profile) – Contributor to the MultiBit (http://multibit.org) and BitCoinJ (http://code.google.com/p/bitcoinj/) projects. Working on various Bitcoin based businesses.
Martti Malmi
Charlie Shrem
Gary Rowe
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Bitcoin: Famous People
Gavin Andresen- (Profile) Satoshi client maintainer. He previously worked at Silicon Graphics and now runs his own company.
Hal Finney- one of the creators of PGP and one of the earliest contributors to the Bitcoin project. First to identify a type of double-spending attack that now bears his name — the Finney attack.
Jeff Garzik- (Wikipedia Entry) Satoshi client core developer, GPU poold software and the founder of Bitcoin Watch. Worked as a Linux kernel developer at Red Hat. Now working for Bitpay.com
Gavin Andresen
Hal Finney
Jeff Garzik
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Bitcoin: Famous People
Mark Karpeles aka MagicalTux- Owner of the largest Bitcoin exchange, MtGox.
Mike Hearn - Google engineer who works on Gmail and developed BitCoinJ (http://code.google.com/p/bitcoinj/)
Roger Ver aka Bitcoin Jesus– BitInstant LLC Director of Marketing. He is also the CEO of MemoryDealers.com
Vladimir Marchenko - runs Marchenko Ltd which sells mining contracts, previously developed the figator.org search engine. Roger Ver
Mark Karpeles
Mike Hearn
Roger Ver
Vladimir Marchenko
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Biggest Heists in Bitcoin HistoryThousands of bitcoins have been lost to theft over the years.
Here are the top incidents and number of bitcoins lost:
Bitcoin Savings and Trust 200,000 >> pirate@40
MyBitcoin Theft 79,000
Linode Hacks 46,000
July 2012 Bitcoinica Theft 40,000
May 2012 Bitcoinica Hack 18,000
March 2011, Allinvain Theft 25,000 - a long-time Bitcoiner known as Allinvain had 25,000 Bitcoins stolen from an unencrypted digital wallet saved on his Windows computer.
Bitfloor Theft 24,000
Hackers Pull Off $12,000 Bitcoin Heist – WIRED (Charlie, BitInstant)
http://www.wired.com/wiredenterprise/2013/03/digital-thieves-pull-off-12000-bitcoin-heist/
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QUIZ TIME! #4
How fast is a Butterfly Labs (BFL) Jalapeno server?
a. 4 giga hashes per secondb. 5 giga hashes per secondc. 6 giga hashes per secondd. 9 giga hashes per second
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Prizes sponsored by:
Coinjar.ioBitcoinKeychains.com
FYBsg.com
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Read:
https://bitcointalk.org - Forum (ninjaboon)
http://en.wikipedia.org/wiki/Bitcoin - Basics
https://www.weusecoins.com - Basics
http://btc.re – BTC charts
http://bitjoy.org – BTC charts
http://bitcoinity.org/markets – BTC charts
https://cryptrader.com - BTC Trading Platform
http://www.blockrun.com - Auctions
http://coinmade.org - bitcoin merchant directory
http://www.reddit.com/r/Bitcoin/ - News
http://bitcoinmagazine.com - News
http://havelockinvestments.com - Investments
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The END. Thank you!
Colbert Low
Email: admin@bitcoinmalaysia.com
www.btc-asia.comwww.bitcoinmalaysia.com
https://www.facebook.com/BTCMalaysia
WhatsApp: +601111725850
Scan my Vcard above!
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