Bitcoin MengLin 2013/05/06. What is Bitcoin Summary Started from 2009/01/03 Decentralized system (P2P no single host failure) Anonymous account (hard.

Bitcoin

MengLin 2013/05/06

What is Bitcoin

Summary

• Started from 2009/01/03• Decentralized system (P2P no single host failure)• Anonymous account (hard to track)• Predictable amount with a hard-limit of 21 million bitcoins (more

valuable)• Open source (everyone can examine)• Value increases as user increases

Bid and Ask between other currencies• 1 BTC about 100 USD

澳大利亞元捷克克朗丹麥克朗歐元英鎊

匈牙利福林冰島克朗挪威克朗波蘭茲羅提羅馬尼亞新列伊瑞典克朗

美元

How to make Bitcoin• Use your CPU or GPU to find an key that generate hashes matching

numbers of leading 0-bits• Really hard to generate a block (key)

Tips for faster block generation

• Buy a good video card• $350 GPU > $4700 12-core CPU by more than 5x

• Choose right brand• AMD > NVIDIA by more than 2x

• FPGA saves power• Application Specific Integrated Circuit (ASIC)• But, still hard…

Mining pool

• Everybody generate block together!!

Where to Buy & Sell

• https://en.bitcoin.it/wiki/Selling_bitcoins

What can it use for??• Drug trafficking or something illegal• Donation to• WikiLeaks (維基解密 )…• The Pirate Bay• WordPress in some third world countries

Go shopping for real products

• http://www.bitmit.net/en/recent

Joke

• Mike Lazio purchased the pizza in May of 2010 using 10,000 BTC• At that time, 1BTC = 0.3 cents USD• Today, …

Future

• Restricted by government• Bug• Competition• Ripple

Reference

• http://en.wikipedia.org/wiki/Bitcoin

• https://en.bitcoin.it/wiki/Main_Page• https://en.bitcoin.it/wiki/How_bitcoin_works• https://en.bitcoin.it/wiki/Mining

• https://www.weusecoins.com/en/• https://www.weusecoins.com/en/mining-guide

• http://ca.news.yahoo.com/blogs/right-click/why-bitcoin-something-definitely-pay-attention-145734462.html

• http://blog.chicheng.me/2011/05/how-to-mining-bitcoin/• http://www.36kr.com/p/24387.html• http://saving.cc/bitcoin/

Bid-Ask Spread

• The bid is the price at which the market would buy the currency pair (before any commissions or fees)• The offer (or ask) is the price at which the market would sell the

currency pair (before any commissions or fees).

Bitcoin Mining Calculator

• http://www.bitcoinx.com/profit/• http://bitclockers.com/miningcalculator

Buy

• A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600

http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600• What would you do for bitcoin. The fun marketplace.http://forbitcoin.com/

Source code

• https://github.com/bitcoin/bitcoin