BITCOIN

Lambos

My Journey

• First intro into Bitcoin in Dec '12
• Enlightenment moment start of '16
• Full time ever since developing

Disclaimer

• Opinions my own
• Not financial advice
• Careful of experts
• DYOR
• Invest wisely

What is Bitcoin?

Confirmation Bias and Bitcoin

... has drawn from a variety of schools of thought: game theory, cryptography, hacker culture, the open source movement and libertarian ideology.. 

Bitcoin

At it's core, Bitcoin is...

A global decentralised network that allows censorship resistant transfer of value

The internet gave us a decentralised global network that allowed the sharing information

Bitcoin allows us the same with value

This value is secured by cryptography, using an public, append only, blockchain (DTL) maintained by participants and developed by the open-source community

Why is that significant? 

• Banking the unbanked
• Remittance markets
• Fight super-inflation
• Protect wealth from unlawful seizure
• Global economies without intermediaries

Fundamental use cases

... and many unimagined use cases

Hash Functions

Block #504381
Hash: 00000000000000000076db1fb611aeb848cf34d8aa4a2371b25b23681b9cd3ed

Average attempts:  9.568.532.700.000.000.000.000 (9.5685327×10^21)

nine sextillion, five hundred sixty-eight quintillion, five hundred thirty-two quadrillion, seven hundred trillion

About that difficult puzzle...

Blocks

• Header
  • Previous Hash
  • Timestamp
  • Hash
  • .....

• Transactions
  • Inputs
  • Outputs
  • TxData
  • .....

Proof of Work

• PoW Waste = Security of Network
   
• Synonymous to current systems:
  • ​Vaults, Security Guards, Electric Fencing
  • Datacenters, Disaster Recovery Centers
  • Counterfeit Preventions
  • ...entire Banking infrastructure

Ecological Impact

• Move towards stable green energy
• Huge investments in sustainable computing
• Energy usage not linear to adoption/transactions
  • Auto adjusting difficulty
  • First a year ran on < 5 computers
• Innovations and protocol changes (PoS, DPoS)

Challenges

• Scaling
• Adoption
• (de)centralisation
• Regulation
• End user security
• User experience

The Future

• Lightning (Instant, Low Fee Payments)
• Rootstock (Smart Contract)
• Tumblebit (Anonymous Payments)

Thanks