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Bitcoin, history, money

HISTORY - THE MONEY
Initially, bartering was done.
"I change my goat for those oranges"
 ¿?
What if I do not want it all now because they spoil?
What if I do not want many oranges? How do I fractionated the
goat?
What if I do not want oranges really?

HISTORY - THE MONEY
It began to be used as barter other good
intermediate (salt, metals, etc.)
It appears as gold metal exchange
Do not spoil
It is easily divisible
You can recompose
Easy to count / measure the weight
It is scarce
Real Counterpart Counterpart Representative

HISTORY - THE MONEY
Finally appears the "fiat money"
Legal tender by decree
From 1971 replaces the "gold standard"
Governments can print more money
Inflation
Devaluation of currency
Such decisions are in government hands
or governments
Monetary exchanges are centralized

HISTORY - Bitcoin And CRIPTOMONEDAS
In 2008 an article on Bitcoin appears
Satoshi Nakamoto
BTC / XBT
They are defined:
The bases of the coin
Algorithms Operating
Rate "print"
Decentralization of transactions
It appears the first implementation in 2009
one Bitcoin client

CHARACTERISTICS
On the client, defined keypairs
public / private
From the public key, obtained
addresses
Transactions occur between addresses,
that they are not linked to any person in
concrete
Transactions are public
The exchanges or markets may require
ID

CHARACTERISTICS:
BUT ... WHAT IS A Bitcoin?
A bitcoin is a posting indicating
in one direction, there is an amount of money.
These notes are part of blocks
transactions are stored
A value that "solves" the block
The hash of the previous block
Thus, the blocks are linked,
forming a chain of blocks: Blockchain
This string contains all transactions
Blockchain current size is 15 GB

CHARACTERISTICS:
HOW GENERATE?
It is a cryptographic challenge.
You must find the string (nonce) to make
the double block SHA256 hash starts with
a defined number of zeros
In block further transaction is entered,
Coinbase from a direction defined by the
user
This is to test combinations of form
random until you find the solution
An analogy is made with the search for gold:
miners

The generation rate bitcoins is fixed in the
algorithm
As computing power increases the network
increases the complexity - one block / 10 minutes

HOW IS HANDLED?
Several types of customers (and wallets)
offline full
They need to synchronize the entire chain blocks
official client: bitcoin-qt
Armory
15 GB of data
 Offline with external synchronization
They use external servers
Electrum Multibit
Hive Bitcoin wallet
HOW IS HANDLED?
online portfolios
Blockchain.info
Coinbase
Coinkite
Purse or wallet contains the keys
Cryptographic associated with bitcoins.
If the portfolio is lost (erased from your hard disk,
forgets the password), bitcoins are
They lose.
MANAGEMENT - RISK
If an online site suffers an attack and keys
Private stolen, all of bitcoin
users are stolen.
It is equivalent to a robbery at a bank, but without
back guarantee has (at least temporarily)
They have been developed for both Trojans
computers and mobile looking to steal
wallet files of victims.
It is always recommended to protect these files with
password.
TRANSACTIONS
Transactions are posted to the network:
BTCs are sent from one address to another
Every 10 minutes, are added to
blockchain
Each time a transaction is made, it
You can take a small commission
Add miner block transactions
receives the commission.
TRANSACTIONS
Source: bitcoinfees.com
TRANSACTIONS
If more than one mining generates a solution, can
blockchain be several versions.
The longest chain is prevalent.
The current reward for adding a block is
25 XBT
2017 will be reduced to 12.5 XBT
In addition to the commission of the transsacciones
EVOLUTION
In 2009, there was virtually no volume and
price was a few cents
 From 2012 an increase seen in
trading and movements
EVOLUTION
Using bitcoin is not fully regulated
There is uncertainty about
Prices have high volatility
In countries like Germany, its use is exempt from
taxes (but only payment is allowed between
individuals)
China has prohibited institutions
financial use it
These news affecting the price:
https://www.tradingview.com/e/wB3NBBLp/
EVOLUTION: EVENTS
MARKETS
There are numerous markets or exchanges
fiat money is exchanged for BTCs
There are several models:
Online account money and bitcoins
Mt.Gox, Bitstamp, Kraken
Intermediaries (guarantors)
Bitcoin-de, Localbitcoins
MARKETS
45% of the Exchanges have failed [1]
The largest exchanges suffer many
attacks
The average lifetime is 381 days
30% of the exchanges are closed during the first
year
Mt.Gox, one of the largest, has broken in 2014
[1] http://www.wired.co.uk/news/archive/2013-04/26/large-bitcoin-exchanges-attacks
MARKETS: MT GOX
It is not known what will happen
At the moment the money and the BTCs are
blocked
STORIES
Around the bitcoin they have been numerous
stories and anecdotes.
The black market "Silk Road" used as
bitcoins means of payment.
It emerged in 2011 and was closed by the FBI in
2013
614,305 bitcoins confiscated
To change the time, about $ 28.5 million
STORIES
"Pizza"
In 2010 a person got the pizzeria where
10,000 accept orders made by two pizzas BTCs
In 2013 came the BTC trading to $ 1,200, so that
those 10,000 came to power BTCs be sold
$ 12 million (now would be roughly half)
"The apartment Oslo"
Kristoffer Koch, Norwegian, spent about $ 27 in 2009
5000 buying bitcoins, and forgot about them.
In 2013 he sold getting around $ 850,000
With the benefits of a flat bought in a
of the most desirable areas of Oslo, cash.
STORIES
"The hard drive"
In the UK, someone who also had
bitcoin acquired when its price was very
low, he threw away the hard drive where had
stored.
It is estimated that the value of bitcoins stored
It ranged from 7.5 to 9 million in 2013

ALL DOCUMENT http://www.criptored.upm.es/descarga/ConferenciaJonasAndradasTASSI2014.pdf
Bitcoin, history, money Reviewed by Giovanni Blanco on 11:53:00 Rating: 5
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