BITCOIN

What is Bitcoin?
Bitcoin is a peer-to-peer payment
system introduced in 2009 by
developer Satoshi Nakamoto
(pseudonym).
The bitcoin system is not controlled by
a single entity, like a central bank,
which has led the US Treasury to call
bitcoin a decentralized currency.
What is Bitcoin?
Bitcoins are created as a reward for payment
processing work in which users who offer
their computing power verify and record
payments into a public ledger.
Called mining, individuals engage in this
activity in exchange for transaction fees and
newly minted bitcoins.

Besides mining, bitcoins can be obtained in
exchange for other currencies, products, and
services.

Users can buy, send, and receive
bitcoins electronically for a nominal fee
using wallet software on a personal
computer, mobile devie, or a web application.
History
The first Bitcoin transaction was
between Satoshi and Hal Finney in
12/01/2009
There are approximately 3600 Bitcoins
mined every day
It took 5 years for the Bitcoins to reach
1000$ from 0$
The peak of 1 Bitcoin rose to $1135 in
December 2013, but fell to the price of
$693 3 days later.


History
The first bitcoin ATM was installed in
October 2013 in Vancouver, British
Columbia, Canada.
There are 12 million Bitcoins in
circulation now.
The limit of Bitcoins is 21 million which
is supposed to be reached in the year
2140.

Why Bitcoins?
Bitcoins can be sent from your computer,
tablet, smart phone or other device, to
anyone, anywhere in the world, day or
night.
Bitcoin verifies transactions with the
same state-of-the-art encryption that is
used in military and government
applications.
Using the Bitcoin network is free, except
for a voluntary fee you can use to speed
up transaction processing.
Bitcoins are created, traded, and
controlled by the people.

Insane facts about Bitcoins
In 2010 Laszlo Hanyecz talked
someone into accepting the
10,000 Bitcoins hed mined on his
computer in exchange for two pizzas.
He stated It wasnt like Bitcoins had
any value back then, so the idea of
trading them for a pizza was incredibly
cool.
The Bitcoins he traded for the two
pizzas are worth $4 500 000, today.
Insane facts about Bitcoins
The first company to accept Bitcoins in
exchange of cars is Lamborghini.

You can buy pizza with Bitcoins
at pizzaforcoins.com.

More than 200 businesses held a
Bitcoin Black Friday sale event in
2013.

Economics
Bitcoin is often referred to as a
currency, but it does not conform to
the definition of money.
Economists agree that to qualify as
money, something must be a store of
value, a medium of exchange, and
a unit of account.
Bitcoin conforms to only one of these
three criteria. It is used as a medium
of exchange
Economics
Bitcoin has an extremely volatile
exchange rate.
According to Mark T. Williams of
Boston University, its volatility is over
seven times that of gold.
Bitcoin has been labelled
a speculative bubble. (a situation in
which asset prices appear to be based
on implausible or inconsistent views
about the future.)
Other crypto-currencies
Litecoin

Peercoin

Ripple

Dogecoin