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Bitcoin Exploration

Bitcoin Exploration. A Futuristic Odyssey of Magic Internet Money. What are bitcoins?. Decentralized cryptographic currency. Digital money you can send through the internet. 1 BTC = $438.5 USD (May 13, 2014 1:53 PM). Why bitcoins?. Transferred without interference.

claire-lamb
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Bitcoin Exploration

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  1. Bitcoin Exploration A Futuristic Odyssey of Magic Internet Money

  2. What are bitcoins? • Decentralized cryptographic currency. • Digital money you can send through the internet. • 1 BTC = $438.5 USD (May 13, 2014 1:53 PM)

  3. Why bitcoins? • Transferred without interference. • Send to anyone in the world. • No prerequisites or arbitrary limits.

  4. Where do bitcoins come from? • Mined by users. • Users run bitcoin miners, which solves math problems. • Bitcoin generates random 256-bit number. • If application finds number less than random number: • User awarded bitcoins.

  5. What data can we collect? • Data recorded through “blocks”. • New block every ~10 minutes. • A block contains: • Recent transactions • Difficulty of math problem • Other various data

  6. What does this data tell us? a) Rate of growth b) Transactions per day c) Prominence of bitcoin in the world d) Transaction fees

  7. (a) When will bitcoin reach its cap? • Bitcoin has a 21 million btc cap. • No more Bitcoins will be mined after this cap is reached.

  8. (a) When will bitcoin reach its cap? • Approximately 50 bitcoins made every 10 minutes (6 intervals per hour) • Bitcoin generation decreasing geometrically • 50% reduction generation rate every 4 years • Bitcoin will reach their 21 million btc cap in 2140 (theoretically)

  9. (c) Prominence of bitcoin in the world Number of nations relates to bitcoins: • First data, 89/196 nations now in the bitcoin network in April 28 2014 at 23:23:00 pm. • Second data, 110/196 nations have a relationship with bitcoin from past to now

  10. (b) How many transactions are handled per day compared to other retailers? • Total transactions up til now (Apr 30): 37,798,377 • Day of highest number of transactions: 102,010 on Nov 28, 2013

  11. Compare to amazon.com (26.5 million transactions per day) • Compare to eBay.com (1 billion transactions per day) • Compare to Walmart (24 million transactions per day)

  12. (d) How do the bitcoin transaction fees compare to financial service companies? • Three types of fees associated with buying/selling/using bitcoins. • Entry fee (0.1% - 0.25%) • Transaction fee (optional based on size - typical less than0.1%) • Exit fee (0.1% - 0.25%)

  13. Conclusion I know our time is very limited today, but if you want to know more about our project in depth: please visit our website at btcexploration.tumblr.com

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