Presentation on theme: "Bitcoin: Free Money Roger Ver. Why Bitcoin? “For the first time in the history of the world, anyone can now send or receive any amount of money with anyone."— Presentation transcript:
Bitcoin: Free Money Roger Ver
Why Bitcoin? “For the first time in the history of the world, anyone can now send or receive any amount of money with anyone else, anywhere, instantly, basically for free, and it is impossible for anyone, including governments, to stop them. ”
How? BlockchainProtocolClient Open and decentralised network Open code and transparent protocol Public record of all transactions
Bitcoin in 5 minutes 1. Get a wallet 2. Buy bitcoins 3. Spend bitcoins
Be safe! Bitcoin gives you unprecedented control over your money. That is a great responsibility. -Keep your private keys safe -Make backups -Hold your bitcoins yourself! -Be careful who you trust with your bitcoins
Regulation Regulation of exchanges Acceptance of protocol Currency, digital commodity, or prepaid instrument?
Valuing Bitcoin Amazon Amazon grosses $38 billion per year. Assuming a 3% transaction fee, Amazon pays $1 billion a year in transactions fees. Amazon nets $1 billion per year. Amazon could double their profits by doing all transactions in Bitcoin. If the market cap for bitcoin was $38 billion, each bitcoin would be worth $5,400.
Valuing Bitcoin Gambling The online poker market is $4.8 billion a year industry. Online gambling will follow poker and is a $30 billion a year industry If the market cap for bitcoin was $30 billion, each bitcoin would be worth $4,300.
Valuing Bitcoin International Remittance International remittance is the transfer of money by a foreign worker to their home country. In 2007, remittance worldwide transferred $300 billion dollars. Western Union fees for remittance can run from about 4 percent to 20 percent or more. If the market cap for Bitcoin was $300 billion, each bitcoin would be worth $42,000.
Valuing Bitcoin Amazon = $5,400 Gambling = $4,300 International Remittance = $42,000 Bitcoin adoption world wide = ??????
Exchanges: post Gox Transparency - External Audits Proof of reserves - No fractional reserve P2P Exchanges …distributed exchanges coming in 2015!