Bitcoin introduction at Bizcamp Ghent June 11th 2011 ( I have tried to explain bitcoin with the following metaphors: – a cash register copied over the hard drives of all participants – public/private keys as coloured pens: a transaction is only valid if it is written in the color of the pen that is writing the transaction in the register (unlimited number of colours, none is the same) – bitcoin blocks as pages in the cash register – the node that first solves a sudoku puzzle made up of all the transactions in the page (and with the puzzle on the previous page), gets 50 bitcoins as a prize (as a metaphor for mining, this one turned out the most difficult to grasp) – the transaction history can't be falsified because that would require solving sudoku puzzles faster than the combined rest of the world – economic value generated by mining is the stability of the system as a whole (transaction history not falsifiable) Rest of the screenshots: – how the client works – discussion of (relative) "anonymity” – driver behind current speculation: expectation that a sizeable amount of the underground economy will move into bitcoin – Bitcoin mining hardware and business – risks and challenges for bitcoin

Bitcoin a Peer-to-Peer Electronic Cash System

Blue sends 3 to green

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey all transactions between 6h50 and 7h00 am

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey all transactions between 6h50 and 7h00 am

I have a page of all transactions between 6h50 and 7h00 am AND I have solved the Sudoku puzzle!

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey Red gets 50 for the puzzle! all transactions between 6h50 and 7h00 am

Blue sends 4 to green … all transactions between 7h00 and 7h10 am

Bitcoin price evolution

Bitcoin mining

Crypto risks

Future

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