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Bitcoins are taking the world by storm - an alternate currency that changes the dimensions of privacy, interaction and value management for consumers everywhere. But how can bitcoins be leveraged for loyalty, engagement and gamification? Join Patrick Murck, General Counsel of the Bitcoin Foundation for this eye-opening and insightful talk on one of the most important innovations in finance.
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MONEY IS BROKENDecentralized Currency and the Future of Payments
Patrick MurckGeneral Counsel
Gsummit 2013
What is Bitcoin?
Tulips!
Something sinister…
What is Bitcoin really?
^ Not Satoshi
Protocol
OS Software
Community
Development community
A growing user-base
What makes Bitcoin special?
Private
Distributed
Irreversible
Global
Scarce
Number of bitcoins in circulation
• ~$1.18 trillion USD in circulation– Divisible by 2 decimal places
• $1.18 trillion*10^2– 118 trillion spendable units (pennies)
• ~11mm bitcoins in circulation (21mm total in 2140)– Divisible by 8 decimal places
• 11mm*10^8– 1.1 quadrillion spendable units (Satoshis)
How does bitcoin work?
Open transaction network
What problem does Bitcoin solve?
Microtransactions
Direct User Monetization
The Internet’s Reference Currency
The Internet’s reference currency
Is it safe?
Volatility
Hackers
Is it legal?
FinCEN
What does the future hold?
It’s up to you!
![An analysis of Bitcoin OP RETURN metadata · Bitcoin [37] is a decentralized infrastructure to exchange virtual currency | the bitcoins. The transfers of currency, called transactions,](https://img.pdfslide.net/doc/110x75/5f688d8d0a50cc4d346bc8c6/an-analysis-of-bitcoin-op-return-metadata-bitcoin-37-is-a-decentralized-infrastructure.jpg)
