Bitcoin is revolutionizing the way the world conducts transactions. It is the currency of the future. But what exactly is Bitcoin? In this slideshare, I break down the fundamentals of Bitcoin in a digestible manner. I touch on its advantages, structure, and potential. Even if you have no idea what bitcoin is before you start watching this, I can guarantee you will, once you're done.

1. Patrick Manasse
Understanding
Bitcoin
The Currency of the Future

2. A common
question many people
have is
"What is Bitcoin?”

3. Bitcoin is a peer-to-peer digital currency that
trades on public exchanges anywhere in the
world between two people at the speed of
email.
This is a very good
question.

4. In regular financial transactions. Money goes to the
middleman - banks, businesses, currency exchanges, etc.
One big advantage of Bitcoin is that these
global transactions are processed at a far
lower cost than what is typically processed
through the traditional financial system.
This is called "double spending."

5. Bitcoin cuts out double spending.

6. But how does it work?

7. Bitcoin is comprised of a
distributed network of
computers that is reliant on
the Bitcoin protocol.

8. Bitcoin Protocol
Confirms or validates every
transaction made with a unit of
account called a "bitcoin"

9. A Bitcoin
Can be broken down into fractions
Making previously impossible micro-transactions
Possible.

10. Bitcoin makes
this possible
with
"blockchain"

11. Blockchain is essentially a
giant globally shared
ledger of every bitcoin
transaction in history...

12. Ever.

13. The blockchain expands as
the exchange is
automatically lumped
together with other new
transactions...
Resulting in a
new "block."

14. This system does require a
massive amount of
computer power to verify,
confirm, and record all the
transactions, but it is a
self-funding system.

15. Hold on to your hats.
This is where it gets kind
of crazy.

16. Bitcoins themselves are
created through a "mining”""
process.

17. This process is the same
mathematical process that seals
blocks of new transactions onto the
blockchain by verifying that every
exchange is valid and using real
bitcoins.

18. The miners are rewarded with new
bitcoins for devoting their time and
computing power.

19. The idea is for the network to
reward those who are keeping the
network running in a completely
decentralized manner.

20. THE BOTTOM LINE

21. More than just a neat computer
experiment, bitcoin is starting to
become a popular and viable form
of currency.

22. More and more companies are
beginning to accept bitcoin.

23. In fact:
The top 8 companies who are
accepting bitcoin have had annual
revenues totaling more than
$85 BILLION.

24. Recently,
Credit card companies have released
cards that operate solely on bitcoins.

25. And the popularity of bitcoin keeps
on growing

26. So basically,

27. Bitcoin is
Kind of a big
deal.