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IS BITCOIN THE new gold?

Some former gold bugs certainly think so.

And its value has skyrocketed in recent months.

But many readers at this point are probably wondering … what exactly is Bitcoin?

Robert McNally, an iOS developer at parking payment startup QuickPay, gave the following presentation to last year’s Hackers’ Conference in Santa Cruz, answering exactly that question.

With his kind permission, we have republished it here.

Confused by Bitcoin? This guy explains it well…

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Bitcoin
Start with the basics
For some, Bitcoin *is* money
Among those who use it, bitcoin has same properties as cash
Some think it's more akin to gold due to its durability and limited supply
But technically, it's a cryptocurrency
That means there are no records or files on transactees
Bitcoin's principal benefit for many currency hawks...
There have been previous attempts at cryptocurrencies...
In theory, no-one controls it and you can take it anywhere...
Here's how Bitcoins are made...
Computers 'mine' for it by cracking a predetermined encrypted programme
As Boromir would say...
This is the arc of known gold stocks - and in theory, could be for Bitcoins
Here's what 'miners' look like in real life
One 'block' of Bitcoins is created every 10 minutes
Again, mining for Bitcoin requires a lot of dedicated computer memory
Do Bitcoins look like anything?
As previously stated, they're basically just code
So how much is a "block"? It's been changing every day. (this chart is outdated)
Who's accepting Bitcoins? Originally it was just gamers or programmers
But as its popularity - and value - grows...
...so does the range of things you can buy with it
How about this for poker night?

All slides © Robert McNally.

- Rob Wile

Or if that one was too insider-y, try this explanation>

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Bitcoin

Start with the basics

For some, Bitcoin *is* money

Among those who use it, bitcoin has same properties as cash

Some think it's more akin to gold due to its durability and limited supply

But technically, it's a cryptocurrency

That means there are no records or files on transactees

Bitcoin's principal benefit for many currency hawks...

There have been previous attempts at cryptocurrencies...

In theory, no-one controls it and you can take it anywhere...

Here's how Bitcoins are made...

Computers 'mine' for it by cracking a predetermined encrypted programme

As Boromir would say...

This is the arc of known gold stocks - and in theory, could be for Bitcoins

Here's what 'miners' look like in real life

One 'block' of Bitcoins is created every 10 minutes

Again, mining for Bitcoin requires a lot of dedicated computer memory

Do Bitcoins look like anything?

As previously stated, they're basically just code

So how much is a "block"? It's been changing every day. (this chart is outdated)

Who's accepting Bitcoins? Originally it was just gamers or programmers

But as its popularity - and value - grows...

...so does the range of things you can buy with it

How about this for poker night?

Or if that one was too insider-y, try this explanation>

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For some, Bitcoin is money