From Mr. Bitcoin
|Mr. Bitcoin Norway
Bitcoin Blockchain liberator
From Presantation at NITO 14th of June 2016
Who is Mr. Bitcoin Norway?My name is Bjorn Bjercke also known as " Mr. Bitcoin Norway ". I am 41 years old and I have 19 years experience with IT solutions, where of 12 years within the Banking and Finance sector. In September 2013 my interest in Bitcoin sparked. Mr. Bitcoin on Linkedin
Definition of Bitcoin
Bitcoin is a non-debt based, irreversible, digital asset, with an intrinsic value in the security of the payment system and decentralized governance structure that runs on a global transparent ledger on the internet.
What is and what happens on Bitcoin Blockchain.As you probably have figured out, bitcoins transport layer or protocol if you will, is the Blockchain. So how does it work? Well if Alice wants to send Bob some bitcoins for an item, Alice decides how much she will send and what she is willing to pay in transaction fee. Transaction fee is as a tip to transactional handlers, also called "Miners". The more Alice is willing to pay in transaction fee will further determine how fast his transaction is being handled. If Alice is not willing to pay any transaction fee, the transaction may not be handled and can be returned out of the network after 144 hours. For Alice's transaction to be handled directly, Alice should currently spend at least 0.0001 bitcoin equivalent of approximately 15cents USD. Bob will not see that Bob has received payment before a Miner is willing to handle the transaction. Alice cannot use more money than Alice has, because every transaction is checked against how Alice got his bitcoins. Say Alice got his bitcoin from Alexander and Alexander got it´s bitcoins from Martin and then further back in the global decentralized ledger to where the bitcoin was made the first time.
Bitcoins only comes from one sources. The reward Miners receive is currently 12,5 bitcoins for each solved block of transactions. This reward will halve approximately every fourth year or more specific every 210 000 blocks.
The transaction form Alice to Bob is broadcast on the internet. One or more Miner choose which transaction to include in a block. Miners will usually choose those transactions with high transaction fees first. A block is a compile of transactions which aims to become locked into Blockchain. The blocks are assembled by Miners and locked with a Secure hash Algorithm. Think of a hash like a giant sudoku. The block than gets broadcasted to all the miners and if accepted by the others they try to solve the hash / sudoku. The first Miner that solves it and broadcast the solution, get a reward plus all transaction revenues in the block. The hash math becomes more difficult based on how many miners who contribute. There is a rule in bitcoin-software stating that solutions should take an average of 10 minutes to solve. So there be new block chained to Blockchain approximately every ten minutes. Just as it is easy and quick to see that a sudoku has been properly solved, it is also very quick to see that a hash is solved correctly. This is also known as proof of work. The hash, also comparable to the last route in Sudoku, is the first route in the next block. The hash is also linked to the transactions inside the block. This means that if a hacker or virus for example is attempting to alter a transaction in a previous block it will alter the hash. All miners will then see that the hash math has been altered and probably there is someone trying to change the global decentralized ledger. The change will then not be accepted and the Miners will go back to the last chain the hash solution was accepted. All dropped transactions in the meantime will be broadcasted as new transactions. So bitcoins from Alice is secure as soon as a miner makes it a part of a block and 1 verification has been made ie. approximately 10 minutes. Or to put it this way; if Alice buys an ice cream or coffee it’s straightforward to pay directly to Bob. If Alice buys an expensive flat screen tv Bob should probably wait 10 minutes before Bob accepts the transaction and hands over the goods. If Alice buy a car or a house Bob should wait 30 minutes. But after an hour can Bob be sure that Bob has Alice's money for an aircraft carrier, if it is the Bob selling.
A three minute presentation on the cryptography behind the Bitcoin Blockchain from Oslo Blockchain Day 2016.
What is Bitcoin?
Philosophical / Abstract:Is a motor vehicle a horse less carriage?
Bitcoin is a value that manifests itself to offer something to satisfy someone else. Words like value, currency and money to describe Bitcoin, is a similar explanation as to say a motor vehicle is a horse less carriage.
Psychological :In today's world we look at Bitcoin the same way as currency, commodities and/or shares. The value of Bitcoin is being speculated between people's impression of what it is worth.
Physical:Bitcoin is not controlled by a person or a company but a giant network called Blockchain connected to the Internet. Where anyone who owns Bitcoins has its own digital wallet and thus becomes its own bank. Bitcoin works by 100.000's of computers, which are spread all over the world agree on a list that reads information about the digital wallet that has any number of Bitcoins, based on previous transactions. Actually you can, who read this, set up a computer that can contribute to Blockchain. Just download and run this software. This means that no entity has management control alone for Bitcoin, therefore it is decentralized. All traditional currency Kroner, Euro and Dollar is controlled today by the trust to the state and banks. In the financial crises in 1929, and in 2008 we clearly saw that the trust is not a good concept when it comes to finances. Bitcoin is not based on trust in an organization but on provable mathematical formulas. In short; Bitcoin is two people who change value with each other like we did it 100's of years ago without bank, nor State or 3rd party. like credit card companies involved. The digital device is works very much like cash and very dissimilar to credit cards, check or other types of bank transfer. Short video
Project:Our project is to develop a greater acceptance of Bitcoin, initially in the Norwegian market. For those who have Bitcoins, today and in the future, need to be able to trade Bitcoins for goods and services. We do this by actively go out in discussions for increasing understanding of Bitcoin, Blockchain and Ethereum. In addition, I want be involved in as many as possible Bitcoin/Blockchain related projects, like this one: NorChain. For the time being I am holding lectures on Blockchain for banks and other organizations for 1 btc. Contact me if your organization might be interested.
Podcast Published 21. des. 2015:Two Angles to Blockchain - Episode 3. In the third episode of Digital Finance Today podcas series you will hear two differrent angles to blockchain. In this dynamic episode Saeed Hassan, Managing Partner of Grow Advisors discusses with Bjorn Bjercke "Mr. Bitcoin Norway", Co-Founder, CTO and COO of NorChain, and Alex Medana, CEO of WIP Solutions. How important blockchain really is and can it have significance beyond Bitcoin?
Blockchain technology is a public ledger of transactions and behind e.g. Bitcoin. It has been called as earth-shaking, as big innovation as a wheel and many other praising words. Many big finance institutions are keeping a close eye on the blockchain technology as well as are innovating startups that arise every day.
The Bitcoin Evolution:First they ignore you, then they laugh at you, then they fight you, then you win.
- Mahatma Gandhi
Blockchain is not solving a problem; it's eliminating their existence
MSc in Digital Currency
Support:Do you have Bitcoins and do you want to trade them for goods or services?
Support the project with a donation for developing a greater acceptance of Bitcoin:
|Links:||"Thinking that it’s too late to getting involved with Bitcoin, is like thinking it is too late to get involved with the internet or getting involved with using a cellphone." - Roger Ver -
"Value is the ability to satisfy other." - Torbjørn Bull Jenssen -
Mr. Bitcoin Norway
(Base58 in years)
Even more info on Bitcoin;
Check outeThe Norwegian Bitcoin Association
or call +47 95 00 01 02
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