A simple video explanation of bitcoin Bitcoin is a digital and global money system (currency).It allows people to send or receive money across the internet, even to someone they don't know or don't trust.Money can be exchanged without being linked to a real identity.The mathematical field of cryptography is the basis for Bitcoin's security.Contents 1 2 3 4 5 One of the differences between using bitcoin and using regular money online is that bitcoin can be used without having to link any sort of real-world identity to it.Unless someone chooses to link their name to a bitcoin address, it is hard to tell who owns the address.Bitcoin does not keep track of users; it keeps track of addresses where the money is.Each address has two important pieces of cryptographic information, or keys: a public one and a private one.The public key, which is what the "bitcoin address" is created from, is similar to an email address; anyone can look it up and send bitcoins to it.

The private address, or private key, is similar to an email password; only with it can the owner send bitcoins from it.Because of this, it is very important that this private key is kept secret.To send bitcoins from an address, you prove to the network that you own the private key that corresponds to the address, without revealing the private key.This is done with a branch of mathematics known as public key cryptography.A public key is what determines the ownership of bitcoins, and is very similar to an ID number.If someone wanted to send you bitcoins, all you would need to do is supply them your bitcoin address, which is a version of your public key that is easier to read and type.For example, if Bob has 1 bitcoin at the bitcoin address "ABC123," and Alice has no bitcoins at the bitcoin address "DEF456," Bob can send 0.5 bitcoins to "DEF456."As soon as the transaction is processed, Alice and Bob both have 0.5 bitcoins.Anyone using the system can see how much money "ABC123" has and how much money "DEF456" has, but they cannot tell anything about who owns the address.

In the example above, "ABC123" and "DEF456" are the bitcoin addresses of Bob and Alice.buy litecoin usaBut Bob and Alice both have a second key which only they know.bitcoin exchange escrowThis is the private key, and it is the "other half" of a Bitcoin address.bar bitcoin madridThe private key is never shared, and allows the owner of the bitcoins to control them.script roll bitcoinHowever, if the private key is not kept secret, then anyone who sees it can also control and take the bitcoins there.free bitcoin win payoutThis happened on live TV when Bloomberg's Matt Miller accidentally showed a private key to viewers.[2]ukash bitcoin uk

The money was taken immediately.The person who took it, told others about it later, saying "I'll send it back once Matt gives me a new address, since someone else can sweep [empty] out the old one."Sites or users using the Bitcoin system are required to use a global database called the blockchain.The blockchain is a record of all transactions that have taken place in the Bitcoin network.It also keeps track of new bitcoins as they are generated.With these two facts, the blockchain is able to keep track of who has how much money at all times.To generate a bitcoin, computers run specialized software.Because of how complicated the math needed to generate a bitcoin is, they must be calculated with very powerful processors.These processors can be found in CPUs, graphics cards, or specialized machines called ASICs.The process of generating the bitcoins is called mining.People who use their computers to mine Bitcoin, are paid with a small percentage of the bitcoins they generate.A popular image associated with Bitcoin is a QR code.

QR codes are the groups of black and white boxes seen at right.QR codes are similar to barcodes.Where barcodes have one dimension of information, QR codes have two (horizontal and vertical).Barcodes are a row of lines, and QR codes are a grid of squares.Bitcoin uses QR codes because they can store a lot of information in a small space, and a camera such as a smartphone can read them.The two QR codes on the Bitcoin note are the public and private addresses, and can be scanned with a number of online tools.Everyone in the Bitcoin network is considered a peer, and all addresses are created equal.All transactions can take place solely from peer-to-peer, but a number of sites exist to make these transactions simpler.These sites are called exchanges.Exchanges provide tools for dealing in Bitcoin.Some allow the purchase of Bitcoin from external accounts, and others allow trading with other cryptography-based currencies like Bitcoin.Most exchanges also provide a basic "wallet" service.Wallets provide a handy way to keep track of all of a user's public and private addresses.

Because addresses are pseudo-anonymous, anyone can have as many addresses as they want.This is useful for dealing with multiple people, but it can get complicated to manage multiple accounts.A wallet holds all of this information in a convenient place, just like a real wallet would.Bitcoin adoption and use continues to grow a lot every year.Since 2012, Bitcoin has gained the attention of the mainstream media, one way is the WannaCry ransomware created in May 2017.[3]Adoption growth has not only happened for consumers, but also for many companies, who are looking to make use of all the advantages of Bitcoin.↑ BTC unit converter ↑ /bloomberg-matt-miller-bitcoin-gift-stolen-2013-12 ↑ /trends/explore#q=bitcoinSimon Denny Blockchain Future States September 8 - October 22, 2016 Opening Reception: Thursday, September 8th, 6-8pm 456 W 18th Street Petzel Gallery is pleased to announce a new exhibition of works by Simon Denny entitled Blockchain Future States, opening Thursday, September 8th.

At a moment when public debate spotlights a global governance system that seems to ignore the needs of many of its participants, starkly contrasting visions for alternative political systems are emerging.What would a world look like where the collusion of an elite few would be rendered technically impossible?Can a truly inclusive global future exist?Blockchain Future States investigates Ethereum, 21 Inc., and Digital Asset, three financial companies at the forefront of Bitcoin technology and the application of the blockchain, a decentralized transaction database that functions as the backbone of this crypto-currency.The potential widespread usage of Bitcoin as a supra national currency enables these visionaries to propose radically different visions for a new world where traditional political/geographical state formations can be reimagined and new dreams of what the world could look like begin to emerge.For this exhibition Denny will present three different platforms highlighting the differences in each company’s utilization of blockchain and the political and ideological differences these are based on.

Their aesthetic context and geo-political ecosystems are imagined through a global diagram, a community of computer Case-Mods and other sculptural infographics.The exhibition maps the myths, dreams, winners and losers of the global game of governance design.Artworks borrow their forms from the hardware of competitive gaming – with oversized special editions of the board game “Risk”, personal computer cases turned corporate “deal toys” and cartoonish entrepreneurial “players” in a land-grab for the decentralized, encrypted infrastructure of possible self-governing future worlds.Simon Denny was born in New Zealand in 1982 and received his degree at the Städelschule, Staatliche Hochschule für Bildende Künste in Frankfurt.Denny has exhibited widely internationally including WIELS Contemporary Art Centre, Brussles (2016); Serpentine Sackler Gallery, London (2015); 56th Venice Biennale (2015); MoMA PS1, New York (2014); Portikus, Frankfurt (2014); Kunstverein Munich; Museum Moderner Kunst Stiftung Ludwig Wien (mumok), Vienna (2013); 55th Venice Biennale (2013); and the Aspen Art Museum (2012).

Petzel Gallery is located at 456 West 18th Street.Gallery hours are Tuesday through Saturday from 10:00 AM – 6:00 PM., or call (212) 680-9467.Download Press Release (PDF 467 K) Simon Denny Artist Page View Artist Bio (PDF ) Simon Denny Products for Organising View More This catalogue was published on the occasion of the exhibition Simon Denny: Products for Organising, at Serpentine Sackler Gallery, London, November 25, 2015 – February 14, 2016 Essays by Simon Denny, Keller Easterling, Amira Gad, Ryan Gallagher and Moritz Schularick Published by Serpentine Galleries and Koenig Books © 2015 Simon Denny, the authors, Serpentine Galleries and Koenig Books ISBN: 978-1-908617-32-3 Simon Denny New Management View More This catalogue was published on the occasion of the exhibition Simon Denny: New Management, at Portikus, Frankfurt am Main July 12 - September 7, 2014 "New Management 2014" by Simon Denny "I'd awake in a cold sweat" by Lee Kun-hee, translated by Dan Kwon "Think Colossal.

How Samsung became the world's No.1 smartphone maker—and it plans to stay on top" by Sam Grobart "Samsung and Simon Denny: [T]he Refreshing Current in Society" by Matt Goerzen "Samsung's New Management: Let's Change Ourselves First" by Lee Won-bok and Jinny Kim translator by Simon Denny "The New Management Principle of Lee Kun-hee", translations by Jinny Kim & BRD Global Edited by Sophie von Olfers Published by Mousse Publishing, Milan © 2014 Simon Denny, the authors, Portikus, Mousse Publishing ISBN 978-88-6749-071-4 Simon Denny Full Participation View More This catalogue was published on the occasion of the exhibition Simon Denny: Full Participation, presented at Aspen Art Museum, May 18 - July 15, 2012 The publication features the following essays: "All Access: Simon Denny's Media Archeology" by Jacob Proctor "Why I Watch TV Alone" by Pablo Larios "Monitor('s) Matter" by Hanna Hölling Edited by Ryan Shafer Published by Aspen Art Museum|Aspen Art Press © 2012 Aspen Art Museum, the artists and the authors ISBN: 978-0-934324-56-4 Simon Denny Video Aquarium Broadcast View More Published by Galerie Daniel Buchholz, Köln and Michael Lett, Auckland © 2010 the artists, writers, photographers and galleries ISBN: 978-0-9582831-9-9 Simon Denny All You Need Is Data - The DLD 2012 Conference Redux View More This book was published on the occasion of the large scale site-specific installation realized by Simon Denny, at the Kunstverein’s galleries in Munich, January 19 - March 10, 2013 The project was focused on the Munich-based event Digital Life Design (DLD) and a conference from 2012, entitled All You Need Is … DATA?

Foreward by Bart van der Heide, Director of Kunstverein Munich Interview between Simon Denny and Hans-Ulrich Obrist "More Courage to Digital Shaping!A political Reflection" by Dr. Michael Littger "Replace me.A Diary of Events surrounding DLD 2012" by Karen Archey Published by Koenig Books Ltd, London © 2013 Simon Denny, the authors, Kunstverein Munich and Koenig Books, London ISBN 978-3-86335-344-5 Simon Denny The Personal Effects of Kim Dotcom View More This catalogue has been published on the occasion of the exhibition Simon Denny: The Personal Effects of Kim Dotcom, exhibited at: The Museum moderner Kunst Stiftung Ludwig Wien, Vienna July 5 - October 13, 2013 Firstsite, Colchester March 22 - June 1, 2014 Adam Art Gallery Victoria University of Wellington September 16 - December 19, 2014 Includes the following essays: "Simon Denny: The Personal Effects of Kim Dotcom" by Matthias Michalka "Suprapersonal Effects: The Copy Culture and Incriminated Property" by Christian Hoeller "The Things They Carried (Away): The Intersection of Privacy, Property, and Information" by Jasmine McNealy Published by Verlag der Buchhandlung Walther Koenig, Cologne © 2013 Verlag der Buchhandlung Walther Koenig, Cologne, editors, artists, authors, translators, photographers, their heirs or assigns ISBN 978-3-86335-411-4 Simon Denny The Innovator's Dilemma View More Published on the occasion of the exhibition Simon Denny: The Innovator's Dilemma, organized by Peter Eleey, Curator and Associate Director of Exhibitions and Programs, with Jocelyn Miller, Curatorial Assistant, at MomA PS1, Long Island City, New York, April 3 - September 7, 2015 "Add Reminder" by Peter Eleey "Fireside Chat" Jocelyn Miller in Conversation with Simon Denny "The Dilemmas of Creation" by Agatha Wara Published by MoMA © 2015 MoMA PS1 ISBN 978-0-9899859-1-8 Simon Denny Secret Power View More This catalogue was published on the occasion of the New Zealand Pavilion at the 56th International Art Exhibition, La Biennale di Venezia 2015 "Too Much Information" by Robert Leonard "Here Begins the Dark Sea" by Chris Kraus "David Bennewith Talks to Metahaven" "Mary Barr Talks to Simon Denny" Published by Mousse Publishing, Milan and Koenig Books, London © 2015 Mousse Publishing, Koenig Books, Creative New Zealand, Simon Denny, and the authors for their texts ISBN Mouse Publishing: 978-88-6749-115-5 ISBN Koenig Books: 978-3-86335-699-6