Bitcoin Overview
Bitcoin Overview
Bitcoin Overview
Anjali Kamath
General Counsel and
Compliance Manager
AGENDA
1. What is Bitcoin
2. Background on BitPay
4. Regulatory/Compliance Challenges
Satoshi Nakamoto
•Attributed with the creation of Bitcoin, a type of cryptocurrency
•Published Whitepaper in 2008:
“Bitcoin: A Peer to Peer Electronic Cash System”
•Name is an alias; True identity unknown
What Exactly is Bitcoin?
• Digital Currency: A form of currency or medium of exchange that is electronically created and stored.
• Cryptocurrency: A type of digital currency that uses cryptography for security and anti-counterfeiting measures by
securing the transactions and controlling the creation of new units.
• cryptography: a method of storing and transmitting data in a particular form so only those for whom it is
intended can read and process it.
Where do you store them?
Mining Exchanges
• Wallet agnostic
ATLANTA
60,000
MERCHANTS WORLDWIDE
$32,700,000
CAPITAL RAISED
Index Ventures
Founders Fund
TUCUMAN Horizons Ventures
RRE Ventures
Felicis Ventures
TTV Capital
Richard Branson
BUENOS AIRES
Jerry Yang
How does it work?
Why Bitcoin?
•No chargebacks
•No risk of fraud or identity theft
•Anonymous (to a certain extent)
•You own it and no one can take it away from you
•Ease of use: Fast, secure, and global; little to no fees
•Not subject to inflation
•Accessible to the “unbanked”
BitPay’s Compliance
Program
Designation of Chief Tailored Internal Policies,
Compliance Officer Procedures, Controls
BSA/AML
Program