BITCOIN presentation by SAINATH
- 2. INTRODUCTION • Bit coin was developed by a Software developer,Unknown programmer and mysterious person called “SATOSHI NAKAMOTO”. • Till now no one knows about “Satoshi Nakamoto”. • Bitcoin was an electronic payment system based on mathematical proof can be solved by various programming algorithms and it was first ever cryptocurrency. • It was released as open-source software released in year 2009. • This system is peer-to-peer and transactions take place between the users without an intermediary. • According to the research produced by Cambridge University in 2017,there are about 2.9 to 5.8 million unique users using cryptocurrency wallet ,most of them using bitcoin. This Photo by Unknown Author is licensed under CC BY-ND
- 3. DENOMINATIONS OF BITCOIN UNITS ABBREVIATION DECIMAL(BTC) milliBitcoin mBTC 0.001 microBitcoin uBTC 0.0000001 Satoshi 0.00000001
- 4. FEATURES OF BITCOIN Decentralized Opensource Peer to peer Easy to use Unregulated Anonymous yet transparent Fast but irreversible transfers
- 5. BITCOIN V/S MONEY BITCOIN • It is a digital currency • It is generated by code • There is no regulation authority • It has intrinsic value like Gold MONEY • It is a physical currency • It is generated by various banks which has unique powers in a country. • There is regulation authority over this • It has Extrinsic value
- 7. Bit coin was based on the algorithm “SHA-256” It was designed by “Santoshi Nakamato”. By using this we can generate upto 21 million bitcoins. We can’t generate more than 21 million bitcoins due to the unique feature of the algorithm. Till the date 17millions bitcoins are in existence,This number changes about every 10minutes ,each new block adds 12.5 bitcoins into circulation Total number of bitcoins 21million How many are left to be behind? 3,406,287.5 How many bitcoins are lost? 3-4 million How many bitcoins are mined every day? 1800 How many bitcoins have been mined already? 17,593,712.5 How many bitcoin blocks are there today? 567,497
- 10. WEBSITES WHERE WE CAN BUY BITCOINS IN INDIA UNICOIN BUYUCOIN ZEBPAY COINSECURE LOCALBITCOINS WE CAN BUY BITCOINS FROM THESE WEBSITES BY PAYING MONEY THROUGH DEBIT OR CREDIT CARDS
- 12. HOW CAN WE EARN THROUGH BIT COIN
- 13. ANONYMITY • Though each bitcoin transaction is recorded in a public log,names of buyers and sellers are never revealed-only their wallet IDS. • While that keeps bitcoin users transactions private,it also lets them buy or sell them anything without easily tracing it back them. • That’s why it has become the currency of choice for people online buying of drugs.
- 14. FACTORS AFFECTING PRICE OF BITCOIN • the supply of bitcoin and market demand for it • the number of competing cryptocurrencies • the exchanges it is traded on • regulations governing its sale • its internal governance.
- 15. ADVANTAGES AND DISADVANTAGES OF BITCOIN ADVANTAGES • Freedom in Payment • Control and Security • Information is Transparent • Very Low Fees • Fewer Risks for Merchants • It is easier way to carry out international business DISADVANTAGES • Lack of Awareness & Understanding • Risk and Volatility • Highly volatile currency • It serves as a medium of illegal business • If you lost your private key you may lose all your bitcoins • It can be used for money laundering
- 17. CONCLUSION • There you have it folks. With this, you now have both sides of the coin. Bitcoin, as you can see, is not perfect. It does have many advantages that physical currencies do not provide its users; however, it also has its disadvantages. This is mostly due to the fact that Bitcoin is still a relatively young and new currency. People are just beginning to become more aware of it. In order for Bitcoin to succeed, more people need to understand what it is and not let their preconceived notions distort the concept of digital currencies. • There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad thoroughly before finalizing your choice. Do the same for Bitcoin. Understand what it is, and decide what you want to do with it. We, at Coinreport give you the facts; you are the ones who make your decision.