Bit coins ppt
- 1. BIT COINS INTRODUCTION WHO CREATED? WHO PRINTS IT? WHY BITCOINS? HOW IT WORKS? WHERETO BUY? PROS AND CONS VIDEO
- 2. Bit coin is a form of digital currency. Created and held electronically. Bit coins are not printed, like dollars or euros – they’re produced by people. Important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. This puts some people at ease, because it means that a large bank can’t control their money.
- 3. A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof.The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
- 4. NO ONE. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bit coins are created digitally by a community of people that anyone can join.
- 5. Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
- 7. Since no bank is involved so the transfer entries all the other information is recorded in a public ledger(block), known as the Block chain. The new block is added to a ledger at every 10 minutes. This ledger records all of the transaction that have taken place since the last ledger. For transferring bitcoin, Person A has own private key of his own wallet and gets the public key of person B wallet. Every bitcoin wallet can have one or many public keys that can be distributed to everyone but can have only one private key which only the owner of that wallet can know. Both the keys are very long (27-51 characters long) and it's impossible that two wallet have the same key combination.
- 8. In India, currently Zebpay and Uno coin are the two best apps. According to Zebpay, daily more than 2500 people opening account. You can buy bitcoins through IMPS/NEFT/RTGS from an Indian Bank Account. Current price Rs. 2,00,564. Download Zebpay through http://link.zebpay.com/ref/REF67. Alternately you can buy Bitcoins from International Exchanges like CEX.IO ,Lake BTC, HitBTC using your Credit Card / Debit Card /Wire Transfer / Paypal. Current Price 2500$ (i.e.) Rs. 1,78,000 approx. The international exchanges are reputed companies having huge turnovers and use bank grade security . So , the bitcoins are quite safer in international exchanges rather than Indian counterparts, at least they won’t runway stating bankruptcy.
- 11. PROS: Though bitcoin has not become that popular as a currency, it could be a foundation for future revolutions in the payment system which is faster, cheaper and secure. It could become easier to carry out international transactions. It can be used in emerging countries. It will eliminate all intermediaries involved in such transactions. CONS: As it is anonymous, it has become a medium of transaction in illegal trade and drugs dealing. It can be easily used in money laundering. It is difficult to store bitcoin safely as the wallet can be hacked. If you lose your private key, you lose all bitcoins.There is no way of getting the key and the coins back. Bitcoin is a highly volatile currency.