Bitcoin -an introduction
- 2. WHAT IS A BITCOIN? β£ Digital file or ledger that contains names and balances, and people exchange money by changing this file. Thereβs no gold or government issued money backing these numbers. People are willing to trade for a higher number in this digital file because he has faith that other people will also trust the system.
- 3. Bitcoin.. - First decentralized digital cryptocurrency. - No one controls it. - Transferred through person to person. - Transactions are recored in block chain β a public ledger.
- 4. Open, peer-to-peer, Secure, Fast and Cheap
- 5. BITCOIN WALLET Bitcoins are stored in your digital wallet. When you transfer bitcoins an electronic signature is added. After few minutes the transaction is verified and stored in the network.
- 6. ACCOUNT SECURITY β£ Requires signature, itβs based on math rather than handwriting. When a new account number is created, it comes along with a private key mathematically linked to that account number. If youβve heard of a Bitcoin wallet, these keys are what it holds, and are what allow you to create signatures. Unlike the handwritten version, these signatures canβt be copied and reused in the future, as theyβre unique to each transaction.
- 8. MAINTAINING THE LEDGER Signatures keep unauthorized transactions from changing the ledger. Provide decentralized system. Every time someone sends money, a transaction message is passed around to all the people who want to help maintain the ledger, called miners. Each miners keeps a personal copy of the ledger and updates it whenever they receive a new transaction with a valid signature.
- 9. HOW DOES THE MONEY GET CREATED? β£ Every time a puzzle is solved, a small award is added to the solverβs balance. The voting system simply provides a convenient way to randomly distribute money into the world, and in fact, after 2140 no more money will be created.
- 11. BITCOIN GOOD OR BAD? β£ This virtual currency is gaining huge popularity worldwide and mass adoption. There are quite a few advantages that make Bitcoin a one of a kind digital currency that has no likeness. Of course, because nothing is perfect, Bitcoin does have its flaws. Bitcoin was considered to be a scam due to itβs several negative factors. But over the time when experts from various sectors started examining Bitcoin, they understood the power of digital currencies and started to look it in a positive way. If Bitcoin has many advantages it also carries various disadvantages as well.
- 12. ADVANTAGES OF BITCOIN β£ Anonymous and Private Payment Freedom Low/Minimal Fees Fewer risks for merchants Itβs fast Central governments canβt take it away People canβt steal your payment information from merchants
- 13. DISADVANTAGES OF BITCOIN β£ Bitcoins Are Not Widely Accepted Wallets Can Be Lost Bitcoin Valuation Fluctuates No Buyer Protection Risk of Unknown Technical Flaws Built in Deflation No Physical Form No Valuation Guarantee
- 14. BITCOIN VALUE THERE CAN BE ONLY 21 MILLIONS BITCOINS 1 BITCOIN = $6,104.09 (AS OF 31ST OCTOBER 2017)
- 15. BITCOIN IN NEPAL β£ Central Bank of Nepal is not able to track the transaction and is a high risk for going outward remittance for buying bitcoins than inward remittance. Public Opinion: A lot has changed in terms of perception and in terms of where digital currencies are. Digital currencies are here and have set a solid foothold in the world economy. Its acceptance has accelerated, governments around the world are realizing its importance and its value. One thing is for sure, digital currencies will do more good to the people of the country than harm. Hope that the government will soon realize its endless possibilities and formulate regulations that support innovation and growth.
- 16. LEGALITY OF BITCOIN β£ BOLIVIA ECUADOR KYRGYZSTAN BANGLADESH NEPAL
- 17. HISTORY β£ On 18 August 2008, the domain name bitcoin.org was registered. β£ In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. β£ Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown, though many have claimed to know it.
- 18. THANK