Bitcoin(eng)
Download as PPTX, PDF1 like1,038 views
Bitcoin is a digital currency created in 2009 by an unknown person using the name Satoshi Nakamoto. Bitcoins exist on a peer-to-peer network, have no central authority, and transactions are made without middlemen like banks. Users can buy and sell bitcoins anonymously online or acquire them by "mining" through solving complex math problems. While bitcoins offer anonymity and lack of fees, their future is uncertain as governments are concerned about regulating the unregulated currency.
Bitcoin(eng)
- 2. Bitcoin concept in the first 20 years of the Chinese and the Cong proposed the idea according to Nakamoto design and construction of open-source software released on P2P networks. Bitcoin is a P2P form of digital currency. Point to point transmission means a decentralized payment system. ? With most currencies different bitcoin does not rely on a specific issue monetary institutions, it is based on a specific algorithm, by generating a large amount of computing, distributed database Bitcoin P2P networks using the entire economy of many nodes to identify and record all transactions and use cryptography designed to ensure the safety of all aspects of the circulation of money. To the center of the characteristics of P2P and the algorithm itself can ensure Not by a large number of manufacturers to artificially manipulate currency Bitcoin. This also ensures the anonymity of ownership and circulation of currency trading. Bitcoin virtual currency other biggest difference is the total number is very limited, with a strong scarcity. The monetary system has been in four years, not only over 10.5 million, after the total number will be permanently limited to 21 million. Bitcoin can be used to deliver, can be converted into the currency of most countries. Users can buy some virtual goods Bitcoin, such as online games among the clothes, hats, equipment, etc., as long as people accept Bitcoins can also be used to buy real life among the items. ( BITCOIN )
- 3. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
- 4. Why Bitcoins? 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.
- 5. Acquiring Bitcoins Buy on an Exchange Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.
- 6. Transfers People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.
- 7. Mining People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.
- 8. Owning Bitcoins Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.
- 9. 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 anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.
- 10. Future in question No one knows what will become of bitcoin. It is mostly unregulated,but that could change. Governments are concerned about taxation and their lack of control over the currency.