Quick Understanding of Bitcoin/Cryptocurrency.
- 1. Satish Mudaliar Business Development (Inbound & Outbound Sales) Presented by : @wittysatish 1
- 2. AGENDA : 1. What is Cryptocurrency? 2. List of Cryptocurrency Coins? 3. Understanding of Bitcoins? 4. How does Bitcoins works? 5. Bitcoin as Technology? 6. Bitcoin as a Currency? 7. The Characteristics of Bitcoins? 8. Security of Bitcoin? 9. Adopting Bitcoin Technology? 10. Future of Bitcoins? 11. Questions??? 12. Facts 13. Some Important Links. 2
- 4. Cryptocurrency It is a currency, just like and . But Cryptocurrency is a decentralized, digital money created, held and spent electronically around the world. 4 Layman terms : Technically terms : Bitcoin became the first decentralized cryptocurrency in 2009. €£ Cryptocurrency is an Internet-based medium of exchange distinct from physical (such as Banknotes and coins) that exhibits properties similar to physical currencies, but allows instantaneous and borderless transfer-of-ownership. ¥ ₹$
- 5. List of Cryptocurrencies • According to Coinmarketcap latest data report there are approx. 717 Crypto-coins available for trade in online market but only 26 of them had market capitalizations over $10 million at time. 5
- 6. 6 • A distributed, decentralized digital currency system • Released by Satoshi Nakamoto, 2008 • Effec;vely a bank run by an ad hoc network - Digital checks - A distributed transac;on log Bitcoin
- 8. 8 How does Bitcoin works X Y ✓ Balances - Blockchain - The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. ✓ Transactions - Private Keys - A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. ✓ Processing - mining - Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. ➡ Mining
- 9. 9 Bitcoin as a Technology???
- 10. ๏Sha-256-based :- Bitcoin . Namecoin . Peercoin . Titcoin ๏Scrypt-based :- Auroracoin . Dogecoin . Litecoin . Potcoin ๏Zerocoin-based :- Zcoin . Zerovert ๏CryptoNote-based :- Bytecoin . Monero ๏Other proof-of-work :- Dash . Primecoin . Ethereum . Zcash ๏Non proof-of-work :- BlackCoin . Counterparty . NEM . Nxt . Ripple . Stellar . Shadow . Link ๏Technology :- Blockchain . Cryptocurrency tumbler . Proof-of-stake . Proof-of-work system . Zerocash . Zerocoin ๏Other Relevant's :- Alternative currency . Bitcoin network . Digital currency exchanger . Double-spending etc.
- 11. 11 Bitcoin as a Currency?
- 12. Where to Buy-Sell Bitcoin
- 13. 13 Unocoin, the first bitcoin trading platform in India, is now the leading Bitcoin Company, with 70K + users, 6k + freelancers and 25+ online merchants using the bitcoin services provided. Coinsecure is a bitcoin exchange based in India.Also working on building Blockchain (database) ecosystem LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the- counter trading of local currency for bitcoins. https://www.unocoin.com/ https://coinsecure.in/ https://localbitcoins.com
- 15. Security in Bitcoin • Authen/ca/on à Public Key Crypto: Digital Signatures – Am I paying the right person? Not some other impersonator? • Integrity à Digital Signatures and Cryptographic Hash – Is the coin double-spent? – Can an aBacker reverse or change transac/ons? • Availabilityà Broadcast messages to the P2P network – Can I make a transac/on any/me I want? • Confiden/alityà Pseudonymity – Are my transac/ons private? Anonymous? 15
- 16. 16 Adopting Bitcoin as a Technology???
- 17. 17
- 19. 19 Pros : Cons : 1. Free to trade. 2. Low transaction fees. 3. No central Authority therefore no tax applicable. 4. Transparent & Decentralized (neutral) System. 5. Control & security. 6. The supply of bitcoins cannot be manipulated by any government, bank, organization, or individual 7. Each and every single transaction is validated/invalidated by miners. My Conclusion: • Looking at the current revolution of Bitcoin, it seems it has Bright Future. • Many Countries has already accepted and many still in process. 1. Lack of awareness & understanding. 2. Risk & volatility. 3. Unpredictive currency fluctuation. 4. Still Developing 5. Wallet protection and security. 6. Black Market Activity May Damage Reputation and Usefulness 7. No Chargebacks or Refunds
- 21. 21 Facts 1. Bitcoin Price as of 17-Jan is $900 USD +/-. 2. Reward for finding block 25. 3. Mining will be difficulty. 4. Total 21 Millions of Bitcoins will be generated out of which 16 Million Bitcoins are in circulation already. Only 5 Million Bitcoins is available to be generated in future. 5. After Demonetization, Indian investors are ready to invest in Bitcoins approx. $1.2 Billion USD. 6. Dollars are moving fast into Bitcoins per day. 7. Total numbers of Blocks so far is 269,632. 8. Awareness of bitcoin in INDIA has reached its highest level ever according to Google trend searches. 9. Bitcoin Currency has just grew from $0.003 USD to $1146 USD.
- 22. Some Important Source Links 22 ✓ www.bitcoin.org ✓ www.coindesk.com ✓ www.blockchain.info ✓ www.bitcoinmagazine.com ✓ www.cryptocoinsnews.com ✓ www.thebitcoinnews.com ✓ www.bitcoin.com ✓ www.ybitcoin.com ✓ www.weusecoins.com
- 23. 23 Satish Mudaliar Business Development (Inbound & Outbound Sales) @wittysatish