1. BITCOIN
Invented by – Satoshi Nakamoto (in 2009)
Prepared by :- Akshay Sikarwar(MBA)
(GLA University, Mathura)
2. WHAT ARE BITCOINS??
It is a new form of decentralised digital currency Bitcoins are used for electronic purchases and
transfers. You can use bitcoins to pay
friends, merchants, etc.
without going through a bank or a clearing house.
No supported by any government.
3. HOW DOES BITCOIN WORK?
Making
payments with bitcoins is an incredibly easy
process; in fact, you could argue
that it is
much easier than using credit cards. All you need to
do is, using your Bitcoin wallet:
Enter
the recipient's address.
[1EZTVaGQ6UsjYJ9fwqGnd45oZ6HGT7WKZd ]
Enter the amount of bitcoins to be sent.
Press send
4. HOW CAN ONE ACQUIRE BITCOIN
??
1.
You can mine them by using a free application
called Bitcoin Miner on your computer.
2.
If you are selling a good, you can accept bitcoins
as a form of payment.
3.
You can purchase and sell bitcoins through Bitcoin
exchanges (this is the most common way.
Exchanges are typically found online.)
5. WHO CONTROLS THE BITCOIN NETWORK?
Nobody
owns the Bitcoin
network much like no one
owns the technology behind
email.
Bitcoin
is controlled by all
Bitcoin users around the
world.
6. WHAT DETERMINES
BITCOIN’S PRICE?
The
price of a bitcoin is determined by
supply and demand. When demand for
bitcoins increases, the price increases, and
when demand falls, the price falls.
7. WHERE THEY ARE
ACCEPTED ????
www.wordpress.com
www.torrentfreak.com
www.overstock.com
www.highcart.com
www.bitcoinshop.us
www.51attack.com
www.venturebeat.com
www.eztv.it
www.wired.co.uk
and many more….
8. ADVANTAGES
Quick and Cheap Transactions
No fee or a very nominal one is charged
for transacting in bitcoins (0-0.05%)
No third party involvement
There is no way for a third party to intercept
transactions of Bitcoins,
No Paperwork (fully Electronic)
9. CONTINUED…..
Payment freedom - It is possible to send and
receive any amount of money instantly anywhere
in the world at any time.
No need of ID proof , Address proof etc.
No Taxes
Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed
by the owner.
10. DRAWBACKS
No Buyer Protection
When goods are bought using Bitcoins, and the
seller doesn’t send the promised goods, nothing
can be done to reverse the transaction.
No Physical Form
Since Bitcoins do not have a physical form, it
cannot be used in physical stores.
Bitcoins Are Not Widely Accepted
11. CONTINUED…..
Wallets Can Be Lost
If a hard drive crashes, or a virus corrupts data
, and the wallet file is corrupted, Bitcoins have
essentially been “lost”. There is nothing that can
done to recover it.
No valuation guarantee
Since there is no central authority governing
Bitcoins, no one can guarantee its minimum
valuation.
12. BIT BYTES
$1000+
Current value of one bitcoin
40+ number of exchanges to trade bitcoin where
bitcoins can be purchased and sold for 15 world
currencies.
$76+ bn Market Capitilization of bitcoins as of Feb.
2014
12.5 mn Bitcoins generated from 199 countrises till
date
13. TOP 5 COUNTRIES FOR
BITCOIN DOWNLOADS
1.
2.
3.
4.
5.
US
China
Germany
UK
Russia
-----------
1,207,661
505,904
270,043
236,523
226, 680
Note :- India ranks 16th ---- 35,648
14.
15. THESE ARE THE APP WHICH YOU CAN
DOWNLOAD
MultiBit is an app you can download for Windows,
Mac and Linux.
Bitcoin Wallet for Android runs on your phone or
tablet.