1.
Submitted by:-
Submitted To:-
BITCOIN

2.
*What is Bitcoin?
*Who created Bitcoin?
*Characteristics of Bitcoin
*Unit of Bitcoin
*Blockchain
*Mining
*Demand and Supply
*Price
*Interest
*Why do we need Bitcoin?
*Criticism
*Should we Buy Bitcoins ?

3.
Bitcoin is a cryptocurrency and worldwide payment
system. It is the first decentralized digital currency – the
system works without a central repository or single
administrator. The network is peer-to-peer and transactions
take place between users directly through the use of
cryptography, without an intermediary. These transactions
are verified by network nodes and recorded in a public
distributed ledger called a blockchain. Bitcoin was invented
by an unknown person or group of people under the name
Satoshi Nakamoto and released as open-source
software in 2009.

4.
Who
created it?
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.

5.
The characteristic of Bitcoin
Person to Person
Send bitcoin from your computer, tablet, smart phone or other
device, to anyone, anywhere in the world, day or night.
EASY
SECURE
Strong
cryptography
Bitcoin verifies transactions with the same state-of-the-art
encryption used in banking, military and government
applications.
OPEN
Fully decentralized
Bitcoin is open-source. Nobody owns it; the most popular client
is maintained by a community of open-source developers .
FAIR
Minimal Fees
Using the Bitcoin network is free, except for a voluntary fee you
can use to speed up transaction processing.

6.
Units of Bitcoin
 The unit of account of the bitcoin system is bitcoin.
As of 2014, tickers used to represent bitcoin are
BTC.
 Small amounts of bitcoin used as alternative units
are millibitcoin (mBTC) and Satoshi.
1 BTC = 1000 mBTC
1 BTC = 10,00,00,000 Satoshi

7.
 Sites or users using the Bitcoin
system are required to use a
global database called the
blockchain. The blockchain is a
record of all transactions that
have taken place in the Bitcoin
network. It also keeps track of
new bitcoins as they are
generated. With these two facts,
the blockchain is able to keep
track of who has how much
money at all times.

8.
 To generate a bitcoin, computers run specialized software. Because of how
complicated the math needed to generate a bitcoin is, they must be calculated
with very powerful processors. These processors can be found in CPUs, graphics
cards, or specialized machines called ASICs. The process of generating the
bitcoins is called mining. People who use these machines to mine bitcoins are
called miners. Miners either compete with one another or work together in
groups to solve a mathematical puzzle. The first miner or group of miners to
solve the particular puzzle are rewarded with new bitcoins.
 The puzzle is determined by the transactions being sent at the time and the
previous puzzle solution. This means the solution to one puzzle is always
different from the puzzles before. Attempting to change an earlier transaction,
maybe to fake bitcoins being sent or change the number of someone's bitcoins,
requires solving that puzzle again, which takes a lot of work, and also requires
solving each of the following puzzles, which takes even more work. This means a
bitcoin cheater needs to outpace all the other bitcoin miners to change the bitcoin
history. This makes the bitcoin blockchain very safe to use.

9.
Bitcoin Mining Farm in Japan

10.
Wallets
Wallets used at worldwide
• Bitcoin Wallet
• Bitpay
• Copay
• Coinbase
• BreadWallet
• Airbitz
• Bitcoin Checker
Popular Wallets in India
• Zebpay
• Koinex
• Unocoin

11.
Demand
With the current mining reward of 12.5 BTC per block solution,
Bitcoin supply is inflating at around 4% annually. This rate will drop
sharply in 2020, when the next reward halving occurs. That Bitcoin’s
price is rising despite such high inflation (and that it rose in the past
when the reward was 50 BTC!) indicates extremely strong demand.
Every day, buyers absorb the thousands of coins offered by miners
and other sellers.

12.
Supply
1.Bitcoin was designed to have a fixed supply of 21 million
coins, over half of which have already been produced.
2.The most famous of these is Bitcoin’s creator, Satoshi
Nakomoto. Satoshi is thought to hold one million bitcoins
or roughly 4.75% of the total supply (of 21 million).
3. Miners currently produce around 3,600 bitcoins per day,
some portion of which they sell to cover electricity and
other business expenses. The daily power cost of all
mining is estimated around $500,000.

13.
Why Bitcoin prices Increasing
• In April 2017, Japan legalized the bitcoin as an
official payment method.
• Increased acceptance in many other countries.
• Review of the bitcoin ETF by the the Securities and
Exchange Commission (SEC) in the US.
• Reliable prediction by experts - Jeremy Liew, the first
investor in Snapchat, and Blockchain CEO.
• Many companies like Microsoft have released their
intentions to develop Ethereum

14.
Bitcoin Price
Bitcoin worth was $0 in 2009 during its very first year of existence.
In 2010, the bitcoin highest worth was $0.39.
Bitcoin hit the price of $16000 on 7th December, 2017

15.
India’s Interest in Bitcoin is just 14 points rated by Google Trends
Why do we need Bitcoin?
Cash doesn't work online.
Credit cards are inconvenient
Transaction fees are too high
Micropayments
Current systems require too much trust!
Not all good customers are creditworthy.
Underserved Banking clients
Globalization

16.
Why do we need Bitcoin?
• Why do we need Bitcoin?
• Cash doesn't work online.
• Credit cards are inconvenient
• Transaction fees are too high
• Micropayments
• Current systems require too much trust!
• Not all good customers are creditworthy.
• Underserved Banking clients
• Globalization

17.
Bitcoin vs. Traditional Currency

18.
Criticism
Energy consumption
• Bitcoin has been criticized for the amounts of
electricity consumed by mining.
• In 2013, it is estimated electricity use to be
about 40.9 megawatts (982 megawatt-hours a
day)
• In November 2017, the global bitcoin mining
activity was estimated to consume 3.4
gigawatts.

19.
Criminal activity

20.
Bitcoins used in Online Scam
• Creators of the Wannacry Ransomware had
asked to victims to pay in Bitcoins.
• Illegal Online Gambling website also asks its
player to pay in Bitcoins.
Eg. Caseopening.store

21.
Should we Buy Bitcoins ???
Yes, Go ahead and buy BITCOIN only if you can afford to lose your
entire invested money.
Now if you’re very conservative or do not want to explore new areas
of investing then certainly not want to throw my money in the thing
which does not have any underlying asset or value.

22.
Thank You!
A Presentation by: Akashdeep Kumar
Email id: akashdeepk799@outlook.com
The End.