2. 2
CONTENTS:
●What is Crypto currency?
●What is Bitcoin?
●Why Bitcoin?
●Who created Bitcoin?
●How to use Bitcoin?
●Technology behind Bitcoin
●How Bitcoin is created?
●How it works?
●Positive Implications
●Negative Implications
●Acquiring, Transferring and Owning Bitcoins
●Conclusion
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WHAT IS CRYPTO CURRENCY?
✔Crypto currency is nothing but a digital currency in which
encryption techniques are used to regulate the generation of
units of currency and verify the transfer of funds.
✔Bitcoin is one such example of crypto currency.
4. 4
WHAT IS BITCOIN?
✔Bitcoin is a digital currency.
✔In simple words, Bitcoin is an encrypted file that can be
stored and transferred easily.
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TECHNOLOGY BEHIND BITCOIN:
✔Bitcoin requires Blockchain technology.
✔It is decentralized that no person owns the blockchain
network.
✔It can never be manipulated or hacked because of the basic
structure of a Blockchain.
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HOW BITCOIN IS CREATED?
✔Bitcoins are created through a process called Bitcoin Mining.
✔Mining is an iterative process which incorporates machines
with supercomputing power as in creating one Bitcoin, it
takes about running an algorithm for about a million times.
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POSITIVE IMPLICATIONS:
✔ Governments across the world have already stepped in, to
regulate trading in bitcoin.
✔Bitcoin market cap is very small, even if it crashed, it would
not have a significant impact on the broader financial
markets.
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✔Slowly bitcoin as a currency is catching on among some
retailers, mostly e-commerce:
US companies like, Overstock accepts bitcoin, as does Microsoft’s
Xbox store, and PayPal and Square allow merchants to accept
bitcoin.
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NEGATIVE IMPLICATIONS:
✔Since bitcoin transfers cannot be traced, bitcoin is often
used to purchase drugs or stolen goods or finance other types
of criminal activity.
✔Bitcoin offers both anonymity and the security of an
electronic transaction. Hence, bitcoin can become a sub-
economy where people could hide their income and evade
government taxes.
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✔Bitcoin is not as liquid as other investments, firstly because
settlement can take more than a week.
✔Amid panic selling, some bitcoin holders might be unable to
sell for a fairly long time, resulting in steep losses.
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ACQUIRING, TRANSFERRING AND OWNING
BITCOINS:
✔Buy on an Exchange.
✔Marketplaces called “bitcoin exchanges” allow people to buy or sell
bitcoins using different currencies.
eg., Mt. Gox
✔Transfer by using mobile apps or their computers. Similar to sending
cash digitally.
✔Bitcoins are stored in a on line locker known as “digital wallet,”
which exists either in the cloud or on a user’s computer(HDD or
pendrives).
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CONCLUSION:
✔And now the current value of Bitcoin is
1 BTC = 3976.04 US Dollar OR 255965.74 Indian Rupee
✔So concluding, Bitcoin future is bright as star and people can
invest at almost no risk.
“Digital currency is the future, You can’t get left behind”
