Bit coin "The New Money"

1. Presented by :
Aarti Rajpurohit
B.C.A. 3rd year

2. Contents
 Introduction
 What is Bitcoin?
 Who created Bitcoin?
 How does Bitcoin work?
 Why Bitcoin?
 Anonymity
 Bitcoin address
 Transfers
 Where can you buy bitcoin?
 Who uses bitcoins?
 Where bitcoins are accepted?
 Block chain
 Where are bitcoins kept?
 Who controls the Bitcoin network
 Benefits & risks of bitcoin
 Ways to earn bitcoin
 Bitcoin in existence
 Future in question

3. Introduction
 Bitcoin is a
worldwide cryptocurrency and
digital payment system called
the first decentralized digital
currency.
 Bitcoin is an innovative
payment network and a new
kind of money.
 Bitcoin offers the promise of
lower transaction,startups or
usage fees as compared to
others.

4.  Bitcoin uses peer-to-peer
technology to operate .
 Bitcoin is open-source i.e. Its
design is public so everyone
can participate in the Bitcoin
system for transactions
needing an exchange of
payment.

5.  There are no physical Bitcoins, only
balances associated with public and private
keys.
 These balances are kept on a public ledger,
along with all Bitcoin transactions.
 The public network itself manages
transactions and the issuing of
Bitcoins.

6. What is Bitcoin?
•Global currency वैश्ववक मुद्रा
•Decentralized ववके न्द्द्रीकृ त
•Cryptocurrency
•Durable टिकाऊ
•Portable/Transferable संवहन
•Divisible भाज्य
•Most recognisable
पहचानने योग्य

7. Who created Bitcoin?
 The original Bitcoin code was designed by
Satoshi Nakamoto under MIT open source
credentials.
 In 2008 Nakamoto outlined the idea behind
Bitcoin in his White Paper.
 Satoshi left the Bitcoin code in the hands of
developers and the community in 2010.
 Thus far hundreds of developers have added
to the core code throughout the years.

8. HOW DOES BITCOIN WORKS

9. Download bitcoin
wallet
Create an
account
Buy bitcoins(between
individual and
exchange)
Mine bitcoin
(50 bitcoins per math
problem)
Use at discount
chains,shopping
malls,hotels.

10.  Bitcoin wallet
enables a user to
send and receive
bitcoins.
 Behind the scenes,
the Bitcoin
network is sharing
a massive public
ledger called the
"block chain".
 This ledger
contains every
transaction ever
processed.

11. Why Bitcoins?
 Users Anonymity: Bitcoin
purchases are discrete. User’s
Bitcoin purchases are never
associated with his personal
identity .
In fact, the anonymous Bitcoin
address that is generated for user
purchases changes with each
transaction.
 Purchases Are Not Taxed: sales
taxes are not added into any bitcoin
purchases.
 International payments are easy
and cheap: As bitcoins are not tied
to any country and low transaction
fees.User has complete control on
his money.

12. Anonymity (गुमनामी)
 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 who
buy drugs online or other illicit
activities.

13. Bitcoin address
• Bitcoin is a type of cryptocurrency:
Balances are kept using public and
private "keys“, which are long
strings of numbers and letters
linked through the
mathematical encryption algorithm
that was used to create them.
• The public key (comparable to a
bank account number) serves as
the address which is published to
the world and to which others may
send bitcoins.
• The private key (comparable to an
ATM PIN) is meant to be a
guarded secret, and only used to
authorize Bitcoin transmissions.
Bitcoin address

14. Keys

15. Transfers using bitcoins
 People can send
bitcoins to each
other using mobile
apps or their
computers. It’s
similar to sending
cash digitally.

16. Where can you buy bitcoin?
Bitcoin exchanges: (like
bitstamp,coinbase etc.) that
allow people to buy and sell
bitcoins using different
currencies.
Person-to-person: by using
mobile apps or computer.
Zebpay app
Mining: using computers and
hardwares.

17. Exchanges
समाशोधन कें द्र
Exchange About Based
coinbase operates one of the most popular wallets and is an simple
way to buy bitcoin. $5 bonus on sign up.
USA
Localbitcoins matches buyers and sellers online and in-person,
locally worldwide.
Finlan
d
BitQuick claims to be one of the fastest ways you can buy
bitcoin.
USA
Bitbargain has a vast range of different payment options for
UK buyers.
UK
CoinCorner allow purchases with credit and debit cards for
verified users.
Isle of
Man
A peer-to-peer platform for individuals to buy, sell or trade
bitcoin and altcoins
UK
Xapo is Known for it's ease of use and bitcoin cold-storage
vault.
USA

18.  Zebpay app
Buy Sell Bitcoins in India
•Zebpay is India’s most popular bitcoin
app .
•Zebpay is the fastest and easiest way to
Buy and Sell Bitcoins.
•Zebpay is founded by Mahin Gupta,
Saurabh Agarwal and Sandeep Goenka.
•Its app rating is 4.2/5 based on 8855
reviews with 1000000 users.
•Zebpay guarantee fast transaction
processing.

19. Mining
 Bitcoin Mining is a peer-to-peer
computer process used to secure
and verify bitcoin transactions—
payments from one user to another
on a decentralized network.
 Just like anyone can join the
Internet, anyone can help to verify
and record payments into the block
chain. This process is called
mining.
 Miners are rewarded with newly
created bitcoins and transaction
fees.

20.  People compete to
“mine” bitcoins using
computers to solve
complex math puzzles.
 This is how bitcoins
are created.
 Miners receive 12.5
bitcoins every 10
minutes.
 Currently, a winner is
rewarded with 25
bitcoins roughly every
10 minutes.

23. BITCOIN ARE ACCEPTED
HERE
AMAZON An online company that sells almost anything.
Software company
Eat fresh
An online company that allows user to create free blogs
Online travel booking agency
Credit card / payment processor / Auction
The Free Encyclopedia with 4 570 000+ article
An American direct-broadcast satellite service provider
EXPEDIA.COM
MICROSOFT
PAYPAL/EBAY
SUBWAY
Wikipedia
WordPress
Dish Network

24. ACCEPTANCE OF BITCOIN

25. Blockchain
 Mining involves adding
bitcoin transaction data to a
shared public ledger of past
transactions on which the
entire Bitcoin network relies
called blockchain.
Each group of transactions is
called a block.
With the blockchain all
transactions are logged with
the time, date, participants and
the amounts of transaction.

26. Where are bitcoins kept?
On clouds

27. On user’s computer

28. Expandable
storage

29. Wallets

30.  Bitcoins are stored
in a “digital wallet,”
which exists either
in the cloud , on a
user’s mobile or
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..

31. Who controls the Bitcoin network?
 Nobody owns the Bitcoin network much like no one
owns the technology behind email or the Internet.
 Bitcoin transactions are verified by Bitcoin
miners which has an entire industry and Bitcoin cloud
mining options.
 While developers are improving the software they
cannot force a change in the Bitcoin protocol because all
users are free to choose what software and version they
use.

32. BENEFITS OF BITCOIN
Airtime, Data
Card or DTH Bills
Now easily top up
airtime, data card or
DTH bills using
bitcoins. Experience
the future of money.
Top up for yourself
or your friends. Its
easy and its fast.

33. DISCOUNTS
AND VOUCHERS
Get discounts on
vouchers and gift
cards
Buy vouchers of
Amazon, Flipkart,
Makemytrip and
more at up to 10%
off. Now save money
using bitcoins.

34. SECURE
For regular people who
are not computer geeks,
using bitcoins has a
learning curve.
With Zebpay, we take
care of the security so
you don’t have to.
Your bitcoins are 100%
insured. Our wallets are
secured using multisign
wallets. We use industry
standard practices.

35. Bitcoin businesses

36. Risks
 Untraceable
This feature of Bitcoin of also
attracts crime. People can buy
and sell drugs and other illegal
items with significantly less risk
of being traced by authorities. .
 Hard to trade
You can't just use a credit card
to buy Bitcoins online
specifically .
untraceable
Hard to
trade
Still too
new
Cant buy
all the stuff
Too volatile

37.  Still too new
Bitcoin is only a few years old. It's possible
that a competing crypto currency becomes
more successful than Bitcoin or that
somebody somehow finds a major flaw in the
system. We don't have decades of history
yet.
 Can't buy all stuff
There aren't a lot of places where Bitcoins
are accepted as payment. This is likely to
change, but for now the average person will
mostly buy Bitcoins as investment.
 Too volatile
Currently Bitcoin prices are going up like
crazy.Currently the price is going up so fast a
webshop would have to adjust their prices
almost daily if they wanted to accept
Bitcoins. It's not very convenient.

38. Ways to Earn Bitcoins
 Receiving As Payment
Bitcoins can be accepted as a means of payment
for products sold or services provided.
 Working For Them
Those who are self-employed can get paid for a
job in bitcoins. Coinality features jobs – freelance,
part-time and full-time – that offer payment in
bitcoins, as well as Dogecoin and Litecoin.
 Interest Payments
Another interesting way (literally) to earn bitcoins
is by lending them out, and being repaid in the
currency
 Gambling
It’s possible to play at casinos that cater to Bitcoin
aficionados, with options like online lotteries,
jackpots, spread betting and other games.

39. Bitcoin in existence
 21 million bitcoins
There are only 21 million bitcoins that can ever be
mined, regardless of the earth's population and its
corresponding demand for bitcoins. Once all 21 million
have been mined, there will never be any new bitcoins
(unless a change to the protocol is made to increase the
supply)
 Bitcoin is unique in that only 21 million bitcoins will ever
be created. However, this will never be a limitation
because transactions can be denominated in smaller
sub-units of a bitcoin, such as bits - there are 1,000,000
bits in 1 bitcoin. Bitcoins can be divided up to 8 decimal
places (0.000 000 01) and potentially even smaller units if
that is ever required in the future as the average
transaction size decreases.

40. Official website of bitcoin

41. QUERIES?

42. THANK
YOU!
aartirajpurohit