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Transcript of bitcoin ppt
An open source P2P digital currency
Created by pseudonym Satoshi Nakamoto
A digital currency, a protocol, and a software that enables:
Instant peer-to-peer transactions
Low or zero processing fees
Bitcoin = distributed accounting system
Kumar Jeeva Lama
Uses peer-to-peer technology to operate with no central authority; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Easy to use
Transactions travel instantly
Digital signature , verification
Send money in seconds to anyone with internet access – with zero transaction costs.
Transactions can be received at any time, regardless of whether your computer is turned on or off.
How it works
Every ”account” consists of the public key (= bitcoin address) and the private key.
Anyone who knows your public key, can send you bitcoins.
To spend bitcoins, you have to know the private key.
The transaction is broadcasted to the bitcoin network.
The miners confirm the transactions
Risk of Unknown Technical Flaws.
Non anonymous system (All transactions are stored publicly and permanently on the network, so anyone can see transactions of any Bitcoin address.)
The silk road
Taxes are applicable
No central authority
No unpredictable inflation by ”printing more money” by political decision.
If you memorize your private key, the only way to steal your bitcoins (even for the authorities) is to torture you (or spy or hack your computer).
No central authority -> does not depend on trust to single or couple of institutions.
managing transactions and the issuing of bitcoins is carried out collectively by the network.
Like cash, but for the internet
The transactions are verified by proof-of-work system of computers running a mining software.
The software is a community-driven, free, open-source project released under the MIT license.
Many nonprofits accept bitcoin donations
Bitpay (= simple interface for merchants)
Bitspend.net (order anything with bitcoins)
(The list is ever increasing)
Who accepts bitcoins?
Not Widely Accepted.
Payments are irreversible
Bitcoin Valuation Fluctuates.
No Buyer Protection.
It’s currency for the internet – take down the internet, and you cannot use bitcoins.
Lose your private key -> lose your bitcoins.
Here is a video to show how it works