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BITCOIN Presentation
8
Bitcoin
- BITCOIN PRESENTATION
Submitted By :
Akshit(607)
Pranav(608)
SUBMITTED TO :
Ms Pooja Sukeja
Introduction to CRYPTOCURRENCY
A Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Introduction to CRYPTOCURRENCY
Types of CRYPTOCURRENCY
1. Litecoin
Litecoin,
launched in the year 2011, was among the initial cryptocurrencies following
bitcoin and was often referred to as ‘silver to Bitcoin’s gold.’
Litecoin isbased on an open source global payment network that is not controlled by any central authority and uses "scrypt" as a proof of work, which can be
decoded with the help of CPUs of consumer grade.
2. ETHEREUM
Launched in 2015, Ethereum is a
decentralized software platform that enables Smart Contracts and
Distributed Applications (ĐApps) to be built and run without any
downtime, fraud, control or interference from a third party.
3. ZCASH
Zcash, a decentralized and open-source cryptocurrency launched in 2016, looks promising. “If Bitcoin is like http for money, Zcash is https," is how Zcash defines itself. Zcash offers privacy and selective transparency of transactions.
4. DASH
Dash (originally known as Darkcoin) is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized mastercode
network that makes transactions almost untraceable. It was launched in January 2014.
5. RIPPLE
Ripple is a real-time global settlement network that offers instant, certain and low-cost international payments. Ripple “enables banks to settle cross-border payments in real time, with end-to-end transparency, and at lower costs.” Released in 2012, Ripple currency has a market capitalization of $1.26 billion.
BITCOIN
Bitcoin is a cryptocurrency and worldwide payme...
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as
the system works without a central bank or
single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through
the use of cryptography 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.
SATOSHI NAKAMOTO
Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference
implementation. As part of the implementation, they also devised the first blockchain database. In
the process they were the first to solve the double-spending problem for digital currency.
They were active in the development of bitcoin up until December 2010.
WHAT IS BITCOIN BASED ON?
Bitcoins are created as a reward for a process known ...
Conventional currency has been based on gold or
silver. Theoretically, you knew that if you handed over
a dollar at the bank, you could get some gold back
(although this didn’t actually work in practice). But
bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs
that follow a mathematical formula to produce
bitcoins. The mathematical formula is freely available,
so that anyone can check it.
The software is also open source, meaning that anyone
can look at it to make sure that it does what it is
supposed
Bitcoins are created as a reward for a process known as mining.
They can be exchanged for other currencies, products, and services.
As in 2019, 2,90,000 merchants and vendors accepted bitcoin as payment.
Subunits:- 1/1000- Milibitcoin 1/1000000- Bit 1/100000000- Satoshi
Bitcoins are created as a reward for a process known ...
Problem of DOUBLE-SPENDING
Problem of DOUBLE-SPENDING
Double spending means spending the same money twice.
Bitcoin manages the double spending problem by implementing a confirmation mechanism and maintaining a universal ledger (called “blockchain”), similar to the traditional cash monetary system.
Bitcoin’s blockchain maintains a chronologically-ordered, time-stamped transaction ledger from the very start of its operation in 2009.
Every 10 mins, a block (i.e. a group of transactions) is added to the ledger. And all the nodes on the Bitcoin network keep a copy of this global ledger (the blockchain).
How to buy BITCOIN?
Bitcoin has became one of the most popular cryptocurrencies around the world and has a growing number of applications every day. In case you are also looking to find out how to buy and sell bitcoin currency in India, here's a step-by-step guide for you:
1. Sign up for a bitcoin wallet.
- Before you buy Bitcoin, you need to download a Bitcoin wallet by going to a site like Blockchain.info, or to a mobile app such as Bitcoin Wallet for Android or Blockchain Bitcoin Wallet for iOS, and filling out an online form with basic details. This shouldn't take more than two minutes.
- This is what your account page would look like if you were to sign up for a Bitcoin wallet on Coinbase. As you see, it looks kind of like the online banking software that most traditional commercial banks use for their customers:
2. Use regular money to buy bitcoin.
Once you have a Bitcoin wallet, you use a traditional payment method such as credit card, bank transfer, or debit card to buy Bitcoins on a Bitcoin exchange (example: Coinbase). The Bitcoins are then transferred to your wallet. The availability of the above payment methods is subject to the area of jurisdiction and exchange chosen. Here is a screenshot of the Bitcoin interface showing how to buy and sell not just Bitcoin but also Ethereum and Litecoin, which are other popular virtual currencies.
Start buy/sell bitcoin?
Once you initiate buy bitcoin, it will take you to the exchange and the rate at which you can buy the bitcoin. At present, the value of bitcoin has been pushed to very high levels, so you will probably be able to buy only a fraction of a bitcoin. You can sell your bitcoin in the same manner.
Different platforms for dealing in BITCOIN
1. Unocoin:-
Unocoin is India's leading Bitcoin platfo...
1. Unocoin:-
Unocoin is India's leading Bitcoin platform. Their customers can buy bitcoin with any Indian bank account via online banking or NEFT and RTGS.
2.Zebpay:-
Zebpay is a Bitcoin platform and broker based in India. It has Android and iPhone apps that make it easy to buy bitcoins with a connected Indian bank account.
3.Coin secure:-
Coinsecure is an Indian Bitcoin exchange a...
3.NiceHash:-
NiceHash is a Bitcoin exchange and trading platform. It offers very low fees at just 0.5% (approx) per buy and a number of deposit options.
4.Coinmama:-
Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an ~6% fee on each purchase. If buying less than $150 worth of bitcoins, you won't need to verify your identity. This convenience makes small purchases quick and easy.
Mining of Bitcoin
Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
Security
Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.
Are BITCOINS legal in India?
Opinion
of
R.B.I
Government's
Strategy
on
BITCOIN
Major ups and downs
PROS AND CONS
Reality
A scam?
- Not legalized but not illegal as well
- No authorized exchange or broker
- It is a bubble which can burst any time
- Extremely volatile without any logic...
CONCLUSION
Bitcoin, as you can see, is not perfect. It does have many advantages that physical currencies do not provide its users; however, it also has its disadvantages. This is mostly due to the fact that Bitcoin is still a relatively young and new currency. People are just beginning to become more aware of it. In order for Bitcoin to succeed, more people need to understand what it is and not let their preconceived notions distort the concept of digital currencies.
There are always pros and cons to any situation in life. To be able ...
There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad thoroughly before finalizing your choice. Do the same for Bitcoin. Understand what it is, and decide what you want to do with it.