Bitcoin: Am I trustworthy?

Bitcoin: Am I trustworthy?

Sharma Dahal, Prabhakar

Contents

• Introduction

•Working

•Benifits

• Issues

•Conclusion

Introduction

• Electronic form of money

• Trademark on the ecommerce

• No involvement of third party

• Easy, secure and fast method

Working Transcation Transcation Transcation

Owners 1’s Public Key

Owners 3’s Public Key

Owners 2’s Public Key

Hash Hash Hash

Owners 0’s Signature

Owners 2’s Signature

Owners 1’s Signature

Owners 1’s Private

Owners 2’s Private Key

Owners 3’s Private Key

Benifits

• No more credit or debit cards

• Cryptographically secured

• Clients privacy is preserved

• Mediators are no more necessary

Issues

• Case 1:

• If server break down

• No standard authentication

• Trustworthiness of parties involved

Issues

• Case 2:

• If wallet is lost

• No method to gain it back

• Private keys stolen

• Fake clients

Issues

• Case 3:

• Verification of the owner

• Reuse of same old coin

Issues

• Case 4:

• Tax and VAT collection

• Standard method to value

• Electronic to Printed cash

Issues

• Case 5:

• Illegal trade

• Money laundering

Conclusion

• Bitcoin can be used for trade.

• Standard law and objective should be defined

• Government should be involved.

Questions and Discussion?

Thankyou..