Bitcoin by Akshay

BITCOIN

Prepared by :- Akshay Sikarwar(MBA)

(GLA University, Mathura)

Invented by – Satoshi Nakamoto (in 2009)

WHAT ARE BITCOINS??

It is a new form of decentralised digital currency - Bitcoins are used for electronic purchases

and transfers. You can use bitcoins to pay friends, merchants, etc.

without going through a bank or a clearing house.

No supported by any government.

HOW DOES BITCOIN WORK?

Making payments with bitcoins is an incredibly easy process; in fact, you could argue that it is much easier than using credit cards. All you need to do is, using your Bitcoin wallet:

Enter the recipient's address. [1EZTVaGQ6UsjYJ9fwqGnd45oZ6HGT7WKZd ]

Enter the amount of bitcoins to be sent. Press send

HOW CAN ONE ACQUIRE BITCOIN ??

1. You can mine them by using a free

application called Bitcoin Miner on your computer.

2. If you are selling a good, you can accept bitcoins as a form of payment.

3. You can purchase and sell bitcoins through Bitcoin exchanges (this is the most common way. Exchanges are typically found online.)

WHO CONTROLS THE BITCOIN NETWORK?

Nobody owns the Bitcoin network much like no one owns the technology behind email. 

Bitcoin is controlled by all Bitcoin users around the world. 

WHAT DETERMINES BITCOIN’S PRICE?

The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.

WHERE THEY ARE ACCEPTED ????

www.wordpress.com www.torrentfreak.com www.overstock.com www.highcart.com www.bitcoinshop.us www.51attack.comwww.venturebeat.com www.eztv.it www.wired.co.uk and many more….

ADVANTAGES

Quick and Cheap Transactions No fee or a very nominal one is charged for transacting in bitcoins (0-0.05%)

No third party involvement There is no way for a third party to intercept transactions of Bitcoins,

No Paperwork (fully Electronic)

CONTINUED…..

Payment freedom - It is possible to send and receive any amount of money instantly anywhere in the world at any time.

 No need of ID proof , Address proof etc.

No Taxes

Bitcoins Cannot be Stolen Bitcoins’ ownership address can only be changed

by the owner. 

DRAWBACKS

No Buyer ProtectionWhen goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. No Physical Form

Since Bitcoins do not have a physical form, it cannot be used in physical stores. Bitcoins Are Not Widely Accepted

CONTINUED…..

Wallets Can Be LostIf a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. 

No valuation guaranteeSince there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. 

BIT BYTES

$1000+ Current value of one bitcoin

40+ number of exchanges to trade bitcoin where bitcoins can be purchased and sold for 15 world currencies.

$76+ bn Market Capitilization of bitcoins as of Feb. 2014

12.5 mn Bitcoins generated from 199 countrises till date

TOP 5 COUNTRIES FOR BITCOIN DOWNLOADS

1. US --- 1,207,6612. China --- 505,9043. Germany --- 270,0434. UK --- 236,5235. Russia --- 226, 680

Note :- India ranks 16th ---- 35,648

THESE ARE THE APP WHICH YOU CAN DOWNLOAD

MultiBit is an app you can download for Windows, Mac and Linux.

Bitcoin Wallet for Android runs on your phone or tablet.