ppt bitcoin

5/26/2018 ppt bitcoin

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BITCOINS

By- Balaji Palanichamy


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DIGITALCURRENCY: Its nothing but the currency

which is in digital form.

VIRTUALCURRENCY: Has typically referred toonline only currencies that do not live outside

the Internet and can only be exchanged on the

Internet.

CRYPTOCURRENCY: Currency that are control

by cryptography i.e. creation and transaction.

The term Cryptocurrency was introduce by w.

Dei at 1998 in his paper called b-money


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Bitcoin:

Bit coins represents nothing but only in number.

Bitcoin is a consensus network that enables anew payment system and a completely digital

money.

It is the first decentralized p2p payment networkthat is powered by its users with no central

authority or middlemen like pay pal etc..

Satoshi Nakamoto introduced Bit coin -first cryptocurrency in 2009 .


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WORKINGMETHODOLOGY

The application (bitcoin wallet) was

designed to generate 21 million BTC only

(bit coin protocol).

Bitcoin is works in peer-to-peer system

network i.e. the client also works as server .

Cryptographic SHA 256- secured hash

algorithm which is designed by U.S. National

Security Agency (NSA).


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Bitcoin where acquired by three way.

Receive from online by a sender.

Exchange with the currency.

Bitcoin mining

every single purchase transaction is log digitally is

called block chain. The people who constantly

fixing the block chain are called as miners andthis process is called as bitcoin mining.


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VALUESANDTRANSACTION

The value of 1 BTC vs.Dollar.

Since there is nocentral authority fix

value of a bitcoin. Butthe users determine itsprice or value.

Lowest denominationof rupees is paisa i.e.0.01 rupee like wiseBitcoin its 1 satoshi0.00000001 .


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TRANSACTION

Bitcoin transaction had carried out through bitcoin

wallet either by computer or smart phone. To receive the bitcoin we have to create new address

every time.


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ADVANTAGESOFBITCOIN

Payment freedom

Very low fees

Fewer risk for merchants

Security and control


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DISADVANTAGES

Degree of acceptance

Volatility

Ongoing development

Anonymity


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BITCOINININDIA

Bitcoins alliance India (BAI) examine the legality in

India and released a white paper.

Its states that bitcoin usage is not illegal when

transaction are intra-India.

In some situation dealing in bit coin will be illegal

when it violates foreign exchange management act

(FEMA)

It is taxable (service tax) when sold it for in terms of

money.

Capital gain tax is also applicable (for-ex).


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BIBLIOGRAPHY

bitcoin protocol by satoshi Nakamoto 2008

b-money by W.Dei in 1998

Bitcoin Explained in laymans term Raghu Kumar.

Bitcoins per se are not illegal in India by LalatenduMishra.

Bitcoins : missing the real revolution by

Vasudevan Mukunth


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THANKYOU.

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ppt bitcoin