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This talk is based on different issues regarding bitcoin. What ecommerce and cyberspace act we can use on bitcoin?
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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..