Invented by – Satoshi Nakamoto (in 2009)
Prepared by :- Akshay Sikarwar(MBA)
(GLA University, Mathura)
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?
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:
the recipient's address.
Enter the amount of bitcoins to be sent.
HOW CAN ONE ACQUIRE BITCOIN
You can mine them by using a free application
called Bitcoin Miner on your computer.
If you are selling a good, you can accept bitcoins
as a form of payment.
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?
owns the Bitcoin
network much like no one
owns the technology behind
is controlled by all
Bitcoin users around 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
and many more….
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)
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.
Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed
by the owner.
No Buyer Protection
When 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
Wallets Can Be Lost
If 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 guarantee
Since there is no central authority governing
Bitcoins, no one can guarantee its minimum
Current value of one bitcoin
40+ number of exchanges to trade bitcoin where
bitcoins can be purchased and sold for 15 world
$76+ bn Market Capitilization of bitcoins as of Feb.
12.5 mn Bitcoins generated from 199 countrises till
TOP 5 COUNTRIES FOR
Note :- India ranks 16th ---- 35,648
THESE ARE THE APP WHICH YOU CAN
MultiBit is an app you can download for Windows,
Mac and Linux.
Bitcoin Wallet for Android runs on your phone or