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Bitcoins

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Bitcoin is a consensus network that enables a new payment system and a completely digital money. …

Bitcoin is a consensus network that enables a new payment system and a completely digital money.
It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Published in Economy & Finance
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  • 1. BITCOINS
  • 2. WHAT IS BITCOINS ? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
  • 3. BITCOIN HISTORY The first Bitcoin specification and proof of concept was published in 2009 by Satoshi Nakamoto. Bitcoin is the first implementation of a concept called "crypto-currency", which was first described in 1998 by Wei Dai
  • 4. HOW BITCOIN WORKS ? As a new user , we have to install digital wallet in the mobile or computer. You can open three type of wallet : software wallet , mobile wallet or web wallet . Each address has its own Bit coins balance, so all you need to do is acquire a number of Bit coins that will be held at one of the addresses in your wallet. You can purchase bit coins in number of way : like buying from bitcoin currency exchange etc .
  • 5. HOW BITCOINS WORK ? Then make sure you create a new address for each transaction as a means of ensuring privacy and enhancing security. Once you have created a Bitcoin address and have acquired Bitcoins, you can use them for an online transaction with a company that accepts Bitcoins as a payment mode.
  • 6. ADVANTAGES OF BITCOINS Low Collapse Risk Low Inflation Risk Easy and Fast Payment Secure (Cryptography) Low or no Transaction fee Easy to Carry Untraceable
  • 7. DISADVANTAGE OF BITCOINS Payment are Irreversible Not widely Accepted Untraceable Simple to use Experimental currency Cannot buy everything Volatile Losing your wallet
  • 8. WHERE TO BUY BITCOINS ? BITCOIN currency Exchange (MT. Gox,Bitcon – 24 , Camp BX) BUY it from some at Localbitcoin.com or bitcointalk.org
  • 9. BITCOINS RATES 1BTC = 1127 USD 1BTC = 821.9 EURO 1BTC = 1233 AUS DOLLAR 1BTC = 7322 SEK 1BTC = Rs 72297 (Note these rates keeps on fluctuating )
  • 10. MY OBSERVATIONS As per my observation I don’t recommend people to put a huge amount of money in it but I will suggest them to just get familiar with this new system . The another thing concerns me is the santoshi anonymity .So I don’t completely trust the system as well . In bitcoins , you are of your own . So , I suggest people to do considerable amount of study and expect advice’s and then only invest any amount on it.