What is BITCOIN ?What is BITCOIN ?
Bitcoin is a payment gateway with digital
Bitcoin Foundation standardizes, protects
and promotes the Bitcoin cryptographic
Bitcoin is an open source software. This
source can be reviewed by anyone.
Bitcoin is decentralized electronic cash
Payment gateway : e-commerce service provider
Cryptography : Process of analyzing protocols
necessary for information security.
About BITCOINAbout BITCOIN
The original Bitcoin software
was developed by Satoshi
It was founded by Bitcoin core
developers in 2008.
Bitcoin is first decentralized
digital currency .
It is useful for transaction of
money in any country because
it provides money transfer
system in Dollars, Euros, Yens,
How to use BITCOIN ?How to use BITCOIN ?
We can use this software by
downloading “BITCOIN Miner”
application on our mobile phone
We can use bitcoins got form
application stored in your digital
We can purchase video games ,
gifts ,books and can transfer
money to anyone.
Governance of BITCOINGovernance of BITCOIN
Bitcoin's governance structure is splitted by class.
The Board is currently structured with five seats.
Two seats by Individual member class.
Two seats by Corporate member class.
One seat by Founding member class.
Governance committee members are selected by
Board seats are held for a two-year term.
Objectives of BITCOINObjectives of BITCOIN
There are three main
1. Instant peer-to-peer
3. Zero or low
Missions of BitcoinMissions of Bitcoin
Inform users to protect them from common
Give an accurate description of Bitcoin properties,
potential uses and limitations.
Display transparent alerts and events regarding the
Invite talented people to develop Bitcoin at many
Provide visibility to Bitcoin ecosystem.
Improve Bitcoin worldwide accessibility.
Aim to advance standards and security
To remain strong advocates of the liberating
power of decentralized money
Workflow of BitcoinWorkflow of Bitcoin
The block chain contains shared
public transaction log. Transactions
are verified that spending bitcoins
are actually owned by the spender.
A transaction is a transfer of
amount between Bitcoin
addresses that gets included in block
chain. It contains a secret “private
key” as a proof of addressee.
Transactions are broadcast between
users and confirmed by the network
is called mining.
Benefits of BitcoinBenefits of Bitcoin
Payment without going to bank
Simple form for transaction
Digital signature , verification
Transactions can be received at any time,
regardless of whether your computer is
turned on or off.
The first neutral global currency
Disadvantages of BitcoinDisadvantages of Bitcoin
Payments are irreversible
Non anonymous system
(All transactions are stored publicly
and permanently on the network,
so anyone can see transactions of
any Bitcoin address.)
Less secure transactions
Taxes are applicable
No central authority