The Bitcoin was developed by Satoshi
Nakamoto in 2009.
Used in peer-to-peer transactions in which
participating parties recognize its value.
No central bank or clearing house, no
financial regulator, not tied to any currency
• Bitcoin are stored and sent through e-wallets
Bitcoins can be obtained by mining or in
exchange for products, services, or
Traded/exchanged through online virtual currency
exchanges (Mt. Gox,TradeHill).
Approximately 11 million Bitcoin have been
mined, 21 million Bitcoin in total.
Bitcoin is stored in such a way that the new owner
is the only person allowed to spend it.
Bitcoin’s value cannot be debased by any
Bitcoin ATM counters.
How do bitcoins look like?
Public key: 32 characters starting with 1 or 3
Private key: 51 characters starting with 5
As on 2-4-2014 :
1 BTC = 468.2 USD
1 BTC = 27900 INR
Avoid the taxation of the savings
Independent from Government.
It cannot be used twice
Simple, cheap and fast.
Transactions at any time.
No neeed of physical presence of traders.
Bitcoin trading accounts
banned in China: report
The People's Bank of China, the nation's central
bank, has ordered banks and third-party
payment companies to close all bitcoin trading
accounts at more than 15 exchanges across the
country, the Shanghai-based China Business
The bank had recently issued a notice prohibiting
domestic banks and third-party payment
institutions from allowing bitcoin transactions, a
source told the newspaper.(29-3-2014)
Reasons for ban or
Transactions are uncontrollable.
Not safe for the average computer user.
Competing digital currency
Cannot buy stuff.
Unstable or Limited confidence in Bitcoin
As long as people give
you beer for it, it's real