2. Bit coin is a form of digital currency.
Created and held electronically.
Bit coins are not printed, like dollars or euros – they’re
produced by people.
Important characteristic, and the thing that makes it
different to conventional money, is that it is decentralized.
This puts some people at ease, because it means that a large
bank can’t control their money.
3. A software developer called Satoshi Nakamoto proposed bitcoin,
which was an electronic payment system based on mathematical
proof.The idea was to produce a currency independent of any central
authority, transferable electronically, more or less instantly, with very
low transaction fees.
4. NO ONE.
This currency isn’t physically printed in the shadows by a central
bank, unaccountable to the population, and making its own rules.
Those banks can simply produce more money to cover the
national debt, thus devaluing their currency.
Instead, bit coins are created digitally by a community of people
that anyone can join.
5. Bitcoins can be used to buy merchandise anonymously. In
addition, international payments are easy and cheap because
bitcoins are not tied to any country or subject to regulation. Small
businesses may like them because there are no credit card fees.
Some people just buy bitcoins as an investment, hoping that
they’ll go up in value.
6.
7. Since no bank is involved so the transfer entries all the other
information is recorded in a public ledger(block), known as the
Block chain. The new block is added to a ledger at every 10
minutes. This ledger records all of the transaction that have taken
place since the last ledger.
For transferring bitcoin, Person A has own private key of his own
wallet and gets the public key of person B wallet. Every bitcoin
wallet can have one or many public keys that can be distributed to
everyone but can have only one private key which only the owner
of that wallet can know. Both the keys are very long (27-51
characters long) and it's impossible that two wallet have the same
key combination.
8. In India, currently Zebpay and Uno coin are the two best apps.
According to Zebpay, daily more than 2500 people opening account.
You can buy bitcoins through IMPS/NEFT/RTGS from an Indian Bank
Account.
Current price Rs. 2,00,564.
Download Zebpay through http://link.zebpay.com/ref/REF67.
Alternately you can buy Bitcoins from International Exchanges
like CEX.IO ,Lake BTC, HitBTC using your Credit Card / Debit Card /Wire
Transfer / Paypal.
Current Price 2500$ (i.e.) Rs. 1,78,000 approx.
The international exchanges are reputed companies having huge
turnovers and use bank grade security . So , the bitcoins are quite safer
in international exchanges rather than Indian counterparts, at least they
won’t runway stating bankruptcy.
9.
10.
11. PROS:
Though bitcoin has not become that popular as a currency, it could be a
foundation for future revolutions in the payment system which is
faster, cheaper and secure.
It could become easier to carry out international transactions.
It can be used in emerging countries.
It will eliminate all intermediaries involved in such transactions.
CONS:
As it is anonymous, it has become a medium of transaction in illegal
trade and drugs dealing.
It can be easily used in money laundering.
It is difficult to store bitcoin safely as the wallet can be hacked.
If you lose your private key, you lose all bitcoins.There is no way of
getting the key and the coins back.
Bitcoin is a highly volatile currency.
