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An Introduction
Umanga Deep Shrestha
WHAT IS A BITCOIN?
● Digital file or ledger that contains names and balances,
and people exchange money by changing this f...
Bitcoin..
● First decentralized digital cryptocurrency.
● No one controls it.
● Transferred through person to person.
● Tr...
Open, peer-to-peer, Secure, Fast and Cheap
BITCOIN WALLET
Bitcoins are stored in your digital wallet. When you transfer bitcoins an electronic
signature is added. Af...
ACCOUNT SECURITY
● Requires signature, it’s based on math rather than handwriting.
● When a new account number is created,...
BITCOIN TRANSACTION
MAINTAINING THE LEDGER
Signatures keep unauthorized transactions from changing the ledger.
Provide decentralized system.
E...
HOW DOES THE MONEY GET CREATED?
● Every time a puzzle is solved, a small award is added to the solver’s balance.
● The vot...
BITCOIN PRICE INDEX
BITCOIN GOOD OR BAD?
● This virtual currency is gaining huge popularity worldwide and mass adoption.
● There are quite a f...
ADVANTAGES OF BITCOIN
● Anonymous and Private
● Payment Freedom
● Low/Minimal Fees
● Fewer risks for merchants
● It’s fast...
DISADVANTAGES OF BITCOIN
● Bitcoins Are Not Widely Accepted
● Wallets Can Be Lost
● Bitcoin Valuation Fluctuates
● No Buye...
BITCOIN VALUE
THERE CAN BE ONLY 21 MILLIONS BITCOINS
1 BITCOIN = $6,104.09 (AS OF 31ST OCTOBER 2017)
BITCOIN IN NEPAL
Central Bank of Nepal is not able to track the transaction and is a high risk for going
outward remittanc...
LEGALITY OF BITCOIN
● BOLIVIA
● ECUADOR
● KYRGYZSTAN
● BANGLADESH
● NEPAL
HISTORY
● On 18 August 2008, the domain name bitcoin.org was registered.
● In November that year, a link to a paper author...
THANK YOU
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An introduction to bitcoin

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a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

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An introduction to bitcoin

  1. 1. An Introduction Umanga Deep Shrestha
  2. 2. WHAT IS A BITCOIN? ● Digital file or ledger that contains names and balances, and people exchange money by changing this file. There’s no gold or government issued money backing these numbers.
  3. 3. Bitcoin.. ● First decentralized digital cryptocurrency. ● No one controls it. ● Transferred through person to person. ● Transactions are recored in block chain — a public ledger.
  4. 4. Open, peer-to-peer, Secure, Fast and Cheap
  5. 5. BITCOIN WALLET Bitcoins are stored in your digital wallet. When you transfer bitcoins an electronic signature is added. After few minutes the transaction is verified and stored in the network.
  6. 6. ACCOUNT SECURITY ● Requires signature, it’s based on math rather than handwriting. ● When a new account number is created, it comes along with a private key mathematically linked to that account number. If you’ve heard of a Bitcoin wallet, these keys are what it holds, and are what allow you to create signatures. ● Unlike the handwritten version, these signatures can’t be cpopied and reused in the future, as they’re unique to each transaction.
  7. 7. BITCOIN TRANSACTION
  8. 8. MAINTAINING THE LEDGER Signatures keep unauthorized transactions from changing the ledger. Provide decentralized system. Every time someone sends money, a transaction message is passed around to all the people who want to help maintain the ledger, called miners. Each miners keeps a personal copy of the ledger and updates it whenever they receive a new transaction with a valid signature.
  9. 9. HOW DOES THE MONEY GET CREATED? ● Every time a puzzle is solved, a small award is added to the solver’s balance. ● The voting system simply provides a convenient way to randomly distribute money into the world, and in fact, after 2140 no more money will be created.
  10. 10. BITCOIN PRICE INDEX
  11. 11. BITCOIN GOOD OR BAD? ● This virtual currency is gaining huge popularity worldwide and mass adoption. ● There are quite a few advantages that make Bitcoin a one of a kind digital currency that has no likeness. Of course, because nothing is perfect, Bitcoin does have its flaws. ● Bitcoin was considered to be a scam due to it’s several negative factors. But over the time when experts from various sectors started examining Bitcoin, they understood the power of digital currencies and started to look it in a positive way. If Bitcoin has many advantages it also carries various disadvantages as well.
  12. 12. ADVANTAGES OF BITCOIN ● Anonymous and Private ● Payment Freedom ● Low/Minimal Fees ● Fewer risks for merchants ● It’s fast ● Central governments can’t take it away ● People can’t steal your payment information from merchants
  13. 13. DISADVANTAGES OF BITCOIN ● Bitcoins Are Not Widely Accepted ● Wallets Can Be Lost ● Bitcoin Valuation Fluctuates ● No Buyer Protection ● Risk of Unknown Technical Flaws ● Built in Deflation ● No Physical Form ● No Valuation Guarantee
  14. 14. BITCOIN VALUE THERE CAN BE ONLY 21 MILLIONS BITCOINS 1 BITCOIN = $6,104.09 (AS OF 31ST OCTOBER 2017)
  15. 15. BITCOIN IN NEPAL Central Bank of Nepal is not able to track the transaction and is a high risk for going outward remittance for buying bitcoins than inward remittance. Public Opinion: A lot has changed in terms of perception and in terms of where digital currencies are. Digital currencies are here and have set a solid foothold in the world economy. Its acceptance has accelerated, governments around the world are realizing its importance and its value. One thing is for sure, digital currencies will do more good to the people of the country than harm. Hope that the government will soon realize its endless possibilities and formulate regulations that support innovation and growth.
  16. 16. LEGALITY OF BITCOIN ● BOLIVIA ● ECUADOR ● KYRGYZSTAN ● BANGLADESH ● NEPAL
  17. 17. HISTORY ● On 18 August 2008, the domain name bitcoin.org was registered. ● In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. ● Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown, though many have claimed to know it.
  18. 18. THANK YOU

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