Bitcoin cryptocurrency power point presentation. Bitcoin is a cryptocurrency. It is a decentralized payment system and kept alive due to the technology called Blockchain. These are peer-to-peer transactions. These transactions are verified by using a cryptography technology bank. Chain technology keeps the record of the distributed ledger. Bitcoins can be earned as a reward through mining. This currency can be convertible into other currencies, products, and services. Bitcoin has been emerging as a famous digital currency and popularity all over for quick transition. Moreover, bitcoin will be an economic asset because it has profitable results. The purpose of this research study is to explain the complete working of bitcoins technology, applications, and research challenges to be addressed, and the current future international market scope of Bitcoin technology.

1. BITCOIN

2. Contents
● Introduction
● What is blockchain
● Proof of Work
● P2P Network
● Cryptography
● Bitcoin
● How it works
● Advantages & Disadvantages
● Conclusion
● References

3. INTRODUCTION

4. What is Blockchain?
Blockchain is a system of recording
information in a way that makes it difficult
or impossible to change, hack, or cheat the
system. A blockchain is essentially a
digital ledger of transactions that is
duplicated and distributed across the entire
network of computer systems on the
blockchain.

5. Example of blockchain

6. Tampering of block

7. Proof of WORK(POW)
PoW is the original consensus algorithm in
a Blockchain network. In Blockchain,
this algorithm is used to confirm
transactions and produce new blocks to
the chain. With PoW, miners compete
against each other to complete
transactions on the network and get
rewarded.

9. How P2P Works

11. ● Confidentiality
● Integrity
● Non repudiation
● Authentication

12. Cryptography
Cryptography is an integral part of the inner-workings of
blockchain technology. Public-key encryption serves as
the basis for blockchain wallets and transactions,
cryptographic hash functions provide the trait of
immutability, and Merkle trees organize transactions while
enabling blockchains to be more efficient.

14. What is Bitcoin?
● Bitcoin is a form of digital currency, created and held electronically. No
one controls it. Bitcoins aren't printed, like dollars or euros - they're
produced by people, and increasingly businesses, running computers all
around the world, using software that solves mathematical problems.
● However, bitcoin's most important characteristic, and the thing that
makes it different to conventional money, is that it is decentralized. No
single institution controls the bitcoin network. This puts some people at
ease, because it means that a large bank can't control their money.

15. Why Bitcoins?
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.

16. How Bitcoin works?
● Basics for a new user:
❖ Installing a Bitcoin Wallet on computer or phone
❖ Generating a bitcoin address
❖ More than one address can be created
❖ Address disclosed to friends and trusted people for payments
❖ Each bitcoin address should be used only once
● Balances- Blockchain:
❖ Blockchain- Shared public ledger
❖ Entire bitcoin network dependent on it
❖ Allows Bitcoin wallets to calculate their spendable balance
❖ To verify new transactions thereby ensuring it is actually owned by the sender
❖ Cryptography enforced- to ensure integrity and chronological order of blockchain
❖ Cryptography- Impossible for one user to spend another user’s fund or corrupt the blockchain
❖ Wallet encrypted, not used without a password.
❖ Prevents double spending

17. Fig 1

18. Fig 2: Figure indicating transactions between
two parties and their bitcoin addresses

19. ● Balances- Blockchain:
❖ Blockchain- Shared public ledger
❖ Entire bitcoin network dependent on it
❖ Allows Bitcoin wallets to calculate their spendable balance
❖ To verify new transactions thereby ensuring it is actually owned by the sender
❖ Cryptography enforced- to ensure integrity and chronological order of blockchain
❖ Cryptography- Impossible for one user to spend another user’s fund or corrupt the
blockchain
❖ Wallet encrypted, not used without a password.
❖ Prevents double spending

20. ● Transactions- Private Keys(secret piece of data)
❖ Digital Signature issued for every transaction generates a private key/ public key pair.
❖ Transaction- transfer of value between bitcoin wallets
❖ Bitcoin wallets keep a secret piece of data called private key.
❖ Private key used to sign transactions providing a mathematical proof that they came from the
owner of the wallet
❖ Signature- prevents modification of transaction by anyone once issued
❖ All transactions broadcast to a network
❖ Status of transaction confirmed within 15-20 minutes of the transaction using mining
● Processing- Mining
❖ Distributed Consensus System
❖ Pending transactions confirmed by including them into blockchain
❖ Chronological order of blockchain, neutrality of network
❖ To be confirmed, transactions packed into a block that fits cryptographic rules
❖ Cryptographic rules verified by the network

21. Payment Methods
● As an Individual:
❖ Informing oneself:-
❖ Securing Wallet
❖ Bitcoin Price is Volatile
❖ Bitcoin payments are irreversible
❖ Bitcoin is not anonymous
❖ Unconfirmed transactions are not secure
❖ Bitcoin is still experimental
❖ Government Taxes and Regulations
❖ Choosing Wallet
❖ Getting Bitcoin
❖ Spending Bitcoin

22. Choosing Wallet(Individual Payment Mode)

35. Get Bitcoin(Individual Payment Method)

37. Spending Bitcoin (As an individual)
● Finding products for sale online
❖ SpendaBit
● Global Local and online business search
❖ BitcoinWide.com
● Navigating a business directory
❖ Online Directories
● Finding a local business
❖ CoinMap.org

46. Major Companies Accepting Bitcoin as
Payment
● Microsoft
● AT&T
● Wikipedia
● Burger King
● KFC
● Overstock
● Subway
❖ https://www.youtube.com/watch?v=zWsd1WwhhNg&feature=emb_title
● Twitch (removed on March 2019, enabled on June)
● Pizza Hut(Pizza Hut franchise purchased and paid with bitcoin in Venezuela; Nov 2020)
● Miami Dolphins
● Virgin Galactic

50. Payment Method(As a merchant)

51. ● Informing oneself
❖ Securing wallets, price is volatile, irreversible,Govt regulations and taxes
● Processing Payments
❖ Starting with a signature
❖ Accepting Payment
❖ Smartphone or Tablet
● Avoiding Frauds
Payment method(as a merchant contd..)

52. What are Advantages?
● Payment freedom
● Minimal/ Low Fees
● Fewer risks for merchants
● Secure and control
● Transparent and neutral

53. What are disadvantages?
● 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
● The transaction once done and recorded on blockchain cannot be rolled
back.
● 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.

55. Conclusion
Bitcoin is still at its early stage, and is considered as a high risk
Asset. It is unwise to invest in the form of bitcoin. Its price is
highly volatile.
But bitcoin if used wisely can give good returns.

56. References
● https://bitcoin.org/en/
● https://99bitcoins.com/bitcoin/who-accepts/
● https://ieeexplore.ieee.org/document/8369416/references#references
● https://en.wikipedia.org/wiki/Bitcoin
● https://www.investopedia.com/terms/b/bitcoin.asp
● https://money.cnn.com/infographic/technology/what-is-bitcoin/index.html
● https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-
banking/bitcoin/v/bitcoin-what-is-it
● https://www.investopedia.com/articles/investing/082914/basics-buying-and-investing-
bitcoin.asp
● https://www.investopedia.com/news/how-bitcoin-works/
● https://www.bitcoin.com/get-started/a-quick-introduction-to-bitcoin/
● https://www.youtube.com/watch?v=sh7jXV3nwUo

57. Thank you