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Bitcoin (Global Digital Currency)

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Bitcoin (Global Digital Currency)

  1. 1. BIT COINS
  2. 2. Introduction What is Bitcoin Who created Bitcoin Why Bitcoin How does Bitcoin work Acquiring Bitcoins Transfers Mining Owning Bitcoin Anonymity Who controls the Bitcoin network Sponsors for free Bitcoins Exchanges company CONTENTS
  3. 3. Bitcoin is an innovative payment network and a new kind of money. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. INTRODUCTION
  4. 4. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
  5. 5. There are no physical Bitcoins, only balances associated with public and private keys. These balances are kept on a public ledger, along with all Bitcoin transactions, that is verified by a massive amount of computing power. In March 2014, the IRS stated that all virtual currencies, including Bitcoin, would be taxed as property rather than currency. Gains or losses from Bitcoin held as capital will be realized as capital gains or losses, while Bitcoin held as inventory will incur ordinary gains or losses
  6. 6. Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology, is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. WHAT IS BITCOIN?
  7. 7. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence CONT….
  8. 8. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper. CONT….
  9. 9. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins. Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. CONT….
  10. 10. The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially. Satoshi's anonymity often raises unjustified concerns because of a misunderstanding of the open-source nature of Bitcoin. WHO CREATED BITCOIN?
  11. 11. 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. WHY BITCOINS?
  12. 12. From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins. Behind the scenes, the Bitcoin network is sharing a massive public ledger called the "block chain". This ledger contains every transaction ever processed which enables a user's computer to verify the validity of each transaction HOW DOES BITCOIN WORK?
  13. 13. Buy on an Exchange Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange. ACQUIRING BITCOINS
  14. 14. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. TRANSFERS
  15. 15. People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes. MINING
  16. 16. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. OWNING BITCOINS
  17. 17. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities. ANONYMITY
  18. 18. Nobody owns the Bitcoin network much like no one owns the technology behind email or the Internet. Bitcoin transactions are verified by Bitcoin miners which has an entire industry and Bitcoin cloud mining options. While developers are improving the software they cannot force a change in the Bitcoin protocol because all users are free to choose what software and version they use. WHO CONTROLS THE BITCOIN NETWORK?
  19. 19. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus. WHO CONTROLS THE BITCOIN NETWORK?
  20. 20. Many people new to Bitcoin are curious about how to get some. Bitcoin faucets, places where bitcoins are given away for free, have been a part of spreading Bitcoin since the earliest days. But one problem is running out of bitcoins to give! That is why we have figured out a sustainable way to give away free bitcoins with sponsors. SPONSORS FOR FREE BITCOINS
  21. 21. EXCHANGES Exchange About Based oinbase operates one of the most popular wallets and is an simple way to buy bitcoin. $5 bonus on sign up. USA Localbitcoins matches buyers and sellers online and in-person, locally worldwide. Finland BitQuick claims to be one of the fastest ways you can buy bitcoin. USA Bitbargain has a vast range of different payment options for UK buyers. UK CoinCorner allow purchases with credit and debit cards for verified users. Isle of Man A peer-to-peer platform for individuals to buy, sell or trade bitcoin and altcoins UK Xapo is Known for it's ease of use and bitcoin cold-storage vault. USA
  22. 22. ADVANTAGES No Third-party Interruptions One of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts. The system is purely peer-to-peer; users experience a greater degree of freedom than with national currencies. Purchases Are Not Taxed Since there is no way for third parties to identify, track or intercept transactions that are denominated in Bitcoins, one of the major advantages of Bitcoin is that sales taxes are not added onto any purchases.
  23. 23. CONT…… Mobile Payments • Like with many online payment systems, Bitcoin users can pay for their coins anywhere they have Internet access. • This means that purchasers never have to travel to a bank or a store to buy a product. • However, unlike online payments made with U.S. bank accounts or credit cards, personal information is not necessary to complete any transaction.
  24. 24. No one knows what will become of bitcoin. It is mostly unregulated, but that could change. Governments are concerned about taxation and their lack of control over the currency. FUTURE IN QUESTION

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