Bitcoin-an innovative payment network


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Bitcoin-an innovative payment network

  1. 1. BITCOIN-an innovativeBITCOIN-an innovative payment networkpayment network Shailaja Sampat (131046) Rajvi Trivedi (131039) Manthan Shah (131025)
  2. 2. What is BITCOIN ?What is BITCOIN ?  Bitcoin is a payment gateway with digital wallet.  Bitcoin Foundation standardizes, protects and promotes the Bitcoin cryptographic currency worldwide.  Bitcoin is an open source software. This source can be reviewed by anyone.  Bitcoin is decentralized electronic cash system.  Payment gateway : e-commerce service provider  Cryptography : Process of analyzing protocols necessary for information security.
  3. 3. About BITCOINAbout BITCOIN  The original Bitcoin software was developed by Satoshi Nakamoto-a Japanese programmer.  It was founded by Bitcoin core developers in 2008.  Bitcoin is first decentralized digital currency .  It is useful for transaction of money in any country because it provides money transfer system in Dollars, Euros, Yens, Rupees etc.
  4. 4. How to use BITCOIN ?How to use BITCOIN ?  We can use this software by downloading “BITCOIN Miner” application on our mobile phone or computer.  We can use bitcoins got form application stored in your digital wallet.  We can purchase video games , gifts ,books and can transfer money to anyone.
  5. 5. Governance of BITCOINGovernance of BITCOIN  Bitcoin's governance structure is splitted by class. The Board is currently structured with five seats.  Two seats by Individual member class. Two seats by Corporate member class. One seat by Founding member class.  Governance committee members are selected by general elections.  Board seats are held for a two-year term.
  6. 6. Objectives of BITCOINObjectives of BITCOIN  There are three main objectives : 1. Instant peer-to-peer transactions 2. Worldwide payments 3. Zero or low processing fees
  7. 7. Missions of BitcoinMissions of Bitcoin Inform users to protect them from common mistakes. Give an accurate description of Bitcoin properties, potential uses and limitations. Display transparent alerts and events regarding the Bitcoin network. Invite talented people to develop Bitcoin at many levels. Provide visibility to Bitcoin ecosystem. Improve Bitcoin worldwide accessibility. Aim to advance standards and security To remain strong advocates of the liberating power of decentralized money
  8. 8. Workflow of BitcoinWorkflow of Bitcoin  The block chain contains shared public transaction log. Transactions are verified that spending bitcoins are actually owned by the spender.  A transaction is a transfer of amount between Bitcoin addresses that gets included in block chain. It contains a secret “private key” as a proof of addressee.  Transactions are broadcast between users and confirmed by the network is called mining.
  9. 9. Benefits of BitcoinBenefits of Bitcoin Payment without going to bank Free acceptance No fee No charge-backs Simple form for transaction Digital signature , verification Transactions can be received at any time, regardless of whether your computer is turned on or off. The first neutral global currency
  10. 10. Disadvantages of BitcoinDisadvantages of Bitcoin Volatile price Payments are irreversible Non anonymous system (All transactions are stored publicly and permanently on the network, so anyone can see transactions of any Bitcoin address.)  Less secure transactions Taxes are applicable No central authority
  11. 11. ReferencesReferences  hl=en&site=imghp&tbm=isch&source=hp&biw=1366&bi h=633&q=bitcoin&oq=bitcoin&gs_l=img.3..0.2749.7911. 0.8438. 16.14.653.vQUPLzT4DI8      