Bitcoin is a decentralized digital currency that uses peer-to-peer technology to facilitate instant payments without third-party intermediaries. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoins are created and allocated by consensus of users through mining. While it offers benefits like low fees and accessibility, bitcoin also faces challenges of volatility, security risks, and lack of regulation that have led to criminal uses on dark markets.

2. What is BITCOIN….???

3. o A decentralized digital currency like virtual cash
or gold
o No bank or government prerequisites or control
What is Bitcoin?????

4.  Peer to peer network
 First Bitcoin issued in 2009 -Satoshi
Nakamoto
 No requirement of third party intermediary

5.  Divisible to .00000001
 Very difficult and expensive to hack
 Controlled by consensus of market
participants
 Limited to 21 million Bitcoins -X amount
released every 10 minutes -until 2140

6.  Bitcoin is a technology-start of decentralized
ideas.
 It uses a peer-peer network to transfer
values from one person to other.
 Every transaction is recorded by every user
in network.

11.  People don’t have access to banking services
 Flat currencies getting inflated by printing
money
 Cross currency transfers are expensive
Why Bitcoin?????

12.  Easy
 Secure
 Open
 Fair
Why Bitcoin?????

13. Sends units of Value, Fungible and Divisible

14. Scarcity stores wealth, Market fluctuates with
speculation

15. Marketing message, Community and Sharing Knowledge

16. Decentralized trust on Block Chain

18.  Web wallets
 Software wallets
 Mobile phone wallets
 Hardware wallets
How to get Bitcoins?????

19.  Blockchain
 Coinbase
 Coinjar
 Coinpunk
 coinkite
Web wallets

20.  bitcoinQT
 Armony
 Multibit
Software wallets

21.  Blockchain
 Coinjar
 Coinpunk
Mobile phone wallets

22.  Trezor
 Bitsafe
Hardware wallets

23.  Limited/Scarce
 Decentralized
 Peer-to-peer
 Can be anonymous
 Transparent
 Easy to buy and sell
 Very low transaction fees
Features of Bitcoin

24.  Without a third party, digital money could be
spent twice
 Digital cash-simply a computer file
Double spending problem

25.  Distribute the necessary ledger among all the
users of the
 system.
 Every transaction is registered in a public,
distributed ledger,
 which is called the block chain.
 New transactions checked against the block
chain.
 Ensure that the same bitcoins haven’t been
previously spent
The solution…..

26.  Money-deposited into a bank account
 Bitcoin-stored in public ledger
 Sending/receiving BTC as easy as sending an
email
 Coins stored in wallets
Transactions

27.  Each user is assigned two keys
1 Public Key- Account no / Address 27-34
alphanumeric characters
2 Private Key- Password to access bitcoins
in the account.
 Public Key example
12kj2F35MB09Ida453reTYU6i730v
Transactions

32. Challenges
 Volatility.
 Security breaches.
 Criminal uses -Silk Road.
 Not widely used.
 Losing Your Wallet.

33. Undoubtedly Bitcoin has changed the way transactions occur,
now even the currency is virtual. There are many challenges
that still remain unanswered, since bitcoin is not regulated
by any bank, so in case you lose your computer or format
your hard drive then all your bitcoins just vanish. Since no
bank regulation is applied on the transactions, we still need a
way to make it work in such a way that there are regulated
transactions and no illegal activities such as Silk Road happen
again.
Conclusion