Bitcoin, invented by Satoshi Nakamoto in 2009, is a decentralized digital currency used for electronic transactions without the involvement of banks. Transactions are made easily through a Bitcoin wallet, with acquisition possible via mining, sales of goods, or exchanges. While it offers benefits like low transaction fees and freedom from third-party interference, it also has drawbacks including lack of buyer protection and potential loss of wallets.

1. BITCOIN
Invented by – Satoshi Nakamoto (in 2009)
Prepared by :- Akshay Sikarwar(MBA)
(GLA University, Mathura)

2. WHAT ARE BITCOINS??
It is a new form of decentralised digital currency  Bitcoins are used for electronic purchases and
transfers. You can use bitcoins to pay
friends, merchants, etc.
 without going through a bank or a clearing house.
 No supported by any government.

3. HOW DOES BITCOIN WORK?
 Making
payments with bitcoins is an incredibly easy
process; in fact, you could argue
that it is
much easier than using credit cards. All you need to
do is, using your Bitcoin wallet:
 Enter
the recipient's address.
[1EZTVaGQ6UsjYJ9fwqGnd45oZ6HGT7WKZd ]
 Enter the amount of bitcoins to be sent.
 Press send

4. HOW CAN ONE ACQUIRE BITCOIN
??
1.
You can mine them by using a free application
called Bitcoin Miner on your computer.
2.
If you are selling a good, you can accept bitcoins
as a form of payment.
3.
You can purchase and sell bitcoins through Bitcoin
exchanges (this is the most common way.
Exchanges are typically found online.)

5. WHO CONTROLS THE BITCOIN NETWORK?
 Nobody
owns the Bitcoin
network much like no one
owns the technology behind
email.
 Bitcoin
is controlled by all
Bitcoin users around the
world.

6. WHAT DETERMINES
BITCOIN’S PRICE?
 The
price of a bitcoin is determined by
supply and demand. When demand for
bitcoins increases, the price increases, and
when demand falls, the price falls.

7. WHERE THEY ARE
ACCEPTED ????
www.wordpress.com
 www.torrentfreak.com

 www.overstock.com
 www.highcart.com
 www.bitcoinshop.us
 www.51attack.com
 www.venturebeat.com
 www.eztv.it
 www.wired.co.uk
and many more….

8. ADVANTAGES

Quick and Cheap Transactions
No fee or a very nominal one is charged
for transacting in bitcoins (0-0.05%)

No third party involvement
There is no way for a third party to intercept
transactions of Bitcoins,

No Paperwork (fully Electronic)

9. CONTINUED…..



Payment freedom - It is possible to send and
receive any amount of money instantly anywhere
in the world at any time.
No need of ID proof , Address proof etc.
No Taxes
Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed
by the owner.


10. DRAWBACKS
No Buyer Protection
When goods are bought using Bitcoins, and the
seller doesn’t send the promised goods, nothing
can be done to reverse the transaction.
 No Physical Form

Since Bitcoins do not have a physical form, it
cannot be used in physical stores.

Bitcoins Are Not Widely Accepted

11. CONTINUED…..
Wallets Can Be Lost
If a hard drive crashes, or a virus corrupts data
, and the wallet file is corrupted, Bitcoins have
essentially been “lost”. There is nothing that can
done to recover it.

No valuation guarantee
Since there is no central authority governing
Bitcoins, no one can guarantee its minimum
valuation.


12. BIT BYTES

$1000+
Current value of one bitcoin

40+ number of exchanges to trade bitcoin where
bitcoins can be purchased and sold for 15 world
currencies.

$76+ bn Market Capitilization of bitcoins as of Feb.
2014

12.5 mn Bitcoins generated from 199 countrises till
date

13. TOP 5 COUNTRIES FOR
BITCOIN DOWNLOADS
1.
2.
3.
4.
5.
US
China
Germany
UK
Russia
-----------
1,207,661
505,904
270,043
236,523
226, 680
Note :- India ranks 16th ---- 35,648

15. THESE ARE THE APP WHICH YOU CAN
DOWNLOAD
MultiBit is an app you can download for Windows,
Mac and Linux.
 Bitcoin Wallet for Android runs on your phone or
tablet.
