Bitcoin is a digital currency created by an unknown person using the alias Satoshi Nakamoto and operates on a decentralized peer-to-peer network without any central authority or government involvement. It can be used to send or receive money internationally with very low transaction fees compared to traditional payment methods. The network works by having users validate transactions through mining and maintaining a public record of all transactions in the blockchain. While it offers advantages like anonymity and lack of third party control, bitcoin also faces issues with volatility, irreversible payments, and lack of anonymity in transactions.

2. FLOW OF PRESENTATION
INTRODUCTION
WHAT IS BITCOIN?
WHO CREATED IT?
WHY BITCOINS?
HOW DOES BITCOIN WORK?
WHO CONTROLS?
1
3
4
5
6
2
ADV. & DISADV.7
COCLUSION
REFERENCES
8
9

3. INTRODUCTION
 Bitcoin is an innovative payment technology
and a new kind of VIRTUAL currency
 Bitcoin offers the promise of lower transaction
fees than traditional online payment
mechanisms and is operated by a decentralized
authority, unlike government issued currencies.

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.  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.
 It’s the first example of a growing category of
money known as cryptocurrency.
WHAT IS BITCOIN?

6.  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.
 The idea was to produce a currency independent of any central
authority, transferable electronically, more or less instantly, with
very low transaction fees.
WHO CREATED IT?

7. 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.

8. HOW DOES BITCOIN WORK?
 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

9. 1.ACQUIRING BITCOINS:-
*Buy on an Exchange(trading)
 Several marketplaces called “bitcoin
exchanges” allow people to buy or sell
bitcoins using different currencies.
 Mt. Gox is the largest bitcoin
exchange(Tokya, Japan).

10. 2.TRANSFERS:-
• People can send bitcoins to each other using mobile
apps or their computers.
• It’s similar to sending cash digitally.

11. 3.MINING:-
• 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.

12. 4.OWNING BITCOINS:-
• 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.

13. WHO CONTROLS THE BITCOIN NETWORK?
 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.
 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.

14. 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.

15. 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.

16. 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 transaction
DISADVANTAGES

17. FUTURE IN QUESTION
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.

18. CONCUSION
 Bitcoin is a revolutionary currency system which can work in
parallel or even replace the existing forms of currencies in the
future.
 Bitcoin can be used as a reliable alternative for fast cashless
payments by proposing solutions.
 The low transaction fees of the network and the instant
availability of money to the merchant might render bitcoins
interesting for vending machine operators.

19. REFERENCES
1. https://en.wikipedia.org/wiki/Bitcoin
2.http://www.zerohedge.com/news/2017-11-29/bitcoin-
plunges-back-below-10000
3.Google internet

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