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Bitcoin-cryptocurrency basic presentation
- 1. BITCOIN - CRYPTOCURRENCY Bitcoinis like the Internet in the 80’s
- 2. CONTENTS WHAT ISMONEY? WHAT IS BITCOIN? BLOCKCHAIN TECHNOLOGY HOW BLOCKCHAIN WORKS OTHER CRYPTOCURRENCIES ILLS OF BITCOIN BITCOIN- PRESENT AND FUTURE
- 3. WHAT IS MONEY? SOMETHING THAT HAVE SOME INTRINSIC VALUE USED AS A MEDIUM OF EXCHANGE TO TRADE THINGS RUN BY A CENTRAL AUTHORITY, BANK, IN TURN THE GOVERNMENT GOLD/SILVER WERE PRIMITIVE CURRENCY AROUND 3000 YEARS AGO CURRENT CURRENCY DOESN’T HAVE ANY GOLD/SILVER HOLDINGS TO BACK IT UP ONLY POLITICAL DECREE IS NEEDED NOW TO MAKE ANYTHING OF NO VALUE INTO MONEY (MAKING MONEY OUT OF THIN AIR)
- 4. WHAT IS MONEY? NIXONSHOCK- The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold This gave rise to the modern day economic ecosystem and current fiat currency system TO KNOW ABOUT THE CHRONOLOGY OF MONEY, CLICK ON THE LINK BELOW https://www.estory.io/timeline/view/yWA4xL/285/History_of_Money
- 5. WHAT IS BITCOIN? bitcoin is a decentralized digital currency which runs and operates on the technology-blockchain. No central authority runs the circulation and operation of bitcoin Bitcoin requires proof-of-work (mining) to hash away and solve all the math problems. The miners validate transactions and are rewarded a portion of bitcoin. Much like e-mailing gold coins or money (something of value) It can’t be created out of thin air like all other fiat currencies Mathematics and Cryptography are used to regulate the creation of bitcoin, today it costs around $600-700 to mine a single bitcoin.
- 6. WHAT IS BITCOIN? Instead of storing transaction or balance in a central computer or database, it is distributed through a ledger with blockchain technology to tons of thousands of computers across the globe. The market value of bitcoin is highly volatile 1BTC = 5,72,664.21 INR Investing in bitcoin is regarded as a highly speculative investment There is no physical coin for bitcoin, it’s just a series of 1s and 0s in the ledger. Provides monetary sovereignty outside the control of government policy. It was first created by a person or a group of person under the alias Satoshi Nakamoto.
- 7. BLOCKCHAIN TECHNOLOGY “NECESSITY ISTHE MOTHER OF INVENTION” THERE MUST BEEN A CRISIS THAT CREATED THE VOID WHICH THE BLOCKCHAIN TECHNOLOGY FILLED IN THAT CRISIS IS THE – BYZANTINE GENERALS’ PROBLEM
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- 18. BYZANTINE GENERAL’S PROBLEM TOKNOW HOW BLOCKCHAIN SOLVED THE PROBLEM CLICK ON THE LINK BELOW https://www.youtube.com/watch?v=kE51N84hBxU
- 19. WHAT IS BLOCKCHAIN? Open-source distributed public ledger in which bitcoin transactions are recorded. Highly secure and almost impossible to temper with data Decentralized network Uses the concept of hash or encryption for added security Was first introduced in 1991 by some researchers with the intention to timestamp digital documents, where it’s not possible to backdate them or to temper with them(like a notary) The proof-of-work (the process of mining) enables the blockchain technology to be an incredible innovation in the technology field.
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- 28. HOW BLOCKCHAIN WORKS IN10 MIN THE HACKER CAN DO THE PROOF OF WORK FOR ALL THE TRANSCACTIONIN THE NETWORK, THEN ONLY IT CAN BE TEMPERED WITH, WHICH IS NEARLY IMPOSSIBLE
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- 31. HOW BLOCKCHAIN WORKS FUTUREBLOCKCHAIN IMPLEMENTATION
- 32. HOW BLOCKCHAIN WORKS Learnhow to create a blockchain with Javascript on https://www.youtube.com/watch?v=zVqczFZr124
- 33. THERE ARE 1610CRYPTOCURRENCIES IN MARKET TODAY FEW FUNNY ARE- TRUMPCOIN, JESUSCOIN, INSANE, TITCOIN CRYPTOCURRENCIES
- 34. BITCOIN IS NOTDEVOID OF ILL IMPLICATION The technology and innovation of bitcoin, peer-peer network of transferring value and its veil of anonymity is not all a rosy road. The internet we use today is only10% of total internet, the rest 90% is hidden away from general public, this is called the deep web. interestingly, a part of the deep web is dark web, where many heinous crime stems out from or spawns. Crimes such that the only thought sends a shiver down the spine – conspiracy, murder, extortion, hacking, rape, hiring hitman, illicit weapon purchase, drugs like the lsd, metamphthaline and many other hallucinating drugs purchase. YOU NAME IT! This transactions for such crimes can be easily made by bitcoins or other cryptocurrency as those can’t be traced back to the benefactor or the beneficiary.
- 35. A GLIMPSE OFTHE DARK SIDE SILK ROAD IS LIKE THE AMAZON.COM OF DARK WEB THEY SHARE LIVE FEEDS OF MURDERERS CHOPPING OFF THEIR VICTIM’S BODY
- 36. BITCOIN – PRESENTAND FUTURE OVER THE YEARS THE VALUE OF BITCOIN HAVE SKYROCKETED
- 37. BITCOIN – PRESENTAND FUTURE Bitcoin is like the internet in the 80’s. Believing that the internet could survive the bearish storm in the 80’s and will be crowned as the single most incredible innovative technology of the millennia was unforeseen. Nobody ever dared to imagine Amazon and google holding the top positions of Fortune 500 companies. As with every technology there is possibility that it could change the course of the future or could lie idle in the den of laboratories and research centers. Bitcoin price may skyrocket (could be worth billions) in the future or may plummet in the abyss (worth nothing). Only time will tell What matters most is that bitcoin may change the entire ecosystem of the planet how all humans interact with each other and that’s a very exciting thing to be a part of.