Bitcoin is a cryptocurrency functioning as a digital medium of exchange, utilizing cryptography for secure transactions and limiting the total supply to 21 million coins. It operates on a peer-to-peer network that verifies transactions via a public ledger called blockchain, and its value is influenced by market demand without intrinsic backing. Despite its potential benefits, such as lower transaction fees and reduced fraud, Bitcoin faces challenges including regulatory issues, security risks, and market speculation.

1. Crypto-Currency
Bitcoin

2. • A cryptocurrency (or cryptocurrency) is a digital asset designedto
work as a medium of exchange using cryptography to secure the
transactions and to control the creation of additional units of the
currency.
• • Crypto currencies are classified as a subset of digital currencies
and are also classified as a subset of alternative currencies and
virtual currencies .

3. • The first group functions as a currency exclusively.
• It includes Bitcoin and its forks, such as Litecoin or dogecoin. They have no other
functions, except for value transfer.
• The second group has the ability to have distributed computations.
• The main representation of distributed computing is Ethereum and its smart contracts. It
has ability to run small pieces of software on all computers in the network.
• Privacy coins (anonymity).
• That was the reason for privacy coins to appear on the cryptocurrency scene. They use
different technologies to hide transactions, but the idea is the same across all of them.
Protect the data about senders and receivers.

4. • Global
• Bitcoin fees are cheap
• Every transaction on the Bitcoin network is published publicly
Litecoin Dogecoin Monero Bit coin

5. • Data mining is the
computing process of
discovering patterns in large data sets
involving
methods at the intersection of machine
learning, statistics, and database
systems An essential process where
intelligent
methods are applied to extract data
patterns.

7. • It is a crypto-currency.
• Some other crypto-currencies are
litecoin,peercoin, namecoin, etc.
• They are no different than the
currency in your wallet !
• But you cannot print a crypto-
currency. You have to mine it!
• Mining means solving mathematical
problems.
What is Bitcoin?
• Every time a solution is found, a reward
is given in the form of a bitcoin.
• Problem difficulty and reward amount
varies with the network.
• Minable bitcoins halve every 4 year.
• Only 21 million bitcoins can be mined,
of which 12 million have been mined.

8. • Unlike normal currencies, it can be divided up to8 decimal place. That is,
0.00000001 bitcoin isthe least division possible.
• Stored in virtual wallets which can send and receive bitcoins.
• Wallets can store details of every single transactions.
• All transactions are stored and verified by all members of the network.

9. What is the Vision of Bitcoins ?
• Bitcoins are intended to be digital currency.
• Buyers and sellers will use them and eliminate all the middlemen such as
creditcards, ATM machines, etc.
• Bitcoins will be safer than carrying a plastic card.
• Bitcoins will be an international currency with no exchange transaction fees.

10. What is the Value of a Bitcoin ?
• Bitcoins are like diamonds or gold – no intrinsic value.
• As more people want to buy Bitcoins, sellers will charge more.
• It’s a free market and as wild as you can imagine.
• No rules, regulations or oversight.
• Speculators who think Bitcoins will be successful, buy as many as they can and hold
them price appreciation.
• • If 21 million Bitcoins are in circulation and current price is $500, then total market
value is ~$10 Billion.

11. Units of Bitcoin
• The unit of account of the bitcoin system is bitcoin. As of 2014, symbols
used to representbitcoin are BTC and Small amounts of bitcoinused as
alternative units are millibitcoin(mBTC), microbitcoin (μBTC, sometimes
referredto as bit), and satoshi. Named in homage tobitcoin's creator, a
satoshi is the smallest amountwithin bitcoin representing 0.00000001
bitcoin,one hundred millionth of a bitcoin.
• A millibitcoin equals to 0.001 bitcoin, one thousandth of a bitcoin.One
microbitcoin equals to 0.000001bitcoin, one millionth of a bitcoin.

12. The system is peer-to-peer, and transactions
take place between users directly, without an
intermediary. These transactions are verified by
network nodes and recorded in a
public distributed ledger called a blockchain.
• Bitcoin is the world's most popular digital
currency. It is powered by technology known as
the blockchain.
Continued....

14. Who Sells Bitcoins ?
• Larger Buyers go to Exchanges
• An Exchange is a website with significant software and funding
• There are at least 25 Bitcoin Online trader in the India alone
• We can buy and sell the bitcoins using our bank account
• We can get the list from localbitcoins.com

15. How to Use Bitcoin?
• Get some bitcoins with any of these
methods:
• Buy Bitcoin online from traders like Coinbase and
Xapo or via bitcoin exchanges
• Buy bitcoin from a live person offline. Find them
through https://localbitcoins.com/
• Earn bitcoin
• Mine bitcoin
Step 1

16. • STEP-2: Set up your first Bitcoin wallet.
• A “wallet” is basically the Bitcoin equivalent of a
• bank account.
• A software wallet is one that you install on your
• own computer or mobile device.
• A web wallet or hosted wallet is one that is hosted
• by a third party.

17. • STEP-2: Set up your first Bitcoin wallet.
• Mobile Wallets
• Web wallets
• Hardware wallets
• Paper wallets
• Advanced wallets

18. • STEP-3: Create a public Bitcoin address
• Use the wallet you created in the previous step to
• create a public address for you.
• A public bitcoin address will be a long string of
• seemingly random letters and digits.
• Eg: 16BPS8xb5k36MeNLWmfZ1zpjCqbDhgyaHg.

19. • STEP-4: Send bitcoin to the public address you created above using the
"withdraw" or "send“ function in the place you bought your bitcoin
• You may need to wait 10-20 minutes for a confirmation
• If you did everything correctly you should now seethe small amount of
bitcoin you sent in yourpersonal wallet. Congratulations!

20. • STEP-5: Use your bitcoin to
• Invest
• Shop
• Donate or give away

21. Who Sells Bitcoins ?
• Larger Buyers go to Exchanges
• An Exchange is a website with significant software and funding
• There are at least 25 Bitcoin Online trader in the India alone
• We can buy and sell the bitcoins using our bank account
• We can get the list from localbitcoins.com

22. Who Accepts Bitcoin in India?
• Unocoin has partnered with various merchants in India to bring bitcoin to thedaily lives of every individual.
The merchants which are currently on board withus are:
• eTravel smart - Online bus ticket booking portal.
• Reload - Online mobile recharge platform.
• Indsoft - Web hosting portal.
• Tecdoc365- Utility Software management
• Fightshop - Flights/Holiday booking portal.
• Dharwad International School - Educational Institute.
• Fashiondiva - Online cloth, accessories and home decor portal.
• People place - Training and recruitment firm

23. • Unocoin and MobiKwik partner to boost Bitcoin adoption across India with over
• 75,000 merchants
• Merchants that have integrated with MobiKwik include Domino’s Pizza, Pizza
• Hut, eBay, Uber, GoDaddy, WHSmith India, Cleartrip, IRCTC, Meru Cabs, Shuttl,
• Big Bazaar, OYO Rooms, Zomato, Barista, PVR, Archies, BookMyShow, Grofers, Big
• Basket, ShopClues, Myntra, Jabong, Pepperfry, MakeMyTrip, Sagar Ratna,
• TastyKhana, JustEat, PVR, Snapdeal, HomeShop18, Naaptol, Fashionara,
• FashionAndYou, Ferns N Petals, Café Coffee Day, and Yatra.
• Bitcoin sent through Unocoin can be used to purchase anything at all of these
• merchants and more.

24. To Buy Bitcoins on an Exchange:
Create an account at an exchange like coinsecure.in
Wire them some money (no credit cards allowed)
Funds will show up in your account
Purchase or sell Bitcoins whenever you wish from your
account.
You can have all or some sent to your Bitcoin wallet on your
Computer
How Would I buy some Bitcoins?

25. Buying small amounts of Bitcoins is popular by locally.
Find a dealer with an acceptable price (price is posted on the
internet.)
Arrange a meeting place that is safe.
Bring cash since he/she doesn’t accept any form of credit.
You pay him and he initiates a transfer from his account in a
Bitcoin Exchange.
He gives you a secure code which deposits them in your
“wallet.”
• ATM’s that sell Bitcoin are in a very few locations.
First one was in Texas in a gun store.
Bitcoin ATM’s only take cash.
They only sell Bitcoin, you can’t convert Bitcoin to cash.
• Currently not available in India.

26. Currently there are 60,000 to 70,000 Bitcoin
transactions each day
• The level hasn’t changed significantly in the last
year.
• Log into Blockchain.info to see the transaction
activity.
Activity Level

27. Bitcoin Value – 1 Year History

28. 90% of Bitcoin buyers are speculators !!!
A speculator is a person who trades derivatives,
commodities, bonds, equities
or currencies with a higher than average risk in return for
a higher-thanaverage
profit potential.
Speculators take large risks, especially with respect to
anticipating future price
movements, in the hope of making quick, large gains.
Why is all the Money Flowing into Bitcoins ?

29. • It’s a novelty and would be fun to try.
• Show your friends that you are a true
ground breaker.
• You like to gamble.
• You don’t trust Credit Cards and want to
buy stuff online.
• You want to buy something on the
internet that is “unconventional.”
• You want to sell something that is
“unconventional”.
Why Would You Want Some Bitcoin ?

30. Problems with Bitcoin currency
• According to RBI, virtual currencies being in digital form are stored in
digital/electronic media that are called electronic wallets (e-wallets). Therefore,
they are prone to losses arising out of hacking, loss of password, compromise of
access credentials, malware attack etc.
• Since they are not created by or traded through any authorized central registry
or agency, the loss of an e-wallet could result in the permanent loss of the virtual
currencies held in them.
• Payments made through virtual currencies, such as bitcoins, takes place on a
peer-to-peer basis without an authorized central agency regulating it.
• The absence of information of counterparties in such peer-to-peer
anonymous/pseudonymous systems could subject the users to unintentional
breaches of anti-money laundering and combating the financing of terrorism.

31. Bitcoin Outlawed in Some
Countries
• Russia was first to outlaw Bitcoin transactions
• They have enough corruption without Bitcoin
• China is restricting it use
• Too much speculation
• Korea outlaws it’s use – claims it’s not a legitimate
currency
• Thailand shutdown the Bitcoin exchange in their country

32. Bitcoin in a Perfect World• There are many promises to be fulfilled by a universal digital
currency.
• Lowers the cost of processing.
 Credit cards charge ~5% to the supplier.
 Bitcoin transactions would cost almost nothing.
• Reduces Fraud
 Credit card fraud costs billions of dollars each year
 Don’t need to carry plastic in your wallet
 Smartphone Apps can work with Bitcoin

33. Will Bitcoin Succeed ?
• Digital currency makes a lot of sense.
 It could eliminate a lot of middle man costs (credit cards, wire
fees, etc.)
 It could be extremely easy to use
 It could eliminate billions of dollars in credit card fraud and
identity theft.
• Bitcoin may utterly fail but some form of digital currency will
probably emerge.
 It must be safe
 It must be traceable by government entities
 It must be easy to use.
 People must have trust in it’s value