What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is a decentralized electronic cash system using peer-to-peer networking to enable payments between parties without relying on mutual trust. It was first described in a paper by Satoshi Nakamoto (widely presumed to be a pseudonym) in 2008. Payments are made in bitcoins (BTC's), which are digital coins issued and transferred by the Bitcoin network.
This Presentation gives an Overview of the Bitcoin Technology used today to make online transactions possible which are very secure, fast and tax-free. This shows the future scope of the Bitcoins.
This article contains information about history of Bitcoin cryptocurrency. What is Bitcoin? Whom was it created by? This article resumes the whole history of Bitcoin since 2008 to 2018.
What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is a decentralized electronic cash system using peer-to-peer networking to enable payments between parties without relying on mutual trust. It was first described in a paper by Satoshi Nakamoto (widely presumed to be a pseudonym) in 2008. Payments are made in bitcoins (BTC's), which are digital coins issued and transferred by the Bitcoin network.
This Presentation gives an Overview of the Bitcoin Technology used today to make online transactions possible which are very secure, fast and tax-free. This shows the future scope of the Bitcoins.
This article contains information about history of Bitcoin cryptocurrency. What is Bitcoin? Whom was it created by? This article resumes the whole history of Bitcoin since 2008 to 2018.
Introduction of Bitcoin, explain for newbie and financial person, easy to understanding.
Language
English 99%
Thai 1% (only "Bitcoin in Thailand)
Agenda
- What is Bitcoin
- Bitcoin and Gold, The human economy evolved
- The Bitcoin bubble
- How to can get Bitcoins
- What is Bitcoin Mining
- Total Bitcoins in circulation
- Bitcoin Supply
- How long does it take to mine a single Bitcoin
- Bitcoin consumption power
- B-Commerce
- Silk Road Case
- Tulip Mania 2.0?
- Bitcoin in Thailand
- Reference
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Eric Schmidt, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
Learn to trade cryptocurrency and bank huge daily profit. This slide exposes you to cryptocurrency trading basics.
You will learn;
What is Cryptocurrency?
How to Open a Bitcoin Wallet
How to fund your Bitcoin wallet
How to Open a Cryptocurrency Trading Account
How to fund your Trading account
How to place a Trade
How to set Stop loss and take profit
Market Analysis Technique
Trading rules and guidelines
Ultimately, you will discover how to become a cryptocurrency trading professional and build a profitable cryptocurrency trading career.
Welcome to our channel,
A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions,
control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. This channel was created to share news and opportunities related to crypto space.
Check our website: https://www.everythingcrypto.club/
Join our private channel group: http://bit.ly/2YoWzFr
Follow us on social media :
Youtube : https://bit.ly/3bkoeiE
Instagram: https://www.instagram.com/everythingincrypto
Telegram : https://t.me/everythingincrypto
vkontakte : https://vk.com/public184024328
Twitter : https://twitter.com/everythingcryp5
Medium : https://medium.com/everythingincrypto
Linkedin: https://www.linkedin.com/company/everythingcrypto
what's cryptocurrency all about?
What's cryptocurrency?
What does cryptocurrency mean?
What does crypto mean?
#everythingcrypto #whatscryptocurrency #cryptocurrency #bitcoin #crypto #ethereum #freecrypto #freebitcoin #earnfreetoken #earnfreebitcoin
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
An introductory presentation discussing the basics of technology behind blockchain, cryptocurrency mining, and an attempt to value a cryptocurrency. Further discussion on altcoins, and a preview on ICOs.
Is cryptocurrency really the future of money? Bitcoin is the first and most famous cryptocurrency that exploded in late 2013 when the price per Bitcoin exceeded $1200. This is an explanation of what cryptocurrency is and how payments are processed
Among the learning objectives:
A. Crypto-currencies :
• The definition, history and evolution of the thousands of
crypto-currencies in the market, with their pros and
cons.
• Getting, mining and trading using cryptocurrencies.
• The legal status of this new technology in Lebanon and
different countries of the world.
• The possible future of crypto-currencies.
B. Blockchain :
• The technology behind crypto-currencies : concepts,
history, security, pros and cons.
• Examples and case studies of Blockchain applications.
C. ICOs :
• A new way for raising capital for companies and start-
ups.
• History and ICO phases.
Introduction of Bitcoin, explain for newbie and financial person, easy to understanding.
Language
English 99%
Thai 1% (only "Bitcoin in Thailand)
Agenda
- What is Bitcoin
- Bitcoin and Gold, The human economy evolved
- The Bitcoin bubble
- How to can get Bitcoins
- What is Bitcoin Mining
- Total Bitcoins in circulation
- Bitcoin Supply
- How long does it take to mine a single Bitcoin
- Bitcoin consumption power
- B-Commerce
- Silk Road Case
- Tulip Mania 2.0?
- Bitcoin in Thailand
- Reference
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Eric Schmidt, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
Learn to trade cryptocurrency and bank huge daily profit. This slide exposes you to cryptocurrency trading basics.
You will learn;
What is Cryptocurrency?
How to Open a Bitcoin Wallet
How to fund your Bitcoin wallet
How to Open a Cryptocurrency Trading Account
How to fund your Trading account
How to place a Trade
How to set Stop loss and take profit
Market Analysis Technique
Trading rules and guidelines
Ultimately, you will discover how to become a cryptocurrency trading professional and build a profitable cryptocurrency trading career.
Welcome to our channel,
A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions,
control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. This channel was created to share news and opportunities related to crypto space.
Check our website: https://www.everythingcrypto.club/
Join our private channel group: http://bit.ly/2YoWzFr
Follow us on social media :
Youtube : https://bit.ly/3bkoeiE
Instagram: https://www.instagram.com/everythingincrypto
Telegram : https://t.me/everythingincrypto
vkontakte : https://vk.com/public184024328
Twitter : https://twitter.com/everythingcryp5
Medium : https://medium.com/everythingincrypto
Linkedin: https://www.linkedin.com/company/everythingcrypto
what's cryptocurrency all about?
What's cryptocurrency?
What does cryptocurrency mean?
What does crypto mean?
#everythingcrypto #whatscryptocurrency #cryptocurrency #bitcoin #crypto #ethereum #freecrypto #freebitcoin #earnfreetoken #earnfreebitcoin
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
An introductory presentation discussing the basics of technology behind blockchain, cryptocurrency mining, and an attempt to value a cryptocurrency. Further discussion on altcoins, and a preview on ICOs.
Is cryptocurrency really the future of money? Bitcoin is the first and most famous cryptocurrency that exploded in late 2013 when the price per Bitcoin exceeded $1200. This is an explanation of what cryptocurrency is and how payments are processed
Among the learning objectives:
A. Crypto-currencies :
• The definition, history and evolution of the thousands of
crypto-currencies in the market, with their pros and
cons.
• Getting, mining and trading using cryptocurrencies.
• The legal status of this new technology in Lebanon and
different countries of the world.
• The possible future of crypto-currencies.
B. Blockchain :
• The technology behind crypto-currencies : concepts,
history, security, pros and cons.
• Examples and case studies of Blockchain applications.
C. ICOs :
• A new way for raising capital for companies and start-
ups.
• History and ICO phases.
Blockchain is one of the most important technical invention in the recent years. Blockchain is a transparent money exchange system that has transformed the way a business is conducted. Companies and tech giants have started investing significantly in the blockchain market and it is expected to be net worth of more than 3 trillion dollars in next 5 years. It has become growing popular because of its irrefutable security and ability to provide complete solution to digital identity issues. It is a digital ledger in a peer to peer network. This presentation provides a background on Blockchain technology, history, it’s architecture, how it works, advantages and disadvantages and its application in different industries.
This slide deck is as part of a online webinar that happened on Mar 18 2017.The meetup was organized to talk more about Cryptocurrency and current Regulatory Environment surrounding it. There was be a presentation followed by Q&A.
For more details please reach out to me on https://twitter.com/twitmyreview or via mail bobquest33@gmail.com
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
All you want to know about #cryptocurrency and blockchain as well as hashing bitcoin.
- there are something is so difficult to understand in the power point but don't hesitate and write down your comment and surly i will make it easier for you.
Study on Bitcoin - Technical & Legal Aspects (Presentation at Cyber Cell Gurgaon)
1. Prepared by - Lovey Jain
College - RGNCLC (NLIU,Bhopal)
Course - MSCLIS
Presented at - Cyber Crime Cell, Gurgaon
1Study on Bitcoin
2. • How did Bitcoins get started?
• What is Bitcoin?
• Basic Terminologies
• The Basic Mechanism
• What is it based on?
• What is the Vision of Bitcoins?
• The Technology Behind Bitcoins?
• Uses of Bitcoin
• Who Sells Bitcoins?
• Bitcoin Issues - Legality
• Who Accepts Bitcoin ?
• Comparison to US Dollar
• Will Bitcoin Succeed?
• Conclusion
2Study on Bitcoin
3. • In 31 October 2008, a technical paper was posted on the internet by
Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System.
• It described a system of cryptocurrency that was not backed by any
government or any form of existing currency.
• It is software-based online payment system described by Satoshi
Nakamoto in 2008 and released as open-source software in 2009
(Interestingly, this person is pseudonymn - his name is conjectured to be
fake by some, and who has not been heard from since April 2011)
3Study on Bitcoin
4. 4
• Bitcoin is a form of digital currency (physical form is absent), created
and held electronically. It can be used to buy things electronically and
in that sense we can say that it is no different than conventional
dollars.
• Bitcoin is commonly referred to as cryptocurrency and it can be
divided into smaller unit called Satoshi (one hundred milionth ie. 108
of a BTC).
• Protected by strong encryption (that’s why it is also called as
cryptoCurrency). People who transmit the transactions are called
miners.
• The system is peer-to-peer and transactions take place between
users directly, without an intermediary.
Study on Bitcoin
5. 55
• The block chain is a public ledger (a book or other collection of
financial accounts) that records bitcoin transactions.
• The bitcoin transactions are verified by network nodes and recorded in
a public distributed ledger known as the block chain, which uses
bitcoin as its unit of account.
• The block chain is like a distributed database
• Approximately six times per hour, a new group of accepted
transactions, a block, is created, added to the block chain, and quickly
published to all nodes.
.
Study on Bitcoin
6. 6
• Bitcoins are created as a reward for payment processing work in which
users offer their computing power to verify and record payments into a
public ledger. This activity is called mining .
• Miners are rewarded with transaction fees and newly created bitcoins.
• Mining is a record-keeping service. Miners keep the block chain
consistent, complete, and unalterable by repeatedly verifying and
collecting newly broadcast transactions into a new group of transactions
called a block.
• Each block contains a cryptographic hash of the previous block, using
the SHA-256 hashing algorithm, which "chains" it to the previous block
thus giving the block chain its name
Study on Bitcoin
7. Study on Bitcoin 7
• A wallet stores the information necessary to transact bitcoins.
• The best way to describe a wallet is something that "stores the
digital credentials for your bitcoin holdings"] and allows you to
access (and spend) them.
• There is also wallet software for managing accounts and
transactions.
• Since Bitcoins are valuable, wallets should also be encrypted
8. 8
• Transactions are published to the Bitcoin P2P network.
• Miners compete to solve a proof-of-work problem on average every
10 minutes.
• The winning miner publishes a summary of recent transactions in a
block.
• Miners are rewarded with new coins for having published a valid
block.
• Blocks are linked to previous blocks, creating a block chain
Study on Bitcoin
9. 9
• System is runned by The Bitcoin protocol
• It is based on mathematics unlike conventional currencies that had
been based on fixed quantity of metal (gold, silver…) or fiat
currencies.
• Bitcoin has several features that set it apart from fiat currencies:
1. It is decentralized
2. It is easy to set up and it is fast
3. It is anonymous
4. It is completely transparent
5. Transaction fees are miniscule
6. Transactions are irreversible
Study on Bitcoin
10. 10
• Base for the Bitcoin protocol is a peer-to-peer system which means
that there is no need for a third party.
• Therefore, in theory, bitcoin network is not controled by central
authority (fully decentralized monetary system).
• Bitcoins are being created by a community of people that anyone can
join.
• In theory, there is no authority (financial institution) which can tinker
with monetary policy and in that sense devalue or revalue Bitcoin
currency.
Study on Bitcoin
11. Study on Bitcoin 11
• Easy to set up: Conventional banks make you jump through hoops
simply to open a bank account. Setting up merchant accounts for
payment is another tough task, beset by bureaucracy. However, you
can set up a bitcoin address in seconds, no questions asked, and with
no fees payable.
• Anonymous: Users can hold multiple bitcoin addresses, and they
aren’t linked to names, addresses, or other personally identifying
information.
• Transaction fees are miniscule: Your bank may charge you a decent
transaction fee for international transfers. Bitcoin doesn’t.
• Fast: You can send money anywhere and it will arrive minutes later, as
soon as the bitcoin network processes the payment.
• Non-repudiable: When your bitcoins are sent, there’s no getting them
back, unless the recipient returns them to you. They’re gone forever.
12. • Bitcoins are intended to be most successful digital currency.
• Buyers and sellers will use them and it is intended to eliminate
all the middlemen such as credit cards, ATM machines, etc.
• Bitcoins will be safer than carrying a plastic card.
• Bitcoins will be an international currency with no exchange
transaction fees.
12Study on Bitcoin
13. 13
• Hashing (double-SHA256)
• Dual key encryption (Elliptical Curve Digital Signature
Algorithm)
• Peer-To-Peer Networking (Similar to IRC , Internet Relay chat)
Study on Bitcoin
14. Study on Bitcoin 14
To interact on the Bitcoin network users first need to download the
free and open-source software. Once connected to the network, there
are three ways to obtain Bitcoins:
• A user can exchange conventional money (e.g., dollars, yen, and
euros) for a fee on an online exchange (e.g., Okcoin). The exchange
fee falls with the size of the transaction, ranging from 0.5% for
small transactions down to 0.2% for large transactions.
• A user can obtain Bitcoins in exchange for the sale of goods or
services, as when a merchant accepts Bitcoin from a buyer for the
sale of his product.
• A user can acquire new Bitcoins by serving as miner and applying
his or her computer’s processing power to successfully verify the
validity of new network transactions.
15. 15
• Convenient online purchases
• Tips and donations
• Transactions that must be irreversible
• When information is transferred
• When an irreversible action is performed
• Black-market transactions
• A store of value
• Investment
• Gambling
• International transactions and financing
Study on Bitcoin
16. • Bitcoins are like diamonds or gold – no intrinsic value.
• As more people want to buy Bitcoins, sellers will charge
more.
• No rules, regulations or oversight.
• Speculators who think Bitcoins will be successful, buy as
many as they can and hold them price appreciation.
16Study on Bitcoin
17. • Larger Buyers go to Exchanges, An Exchange is a website with
significant software and funding.
• Exchanges act as a clearing house to match buyers and sellers
similar to Stock Exchanges. They keep a very small transaction
fee for each trade.
• There are at least 21 Bitcoin Exchanges in the U.S. alone. Mt
Gox (Magic The Gathering Online eXchange) was one of the
largest exchanges and was located in Japan
• Zebpay, an app-enabled bitcoin mobile wallet, earlier provided
for just trading of the currency. This June it entered the payment
sphere; its users can now buy vouchers of Amazon, Flipkart,
Freecharge, Bookmyshow and Makemytrip.
17Study on Bitcoin
18. • Many small Dealers want to make money selling Bitcoin to
individuals who use them for e-commerce.
• The Dealer will withdraw Bitcoins from their account at an
Exchange and sell them to you.
• You can buy any fraction of a coin you wish. There is no “round
amount.”
• Search for local Bitcoin sellers and you will get the current prices
from each.
18Study on Bitcoin
19. • 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.
19Study on Bitcoin
20. • Currently there are 60,000 to 70,000 Bitcoin transactions
each day
• The level hasn’t changed significantly in the last year.
• You can Log in to Blockchain.info to see the transaction
activity.
• 1 Bitcoin equals 751.00 US Dollar (50595.70 Indian
Rupee). It keeps on fluctuating according to the markets
condition.
20Study on Bitcoin
22. Study on Bitcoin 22
• In June 2013, the RBI issued a notice acknowledging that virtual
currencies posed legal, regulatory and operational challenges.
• On 24 December 2013, the Reserve Bank of India issued an
advisory to the Indian public to be cautious in buying or selling of
virtual currencies, including bitcoin. Following the announcement
bitcoin operators in the country began suspending operations.
• The first raid in India was undertaken a couple of days later
in Ahmedabad by the Enforcement Directorate (ED) on the office
of the website, buysellbit.co.in, that provided a platform to trade in
this virtual currency. The preliminary investigations found it to be
in violation of the Foreign Exchange Management Act (FEMA).
• On 28 December 2013, the Deputy Governor of the RBI, K. C.
Chakrabarty, made a statement that RBI had no plans to regulate
bitcoin.
23. • 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.
23Study on Bitcoin
24. • Largest Exchange, Mt Gox (Magic The Gathering Online
eXchange) in Japan just went bankrupt
• Hackers were siphoning off their Bitcoins
• They lost $450 million dollars
• Account holders are the real losers
• Electronic Wallets
• Many websites have created “secure” electronic wallets for
you.
• There are Wallets for Windows, Mac, iPhone, and Android
• Some “Wallets” deduct a small fee for every transaction
24Study on Bitcoin
25. • Thousands of online merchants such as:
• Pirate Bay – Online sharing site for questionable materials.
• OKCupid – Online dating site
• Overstock.com – Sells clearance merchandise
• TigerDirect.com – Major electronics retailer
• 50,000 Retail stores (and counting) accept Bitcoin
• Hotels in Las Vegas
• Gift Cards for GAP, Lowes, Burger King, etc.
• Mostly small merchants who want to increase traffic
25Study on Bitcoin
26. 26
1. Since value of a bitcoin fluctuates, one can generate net income
selling them at the higher price than the original purchase price.
2. If they are received by merchants as payment for goods and
services.
3. Bitcoins obtained through mining activities are a subject of
standard income taxation.
Study on Bitcoin
27. 27
US Dollar (Cash)
*Backed by United States?
*Controlled by US
*Primarily US-only
*Created by government
*Hard to steal by hackers
*Hard to transmit
*Hard to trace
*Non-refundable
*Used for crime
Bitcoin
*Backed only by other users
*Controlled by users
*International
*Created based on work done
*Easier to steal by hackers
*Easy to transmit
*Hard to trace
*Non-refundable
*Used for crime
Study on Bitcoin
28. • 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.
28Study on Bitcoin
29. 29
ADVANTAGES
*It is easy to set up and it is
fast
*Low and irreversible
transaction fees
*Without central authority
*Decentralized
*It is anonymous
*It is completely
transparent
DISADVANTAGES
*New and uninvestigated financial product
*Absence of relevant theoretical background
*Highly volatile value and an unknown issuer
*Unclear legal status
*Unregulated commodity and absence of
consumer protection
*Illegal or undefined in most countries of the
world
Study on Bitcoin
30. Study on Bitcoin 30
• Bitcoin has received more adoption and popularity than any
other digital currency proposed date.
• Currently, Bitcoin holds the largest market share amongst
all existing digital currencies (eg. BlackCoin, DigitalNote,
Mastercoin, Primecoin etc), with a market cap exceeding 3
billion USD.
• Bitcoin has emerged as the most successful cryptographic
currency in history.
31. 3131
• Bitcoin.org – The Bitcoin Foundation
• Bitcoin Wiki
• Bitcoin Forums
• Reddit Bitcoin
• Bitcoinity.org – Pretty real-time charts
• blockchain.info
Study on Bitcoin
32. 32
Thank you for your attention!
Questions, comments or remarks?
Study on Bitcoin