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BITCOIN
*What is Bitcoin?
*Who created Bitcoin?
*Characteristics of Bitcoin
*Unit of Bitcoin
*Blockchain
*Mining
*Demand and Supply
*Price
*Interest
*Why do we need Bitcoin?
*Criticism
*Should we Buy Bitcoins ?
Bitcoin is a cryptocurrency and worldwide payment
system. It is the first decentralized digital currency – the
system works without a central repository or single
administrator. The network is peer-to-peer and transactions
take place between users directly through the use of
cryptography, without an intermediary. These transactions
are verified by network nodes and recorded in a public
distributed ledger called a blockchain. Bitcoin was invented
by an unknown person or group of people under the name
Satoshi Nakamoto and released as open-source
software in 2009.
Who
created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which
was an electronic payment system based on mathematical proof. The
idea was to produce a currency independent of any central authority,
transferable electronically, more or less instantly, with very low
transaction fees.
The characteristic of Bitcoin
Person to Person
Send bitcoin from your computer, tablet, smart phone or other
device, to anyone, anywhere in the world, day or night.
EASY
SECURE
Strong
cryptography
Bitcoin verifies transactions with the same state-of-the-art
encryption used in banking, military and government
applications.
OPEN
Fully decentralized
Bitcoin is open-source. Nobody owns it; the most popular client
is maintained by a community of open-source developers .
FAIR
Minimal Fees
Using the Bitcoin network is free, except for a voluntary fee you
can use to speed up transaction processing.
Units of Bitcoin
 The unit of account of the bitcoin system is bitcoin.
As of 2014, tickers used to represent bitcoin are
BTC.
 Small amounts of bitcoin used as alternative units
are millibitcoin (mBTC) and Satoshi.
1 BTC = 1000 mBTC
1 BTC = 10,00,00,000 Satoshi
 Sites or users using the Bitcoin
system are required to use a
global database called the
blockchain. The blockchain is a
record of all transactions that
have taken place in the Bitcoin
network. It also keeps track of
new bitcoins as they are
generated. With these two facts,
the blockchain is able to keep
track of who has how much
money at all times.
 To generate a bitcoin, computers run specialized software. Because of how
complicated the math needed to generate a bitcoin is, they must be calculated
with very powerful processors. These processors can be found in CPUs, graphics
cards, or specialized machines called ASICs. The process of generating the
bitcoins is called mining. People who use these machines to mine bitcoins are
called miners. Miners either compete with one another or work together in
groups to solve a mathematical puzzle. The first miner or group of miners to
solve the particular puzzle are rewarded with new bitcoins.
 The puzzle is determined by the transactions being sent at the time and the
previous puzzle solution. This means the solution to one puzzle is always
different from the puzzles before. Attempting to change an earlier transaction,
maybe to fake bitcoins being sent or change the number of someone's bitcoins,
requires solving that puzzle again, which takes a lot of work, and also requires
solving each of the following puzzles, which takes even more work. This means a
bitcoin cheater needs to outpace all the other bitcoin miners to change the bitcoin
history. This makes the bitcoin blockchain very safe to use.
Bitcoin Mining Farm in Japan
Wallets
Wallets used at worldwide
• Bitcoin Wallet
• Bitpay
• Copay
• Coinbase
• BreadWallet
• Airbitz
• Bitcoin Checker
Popular Wallets in India
• Zebpay
• Koinex
• Unocoin
Demand
With the current mining reward of 12.5 BTC per block solution,
Bitcoin supply is inflating at around 4% annually. This rate will drop
sharply in 2020, when the next reward halving occurs. That Bitcoin’s
price is rising despite such high inflation (and that it rose in the past
when the reward was 50 BTC!) indicates extremely strong demand.
Every day, buyers absorb the thousands of coins offered by miners
and other sellers.
Supply
1.Bitcoin was designed to have a fixed supply of 21 million
coins, over half of which have already been produced.
2.The most famous of these is Bitcoin’s creator, Satoshi
Nakomoto. Satoshi is thought to hold one million bitcoins
or roughly 4.75% of the total supply (of 21 million).
3. Miners currently produce around 3,600 bitcoins per day,
some portion of which they sell to cover electricity and
other business expenses. The daily power cost of all
mining is estimated around $500,000.
Why Bitcoin prices Increasing
• In April 2017, Japan legalized the bitcoin as an
official payment method.
• Increased acceptance in many other countries.
• Review of the bitcoin ETF by the the Securities and
Exchange Commission (SEC) in the US.
• Reliable prediction by experts - Jeremy Liew, the first
investor in Snapchat, and Blockchain CEO.
• Many companies like Microsoft have released their
intentions to develop Ethereum
Bitcoin Price
Bitcoin worth was $0 in 2009 during its very first year of existence.
In 2010, the bitcoin highest worth was $0.39.
Bitcoin hit the price of $16000 on 7th December, 2017
India’s Interest in Bitcoin is just 14 points rated by Google Trends
Why do we need Bitcoin?
Cash doesn't work online.
Credit cards are inconvenient
Transaction fees are too high
Micropayments
Current systems require too much trust!
Not all good customers are creditworthy.
Underserved Banking clients
Globalization
Why do we need Bitcoin?
• Why do we need Bitcoin?
• Cash doesn't work online.
• Credit cards are inconvenient
• Transaction fees are too high
• Micropayments
• Current systems require too much trust!
• Not all good customers are creditworthy.
• Underserved Banking clients
• Globalization
Bitcoin vs. Traditional Currency
Criticism
Energy consumption
• Bitcoin has been criticized for the amounts of
electricity consumed by mining.
• In 2013, it is estimated electricity use to be
about 40.9 megawatts (982 megawatt-hours a
day)
• In November 2017, the global bitcoin mining
activity was estimated to consume 3.4
gigawatts.
Criminal activity
Bitcoins used in Online Scam
• Creators of the Wannacry Ransomware had
asked to victims to pay in Bitcoins.
• Illegal Online Gambling website also asks its
player to pay in Bitcoins.
Eg. Caseopening.store
Should we Buy Bitcoins ???
Yes, Go ahead and buy BITCOIN only if you can afford to lose your
entire invested money.
Now if you’re very conservative or do not want to explore new areas
of investing then certainly not want to throw my money in the thing
which does not have any underlying asset or value.
Thank You!
A Presentation by: Akashdeep Kumar
Email id: akashdeepk799@outlook.com
The End.

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Bitcoin School Project

  • 2. *What is Bitcoin? *Who created Bitcoin? *Characteristics of Bitcoin *Unit of Bitcoin *Blockchain *Mining *Demand and Supply *Price *Interest *Why do we need Bitcoin? *Criticism *Should we Buy Bitcoins ?
  • 3. Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency – the system works without a central repository or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
  • 4. Who created it? A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
  • 5. The characteristic of Bitcoin Person to Person Send bitcoin from your computer, tablet, smart phone or other device, to anyone, anywhere in the world, day or night. EASY SECURE Strong cryptography Bitcoin verifies transactions with the same state-of-the-art encryption used in banking, military and government applications. OPEN Fully decentralized Bitcoin is open-source. Nobody owns it; the most popular client is maintained by a community of open-source developers . FAIR Minimal Fees Using the Bitcoin network is free, except for a voluntary fee you can use to speed up transaction processing.
  • 6. Units of Bitcoin  The unit of account of the bitcoin system is bitcoin. As of 2014, tickers used to represent bitcoin are BTC.  Small amounts of bitcoin used as alternative units are millibitcoin (mBTC) and Satoshi. 1 BTC = 1000 mBTC 1 BTC = 10,00,00,000 Satoshi
  • 7.  Sites or users using the Bitcoin system are required to use a global database called the blockchain. The blockchain is a record of all transactions that have taken place in the Bitcoin network. It also keeps track of new bitcoins as they are generated. With these two facts, the blockchain is able to keep track of who has how much money at all times.
  • 8.
  • 9.  To generate a bitcoin, computers run specialized software. Because of how complicated the math needed to generate a bitcoin is, they must be calculated with very powerful processors. These processors can be found in CPUs, graphics cards, or specialized machines called ASICs. The process of generating the bitcoins is called mining. People who use these machines to mine bitcoins are called miners. Miners either compete with one another or work together in groups to solve a mathematical puzzle. The first miner or group of miners to solve the particular puzzle are rewarded with new bitcoins.  The puzzle is determined by the transactions being sent at the time and the previous puzzle solution. This means the solution to one puzzle is always different from the puzzles before. Attempting to change an earlier transaction, maybe to fake bitcoins being sent or change the number of someone's bitcoins, requires solving that puzzle again, which takes a lot of work, and also requires solving each of the following puzzles, which takes even more work. This means a bitcoin cheater needs to outpace all the other bitcoin miners to change the bitcoin history. This makes the bitcoin blockchain very safe to use.
  • 10.
  • 12. Wallets Wallets used at worldwide • Bitcoin Wallet • Bitpay • Copay • Coinbase • BreadWallet • Airbitz • Bitcoin Checker Popular Wallets in India • Zebpay • Koinex • Unocoin
  • 13. Demand With the current mining reward of 12.5 BTC per block solution, Bitcoin supply is inflating at around 4% annually. This rate will drop sharply in 2020, when the next reward halving occurs. That Bitcoin’s price is rising despite such high inflation (and that it rose in the past when the reward was 50 BTC!) indicates extremely strong demand. Every day, buyers absorb the thousands of coins offered by miners and other sellers.
  • 14. Supply 1.Bitcoin was designed to have a fixed supply of 21 million coins, over half of which have already been produced. 2.The most famous of these is Bitcoin’s creator, Satoshi Nakomoto. Satoshi is thought to hold one million bitcoins or roughly 4.75% of the total supply (of 21 million). 3. Miners currently produce around 3,600 bitcoins per day, some portion of which they sell to cover electricity and other business expenses. The daily power cost of all mining is estimated around $500,000.
  • 15. Why Bitcoin prices Increasing • In April 2017, Japan legalized the bitcoin as an official payment method. • Increased acceptance in many other countries. • Review of the bitcoin ETF by the the Securities and Exchange Commission (SEC) in the US. • Reliable prediction by experts - Jeremy Liew, the first investor in Snapchat, and Blockchain CEO. • Many companies like Microsoft have released their intentions to develop Ethereum
  • 16. Bitcoin Price Bitcoin worth was $0 in 2009 during its very first year of existence. In 2010, the bitcoin highest worth was $0.39. Bitcoin hit the price of $16000 on 7th December, 2017
  • 17. India’s Interest in Bitcoin is just 14 points rated by Google Trends Why do we need Bitcoin? Cash doesn't work online. Credit cards are inconvenient Transaction fees are too high Micropayments Current systems require too much trust! Not all good customers are creditworthy. Underserved Banking clients Globalization
  • 18. Why do we need Bitcoin? • Why do we need Bitcoin? • Cash doesn't work online. • Credit cards are inconvenient • Transaction fees are too high • Micropayments • Current systems require too much trust! • Not all good customers are creditworthy. • Underserved Banking clients • Globalization
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  • 21. Criticism Energy consumption • Bitcoin has been criticized for the amounts of electricity consumed by mining. • In 2013, it is estimated electricity use to be about 40.9 megawatts (982 megawatt-hours a day) • In November 2017, the global bitcoin mining activity was estimated to consume 3.4 gigawatts.
  • 23. Bitcoins used in Online Scam • Creators of the Wannacry Ransomware had asked to victims to pay in Bitcoins. • Illegal Online Gambling website also asks its player to pay in Bitcoins. Eg. Caseopening.store
  • 24. Should we Buy Bitcoins ??? Yes, Go ahead and buy BITCOIN only if you can afford to lose your entire invested money. Now if you’re very conservative or do not want to explore new areas of investing then certainly not want to throw my money in the thing which does not have any underlying asset or value.
  • 25. Thank You! A Presentation by: Akashdeep Kumar Email id: akashdeepk799@outlook.com The End.